ALTIRA AG, DE0001218063

^

18.12.2017 - 15:43:24

Original-Research: FinLab 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: 30.65 EUR

Letzte Ratingänderung:

Analyst: Cosmin Filker

Continued development of the cryptocurrencies segment; Successful

completion of new financing round at Deposit Solutions; Revaluation on the

basis of the higher HELIAD NAV, Increased target price, Unchanged BUY

rating

Since our last research report (see Research Note dated 05/09/2017), the

positive newsflow at FinLab AG has continued. After breaking into

cryptocurrency by acquiring a stake in Vaultoro, a real-time trading

platform for gold and bitcoin, in September 2017, the exposure to this

high-growth segment was recently expanded. The new stake of approx. 20% of

Frankfurt-based Iconiq Lab Holding GmbH specifically addresses the area of

seed financing.

Iconiq Lab is involved in the financing of start-ups via so-called ICO

(Initial Coin Offerings), as a new form of crowdfunding based on

cryptocurrencies. As a result, start-ups will be able to quickly and

flexibly execute first-round financing, bypassing typical venture

capitalists. Iconiq Lab intends to establish a connection between lenders

and start-ups by issuing so-called membership tokens. The new FinLab

investment plans to issue a total of 12 million tokens for January 2018

(countervalue: EUR10.0 million in the cryptocurrency Etherium). The buyers

of the tokens will then have privileged access to start-ups from the

rapidly growing cryptocurrency sector.

An assessment of the attractiveness of this new investment is only

rudimentarily possible due to the current early stage of business and the

lack of valuation information. If the value of this investment were to

multiply, as was the case for the Deposit Solutions investment, we would

expect FinLab AG to currently have valuation potential of EUR3.0 million.

Another positive newsflow concerns Deposit Solutions GmbH, which is

currently the most successful FinLab investment. A new investment round of

approximately USD 20 million has been successfully completed on the open

banking platform investment. Based on the new valuation approach used for

the new financing, the investment value of Deposit Solutions GmbH has more

than ninefold since FinLab's entry in 2015, according to FinLab AG. The

basis for this lies in the very dynamic business development. Since

FinLab's entry alone, deposits amounting to almost EUR4 billion have been

brokered. At the end of June 2017, this value was around EUR2 billion.

In addition, the market value of Heliad Equity Partners GmbH & Co. KGaA,

which is currently FinLab AG's largest investment, has risen significantly

by nearly 30% since our last research study (see Research Note dated

05/09/2017). Based on FinLab's current share, this means a significant

increase in the valuation of the Heliad stake of EUR8.92 million. If the

Heliad NAV of EUR10.59 per share is included, this results in further

valuation potential for FinLab AG amounting to EUR7.90 million. We included

the significant increase in value and the additional NAV-based valuation

potential totalling EUR16.82 million in our revaluation of FinLab AG.

In addition, we revalued the valuation of the wholly-owned subsidiary

Heliad Management GmbH, which covers the traditional financial services

business and contributes to earnings stability through management fees and

dividend distributions. The annual revenue is estimated at around EUR4.5

million (previously: EUR3.0 million). Based on the conservative investment

value of Heliad Management GmbH of approx. EUR12.0 million, we see further

considerable valuation potential of approx. EUR10.0 million here.

We have included the new deposit valuation approach, the valuation

potential of Iconiq Lab, the new Heliad NAV and the new valuation of the

wholly owned subsidiary Heliad Management GmbH in the NAV valuation model

and calculated a new fair value of EUR30.65 (previously: EUR20.30). Despite

the strong hike in the price of the FinLab share, which amounts to almost

60% compared to our last research study, we continue to rate FinLab AG as

BUY.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/15985.pdf

Kontakt für Rückfragen

Jörg Grunwald

Vorstand

GBC AG

Halderstraße 27

86150 Augsburg

0821 / 241133 0

research@gbc-ag.de

++++++++++++++++

Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV 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

+++++++++++++++

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.

°

@ dpa.de

Amazon wird sich schwarzärgern, aber …

… wir schenken Ihnen den Report „Börsenpsychologie - Markttechnik für Trader“ heute trotzdem kostenfrei. Normalerweise kostet der Report im Onlinehandel 39,99 Euro.

Sie können sich den genialen Report heute jedoch absolut kostenfrei sichern. Wir senden Ihnen den Report vollkommen KOSTENFREI zu.

Jetzt HIER klicken und dank richtigen Timing reich an der Börse werden!