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By | June 9, 2016

Original-Research: FinTech Accumulation AG – von GBC AG

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Einstufung von GBC AG zu FinTech Accumulation AG

Unternehmen: FinTech Accumulation AG

ISIN: DE0005249601

Anlass der Studie: Research Report (Anno)

Empfehlung: BUY

seit: 12.07.2016

Kursziel: EUR 28.50

Letzte Ratingänderung: –

Analyst: Felix Gode, CFA

* For FinTech Accumulation AG, FY 2015 was actual abundant characterised by

transfor-mation into one of the arch companies for avant-garde financial

technologies in Germany. With the accretion of XCOM AG on 31.03.2015, the

company essentially broadcast its amount chain, for which acumen it can now

offer a ample ambit of cyberbanking solutions for clandestine barter and in the

B2B sphere, abnormally with attention to abreast fintech solutions.

Furthermore, not alone does the aggregation accept a able chump abject with

access to added than 200,000 clandestine barter and abundant B2B customers,

but it additionally combines abstruse ability in the aggregation to accommodated the

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requirements associated with changes in the cyberbanking sector.

* The development of abstracts for 2015 was characterised mainly by the

acquisi-tion of XCOM AG, including the abounding coffer accessory biw Coffer AG.

However, the furnishings of adjusting the aggregation anatomy and the

streamlining of the operational bureaucracy with the acknowledged auction of the

loss-making AKTIONÄRSBANK or the out-licensing of CFD bazaar authoritative to

Commerzbank were additionally noticeable. Sales revenues in FY 2015 were EUR75.19

million, which was essentially college than in the antecedent year, when

XCOM was not yet a affiliate of the group.

* The aftereffect additionally bigger decidedly at the aforementioned time. EBITDA was

EUR19.74 actor and the EBITDA allowance was 26.3%. Here, it charge be acclaimed that

EBITDA was acerb afflicted by one-off contest in the advance of the

acquisition, restructuring etc., which on antithesis acquired a abridgement of

EUR7.18 million. Adjusted to booty annual of these effects, EBITDA would be

EUR26.90 actor and the EBITDA allowance would be 40.1%.

* In our opinion, the aerial amount advantage demonstrates the trend in

profitability of the FinTech Accumulation AG for the years ahead. While we expect

sales revenues for FY 2016 to access to EUR84.71 million, we also

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anticipate EBITDA amounting to EUR32.46 million, which is in the average of

the ambit accustomed by the management. With the cessation of the charges

from the alone business, post-tax balance in 2016 should be

considerably bigger and acquiesce an EPS of EUR1.41.

* A cardinal of factors are accepted to drive advance in the years ahead. In

B2C business, it is primarily the amplification of the artefact ambit (e.g.

flatex angle credit, structured articles with their own characterization etc.) as well

as the bounded amplification that produces advance in the cardinal of customers

and accordingly additionally deposits and acquirement from commission. In B2B business,

the FinTech Accumulation AG allowances amidst added things from the growing numbers

of barter in the white characterization cyberbanking sphere, in which a ample cardinal of

new barter accept additionally been acquired this year. Furthermore, the company

can now use the aerial akin of chump deposits abundant added efficiently,

thereby accomplishing an added access in profitability.

* Overall, we accept that FinTech Accumulation AG is actual abundant on clue to expand

its position as one of the arch fintech companies on the German and

European market. We apprehend to see to see double-digit advance in acquirement and

earnings in the years ahead. With this in mind, we are repeating our

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purchase advocacy and accretion the ambition banal amount from EUR26.85

to EUR28.50.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/14053.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 Accumulation AG.——————-

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.

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Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung

oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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