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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 Comment
Empfehlung: BUY
Kursziel: 30.65 EUR
Letzte Ratingänderung:
Analyst: Cosmin Filker

nextmarkets customers can now trade with real money; another round of
financing carried out at nextmarkets; Deposit Solutions brokerage volume
continues to rise; price and rating remain unchanged

FinLab AG continues to benefit from a positive news flow about its
investments. On 14/06/2018, FinLab’s portfolio company, the Cologne-based
company nextmarkets GmbH, announced the conclusion of a round of financing,
in which the start-up company received a total of EUR 6.0 million. As with
the other FinLab investments, new notable investors, such as Axel Springer
Media for Equity GmbH, Cryptology Asset PLC or the British hedge fund
manager Alan Howard, were added. We understand that the current Series A
round of financing, which brought in a total of EUR 9.5 million, is
expected to be used primarily for the expansion of the customer base, i.e.
for marketing and sales purposes.

The nextmarkets GmbH technology is, however, market-ready. The real money
offering also started on 14/06/2018, meaning that nextmarkets customers are
now in a position to trade equities, currencies, commodities and, before
long, ETF and cryptocurrencies. To that end, nextmarkets currently offers
private investors the assistance of 14 investment professionals, who
provide the users with real-time analyses for significant added value when
making investment decisions. An important basis for the nextmarkets
business operations is the approval as a securities trading bank, which it
received in early 2018. According to the company, this round of financing
was carried out with a significantly higher valuation. We had already taken
this into account in our valuation, which is why we will not make a change
in the fair value approach for this associated company.

In addition, the flagship company Deposit Solutions GmbH continued its
already very positive performance. At the start-up conference NOAH2018,
Deposit CBO and Managing Director Max von Bismarck announced the new value
of brokered investments at EUR 8.0 billion. By contrast, the brokered
volume was just EUR 1.0 billion at the end of 2016, making Deposit’s
platform one of the fastest growing fintech solutions. Deposit Solutions
GmbH functions as a fintech company, which means it can use its own
open-banking platform to offer customers attractive daily and fixed-term
offers from other banks, without having to enter into a new customer
relationship.

The positive performance of the FinLab investments is in line with our
expectations, which are reflected in the fair value approach of our NAV
model. We therefore maintain the recently confirmed target price of EUR
30.65 and confirm the BUY rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/16639.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.htm
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