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

Cooperation with Morgan Stanley expands range of structured products for
flatex-customers extensively – significant earnings contribution from HY2
2016 on expected – estimates for 2016 confirmed – target price of € 26.85
confirmed

Today FinTech Group AG announced the achievement of another important
milestone. With the US-bank Morgan Stanley a long-term strategic
partnership was formed. The cooperation includes the offering of
certificates and warrants (structured products) on the German market by
Morgan Stanley and the online-broker flatex, a subsidiary of the FinTech
Group. The products will be offered under the flatex brand.

In consequence of the cooperation the 150,000 clients of flatex will get
access to an even broader range of structured products. So far flatex
mostly offered structured prod-ucts of Deutsche Bank and Commerzbank.

We appraise the partnership with Morgan Stanley as a big leap towards
achieving the goals set for FY2016. The expanded product range is of big
importance because a third of all transactions by flatex´ clients are
conducted in structured products. Given the close cooperation between the
two banks, we also assume that flatex will get higher provisions than usual
for offering the joint products. Therefore, we expect that the cooperation
will have positive effects on the profitability of flatex and therewith
FinTech Group AG as well. However, positive earnings effects are not to be
expected before HY2 2016, since the first products will be available until
midyear.

During the first weeks of 2016 FinTech Group AG already made a statement,
mak-ing clear that appropriate steps are being taken to reach the ambitious
earnings goals. The cooperation with Morgan Stanley in the area of
structured products is an important step on that course. In our point of
view the company is on a good way and therefore we once again emphasize our
positive expectations for the current and following financial years. In
that context, we confirm our target price of € 26.85, resulting in an
upside-potential of 50 %. The BUY-rating is affirmed respectively.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/13543.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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http://www.gbc-ag.de/de/Offenlegung.htm
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