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Original-Research: FinLab AG - von GBC AG

Einstufung von GBC AG zu FinLab AG

Unternehmen: FinLab AG
ISIN: DE0001218063

Anlass der Studie: Research Comment
Empfehlung: BUY
Kursziel: 30.65 EUR
Letzte Ratingänderung: 
Analyst: Cosmin Filker

NAV/share rose significantly in 2017, rising 41% from EUR14.79 to EUR20.83;
planned launch of a fund (USD 100 million) with EOS.IO, thus strengthening
the Asset Management
 
According to preliminary figures for 2017, FinLab AG has been able to match
the record figures of the previous year. The main focus here is on the
overall result of the company, which at EUR30.8 million (previous year:
EUR32.2 million) was slightly below the previous year's level, but was well
above our expectations. We believe that the main reason for this
development is the very good price performance of the largest FinLab
investment, Heliad Equity Partners GmbH & Co. KGaA, in which the company
holds a 45.2% interest. The Heliad share price increased by 66.1% in 2017,
which according to our calculations means that FinLab AG posted a price
gain (financial result) of EUR16.8 million. In addition, the company
benefited in particular from a higher valuation of its 11.9% holding in
Deposit Solutions GmbH which, compared to the previous year, had doubled
its valuation as part of a capital increase of USD 20.0 million. All in
all, this led to another significant increase in equity (plus a capital
increase of EUR5.85 million in 2017) to EUR103.9 million (31/12/16: EUR67.1
million), which corresponds to a current NAV/share of EUR20.83 (31/12/16:
EUR14.79).
 
Based on the current Heliad NAV (EUR12.20; share price: EUR8.54), there are
hidden reserves. In addition, FinLab has opened up to the blockchain and
crypto currency market in recent months, but this is not yet fully
reflected in the company valuation.
 
The company took an important step in this area, in creating a new fund
together with the leading blockchain software EOS.IO. In this regard,
FinLab AG has signed a letter of intent with EOS.IO to create and
capitalise a fund of USD 100 million, based on the assumption that the
majority of the funding should come from EOS.IO. FinLab AG should benefit
from management fees but also from the development of the fund, depending
on the contribution. The aim of the fund is to build and finance projects
in Europe that can be integrated into the EOS Blockchain.
 
We will only consider the additional potential arising from the fund issue
when capitalisation has taken place in our valuation model. With the
publication of the annual report (12/04/18), we expect to carry out a
reassessment of FinLab AG. As long as our target price of EUR30.65 remains
valid, we continue to assign the BUY rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/16255.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben
analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen
Katalog möglicher Interessenkonflikte finden Sie unter: 
http://www.gbc-ag.de/de/Offenlegung.htm
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-------------------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.

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