SRH AlsterResearch AG Update: wallstreet:online AG - Strong momentum fuels optimism; PT up; BUY

wallstreet:online AG (Update) Media MCap EUR 417m BUY, PT EUR 34 (from 30) (+17% potential) Research update With its consolidated report wallstreet:online confirmed the strong preliminary key figures for FY20. The company showed high organic growth in the aera of 60-65%. Excluding customer acquisition costs (CAC) related to Smartbroker of about EUR 7.5M, operational EBITDA amounted to EUR 12.1M. This represents an attractive margin of 42.7%. Also, the company’s customer metrics look promising, as they highlight the customers high value, which are comparable to established industry competitors. A redefined roadmap for the next quarters shows a more holistic approach to further develop the brokerage and the portal business. Given the actual strong market momentum and the refined product roadmap, the company may provide an update to its “Vision 2024” in the next months. As we are more bullish in our forecasts in the medium- and long-term, we arrive at fair values between EUR 30.44 (FCF yield FY23E) and EUR 39.32 (DCF). Based on our valuation models we set a blended price target of EUR 34.00 and reiterate our BUY recommendation For 5 current investment ideas, check our Weekly Screener. This week we are looking for stocks that are resilient during inflation. Please note that AlsterResearch publishes MiFID II compliant research only. For a detailed discussion on MiFID II, please visit https://www.research-hub.de