FinLab AG

12.10.2016 - Equity Research Einzelstudie // kaufen

Research Note – FinLab AG - english

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Unternehmen: FinLab AG
ISIN: DE0001218063
Branche: Dienstleistungen
Rating: kaufen
Kurs bei Erstellung in €: 13,40
Kursziel in €: 18,32
Mögl. Interessenskonflikt gem. §34b Abs.1 WpHG und FinAnv: 5a;5b;6a;11

In H1 2016, FinLab AG generated total income of €1.88 million, around €3 million less than the same period in the previous year. Total income comprised revenue, income from equity interests and other operating income. The decline stems primarily from the drop in revenue resulting from lower performance fees from the equity interest Heliad Equity Partners GmbH & Co. KGaA. By contrast, management fees, as fixed cash flows, were stable. Since the expected remuneration from performance fees is likely to be higher for 2015 than in the previous year, it can be assumed that correspondingly higher income will be recorded in H2 2016.

The cost side, in contrast, was stable again in H1 2016, with only slight changes in per-sonnel and material costs. The lower EBIT in H1 2016 is thus due mainly to lower in-come, which, as mentioned above, should be balanced out in H2 2016.

As at 30 June 2016, the net asset value (NAV) was €12.26, only slightly above its value on 31 December 2015. The main reasons for this were the virtually unchanged share price of the largest equity interest, Heliad Equity Partners GmbH & Co. KGaA, whose share price of €6.25 as at 30 June 2016 was only slightly higher than the closing price of €6.20 on 31 December 2015, as well as the fact that the capital rounds at nextmarkets and Deposit Solutions, which significantly increased their value, did not take place until the second half of the year.


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