Original-Research: FinTech Group AG (von GBC AG): BUY

Original-Research: FinTech Group AG - von GBC AG

Einstufung von GBC AG zu FinTech Group AG

Unternehmen: FinTech Group AG

ISIN: DE0005249601

Anlass der Studie: Research Comment

Empfehlung: BUY

Kursziel: EUR 26.85

Letzte Ratingänderung:

Analyst: Felix Gode, CFA

flatex now offers an innovative and flexible immediate loan that

capitalises parts of the account deposits of biw Bank - estimates for 2016

confirmed - target price of EUR 26.85 confirmed - BUY rating reiterated

FinTech Group AG published the introduction of a flexible immediate loan

'flatex flex-Kredit' for the wholly-owned subsidiary flatex. The new credit

line of EUR 25.000 is now available for most customers at an interest rate of

3.9 % p.a. In contrast to other overdraft facilities, this offer has

significantly lower interest rates and therefore is expected to penetrate

the market quickly.

The flexible utilisation and loan period in combination with the free of

charge provision of the credit, can make this offer a better alternative

than existing solutions. To offer the immediate loan FinTech Group AG

capitalises parts of the EUR 1bn account deposits of biw Bank AG. Since

flatex has more than 150,000 potential customers for the new immediate

loan, this could capitalise a very significant part of all the account

deposits of biw Bank AG.

FinTech Group AG reached another important milestone towards a

technology-based consumer credits company with the introduction of the new

loan product. Furthermore, FinTech opened up another way to capitalise on

the account deposits of biw Bank AG. The continuous progress is also

apparent in the light of the partnership with Morgan Stanley earlier this

year and the offering of structured products extensively for flatex

customers. In addition to that, flatex formed a partnership with ZINSPILOT

at the begin-ning of the year to offer customers access to overnight and

fixed term deposits of a wide range of banks all across Europe out of their

existing portfolios.

FinTech Group AG has made significant progress towards utilising the

account deposits of biw Bank AG. We are confident that FinTech Group will

reach its ambi-tious target profit, due to the new product. The company

reached another important milestone, which confirms our estimations from

our initial coverage from the 07/12/2015. The target price remains at EUR

26.85. Based on the current share price, there is an upside potential of

more than 60%. We reiterate our BUY rating.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/13643.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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