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Original-Research: LAIQON AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to LAIQON AG
First Berlin Equity Research on 20/08/2024 initiated coverage on LAIQON AG (ISIN: DE000A12UP29/ Bloomberg: LQAG GR). Analyst Christian Orquera placed a BUY rating on the stock, with a EUR 9.80 price target. Abstract: LAIQON AG (LAIQON) is an independent wealth and asset management firm offering investment solutions with environmental, social and governance (ESG) focus to private and institutional clients powered by its innovative Digital Asset Platform (DAP) 4.0. The company's subsidiary LAIC combines DAP 4.0 with cutting-edge artificial intelligence (AI) techniques to create a fully automated WealthTech-advisor. The LAIC-advisor is capable of actively offering >1m personalised, AI-driven portfolio alternatives of shares, funds and ETFs according to each customer's personal risk profile. The less sophisticated peers mostly manage a few ETFs or fund portfolios (passive strategy). These unique features convinced the German asset management giant Union Investment (Union) to become LAIC's white-label distribution partner. The deal validates LAIC's technology and may attract the attention of further prominent financial institutions (e.g. private banks, insurance companies, and large fintechs). With a distribution network of >600 cooperative banks, Union has the potential to generate AuM of €1.5bn for LAIC by 2025 and €5.5bn-€6.5bn by 2028. Union will launch LAIC-advisor in Q4 2024 to those of its sophisticated high net worth clients looking for personalised active investment strategies. We believe this deal will take LAIQON's current AuM of €6.4bn to the next growth level. LAIQON shares offer an attractive value proposition to participate in the surge of the German WealthTech landscape. Our DCF valuation model yields a fair value of €9.80 p/s. We initiate coverage with a Buy rating and €9.80 price target. First Berlin Equity Research hat am 20.08.2024 die Coverage von LAIQON AG (ISIN: DE000A12UP29/ Bloomberg: LQAG GR) aufgenommen. Analyst Christian Orquera stuft die Aktie mit einem BUY-Rating ein, bei einem Kursziel von EUR 9,80. Zusammenfassung: Die LAIQON AG (LAIQON) ist ein unabhängiger Vermögensverwalter, der privaten und institutionellen Kunden Anlagelösungen mit Fokus auf Umwelt, Soziales und Governance (ESG) anbietet, die auf seiner innovativen Digital Asset Platform (DAP) 4.0 basieren. Die Tochtergesellschaft LAIC kombiniert die DAP 4.0 mit modernsten Techniken der künstlichen Intelligenz (KI), um einen vollautomatischen WealthTech-Berater zu schaffen. Der LAIC-Berater ist in der Lage, aktiv mehr als 1 Million personalisierte, KI-gesteuerte Portfolioalternativen aus Aktien, Fonds und ETFs entsprechend dem persönlichen Risikoprofil jedes Kunden anzubieten. Die weniger anspruchsvollen Peers verwalten meist nur wenige ETFs oder Fondsportfolios (passive Strategie). Diese einzigartigen Merkmale haben den deutschen Vermögensverwaltungsriesen Union Investment (Union) davon überzeugt, White-Label-Vertriebspartner von LAIC zu werden. Die Vereinbarung bestätigt die Leistungsfähigkeit der Technologie von LAIC und kann die Aufmerksamkeit weiterer prominenter Finanzinstitute (z.B. Privatbanken, Versicherungen und große Fintechs) auf sich ziehen. Mit einem Vertriebsnetz von mehr als 600 Genossenschaftsbanken hat Union das Potenzial, bis 2025 AuM von €1,5 Mrd. und bis 2028 von €5,5 Mrd. bis €6,5 Mrd. für LAIC zu generieren. Union wird LAIC-advisor im 4. Quartal 2024 für seine anspruchsvollen vermögenden Kunden einführen, die personalisierte aktive Anlagestrategien schätzen. Wir sind der Meinung, dass diese Transaktion die derzeitigen AuM von LAIQON von €6,4 Mrd. auf die nächste Wachstumsebene heben. Die LAIQON-Aktie bietet ein attraktives Wertversprechen, um am Aufschwung der deutschen WealthTech-Landschaft teilzuhaben. Unser DCF-Bewertungsmodell ergibt einen fairen Wert von €9,80. Wir nehmen die Coverage mit einem Buy-Rating und einem Kursziel von €9,80 auf. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/30567.pdf Contact for questions: First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com
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1971605 20.08.2024 CET/CEST
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