^

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: 20.00 EUR
Kursziel auf Sicht von: End FY 2017
Letzte Ratingänderung: 
Analyst: Cosmin Filker

Investment companies turn in very positive performances, fair value rises
to EUR 20.00; BUY rating confirmed
 
In the past few weeks FinLab AG has reported on the success of its FinTech
investments. The very solid performance of the 12.9% stake in Deposit
Solutions GmbH comes in as a top mention. Within this investment, the
ZINSPILOT platform provides time deposit and savings offerings directly to
German savers. This allows investors access from a single account to many
offerings of various banks. According to a current company news release,
within a very short period of time (launch: 2015) this platform acted as
intermediary for more than two billion deposits with banks in other
European countries. At the same time, this makes the FinLab investment one
of the fastest growing FinTech companies worldwide.
 
In mid-June 2017, FinLab AG also reported on the successful introduction of
the 'Engel und Völkers Capital' crowd-investing platform, a joint venture
between Kapilendo AG, an investment company in which FinLab holds a 19.1%
stake, and Engels & Völkers, one of the top real-estate specialists in
Germany. Combining the real estate expertise of Engels & Völkers with the
technical know-how and platform of Kapilendo opens up opportunities for
investing in attractive real-estate projects also possible with smaller
amounts of investment. The platform will provide project financing for
construction projects and land, with a guarantee of full financing for each
project offered.
 
We have taken the opportunity of the most recent company news to update the
valuation. In this respect, the success of the ZINSPILOT platform deserves
particular mention. In our previous valuation, we had taken into account
the investment in Deposit Solutions GmbH on the basis of the capital
increase that took place in 2016, in which prominent investor Peter Thiel
also invested. The valuation at the date of the capital increase, when
ZINSPILOT showed a significantly lower level of deposits, was just over
EUR100 million. According to the company, the strong dynamics signal a
significantly higher market valuation level.
 
Based on this assumption, we estimate the current valuation of the deposit
investment at a conservative amount of EUR160 million, an increase in the
valuation of EUR7.74 million (12.9% stake) for FinLab AG, or approximately
EUR1.50 per share. Accordingly, we are adjusting our previous fair value
per share from EUR18.50 (see research report dated 30/05/2017) to EUR20.00.
Based on the current share price of EUR17.50 (XETRA; 27/06/2017; 5:30
p.m.), our previously issued BUY rating remains unchanged.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/15369.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
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
+++++++++++++++

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


Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. 
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

°