Original-Research

FinTech Group AG (von GBC AG): BUY

Original-Research: FinTech Group AG - von GBC AG

Einstufung von GBC AG zu FinTech Group AG

Unternehmen: FinTech Group AG

ISIN: DE0005249601

Anlass der Studie: Research Comment

Empfehlung: BUY

Kursziel: EUR 26.85

Letzte Ratingänderung: -

Analyst: Felix Gode, CFA

flatex establishes cooperation with ZINSPILOT and optimises liabilities

side of balance sheet by better usage of customer deposits - estimates

confirmed - Rating BUY

The FinTech Group AG has established a cooperation between the 100%

subsidiary online bank flatex and ZINSPILOT. In the course of the

cooperation the about 150,000 customers of flatex are now able to access

overnight and fixed term deposits of a wide range of banks all across

Europe out of their existing portfolio at flatex. The advantage for

customers is that the overnight and fixed term deposits can be bought as

easy as e.g. stocks, without having to open a further account at the

savings bank. With the new offer flatex not only widens its value chain and

increases usability for customers, but also flatex now claims a unique

feature on the European banking market.

The advantage for the FinTech Group AG is that the liabilities side of the

balance sheet will be optimised. If customers decide for an overnight or

fixed term deposit of another savings bank they are able to buy those

products out of their existing portfolio, however the deposits are

transferred to the third party bank. Therewith at FinTech Group AG

currently not usable liquidity can be used adding value. For that reason

FinTech Group AG has made an important further step to use the high volume

of customer deposits at the fully-licenced bank and subsidiary biw Bank AG

in an efficient way and to increase income potentials.

Furthermore, already in December 2015 FinTech Group AG undertook another

important step to make customer deposits usable more efficiently by

conducting a capital increase with the result of m10 EUR of new equity

capital. With the proceeds the equity basis of the biw bank AG was

strengthened to make an expansion of the credit business possible. The

focus of this shall be on technology-based consumer credits.

The FinTech Group AG started out to the year 2016 with a positive

news-flow. This first of all makes clear that the company undertakes

promised measures to use the high customer deposits at biw Bank AG more

effectively in order to generate increasing earnings. Therewith we confirm

our estimates of the Initial Coverage-Report as of 07/12/2015 and leave the

target price of EUR26.85 unchanged. Hence, the shares of FinTech Group AG

offer an upside potential of roughly 60 %. Accordingly the BUY-rating also

remains unchanged.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/13509.pdf

Kontakt für Rückfragen

Jörg Grunwald

Vorstand

GBC AG

Halderstraße 27

86150 Augsburg

0821 / 241133 0

[e-mail]

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Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:

http://www.gbc-ag.de/de/Offenlegung.htm

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-------------------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.

Rating: BUY
Analyst: GBC