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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: 33.75 €
Kursziel auf Sicht von: 31/12/2019
Letzte Ratingänderung:
Analyst: Cosmin Filker

Financing round for the FinLab portfolio-company Deposit Solutions
enhancing its valuation to over USD 500 million; Strong NAV increase for
FinLab AG; Target price rose to EUR 33.75, Rating BUY maintained

The Deposit Solutions GmbH, one of FinLab AG’s most important investments,
has successfully closed a new financing round in the amount of USD 100m.
With this new financing round, the value of the FinLab participation
climbed to around $ 500 million. The new achieved value is very impressive,
especially compared to the the Deposit-valuation at the time of the first
financing through FinLab AG. At the entry valuation in September 2015, the
value of Deposit Solutions was just about EUR 20 million and thus has risen
by a factor of 20 in about 3 years.

The basis for this development can be found in the extraordinarily dynamic
operative development of the FinLab investment. 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.
While at the end of 2016 the brokered volume was only EUR 1.0 billion, this
value has meantime risen to more than EUR 9 billion. In addition, the B2B
business was reinforced with the acquisition of renowned partners such as
Deutsche Bank or Fidelity’s FFB.

As part of the current financing round, through disinvestment, FinLab AG
has reduced its participation in Deposit Solutions from 12% to 7.7%. As
part of this transaction, FinLab AG will show a liquidity inflow in the
amount of USD 11.5 million (around EUR 10.0 million), which will be wholly
reflected in the current financial year cash flows. Despite the reduction
in the shareholding, the Deposit-NAV has risen sharply following the new
valuation. With a total enterprise value of USD 500.0 million, it
represents a valuation of USD 38.5 million or EUR 33.8 million.

As with the inclusion of this higher value in our NAV-based valuation for
FinLab AG, it results in an increase in the fair value per share to EUR
33.75 (previous: EUR 30.65). Based on the current share price of EUR 22.20,
this means a price potential of over 50% and therefore we confirm our BUY
rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/16829.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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