Original-Research

FinLab AG (von GBC AG): BUY

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: EUR 16.70

Kursziel auf Sicht von: End FY2016

Letzte Ratingänderung: -

Analyst: Felix Gode, CFA

FinLab AG significantly improved the results for 2015 and expects to

con-tinue this positive trend in 2016 - Target price increase to 16.70 EUR

Yesterday, FinLab AG published its preliminary results for FY 2015. The

company con-tinues the positive trend from last year and total results

pursuant to IFRS increased by 46.7 % to EUR 15.4m, in comparison to EUR 10.5m

last year. Accordingly, we estimate an increase of equity up to EUR 54.9m.

The positive development is also driven by the good performance of Heliad

Equity Partners share. FinLab owns 47.04 % of Heliad Equity Partners and

therefore realized gains from the appreciation of the share. Last year,

FinLab also acquired the crowd funding platform 'Venturate' and the deposit

platform 'Deposit Solutions' as well as the e-learning/trading platform

'nextmarkets'. Hence, FinLab greater focus on financial service technology

is further backed up by these successful investments.

Heliad increased its net asset value (NAV) from EUR 8.53 to EUR 10.87 per share

on the 31/12/2015. Therefore, the discount from the NAV to the share price

is still 43.0 % and shows substantial appreciation potential. Based on the

share price of Heliad on the 31/12/2015 of EUR 6.20, we estimate FinLab AGs

hidden reserves to around EUR 20.9m.

We estimate the fair value per FinLab-share to be no less than EUR 16.70,

based on the preliminary results. We will review our findings and may

adjust the target price with the publication of the annual report 2015 on

the 29/04/2016. FinLab is optimis-tic for the current FY16 and reports a

very good start to the year. Furthermore, FinLab expects positive results

for FY16, especially due to the upcoming rounds of financing for its

investments with an expected increase in valuation. Furthermore, new

investments are expected to contribute to the corporate success. Hence, we

reiterate our BUY recommendation for FinLab AG.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/13637.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,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:

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

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Rating: BUY
Analyst: GBC