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: € 32.75
Kursziel auf Sicht von: 31/12/2019
Letzte Ratingänderung:
Analyst: Cosmin Filker, Matthias Greiffenberger

In the first six months of 2018, FinLab AG significantly increased its
total income to EUR 2.79 million (previous year: EUR 1.76 million) and its
EBIT to EUR 1.02 million (previous year: EUR 0.30 million). Even if income
and earnings appear low at first glance, they demonstrate FinLab AG’s high
internal financing capability. This puts the company in the comfortable
position of being able to accompany the development of investments for as
long as possible and to accordingly participate in increases in value.

As at 30/06/2018, FinLab AG had equity of EUR 102.24 million according to
its IFRS balance sheet. This is based on the financial investments’
carrying value of EUR 100.24 million, where the 45.2% investment in Heliad
Equity Partners GmbH & Co. KGaA is currently the largest individual
investment at EUR 33.24 million. However, this value, based on the price on
the reporting date of EUR 7.45, includes significant hidden reserves of EUR
15.44 million that we take into account in the NAV valuation based on the
NAV per share published by HELIAD of EUR 10.91 (31/12/17: EUR 12.22).

In addition, the IFRS valuation of the investments at 30/06/18 was EUR
41.11 million (31/12/17: EUR 38.24 million). The financing round after the
balance sheet date at Deposit Solutions alone was valued at USD 500
million, thus significantly above the previous valuation. Despite FinLab
AG’s reduction in the participation rate from 12% to 7.7% in the course of
the financing, the valuation of this investment alone is USD 38.5 million
or around EUR 33 million. Including the other investments, we see the total
NAV at EUR 83.61 million and thus around EUR 42.50 million above the
balance sheet figure.

As the third stage in the NAV calculation, we expanded liquid assets
(including securities) in the amount of EUR 8.31 million to include
potential additions to liquidity. A significant liquidity addition in the
amount of USD 11.5 million or around EUR 10 million results from the
reduction in the participation rate in Deposit Solutions GmbH. We have also
taken into account the expected and predictable revenue streams from
traditional asset management business, i.e., the agreed management fees as
well as dividend income of up to EUR 4.0 million (including income from the
new fund with Block.one) in the liquid assets. We also included the
expected holding costs amounting to EUR 2.5 million in the calculation.

The current NAV/share is therefore determined to be EUR 32.75 (previously:
EUR 33.75). The slight reduction in fair value is based on a decline in
HELIAD’s NAV. Based on the current share price, however, FinLab AG’s share
clearly retains its BUY rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/16995.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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Date and time of completion: 26/09/2018 (2:04 pm)
Date and time of first distribution: 26/09/2018 (3:30 pm)

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


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