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

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: EUR18.32

Letzte Ratingänderung: -

Analyst: Felix Gode, CFA

* FinLab AG not only published excellent figures for FY 2015 a few weeks

ago, there were also highly convincing developments in the company's

investments for 2016 to date. Topping the list is the latest round of

financing at Deposit Solutions in which Deposit Solutions gained EUR15

million in liquid funds. The company is thus valued at more than EUR100

million, which reflects the company's potential ever more clearly. The

product, COMONEA, has the potential to revolutionise the market for private

investments; the opportunities for convincing company performance are

correspondingly high.

* A capital increase was also carried out recently at nextmarkets. After

investing in Deposit Solutions, high-profile investor Peter Thiel has now

also invested in nextmarkets. The round of financing was carried out at a

significantly higher valuation than FinLab's first financing round. The

capital increase was carried out with a significant seven-digit amount.

* In this regard, it is already apparent that the excellent results of 2015

will again be exceeded in 2016. The value of the share in Deposit Solutions

alone should now amount to more than EUR10 million. The valuation was

recognised at EUR3 million in the balance sheet as of 31/12/2016. In our

estimation, the shares in nextmarkets are valued at approx. EUR6 million

after the latest round of financing.

* FinLab AG showed that the proof-of-concept has now been furnished, not

only based on the high rounds of financing, but the operational development

also highlights the higher valuations. Whilst Deposit Solutions gained

several well-known clients, nextmarkets also entered the market at the

beginning of the year and is now in the market development phase.

* Last but not least, it must also be noted that, in addition to the

successful fintech portfolio, FinLab AG is generating steady cash flows

already at this stage. These primarily comprise management fees and

dividend payments from the investments in Heliad and Patriarch. Combined,

these generate approx. EUR4 million in fund inflows per annum. These funds

cover the overhead expenses and furthermore can be invested in the

development of fintech investment portfolios, which opens up a clear

competitive advantage for FinLab over other venture capital investors in

terms of financing flexibility.

* FinLab AG also expanded its fintech investment portfolio with an

investment in AUTHADA GmbH in 2016. The company is active in the area of

electronic identity and therefore active in an area of the fintech segment

that shows great promise for the future. We expect to acquire additional

investments this year.

* Based on the excellent figures for FY 2015, with an total income of EUR6.46

million and an EBIT of EUR4.02 million, the excellent further development in

the investment firms and the associated high expectations for FY 2016, we

have raised our stock price target from EUR16.70 to EUR18.32. The rating thus

remains unchanged: BUY.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/14105.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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