Original-Research: wallstreet:online AG - von GBC AG
Einstufung von GBC AG zu wallstreet:online AG
Unternehmen: wallstreet:online AG
Anlass der Studie: Research Note
Kursziel: 37.70 EUR
Analyst: Marcel Goldmann, Cosmin Filker
HY1 2021: Continuation of dynamic customer and revenue growth; Significant
profitability increase expected in HY2; GBC estimates and price target
Sales development HY1 2021
wallstreet:online AG (wallstreet:online) was able to continue its dynamic
growth course in the first six months of the current financial year.
Compared to the same period of the previous year, consolidated revenues on
a pro forma basis increased significantly by 57.0% to EUR 23.80 million
(HY1 2020: EUR 15.10 million). The jump in revenues was mainly driven by
organic growth effects (54.0% organic vs. 3.00% inorganic).
New records were also achieved in terms of customer growth. In the first
six months of the current fiscal year, the total number of customers
increased significantly by around 70,000 (of which approx. 69,000 were
Smartbroker customers) to approximately 187,000 (of which approx. 142,000
were Smartbroker customers). At the same time, client assets under
management (AUM) rose from EUR 4.30 billion as of 31/12/2020 by 59.0% to
EUR 6.80 billion as of 30/06/2021.
The main reason for such positive revenue development was the continued
high level of interest in financial information and products, as well as a
renewed increase in the overall reach of the portals as a result of
technical and commercial innovations and further developments. Thus, the
total reach of the portals and communities at the end of the first half of
the year increased by approximately 37.0% year-on-year to 2.30 billion page
impressions (HY1 2020: 1.70 billion).
In terms of the composition of Group revenues, 71.4% of the revenues
generated in the first half of the year were attributable to the core
business Social & Media. In this business segment, segment revenues
increased significantly by around 39.0% year-on-year to EUR 17.00 million
(HY1 2020: EUR 12.20 million). This positive development was mainly due to
the 'tailwind' from the capital market and the acquisition of new customers
in the key account area as well as the optimization of residual space
In addition, other revenues, which mainly relate to B2B media and projects
(mainly the Smartbroker project), also increased significantly by around
135.0% to EUR 6.80 million.
At the earnings level, a decline in EBITDA to EUR 0.60 million (1.HY 2020:
EUR 1.30 million) was recorded in the first half of 2021 due to high
investments in the expansion of the brokerage business (Smartbroker
customer acquisition costs: EUR 7.90 million) and special costs incurred
due to the capital measure carried out (special costs incurred: EUR 0.50
million). Adjusted for these two effects, an operational EBITDA before
customer acquisition costs in the amount of EUR 9.00 million was achieved
and, thus, a significant jump in earnings compared to the same period of
the previous year (HY1 2020: EUR 4.60 million).
In the context of the publication of the half-year figures, the
wallstreet:online management confirmed its previous corporate guidance (on
a pro forma basis, i.e. assuming full consolidation of wallstreet:online
capital AG as of January 1, 2021) for FY 2021. Accordingly, the management
board continues to expect a year-on-year increase in revenue from
approximately EUR 45.0 million to approximately EUR 50.0 million and an
increase in operational EBITDA to EUR 4.00 million to EUR 6.00 million.
Expenses for new customer acquisition for the Smartbroker are budgeted at
approximately EUR 12.50 million in the current fiscal year 2021.
Accordingly, the company expects EBITDA before new customer acquisition
costs of EUR 16.50 million to EUR 18.50 million. In view of the convincing
half-year figures and the confirmed corporate guidance, we are also
maintaining our previous estimates for the current financial year and
Overall, we remain convinced that the wallstreet:online Group should
succeed in significantly expanding its market positions in both core
business areas (social & media, online brokerage) as part of the initiated
transformation into a financial services provider with an integrated
financial community and thus continue its dynamic growth course. The even
closer integration of the two core business areas in the future and the
resulting advantages should additionally drive future revenue and earnings
growth. Further sales impulses should result from the planned introduction
of a smartphone app at the Smartbroker (Q1 2022) and a new trading
interface (HY1 2022). In addition, we expect that the planned establishment
and expansion of our own transaction-side IT infrastructure will have a
positive impact on the future performance of the company, as this will
increase flexibility and speed in terms of product developments and at the
same time significantly reduce cost expenses.
Against the backdrop of our unchanged forecasts, we confirm our previous
price target of EUR 37.70 (previously: EUR 37.70). In view of the current
share price level, we thus continue to assign a Buy rating and see
significant upside potential.
Die vollständige Analyse können Sie hier downloaden:
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Datum und Zeitpunkt der Fertigstellung der Studie: 17.09.2021 (11:31 Uhr)
Datum und Zeitpunkt der ersten Weitergabe: 20.09.2021 (10:00 Uhr)
Gültigkeit des Kursziels: bis max. 31.12.2022
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