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: DE000FTG1111
Anlass der Studie: Research Note
Empfehlung: BUY
Kursziel: 45.00 EUR
Letzte Ratingänderung: -
Analyst: Cosmin Filker; Marcel Goldmann
On 10/09/2018, FinTech Group achieved one of the most important milestones in its recent history by announcing a long-term cooperation agreement with Österreichische Post AG. During the past
financial years, Österreichische Post has offered banking services through Bawag P.S.K in its approximately 430 branches. Since this cooperation agreement expires in 2019, Österreichische Post AG
has chosen FinTech Group AG as its new cooperation partner.
Under the terms of the new partnership, banking activities will be combined in a new joint venture, with both partners holding 50% each. The new bank will provide banking services in Austria
following the granting of the banking licence which, according to FinTech CEO Frank Niehage, is expected to be achieved by the middle of the next financial year 2019.
Since the existing infrastructure of post.at can be used 'at cost' or, in the case of marketing, even free of charge, the execution risk can be classified as extremely low. In comparison, building
your own comparable infrastructure would involve immense costs. At the same time, today's Bawag customers will in future only have fewer than 100 contact points (previously:> 1,700 points of
contact), which should make it easier for the
new joint venture to acquire customers. The fact that the management of the joint venture has extensive experience in Austria due to its 9-year history with flatex.at also shows a low
implementation risk.
Over the next five years, the joint venture is to be capitalised at around EUR 225 million. The financing of the FinTech share of EUR 112.5 million, however, is already largely secured today. Less
EUR 35 million from the 7% capital increase, which was subscribed in full by Österreichische Post, and the carrying amount of the contributed Austrian subsidiary, flatex.at, of EUR 25 million,
leaves a residual financing volume of EUR 52.5 million. In the coming years, this should be covered predominantly by the revenues from the IT service agreement.
In order to underline the newly agreed cooperation, Österreichische Post AG has acquired a 7% share of FinTech Group AG. The Company will therefore subscribe to 1.22 million new shares, excluding
subscription rights, for a total issue amount of approximately EUR 35 million.
With the publication of the semi-annual figures for 2018, FinTech Group AG has confirmed the forecasts for 2018 that were published in the 2017 Annual Report. Revenues of EUR 120 million, EBITDA of
EUR 40 million and an after- tax result of EUR 24 million are still expected. The half-year figures achieved are in line with expectations, even though the Company needs to achieve a higher
turnover and earnings momentum in the second half of the year. However, a look at the past financial years shows that a higher proportion of sales and earnings tend to be incurred during the second
half of the year. We are thus keeping our sales and earnings forecasts for 2018 unchanged.
Since the effects of the current cooperation will only come into effect after our specific forecast period, we have only taken the resulting possible effects into account in the final value of the
residual income of our valuation model. In addition, we have taken into account the 7% capital increase wholly subscribed by Österreichische Post AG, resulting in a slight dilutive effect.
Nevertheless, the potential of the new cooperation outweighs this, which is shown by an increase in the fair company value to EUR 45.00 (previously: EUR 41.70). Based on the current share price of
EUR 27.45, we are maintaining our BUY rating.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/17005.pdf
Lesen Sie auch
Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,6a,11); Einen Katalog
möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm
+++++++++++++++
Datum (Zeitpunkt)Fertigstellung: 28.09.18 (11:05 Uhr) Datum (Zeitpunkt) erste Weitergabe: 28.09.18 (12:00 Uhr)
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.
°
Analyst: GBC