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

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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: 20.00 EUR

Kursziel auf Sicht von: End FY 2017

Letzte Ratingänderung:

Analyst: Cosmin Filker

Investment companies turn in very positive performances, fair value rises

to EUR 20.00; BUY rating confirmed

In the past few weeks FinLab AG has reported on the success of its FinTech

investments. The very solid performance of the 12.9% stake in Deposit

Solutions GmbH comes in as a top mention. Within this investment, the

ZINSPILOT platform provides time deposit and savings offerings directly to

German savers. This allows investors access from a single account to many

offerings of various banks. According to a current company news release,

within a very short period of time (launch: 2015) this platform acted as

intermediary for more than two billion deposits with banks in other

European countries. At the same time, this makes the FinLab investment one

of the fastest growing FinTech companies worldwide.

In mid-June 2017, FinLab AG also reported on the successful introduction of

the 'Engel und Völkers Capital' crowd-investing platform, a joint venture

between Kapilendo AG, an investment company in which FinLab holds a 19.1%

stake, and Engels & Völkers, one of the top real-estate specialists in

Germany. Combining the real estate expertise of Engels & Völkers with the

technical know-how and platform of Kapilendo opens up opportunities for

investing in attractive real-estate projects also possible with smaller

amounts of investment. The platform will provide project financing for

construction projects and land, with a guarantee of full financing for each

project offered.

We have taken the opportunity of the most recent company news to update the

valuation. In this respect, the success of the ZINSPILOT platform deserves

particular mention. In our previous valuation, we had taken into account

the investment in Deposit Solutions GmbH on the basis of the capital

increase that took place in 2016, in which prominent investor Peter Thiel

also invested. The valuation at the date of the capital increase, when

ZINSPILOT showed a significantly lower level of deposits, was just over

EUR100 million. According to the company, the strong dynamics signal a

significantly higher market valuation level.

Based on this assumption, we estimate the current valuation of the deposit

investment at a conservative amount of EUR160 million, an increase in the

valuation of EUR7.74 million (12.9% stake) for FinLab AG, or approximately

EUR1.50 per share. Accordingly, we are adjusting our previous fair value

per share from EUR18.50 (see research report dated 30/05/2017) to EUR20.00.

Based on the current share price of EUR17.50 (XETRA; 27/06/2017; 5:30

p.m.), our previously issued BUY rating remains unchanged.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/15369.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,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:

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

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oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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