Heliad AG
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 Note
Empfehlung: BUY
Kursziel: 31.60 EUR
Kursziel auf Sicht von: 31.12.2020
Letzte Ratingänderung:
Analyst: Cosmin Filker, Marcel Goldmann

In the first half of 2020, FinLab AG also achieved a positive EBIT of EUR
0.51 million (previous year: EUR 1.16 million), which continues to cover
the costs of managing the investment portfolio. The basis for this positive
operating result, which is unusual for investment companies, is the
comparatively constant earnings of the company, which in the past six
months have been in a corridor between EUR 1.76 million and EUR 2.91
million. The decline in earnings to EUR2.12m (previous year: EUR2.91m) in
the first half of 2020 is attributable to lower income from investments.
The decline in income was offset by a slight decline in operating costs,
which had led to lower EBIT. As before, the positive EBIT is to be seen as
meaningful evidence that the company provides long-term support to the
portfolio companies without having to make exits to cover costs.

As the Fintech investments are not fully consolidated, changes in the value
of non-listed investments are recognised in the financial result. Since the
write-ups and write-downs in the investment portfolio are made in
accordance with the respective development of the investment company, these
show a higher volatility. In the first half of 2020 the write-ups had led
to a financial result of EUR 2.37 million (previous year: EUR 3.55 million)
and, as a result, a positive net profit for the period of EUR2.56 million
(previous year: EUR4.60 million). The performance of Heliad Equity
Partners’ share price is recognised as a change in the revaluation basis
below net income for the period. Having reported high share price losses in
each of the past two financial years, Heliad’s share price rose sharply in
the first six months of 2020. Based on Heliad’s positive operating
performance, the change in the revaluation base of EUR 11.14 million
(previous year: EUR -5.22 million) and thus FinLab AG’s overall earnings of
EUR 13.70 million (previous year: EUR -0.62 million) were both
significantly higher than in the previous year.

We have evaluated FinLab AG by calculating the net asset value (NAV) as a
typical industry indicator for portfolio companies. As of June 30, 2020,
FinLab AG reports equity of EUR156.47 million according to the IFRS balance
sheet. This is based on the balance sheet value of financial assets
amounting to EUR 149.64 million. The 45.5% shareholding in Heliad Equity
Partners GmbH & Co. KGaA accounts for EUR 29.86 million of this figure.
Having declined in value in the past two financial years, the valuation of
Heliad’s shareholding climbed significantly as of 30.06.2020. Heliad’s NAV,
which was last updated as of 30.06.2020, amounted to EUR10.74 per share
(30.12.19: EUR7.39). Heliad’s share price amounted to EUR6.65 at the
reporting date, thus remaining significantly below published NAV. Based on
this NAV valuation, the hidden reserves of the HELIAD investment amount to
EUR18.39 million.

At EUR 31.60 (previously: EUR 28.85), the current NAV/share of FinLab AG
rose slightly, in particular due to the significant improvement in Heliad’s
NAV. Based on FinLab’s current share price of EUR 19.65, there is
considerable potential for the share price to increase in line with NAV and
we continue to assign the BUY rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/21696.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR 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
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Date (time) completion: 01.10.2020 (10:14 am)
Date (time) first transmission: 01.10.2020 (11:00 am)

——————-übermittelt durch die EQS Group AG.——————-


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