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

flatex now offers an innovative and flexible immediate loan that
capitalises parts of the account deposits of biw Bank – estimates for 2016
confirmed – target price of € 26.85 confirmed – BUY rating reiterated

FinTech Group AG published the introduction of a flexible immediate loan
“flatex flex-Kredit” for the wholly-owned subsidiary flatex. The new credit
line of € 25.000 is now available for most customers at an interest rate of
3.9 % p.a. In contrast to other overdraft facilities, this offer has
significantly lower interest rates and therefore is expected to penetrate
the market quickly.

The flexible utilisation and loan period in combination with the free of
charge provision of the credit, can make this offer a better alternative
than existing solutions. To offer the immediate loan FinTech Group AG
capitalises parts of the € 1bn account deposits of biw Bank AG. Since
flatex has more than 150,000 potential customers for the new immediate
loan, this could capitalise a very significant part of all the account
deposits of biw Bank AG.

FinTech Group AG reached another important milestone towards a
technology-based consumer credits company with the introduction of the new
loan product. Furthermore, FinTech opened up another way to capitalise on
the account deposits of biw Bank AG. The continuous progress is also
apparent in the light of the partnership with Morgan Stanley earlier this
year and the offering of structured products extensively for flatex
customers. In addition to that, flatex formed a partnership with ZINSPILOT
at the begin-ning of the year to offer customers access to overnight and
fixed term deposits of a wide range of banks all across Europe out of their
existing portfolios.

FinTech Group AG has made significant progress towards utilising the
account deposits of biw Bank AG. We are confident that FinTech Group will
reach its ambi-tious target profit, due to the new product. The company
reached another important milestone, which confirms our estimations from
our initial coverage from the 07/12/2015. The target price remains at €
26.85. Based on the current share price, there is an upside potential of
more than 60%. We reiterate our BUY rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/13643.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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