Original-Research: FinLab AG (von GBC AG): BUY

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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 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

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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

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