Original-Research

FinLab AG (von GBC AG): BUY

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Original-Research: FinLab AG - von GBC AG

Einstufung von GBC AG zu FinLab AG

Unternehmen: FinLab AG
ISIN: DE0001218063

Anlass der Studie: Research Comment
Empfehlung: BUY
Kursziel: 33.75 EUR
Kursziel auf Sicht von: 31/12/2019
Letzte Ratingänderung:
Analyst: Cosmin Filker

Financing round for the FinLab portfolio-company Deposit Solutions enhancing its valuation to over USD 500 million; Strong NAV increase for FinLab AG; Target price rose to EUR 33.75, Rating BUY maintained
The Deposit Solutions GmbH, one of FinLab AG's most important investments, has successfully closed a new financing round in the amount of USD 100m. With this new financing round, the value of the FinLab participation climbed to around $ 500 million. The new achieved value is very impressive, especially compared to the the Deposit-valuation at the time of the first financing through FinLab AG. At the entry valuation in September 2015, the value of Deposit Solutions was just about EUR 20 million and thus has risen by a factor of 20 in about 3 years.

The basis for this development can be found in the extraordinarily dynamic operative development of the FinLab investment. Deposit Solutions GmbH functions as a fintech company, which means it can use its own open-banking platform to offer customers attractive daily and fixed-term offers from other banks, without having to enter into a new customer relationship. While at the end of 2016 the brokered volume was only EUR 1.0 billion, this value has meantime risen to more than EUR 9 billion. In addition, the B2B business was reinforced with the acquisition of renowned partners such as Deutsche Bank or Fidelity's FFB.

As part of the current financing round, through disinvestment, FinLab AG has reduced its participation in Deposit Solutions from 12% to 7.7%. As part of this transaction, FinLab AG will show a liquidity inflow in the amount of USD 11.5 million (around EUR 10.0 million), which will be wholly reflected in the current financial year cash flows. Despite the reduction in the shareholding, the Deposit-NAV has risen sharply following the new valuation. With a total enterprise value of USD 500.0 million, it represents a valuation of USD 38.5 million or EUR 33.8 million.
As with the inclusion of this higher value in our NAV-based valuation for FinLab AG, it results in an increase in the fair value per share to EUR 33.75 (previous: EUR 30.65). Based on the current share price of EUR 22.20, this means a price potential of over 50% and therefore we confirm our BUY rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/16829.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 § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,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.

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Rating: BUY
Analyst: GBC