FinLab AG

28.01.2016 - Equity Research Einzelstudie // kaufen

GBC Research Comment – FinLab AG - english

pdf For the original study, please click here
Unternehmen: FinLab AG
ISIN: DE0001218063
Branche: Dienstleistungen
Rating: kaufen
Kurs bei Erstellung in €: 11
Kursziel in €: 12,30
Mögl. Interessenskonflikt gem. §34b Abs.1 WpHG und FinAnv: 5a;11

GBC: A couple of days ago you announced that PayPal-founder and star-investor Peter Thiel took a stake in Deposit Solutions, a company you are invested in as well. Can that be seen as the ultimate verification for the young company?

Kai Panitzki: Absolutely. Peter Thiel only invests in companies he is convinced of that they have the potential to deeply disrupt an industry. And he can look back on remarkable success stories with that investment strategy. We also share the opinion that Deposit Solution´s platform can change the traditional deposit business drastically. Deposit Solutions has created an open architecture that already today is self-evident for other banking products such as real estate loans or mutual funds, namely to be able to invest in a variety of products of different parties out of only one account or portfolio. Only for overnight and fixed term deposits this possibility wasn´t existent. That niche is going to be addressed and filled now.

GBC: In which scope did Peter Thiel invest in Deposit Solutions and who are other investors of the company?

Kai Panitzki: At Deposit Solutions a financing round about EUR 6.5 million was conducted to enable the company to roll-out the business and the international expansion. Peter Thiel took part in that financing round in a scope of EUR 1 million. Besides numerous well-known business angels and investors hold stakes in Deposit Solutions. For example the Otto-Group is also invested via its venture capital company Eventures. Lead-investor is the FinLab AG with a stake of 12.75 %.

GBC conclusion:
Having Peter Thiel as an investor Deposit Solutions has made a huge step forward. Most of all should the investment of the PayPal-founder cause further attraction to other investors. Also should the raised publicity be supportive for the upcoming roll-out across Europe. Besides that we assess the business model of Deposit Solutions as very promising. With the product COMONEA the company pushes forward into a niche that is not yet filled. With a market volume of EUR 9 trillion in deposits that area offers an enormous potential which the company with a high probability will be able to raise because of its early mover advantage.

Therefore the 12.75 % investment in Deposit Solutions should conceal some hidden reserves which should be possible to be raised during the coming periods, having a value increasing effect on FinLab´s investment portfolio.

For now we leave our current target price of EUR 12.30 unchanged and will undertake an intense reassessment and revaluation of FinLab´s investment portfolio after the annual report for the business year 2015 is published. The rating BUY endures.


Wichtiger Hinweis:

Bitte beachten Sie den Disclaimer/Risikohinweis sowie die Offenlegung möglicher Interessenskonflikte nach §34b WpHG /FinAnV auf unserer Webseite.