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: 26.85 Euro
Letzte Ratingänderung: –
Analyst: Felix Gode, CFA

2015 figures confirm successful turn-around – EBITDA-guidance fulfilled –
estimates for 2016 confirmed – target price €26.85

With an EBITDA of € 19.5m FinTech Group AG was able to fulfill the guidance
for 2015. As well our estimates with € 20.13m were almost achieved. In the
previous year an EBITDA of €-9.5m was shown. However, it has to be
considered that the previous year´s figures were prepared on HGB accounting
standards. Regardless of the limited comparability, the good 2015 earnings
confirm the successful completion of the turn-around.

More than that FinTech Group AG has pushed on its transformation to a
leading fintech-company on the European market and was able to establish
important cooperations with notable partners during the course of the year
2015 and during the first months of 2016. Futhermore the company did
significant efforts to capitalise on the high account deposits of their
subsidiary biw Bank AG of more than €bn1 to generate further earnings
contributions. Also the sale of Aktionärsbank in April 2016 was an
important step that should contribute to increasing earnings and margins in
the FY2016.

We have the impression that FinTech Group AG is on schedule to reach the
guid-ance for FY2016, planning an EBITDA of € 30-35m. Therefore we confirm
our cur-rent estimates for FY2016, expecting an EBITDA of € 31.00m. Also we
reconfirm our target price of € 26.85 as well as the rating BUY. We will
publish a more de-tailed research report as soon as the full annual report
2015 is published by the end of June. According to the successful
development of the company during the past quarters as well as the good
prospects we already today assume to raise the current target price of €
26.85 by then.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/13919.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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