09.09.2019 - 15:43:35

Original-Research: Deutsche Grundstücksauktionen AG : Kaufen

Original-Research: FinLab AG - von GBC AG

Einstufung von GBC AG zu FinLab AG

Unternehmen: FinLab AG

ISIN: DE0001218063

Anlass der Studie: Research Note

Empfehlung: BUY

Kursziel: 29.50 EUR

Kursziel auf Sicht von: 31/12/2020

Letzte Ratingänderung:

Analyst: Cosmin Filker, Matthias Greiffenberger

FinLab AG's business model as an investment company that focuses on Fintech

business models means that an analysis of turnover and earnings performance

according to conventional key figures does not adequately represent the

business situation. The most important message to take from an examination

of revenue and EBIT is the fact that FinLab AG is 'self-sustaining', and

that personnel and material costs are therefore covered.

As in previous financial years, FinLab AG achieved a positive EBIT result,

posting a result of EUR 1.16 million this year (previous year: EUR 1.02

million). Consequently, the company remains in the comfortable position of

being able to keep the Fintech investments in the portfolio for as long as

possible, thereby generating most of the potential increase in value. As

such, it is not necessary to perform any exit transactions to compensate

for possible deficits.

The basis for this stable EBIT performance is provided by revenue, which is

made up of income from services provided to subsidiaries and holdings

(management, marketing, accounting etc.) not to mention investment income.

Investment income consists primarily of dividend distributions from HELIAD

Equity Partners GmbH & Co. KGaA, in which a stake of 45.3% is held, as well

as shares in profit generated by portfolio companies. Overall, total income

increased to EUR 2.91 million (previous year: EUR 2.79 million), which, on

account of the fact that overhead costs remained consistent, resulted in

the reported EBIT increase.

As at 30/06/2019, FinLab AG had equity of EUR 106.00 million according to

its IFRS balance sheet. This is based on the financial investments'

carrying value of EUR 94.89 million, where the 45.3% investment in Heliad

Equity Partners GmbH & Co. KGaA is currently the largest individual

investment at EUR 16.15 million. The valuation of the Heliad investment

declined significantly, particularly in the last two financial years, as a

result of the need for amortisation of Heliad portfolio companies. The

Heliad NAV, which was last updated on 31/03/2019, is EUR 6.76 per share

(31/12/2018: EUR6.20 per share). Relative to this NAV, the hidden reserves

of the HELIAD investment amount to EUR 13.68 million.

In addition, the IFRS valuation of the Fintech portfolio companies was EUR

60.31 million as at 30/06/19 (31/12/18: EUR 52.75 million). This increase

is partly due to the investment in ONPEX Holding GmbH, which was completed

in February 2019, but also to the positive performance of the existing

Fintech portfolio companies. We see the overall NAV of the Fintech

portfolio companies at EUR 94.81 million, and therefore EUR 34.5 million

above the balance-sheet valuation.

In the third stage of the NAV calculation, we took into account in the

liquid assets (including securities) amounting to EUR 8.22 million the

revenue streams from traditional asset management business that are

expected and predictable for the second half of 2019, i.e. the agreed

management fees as well as dividend income (including income from the new

fund with minus the holding costs.

At EUR 29.5, the current NAV/share of FinLab AG is slightly above the value

calculated thus far of EUR 28.87. The fair values of the Fintech

investments and the HELIAD NAV show slight increases compared to our

previous study. Based on the current share price, FinLab AG clearly retains

its BUY rating.

Important valuation note

At present, there is speculation about the sale of the online broker Flatex

AG (formerly trading under FinTech Group AG), the largest company in the

HELIAD portfolio. In July 2019, the company announced the decision to work

with the consulting firm Lazard to examine possible strategic options

regarding its future course. Selling the company was mentioned as a

possible option. Even though further information is not currently available

on the market, there is speculation in the media and on various financial

portals that a sale in excess of the price of EUR 30 per share is a likely

course of action. A sale of Flatex AG at this price would have a positive

impact on business performance and, as a resultant, on the valuation of

FinLab AG. According to our calculations, the positive impact would amount

to EUR 20.81 million or EUR 3.97 per share.

Die vollständige Analyse können Sie hier downloaden:

Kontakt für Rückfragen

Jörg Grunwald



Halderstraße 27

86150 Augsburg

0821 / 241133 0


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Date (Time) completion: 02/09/19 (3:07 pm)

Date (Time) first distribution: 03/09/18 (10:00 am)

übermittelt durch die EQS Group AG.

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