flatexDEGIRO AG
Original-Research: FinTech Group AG (von GBC AG): BUY

Original-Research: FinTech Group AG – von GBC AG

Einstufung von GBC AG zu FinTech Group AG

Unternehmen: FinTech Group AG
ISIN: DE0005249601

Anlass der Studie: Research Comment
Empfehlung: BUY
Kursziel: EUR 26.85
Letzte Ratingänderung: –
Analyst: Felix Gode, CFA

flatex establishes cooperation with ZINSPILOT and optimises liabilities
side of balance sheet by better usage of customer deposits – estimates
confirmed – Rating BUY

The FinTech Group AG has established a cooperation between the 100%
subsidiary online bank flatex and ZINSPILOT. In the course of the
cooperation the about 150,000 customers of flatex are now able to access
overnight and fixed term deposits of a wide range of banks all across
Europe out of their existing portfolio at flatex. The advantage for
customers is that the overnight and fixed term deposits can be bought as
easy as e.g. stocks, without having to open a further account at the
savings bank. With the new offer flatex not only widens its value chain and
increases usability for customers, but also flatex now claims a unique
feature on the European banking market.

The advantage for the FinTech Group AG is that the liabilities side of the
balance sheet will be optimised. If customers decide for an overnight or
fixed term deposit of another savings bank they are able to buy those
products out of their existing portfolio, however the deposits are
transferred to the third party bank. Therewith at FinTech Group AG
currently not usable liquidity can be used adding value. For that reason
FinTech Group AG has made an important further step to use the high volume
of customer deposits at the fully-licenced bank and subsidiary biw Bank AG
in an efficient way and to increase income potentials.

Furthermore, already in December 2015 FinTech Group AG undertook another
important step to make customer deposits usable more efficiently by
conducting a capital increase with the result of m10 € of new equity
capital. With the proceeds the equity basis of the biw bank AG was
strengthened to make an expansion of the credit business possible. The
focus of this shall be on technology-based consumer credits.

The FinTech Group AG started out to the year 2016 with a positive
news-flow. This first of all makes clear that the company undertakes
promised measures to use the high customer deposits at biw Bank AG more
effectively in order to generate increasing earnings. Therewith we confirm
our estimates of the Initial Coverage-Report as of 07/12/2015 and leave the
target price of €26.85 unchanged. Hence, the shares of FinTech Group AG
offer an upside potential of roughly 60 %. Accordingly the BUY-rating also
remains unchanged.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/13509.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 §34b Abs. 1 WpHG und FinAnV Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
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