Original-Research: FinTech Accumulation AG – von GBC AG
Einstufung von GBC AG zu FinTech Accumulation AG
Unternehmen: FinTech Accumulation AG
Anlass der Studie: Research Report (Anno)
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
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
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
purchase advocacy and accretion the ambition banal amount from EUR26.85
Die vollständige Analyse können Sie hier downloaden:
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——————-übermittelt durch die EQS Accumulation 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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