Original-Research: FinLab AG - von GBC AG
Einstufung von GBC AG zu FinLab AG
Unternehmen: FinLab AG
ISIN: DE0001218063
Anlass der Studie: Research Note
Empfehlung: BUY
Kursziel: 31.60 EUR
Kursziel auf Sicht von: 31.12.2020
Letzte Ratingänderung:
Analyst: Cosmin Filker, Marcel Goldmann
In the first half of 2020, FinLab AG also achieved a positive EBIT of EUR 0.51 million (previous year: EUR 1.16 million), which continues to cover the costs of managing the investment portfolio. The basis for this positive operating result, which is unusual for investment companies, is the comparatively constant earnings of the company, which in the past six months have been in a corridor between EUR 1.76 million and EUR 2.91 million. The decline in earnings to EUR2.12m (previous year: EUR2.91m) in the first half of 2020 is attributable to lower income from investments. The decline in income was offset by a slight decline in operating costs, which had led to lower EBIT. As before, the positive EBIT is to be seen as meaningful evidence that the company provides long-term support to the portfolio companies without having to make exits to cover costs.
As the Fintech investments are not fully consolidated, changes in the value of non-listed investments are recognised in the financial result. Since the write-ups and write-downs in the investment portfolio are made in accordance with the respective development of the investment company, these show a higher volatility. In the first half of 2020 the write-ups had led to a financial result of EUR 2.37 million (previous year: EUR 3.55 million) and, as a result, a positive net profit for the period of EUR2.56 million (previous year: EUR4.60 million). The performance of Heliad Equity Partners' share price is recognised as a change in the revaluation basis below net income for the period. Having reported high share price losses in each of the past two financial years, Heliad's share price rose sharply in the first six months of 2020. Based on Heliad's positive operating performance, the change in the revaluation base of EUR 11.14 million (previous year: EUR -5.22 million) and thus FinLab AG's overall earnings of EUR 13.70 million (previous year: EUR -0.62 million) were both significantly higher than in the previous year.
We have evaluated FinLab AG by calculating the net asset value (NAV) as a typical industry indicator for portfolio companies. As of June 30, 2020, FinLab AG reports equity of EUR156.47 million according to the IFRS balance sheet. This is based on the balance sheet value of financial assets amounting to EUR 149.64 million. The 45.5% shareholding in Heliad Equity Partners GmbH & Co. KGaA accounts for EUR 29.86 million of this figure. Having declined in value in the past two financial years, the valuation of Heliad's shareholding climbed significantly as of 30.06.2020. Heliad's NAV, which was last updated as of 30.06.2020, amounted to EUR10.74 per share (30.12.19: EUR7.39). Heliad's share price amounted to EUR6.65 at the reporting date, thus remaining significantly below published NAV. Based on this NAV valuation, the hidden reserves of the HELIAD investment amount to EUR18.39 million.
At EUR 31.60 (previously: EUR 28.85), the current NAV/share of FinLab AG rose slightly, in particular due to the significant improvement in Heliad's NAV. Based on FinLab's current share price of EUR 19.65, there is considerable potential for the share price to increase in line with NAV and we continue to assign the BUY rating.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/21696.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 § 85 WpHG und Art. 20 MAR 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
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Date (time) completion: 01.10.2020 (10:14 am)
Date (time) first transmission: 01.10.2020 (11:00 am)
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