FinLab AG

04.08.2016 - Equity Research Einzelstudie // kaufen

Research Report (Anno) – FinLab AG - english

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Unternehmen: FinLab AG
ISIN: DE0001218063
Branche: Dienstleistungen
Rating: kaufen
Kurs bei Erstellung in €: 13,95
Kursziel in €: 18,32
Mögl. Interessenskonflikt gem. §34b Abs.1 WpHG und FinAnv: 5a;5b;6a;11

FinLab AG not only published excellent figures for FY 2015 a few weeks ago, there were also highly convincing developments in the company‘s investments for 2016 to date. Topping the list is the latest round of financing at Deposit Solu-tions in which Deposit Solutions gained €15 million in liquid funds. The company is thus valued at more than €100 million, which reflects the company’s potential ever more clearly. The product, COMONEA, has the potential to revolutionise the market for private investments; the opportunities for convincing company performance are correspondingly high.

A capital increase was also carried out recently at nextmarkets. After investing in Deposit Solutions, high-profile investor Peter Thiel has now also invested in nextmarkets. The round of financing was carried out at a significantly higher valuation than FinLab’s first financing round. The capital increase was carried out with a significant seven-digit amount.

In this regard, it is already apparent that the excellent results of 2015 will again be exceeded in 2016. The value of the share in Deposit Solutions alone should now amount to more than €10 million. The valuation was recognised at €3 mil-lion in the balance sheet as of 31/12/2016. In our estimation, the shares in nextmarkets are valued at approx. €6 million after the latest round of financing.

FinLab AG showed that the proof-of-concept has now been furnished, not only based on the high rounds of financing, but the operational development also highlights the higher valuations. Whilst Deposit Solutions gained several well-known clients, nextmarkets also entered the market at the beginning of the year and is now in the market development phase.

Last but not least, it must also be noted that, in addition to the successful fintech portfolio, FinLab AG is generating steady cash flows already at this stage. These primarily comprise management fees and dividend payments from the investments in Heliad and Patriarch. Combined, these generate approx. €4 mil-lion in fund inflows per annum. These funds cover the overhead expenses and furthermore can be invested in the development of fintech investment portfolios, which opens up a clear competitive advantage for FinLab over other venture capital investors in terms of financing flexibility.

FinLab AG also expanded its fintech investment portfolio with an investment in AUTHADA GmbH in 2016. The company is active in the area of electronic iden-tity and therefore active in an area of the fintech segment that shows great promise for the future. We expect to acquire additional investments this year.

Based on the excellent figures for FY 2015, with an total income of €6.46 million and an EBIT of €4.02 million, the excellent further development in the investment firms and the associated high expectations for FY 2016, we have raised our stock price target from €16.70 to €18.32. The rating thus remains unchanged: BUY.


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