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LAIQON AG
ISIN: DE000A12UP29
WKN: A12UP2
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LAIQON AG · ISIN: DE000A12UP29 · EQS - Analysts (13 News)
Country: Germany · Primary market: Germany · EQS NID: 21475
03 December 2024 01:21PM

BUY


Original-Research: LAIQON AG - from First Berlin Equity Research GmbH

03.12.2024 / 13:20 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.


Classification of First Berlin Equity Research GmbH to LAIQON AG

Company Name: LAIQON AG
ISIN: DE000A12UP29
 
Reason for the research: Update
Recommendation: BUY
from: 03.12.2024
Target price: €9.80
Target price on sight of: 12 months
Last rating change: -
Analyst: Christian Orquera

First Berlin Equity Research has published a research update on LAIQON AG (ISIN: DE000A12UP29). Analyst Christian Orquera reiterated his BUY rating and maintained his EUR 9.80 price target.

Abstract:
The Joachim Herz Foundation (JHF) has become a new anchor investor in LAIQON AG, acquiring a stake of 9.93% through a cash capital increase of €12.6m without subscription rights. This strategic investment is aimed at supporting LAIQON's long-term growth and innovation. The funds raised will be used to expand strategic partnerships with further prominent financial institutions (e.g. private banks, insurance companies, and large fintechs), enhance sales collaborations, and further develop LAIQON's Digital Asset Platform 4.0 and its promising WealthTech subsidiary, LAIC. Established in 2008, JHF is one of Germany's five largest foundations and a renowned investor with a long-term investment focus. In our view, this collaboration is good news and represents a pivotal step for LAIQON to financially ensure the scaling of its business activities and the realisation of its long-term strategic goals, while reducing the company's overall business risk. This transaction is the third validation of business potential that management has achieved in 2024, having secured: (1) the second largest German asset manager Union Investment (Union) as a white-label partner for its LAIC product and (2) the 10th largest cooperative bank in Germany, Volksbank Rosenheim, as a JV partner for the distribution of LAIC, as a direct investor in LAIC Capital GmbH with a 5.04% stake as well as an investor in LAIQON's asset management subsidiary BV Bayerische Vermögen GmbH (BV) with a 25% stake. Today, LAIQON announced that Union's roll-out of the LAIC Advisor started in early December 2024 as planned. In our view, management is delivering as promised. We have updated our DCF model and arrive at an unchanged price target of €9.80. Our recommendation remains Buy.

First Berlin Equity Research hat ein Research Update zu LAIQON AG (ISIN: DE000A12UP29) veröffentlicht. Analyst Christian Orquera bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 9,80.

Zusammenfassung:
Die Joachim Herz Stiftung (JHF) hat sich als neuer Ankerinvestor an der LAIQON AG beteiligt. Im Rahmen einer Barkapitalerhöhung ohne Bezugsrecht in Höhe von €12,6 Mio. erwirbt sie einen Anteil von 9,93%. Ziel dieser strategischen Investition ist es, LAIQONs langfristiges Wachstum und Innovationen zu unterstützen. Die eingeworbenen Mittel werden für den Ausbau strategischer Partnerschaften mit weiteren namhaften Finanzinstituten (z.B. Privatbanken, Versicherungen und großen Fintechs), den Ausbau von Vertriebskooperationen sowie die Weiterentwicklung der LAIQON Digital Asset Platform 4.0 und der vielversprechenden WealthTech-Tochter LAIC verwendet. Die 2008 gegründete JHF ist eine der fünf größten Stiftungen Deutschlands und ein renommierter Investor mit langfristigem Anlagefokus. Unserer Ansicht nach ist diese Zusammenarbeit eine gute Nachricht und stellt einen entscheidenden Schritt für LAIQON dar, um die Skalierung seiner Geschäftsaktivitäten und die Verwirklichung seiner langfristigen strategischen Ziele finanziell abzusichern und gleichzeitig das allgemeine Geschäftsrisiko des Unternehmens zu verringern. Diese Transaktion ist die dritte Bestätigung des Geschäftspotenzials, die das Management im Jahr 2024 erreicht hat, nachdem es (1) den zweitgrößten deutschen Vermögensverwalter Union Investment (Union) als White-Label-Partner für sein LAIC-Produkt und (2) die zehntgrößte Genossenschaftsbank in Deutschland, die Volksbank Rosenheim, als JV-Partner für den Vertrieb von LAIC, als Direktinvestor in die LAIC Capital GmbH mit einem Anteil von 5,04% sowie als Investor in die LAIQON-Vermögensverwaltungstochter BV Bayerische Vermögen GmbH (BV) mit einem Anteil von 25% gewinnen konnte. Heute gab LAIQON bekannt, dass die Einführung des LAIC Advisor in der Union wie geplant Anfang Dezember 2024 begann. Unseres Erachtens hält das Management, was es verspricht. Wir haben unser DCF-Modell aktualisiert und kommen zu einem unveränderten Kursziel von €9,80. Unsere Empfehlung bleibt Kaufen.

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/31475.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


The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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2043371  03.12.2024 CET/CEST

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