Original-Research: MyBucks S.A. (von GBC AG): BUY

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Original-Research: MyBucks S.A. - von GBC AG

Einstufung von GBC AG zu MyBucks S.A.

Unternehmen: MyBucks S.A.

ISIN: LU1404975507

Anlass der Studie: Research Report (Inital Coverage)

Empfehlung: BUY

Kursziel: 27.60

Kursziel auf Sicht von: End FY 2017

Letzte Ratingänderung:

Analyst: Cosmin Filker, Marcel Goldmann

Fintech specialist for the African market; Innovative approach generates

high demand; Dynamic revenue and earnings growth expected; High share price

potential expected

MyBucks S.A. is a Fintech company which makes it possible for Sub-Sahara

customers to access financial products and services using modern

technology. In this region targeted by the company, around 80% of the

population has no physical access to financial products. However, there is

a great deal of online availability, meaning that this gap can be filled

through technological solutions. In principle, digital applications have

proved to be an important part of financial inclusion in the Sub-Saharan

region. With its technological solutions, MyBucks has, from an early stage,

been playing an important role in this high-growth market environment.

Under the brand GetBucks, the company offers non-secured loans to customers

from the low and medium income sector online. In addition, customers can

also make use of different financial services. Furthermore, in selected

countries, insurance solutions are offered under the brand name GetSure.

With the acquisition of credit institutions in the current financial year

2016/17, MyBucks is also starting to offer banking services.

The proprietary technology, which allows customers to obtain a credit

decision in the space of just a few minutes, constitutes the basis for

MyBucks' business operations. A self-developed scoring model is used for

this, which helps to calculate the respective individual interest rate or

maximum loan amount. MyBucks customers can make use of the company's

services in various ways. The focus is on mobile access via the GetBucks

app which, according to official data, has been downloaded between 10,000

and 50,000 times.

In previous financial years, the company has managed to expand its loan

book significantly. As of the last balance sheet date (31/12/16), the

credit volume had reached EUR77.19m, compared with a credit volume of

EUR36.20m at 30/06/16. This is reflected in a CAGR of over 130% over the

previous financial years. Most recently, the cost situation and thus the

earnings potential of MyBucks has been shaped by various special factors

(investments aimed at expansion, IPOs, inorganic growth).

Taking into account the corporate strategy, which provides for further

regional ex-pansion, the increase in market share, and especially the

expansion of low-interest financial resources for the granting of credits,

we expect growth to continue. Given a steady increase in the volume of

financing and the loan book, we anticipate an increase in revenues of up to

EUR128.70m (FY 2018/19) and also a rise in the return on sales to a

substantial 18.6% (FY 2018/19). This is the basis for our valuation

approach, which uses a residual income model.

As part of the residual income model, we calculate a fair value per MyBucks

share of EUR27.60. Based on the current share price of EUR15.50, this

results in a share price potential of over 78% and therefore we are

including MyBucks as a new entry in the research coverage with a Buy

rating.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/15345.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,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:

http://www.gbc-ag.de/de/Offenlegung.htm

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