^

Original-Research: FinLab AG - von GBC AG

Einstufung von GBC AG zu FinLab AG

Unternehmen: FinLab AG
ISIN: DE0001218063

Anlass der Studie: Research Report (Anno)
Empfehlung: BUY
Kursziel: EUR 18.50
Letzte Ratingänderung: -
Analyst: Felix Gode, CFA

* Once again FinLab AG has been able to present very satisfactory figures
for FY 2016. The earnings per share (EPS) result has therefore increased
substantially once again. After reaching a value of EUR1.44 per share in the
previous year, it reached EUR3.08 per share in 2016. The Net Asset Value
(NAV) also rose significantly by over 25 % to EUR14.79 in FY 2016.
 
* The main driver of this continuing strong business development was good
progress by the portfolio companies. The interest in Deposit Solutions GmbH
in particular was able to contribute substantially to performance. The
company, which specialises in brokering overnight and time deposits,
reached key milestones in 2016. For instance, the EUR1 billion threshold for
deals was exceeded by the end of the year, a significant value in view of
the short period of time since operations started. The capital increase
that took place in June 2016 valued Deposit Solutions at over EUR100 million.
The profit contribution to FinLab AG in 2016 was correspondingly strong.
 
* Other investments also made substantial progress. Nextmarkets, for
instance, also had a capital increase which attracted prominent investors.
The fresh capital will give the social trading platform a significant boost
in 2017. The Kapilendo investment opened up new possibilities by
collaborating with the real estate experts Engels & Völkers. This
collaboration provides private investors with the opportunity to invest in
large real estate projects, something that has until now been the preserve
of institutional investors. Given the potential for the development of a
totally new market segment, we see great opportunities here.
 
* FinLab AG has also been active with regard to new investments. Having
al-ready bought another investment in 2016 with identification services
specialist AUTHADA, another investment followed in early May 2017 with
Fastbill GmbH. Fastbill carried out a seven-digit capital increase, in
which a 7.8% investment was made. The company specialises in digitised
solutions in the field of financial management for small businesses and,
since 2011, has built up a customer base of 40,000 small businesses and
freelancers.
 
* In total, FinLab AG has developed in a highly satisfactory manner in FY
2016 and clearly been able to improve the intrinsic value of its
invest-ments. This was achieved despite the major investment in Heliad
Equity Partners GmbH & Co. KGaA contributing no increase in value. However,
there are dormant reserves in the investment in the listed company, since
the valuation at FinLab was at market price. This was listed more than 30%
below the NAV. Taking into account both these dormant reserves and the new
investment in Fastbill, as well as the stable cashflows from the
conventional financial services business, we established a fair value of
EUR18.50 per FinLab share on the basis of our NAV valuation. We therefore
raised our previous target price of EUR18.32 slightly. An unchanged high
upside potential remains for the share, so we confirm the BUY rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/15251.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV Beim oben
analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,6a,11);
Einen Katalog möglicher Interessenkonflikte finden Sie unter: 
http://www.gbc-ag.de/de/Offenlegung.htm
+++++++++++++++

-------------------übermittelt durch die EQS Group AG.-------------------


Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. 
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

°