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

Earnings target for 2015 has been achieved – significant customer increase
for flatex – forecast for 2016 confirmed – Target price: € 26.85 – Rating:
BUY

Today, FinTech Group published preliminary results for 2015 with an EBITDA
of € 19m. Hence, the target EBITDA of € 20m has nearly been achieved.
After the negative EBITDA-result of € 8,03m in 2014, with the positive
result in 2015 FinTech Group demonstrates the solid progress during the
course of the year 2015.

The online-broker flatex was one major driver for the earnings increase.
The wholly-owned subsidiary could show a significant increase in its
customer base by 15 % to 150,000 in 2015. The semi-annual growth as well
shows, that a lot of new customers were attracted especially during the
last two quarters of 2015, emphasising an increasing dynamic in customer
growth. A big role for the success during the sec-ond half of 2015 should
have been played the increased operations in Austria.

The recent co-operations with Morgan Stanley and Zinspilot, as well as the
introduction of the “flatex flex-Kredit” created an even more attractive
offer for the customers. These important steps should be reflected in the
number of new customers in 2016. In addition to that the customer deposits
of about € 1bn are expected to be further utilized in 2016 and should
generate additional earnings. Already two weeks after having launched the
“flatex flex-Kredit” € 10.3m were issued to about 2,800 flatex-customers,
showing the strong demand for the innovative new product.

Hence, FinTech Group AG confirms its 2016 forecast with an improvement of
EBITDA to € 35m. The results for 2015 also confirm our view that FinTech
Group is well on the way to achieve its ambitious goals. Therefore we
confirm our estimates and reiterate our buy rating as well as the target
price of € 26.85. We will publish a comprehensive research report after the
publication of the annual report 2016 on the 31/05/2016. The rating remains
buy.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/13685.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,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
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