Original-Research: FinLab AG - von GBC AG Einstufung von GBC AG zu FinLab AG Unternehmen: FinLab AG ISIN: DE0001218063 Anlass der Studie: Research Note Empfehlung: BUY Kursziel: 29.50 EUR Kursziel auf Sicht von: 31/12/2020 Letzte Ratingänderung: Analyst: Cosmin Filker, Matthias Greiffenberger FinLab AG's business model as an investment company that focuses on Fintech business models means that an analysis of turnover and earnings performance according to conventional key figures does not adequately represent the business situation. The most important message to take from an examination of revenue and EBIT is the fact that FinLab AG is 'self-sustaining', and that personnel and material costs are therefore covered. As in previous financial years, FinLab AG achieved a positive EBIT result, posting a result of EUR 1.16 million this year (previous year: EUR 1.02 million). Consequently, the company remains in the comfortable position of being able to keep the Fintech investments in the portfolio for as long as possible, thereby generating most of the potential increase in value. As such, it is not necessary to perform any exit transactions to compensate for possible deficits. The basis for this stable EBIT performance is provided by revenue, which is made up of income from services provided to subsidiaries and holdings (management, marketing, accounting etc.) not to mention investment income. Investment income consists primarily of dividend distributions from HELIAD Equity Partners GmbH & Co. KGaA, in which a stake of 45.3% is held, as well as shares in profit generated by portfolio companies. Overall, total income increased to EUR 2.91 million (previous year: EUR 2.79 million), which, on account of the fact that overhead costs remained consistent, resulted in the reported EBIT increase. As at 30/06/2019, FinLab AG had equity of EUR 106.00 million according to its IFRS balance sheet. This is based on the financial investments' carrying value of EUR 94.89 million, where the 45.3% investment in Heliad Equity Partners GmbH & Co. KGaA is currently the largest individual investment at EUR 16.15 million. The valuation of the Heliad investment declined significantly, particularly in the last two financial years, as a result of the need for amortisation of Heliad portfolio companies. The Heliad NAV, which was last updated on 31/03/2019, is EUR 6.76 per share (31/12/2018: EUR6.20 per share). Relative to this NAV, the hidden reserves of the HELIAD investment amount to EUR 13.68 million. In addition, the IFRS valuation of the Fintech portfolio companies was EUR 60.31 million as at 30/06/19 (31/12/18: EUR 52.75 million). This increase is partly due to the investment in ONPEX Holding GmbH, which was completed in February 2019, but also to the positive performance of the existing Fintech portfolio companies. We see the overall NAV of the Fintech portfolio companies at EUR 94.81 million, and therefore EUR 34.5 million above the balance-sheet valuation. In the third stage of the NAV calculation, we took into account in the liquid assets (including securities) amounting to EUR 8.22 million the revenue streams from traditional asset management business that are expected and predictable for the second half of 2019, i.e. the agreed management fees as well as dividend income (including income from the new fund with Block.one) minus the holding costs. At EUR 29.5, the current NAV/share of FinLab AG is slightly above the value calculated thus far of EUR 28.87. The fair values of the Fintech investments and the HELIAD NAV show slight increases compared to our previous study. Based on the current share price, FinLab AG clearly retains its BUY rating. Important valuation note At present, there is speculation about the sale of the online broker Flatex AG (formerly trading under FinTech Group AG), the largest company in the HELIAD portfolio. In July 2019, the company announced the decision to work with the consulting firm Lazard to examine possible strategic options regarding its future course. Selling the company was mentioned as a possible option. Even though further information is not currently available on the market, there is speculation in the media and on various financial portals that a sale in excess of the price of EUR 30 per share is a likely course of action. A sale of Flatex AG at this price would have a positive impact on business performance and, as a resultant, on the valuation of FinLab AG. According to our calculations, the positive impact would amount to EUR 20.81 million or EUR 3.97 per share. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/18959.pdf Kontakt für Rückfragen Jörg Grunwald Vorstand GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung Date (Time) completion: 02/09/19 (3:07 pm) Date (Time) first distribution: 03/09/18 (10:00 am) =------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
(END) Dow Jones Newswires
September 09, 2019 09:41 ET (13:41 GMT)
