MyBucks S.A.

16.08.2017 - Equity Research Report (english) // buy

Research Comment – MyBucks S.A. - english

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Unternehmen: MyBucks S.A.
ISIN: LU1404975507
Branche: Dienstleistungen
Rating: buy
Kurs bei Erstellung in €: 14,00
Kursziel in €: 27,60
Mögl. Interessenskonflikt gem. §34b Abs.1 WpHG und FinAnv: 5a;11

According to announcements by the company on 24 July 2017, MyBucks S.A. has acquired a 50% share in Malawi-domiciled New Finance Bank Limited (NFB). NFB was
established in 2015 and, as of 31 March 2017, has an asset portfolio in the amount of €14.4 million, of which the lending book has a volume of €4.3 million. On the liabilities side, customer deposits amount to €8.2 million and equity is at €5.7 million.

In our view, this acquisition is to be seen in particular against the background of the commenced optimisation of financing costs. It can be assumed that NFB’s customer deposits, as a basis for the granting of loans, should bear significantly lower interest rates than the group-wide borrowed capital of MyBucks S.A. As of 31 December 2016, the MyBucks group had interest-bearing borrowed capital of approx. €100 million that, according to our calculations, attracted an average interest rate of 20.6%. According to our research, NFB’s customer deposits bear interests ranging between 11.0% and 13.5% (deposit account) and are therefore significantly below the level of the MyBucks group.


Wichtiger Hinweis:

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