15:41 | 18.12.2017
FinLab AG

Original-Research: FinLab AG – von GBC AG

Einstufung von GBC AG zu FinLab AG

Unternehmen: FinLab AG
ISIN: DE0001218063

Anlass der Studie: Research Comment
Empfehlung: BUY
Kursziel: 30.65 EUR
Letzte Ratingänderung:
Analyst: Cosmin Filker

Continued development of the cryptocurrencies segment; Successful
completion of new financing round at Deposit Solutions; Revaluation on the
basis of the higher HELIAD NAV, Increased target price, Unchanged BUY

Since our last research report (see Research Note dated 05/09/2017), the
positive newsflow at FinLab AG has continued. After breaking into
cryptocurrency by acquiring a stake in Vaultoro, a real-time trading
platform for gold and bitcoin, in September 2017, the exposure to this
high-growth segment was recently expanded. The new stake of approx. 20% of
Frankfurt-based Iconiq Lab Holding GmbH specifically addresses the area of
seed financing.

Iconiq Lab is involved in the financing of start-ups via so-called ICO
(Initial Coin Offerings), as a new form of crowdfunding based on
cryptocurrencies. As a result, start-ups will be able to quickly and
flexibly execute first-round financing, bypassing typical venture
capitalists. Iconiq Lab intends to establish a connection between lenders
and start-ups by issuing so-called membership tokens. The new FinLab
investment plans to issue a total of 12 million tokens for January 2018
(countervalue: EUR10.0 million in the cryptocurrency Etherium). The buyers
of the tokens will then have privileged access to start-ups from the
rapidly growing cryptocurrency sector.

An assessment of the attractiveness of this new investment is only
rudimentarily possible due to the current early stage of business and the
lack of valuation information. If the value of this investment were to
multiply, as was the case for the Deposit Solutions investment, we would
expect FinLab AG to currently have valuation potential of EUR3.0 million.

Another positive newsflow concerns Deposit Solutions GmbH, which is
currently the most successful FinLab investment. A new investment round of
approximately USD 20 million has been successfully completed on the open
banking platform investment. Based on the new valuation approach used for
the new financing, the investment value of Deposit Solutions GmbH has more
than ninefold since FinLab’s entry in 2015, according to FinLab AG. The
basis for this lies in the very dynamic business development. Since
FinLab’s entry alone, deposits amounting to almost EUR4 billion have been
brokered. At the end of June 2017, this value was around EUR2 billion.

In addition, the market value of Heliad Equity Partners GmbH & Co. KGaA,
which is currently FinLab AG’s largest investment, has risen significantly
by nearly 30% since our last research study (see Research Note dated
05/09/2017). Based on FinLab’s current share, this means a significant
increase in the valuation of the Heliad stake of EUR8.92 million. If the
Heliad NAV of EUR10.59 per share is included, this results in further
valuation potential for FinLab AG amounting to EUR7.90 million. We included
the significant increase in value and the additional NAV-based valuation
potential totalling EUR16.82 million in our revaluation of FinLab AG.
In addition, we revalued the valuation of the wholly-owned subsidiary
Heliad Management GmbH, which covers the traditional financial services
business and contributes to earnings stability through management fees and
dividend distributions. The annual revenue is estimated at around EUR4.5
million (previously: EUR3.0 million). Based on the conservative investment
value of Heliad Management GmbH of approx. EUR12.0 million, we see further
considerable valuation potential of approx. EUR10.0 million here.

We have included the new deposit valuation approach, the valuation
potential of Iconiq Lab, the new Heliad NAV and the new valuation of the
wholly owned subsidiary Heliad Management GmbH in the NAV valuation model
and calculated a new fair value of EUR30.65 (previously: EUR20.30). Despite
the strong hike in the price of the FinLab share, which amounts to almost
60% compared to our last research study, we continue to rate FinLab AG as

Die vollständige Analyse können Sie hier downloaden:

Kontakt für Rückfragen
Jörg Grunwald
Halderstraße 27
86150 Augsburg
0821 / 241133 0
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:

——————-übermittelt durch die EQS Group 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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