Original-Research

LAIQON AG (von NuWays AG): Buy

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Original-Research: LAIQON AG - from NuWays AG

Classification of NuWays AG to LAIQON AG

Company Name: LAIQON AG
ISIN: DE000A12UP29

Reason for the research: Long Note
Recommendation: Buy
from: 28.02.2024
Target price: 10.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow

Game changing cooperation with Union Investment; chg

Recently, LAIQON has announced to have closed the game changing cooperation with Union Investment. With that, LAIQON provided a new promising guidance for its subsidiary LAIC, mainly reflecting the potential of the new cooperation. Further, LAIQON announced a capital raise on the level of LAIC and published FY23 prelims that came in rather weak. In detail:
Cooperation with Union is heralding a new era. Together Union and LAIQON will launch new type of fund-based investment product for wealthy Volksbanken and Raiffeisenbanken (VR) customers in Q4Ž24. The core of the joint product is an individual fund asset management (iFVV) that is providing an individually tailored portfolio, based on dozens of AI-generated decision parameters of the WealthTech LAIC considering both - classic and sustainable (ESG-compliant) investments constraints. While LAIQON is providing the technology and the reporting via its wealth tech LAIC (DAP 4.0) as well as a fully digital onboarding, Union Investment is providing the distribution channels and the sales power within VR ecosystem. The VR banks sell the product to customers by advising and onboarding them. The joint goal is to attract new customers for individual fund- and AI-based wealth management.

New promising guidance for LAIC. While the management expects AuMŽs of LAIC to increase by EUR 5-6bn until FY28e to EUR 5.5-6.5bn, mainly driven by the new cooperation with Union, we are slightly more conservative expecting AuMŽs to increase to only EUR 4.5bn AuM.

Financing secured. In order to finance the initial costs of the cooperation (eNuW: c. EUR 3m), LAIQON plans to raise up to EUR 6.8m, partially via emission of new "LAIC token 24", partially via sale of existing token at a valuation of EUR 65m.

Weak FY23 prelims of EUR 30.7m sales (eNuW: EUR 33.4m) and EUR -4.8m EBITDA (vs eNuW: EUR -1.6m) reflecting the frustrating situation on the capital markets in FY23.

In this piece, we take a closer look at 1) the Digital Asset segment and the cooperation with Union Investment, 2) the Asset Management and 3) the Wealth Management.

As we consider the cooperation as a game changer for LAIQON, we reiterate BUY with a new PT of EUR 10.00, based on DCF.

You can download the research here:
http://www.more-ir.de/d/28997.pdf
For additional information visit our website
www.nuways-ag.com/research.

Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: [e-mail]
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++

transmitted by EQS Group AG.

The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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Die LAIQON Aktie wird zum Zeitpunkt der Veröffentlichung der Nachricht mit einem Plus von +0,67 % und einem Kurs von 6,04EUR auf Tradegate (28. Februar 2024, 09:03 Uhr) gehandelt.

Rating: Buy
Analyst: