FinTech Group AG - der neue Internethighflyer? (Seite 70)

[worelan]

Antwort auf Beitrag Nr.: 71.266.503 von MrLivermore am 03.04.22 15:38:26

"Stock Appreciation Rights 2020 (SARs-Plan 2020) Zusätzlich zu den Aktienoptionsplänen hat die flatexDEGIRO AG im Mai 2020 den Stock-Appreciation-Rights-Plan 2020 (SARs-Plan 2020) eingeführt. Nach dem SARs-Plan 2020 können Vorständen und Mitarbeitern bis zu vier Million Stock Appreciation Rights (SARs) gewährt werden, die nach einer Wartezeit von drei Jahren innerhalb weiterer drei Jahren vom Berechtigten ausgeübt werden können. Weiterhin können im Rahmen eines Kaufmodells bis zu weitere 1.600.000 SARs gewährt werden. Voraussetzung für die Gewährung weiterer SARs im Rahmen des Kaufmodells ist der Erwerb von Aktien der flatexDEGIRO AG. Im Jahr 2021 wurden Mitarbeitenden insgesamt 1.135.832 SARs gewährt. Aufgrund des Aktiensplits (1 : 4) im August 2021 wurde die Anzahl der bis dahin gewährten SARs im selben Verhältnis erhöht. "

[Profitjaegerx7x]

Bei der aktuellen Bewertung wird wohl kaum etwas mit Shares übernommen. Gibt ja weit und breit nix was annähernd so billig bewertet ist..

[LivingTheDream]

flatexDEGIRO prepared for acquisitions in anticipation of industry consolidation - CEO

Quelle: Mergermarket

- New law banning PFOF could trigger wave of broker deals
- Services such as KYC and identification providers also of interest
- Management not interested in takeover talks at current valuation

flatexDEGIRO [ETR:FTK], a German online broker, could look to acquire competitors in the coming years as pending EU legislation might trigger a wave of consolidation in the industry, CEO Frank Niehage told this news service.

Discussions at the EU level to introduce a new law banning brokers from taking so-called “payment for order flow” (PFOF), a practice under which brokers receive a fee for routing client orders to exchanges, could dramatically reduce revenue at many neobrokers who rely heavily on this income stream, Niehage said.

While flatexDEGIRO does not depend on this revenue stream, some neobrokers generate around 75%-80% of their sales from PFOF, Niehage said.

“If this happens, I foresee that some peers will struggle so much that we might be in a position to take them over,” Niehage said. “So, this could trigger a merger or takeover wave.”

Targets that increase its client base are of interest, but they would have to offer more than just market share to justify the purchase price and compete with flatex’s current rather low customer acquisition costs, Niehage said.

In addition to online brokers, the Frankfurt-based company would also be interested in targets that expand its service offerings and drive international growth, Niehage said. This could include companies that insource IT processes or improve customer conversion rates, he said, citing know-your-customer (KYC) and identification technology providers as examples.

flatexDEGIRO is not pursuing a timeline for deals but is prepared to act quickly when the right opportunity arises, Niehage said.

The size of a target in terms of revenue or headcount is of secondary importance to its offerings, Niehage said. It would only look to acquire in markets it is already active in, such as the German-speaking DACH region, southern or western Europe, the Nordics, the UK and Ireland, he added.

The company could afford to acquire targets with an enterprise value of up to EUR 1bn-EUR 1.5bn, although smaller targets are also relevant, Niehage said.

“In order to justify a large acquisition like that, it must not only have a lot of clients and trades, but also complementary products and services that are of interest to us and would drive verticalization,” Niehage said. “This aspect of synergies is the key here.”

Deals could be financed through a mixture of cash and shares, and the company has already obtained approval to raise new capital up to 50% of its market cap if needed, he said. It would consider adding leverage where possible, although this is less likely given industry-wide regulatory requirements on equity, he added.

The company is routinely in touch with advisors and handles some of its M&A activities internally given its prior experience, Niehage said.

To date, flatexDEGIRO has acquired German banking software provider XCOM in 2015 and Dutch online brokerage DeGiro in 2019.

DeGiro was acquired for EUR 250m, of which EUR 60m was paid in cash and the remaining EUR 190m in new shares via a capital increase, while XCOM was paid for entirely in cash via a capital increase, Niehage said.

Niehage declined to comment on press reports that the company was attracting “early interest” from private equity funds, adding that management and shareholders were not interested in conversations at the current share price given that flatexDEGIRO is trading “significantly” below peer multiples and consensus.

flatexDEGIRO was founded in 2006 and has since become the market-leading online broker in Europe in terms of clients and transactions on its platform, said Niehage, who joined as CEO in 2014. Today, it is present in 18 countries, has more than 2.1m clients and settled more than 90m securities transactions in 2021, Niehage said.

The majority of its clients are male individuals, well-educated, wealthier than average for their respective home markets and 30 years or older, Niehage said.

Its customers have typically gained experience trading elsewhere before coming to flatexDEGIRO and invested on average EUR 20,000-EUR 25,000 in securities on the platform, he said. Customers make on average more than 50 trades per year, increasing to more than 70 trades annually in more volatile years for markets like 2020, he said.

It plans to introduce cryptocurrency trading on its platform this year via partnerships and recently began offering robo-advisory services in a partnership with German digital asset manager Whitebox, Niehage said.

Its business has experienced tailwinds over the two past years, as the market volatility caused by the COVID-19 pandemic and lately the war in Ukraine tends to result in more trades on its platform, Niehage said. The negative interest rate environment as well as events like last year’s GameStop [NYSE: GME] phenomenon have also led to an increased interest in online trading, as have coronavirus lockdowns with people spending more time at home, he said.

Other players in its space include Swedish trading platforms Avanza [STO:AZA] and Nordnet [STO:SAVE], Italy-based Fineco [FTI:FTK], Germany’s comdirect and Switzerland-based Swissquote [SWX:SQN], Niehage said. Still, these companies only compete in their respective home markets, and flatexDEGIRO is the only pan-European trading platform to date, he added.

Neobrokers such as Berlin-based Trade Republic or Scalable Capital tend to address a different customer segment and offer fewer products and services and are thus not “true” competitors, he said.

The company has more than 1,200 employees and expects headcount to increase to more than 1,300 by the end of 2022, Niehage said.

flatexDEGIRO reported EUR 418m revenue and EUR 223m adjusted EBITDA in 2021, up from EUR 261m revenue and EUR 138m adjusted EBITDA the previous year, according to its annual report. It expects the number of customers on its platform to increase to 2.7m-2.9m this year and is targeting 7m-8m clients by 2026.

The company has a current market cap of EUR 1.94bn.

[Danio84]

Antwort auf Beitrag Nr.: 71.273.223 von JBelfort am 04.04.22 14:34:04

vielen Dank

[JBelfort]

Antwort auf Beitrag Nr.: 71.273.187 von Danio84 am 04.04.22 14:28:59

Zitat von Danio84: Kannst du einmal den Link bitte einstellen ?
Würde mir gern einmal deren Entwicklung (User und Anzahl Trades anschauen)

https://investors.avanza.se/en/ir/financial-statistics/month…

https://nordnetab.com/investors/financials/

Download Nordnet's monthly statistics in Excel here - auf der Seite musst du auf "here" klicken und dann lädt er das Excel herunter

[Danio84]

Kannst du einmal den Link bitte einstellen ?
Würde mir gern einmal deren Entwicklung (User und Anzahl Trades anschauen)

[St-EE-fan]

Ich würde sagen das gap auf xetra zwischen 17,78 und 17,83 von Anfang März soll noch geschlossen werden bevor es mit Blick auf die Q1 zahlen wieder Richtung 20 gehen sollte

[JBelfort]

Ich habe mir gerade die März Zahlen bei Avanza und Nordnet angeschaut. März war wieder stark was Anzahl der trades angeht. Interessanterweise wächst Anzahl der Kunden bei Avanza unbeirrt stark weiter, wobei bei Nordnet Februar und März eher Stillstand ist.

[Magictrader]

Schon übel, Jefferies stuft heute auf 33 und wir fallen sogar zurück auf 18,00 Euro.

[JBelfort]

Antwort auf Beitrag Nr.: 71.266.503 von MrLivermore am 03.04.22 15:38:26

Das ist bekannt und hatten wir hier ja gepostet. Die 1.8m werden aber den geringsten Strike Preis haben und deswegen bis dato für einen Großteil der Rückstellungen stehen. Schreibt ja auch IR so.