Edison Investment Research Limited
Edison issues update on FinLab (A7A)
09-Sep-2019 / 15:04 GMT/BST
London, UK, 9 September 2019
Edison issues update on FinLab (A7A)
Following the high transaction activity in H218, FinLab has focused on value
creation within its existing fintech companies. This includes initiating the
transformation of Kapilendo into a banking partner for SMEs after the
acquisition of wevest Digital in September 2019 and two follow-on funding
rounds at Iconic Holding. Despite the c 25% decline in Heliad Equity
Partner's share price in H119, the NAV per share remained broadly stable
(EUR20.21 vs EUR20.44 at end-2018) due to the positive impact from
revaluations in the period. However, we note that Heliad's share price has
rebounded 28% since end-June 2019, presumably driven by stock catalysts at
its largest portfolio holding, flatex.
FinLab's last reported NAV at end-June 2019 was EUR20.21 relative to which
the shares are trading at a discount of 15%. Heliad Equity Partners is also
trading at a discount (c 42% relative to its end-June 2019 NAV). While it is
typical for investment companies to trade at a discount, if we valued Heliad
at par with its end June NAV, this would translate into FinLab's current
discount of c 23%.
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(END) Dow Jones Newswires
September 09, 2019 10:05 ET (14:05 GMT)
