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: 26.85 Euro

Letzte Ratingänderung: -

Analyst: Felix Gode, CFA

2015 figures confirm successful turn-around - EBITDA-guidance fulfilled -

estimates for 2016 confirmed - target price EUR26.85

With an EBITDA of EUR 19.5m FinTech Group AG was able to fulfill the guidance

for 2015. As well our estimates with EUR 20.13m were almost achieved. In the

previous year an EBITDA of EUR-9.5m was shown. However, it has to be

considered that the previous year's figures were prepared on HGB accounting

standards. Regardless of the limited comparability, the good 2015 earnings

confirm the successful completion of the turn-around.

More than that FinTech Group AG has pushed on its transformation to a

leading fintech-company on the European market and was able to establish

important cooperations with notable partners during the course of the year

2015 and during the first months of 2016. Futhermore the company did

significant efforts to capitalise on the high account deposits of their

subsidiary biw Bank AG of more than EURbn1 to generate further earnings

contributions. Also the sale of Aktionärsbank in April 2016 was an

important step that should contribute to increasing earnings and margins in

the FY2016.

We have the impression that FinTech Group AG is on schedule to reach the

guid-ance for FY2016, planning an EBITDA of EUR 30-35m. Therefore we confirm

our cur-rent estimates for FY2016, expecting an EBITDA of EUR 31.00m. Also we

reconfirm our target price of EUR 26.85 as well as the rating BUY. We will

publish a more de-tailed research report as soon as the full annual report

2015 is published by the end of June. According to the successful

development of the company during the past quarters as well as the good

prospects we already today assume to raise the current target price of EUR

26.85 by then.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/13919.pdf

Kontakt für Rückfragen

Jörg Grunwald

Vorstand

GBC AG

Halderstraße 27

86150 Augsburg

0821 / 241133 0

research@gbc-ag.de

++++++++++++++++

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

+++++++++++++++

-------------------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.