FinLab delivered a NAV total return of c 18% in FY20, primarily assisted by the share price of Heliad Equity Partners (HEP), in which FinLab holds a c 45% stake, more than doubling. HEP's share price was mostly driven by the acquisition of DEGIRO by flatex (HEP's main portfolio holding) with the favourable market conditions for online brokers in 2020 further supporting the share price performance of the combined entity (flatexDEGIRO). We note that recently, Bernd Förtsch acquired Christian Angermayer's stake in FinLab, which makes him the controlling shareholder.Den vollständigen Artikel lesen ...