Edison Investment Research Limited
Edison initiates coverage on FinLab (A7A)
27-Aug-2019 / 12:58 GMT/BST
London, UK, 27 August 2019
Edison initiates coverage on FinLab (A7A)
FinLab is a self-managed German venture capital (VC) investor and start-up
incubator specialising in fintech companies. It holds a portfolio of 10
active fintech investments across several subsectors, including its main
success story Deposit Solutions. The company also owns three asset
management businesses generating steady cash flow from management fees,
which fully cover FinLab's ongoing expenses. Moreover, it holds a 45.3%
stake in listed investment vehicle Heliad Equity Partners (HEP), which is
currently undergoing restructuring. Since the beginning of 2015, when it
started operating under the current investment mandate, it has delivered an
NAV total return (TR) of around 20% pa.
FinLab's shares currently trade at a 20% discount to last reported NAV of
EUR20.51 per share (as at end-March 2019). Its stake in HEP (c 20% of
FinLab's NAV) is valued based on Heliad's market cap, which is currently 31%
below its NAV. Hence, FinLab's discount on a 'look through' basis stands at
c 26%.
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863749 27-Aug-2019
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(END) Dow Jones Newswires
August 27, 2019 07:58 ET (11:58 GMT)
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