Buy
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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 has published a research update on LAIQON AG (ISIN: DE000A12UP29). Analyst Christian Orquera reiterated his BUY rating and increased the price target from EUR 9.00 to EUR 10.60. Abstract: LAIQON AG has announced the acquisition of up to €2.5bn in assets under management (AuM) from MainFirst Affiliated Fund Managers (Germany) consisting of mutual and special funds for an undisclosed price. The acquisition aims to increase critical mass and significantly boost profitability in the Asset Management segment. The acquisition is expected to add around €14m in annual revenue (2024 group revenue: €31m) with limited cost impact. The transaction will be non-dilutive as it will be financed via cash flows from the acquired assets and a €10m bond (2025/2030, 5.5% coupon) aimed at professional investors. We think this is a strategically sound and financially prudent transaction which will: (1) add scale; (2) expand LAIQON's geographic reach deeper into European countries; (3) strengthen investment capabilities; and (4) boost revenue and profitability. This strategic step stands to position LAIQON as a larger, more competitive and profitable European asset manager. We have adjusted our DCF valuation model to take the deal into account and arrive at a new price target of €10.60 (previously: €9.00). We reiterate our buy rating. Upside: 148%. First Berlin Equity Research hat ein Research Update zu LAIQON AG (ISIN: DE000A12UP29) veröffentlicht. Analyst Christian Orquera bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 9,00 auf EUR 10,60. Zusammenfassung: Die LAIQON AG hat die Übernahme von bis zu €2,5 Mrd. an Assets under Management (AuM) von MainFirst Affiliated Fund Managers (Deutschland), bestehend aus Publikums- und Spezialfonds, zu einem nicht genannten Preis bekannt gegeben. Die Akquisition zielt darauf ab, die kritische Masse zu erhöhen und die Rentabilität im Segment Asset Management deutlich zu steigern. Wir erwarten, dass die Akquisition einen zusätzlichen Jahresumsatz von rund €14 Mio. (Gruppenumsatz 2024: €31 Mio.) mit begrenzten Auswirkungen auf die Kosten bringt. Die Transaktion hat keinen Verwässerungseffekt, da sie über den Cashflow aus den erworbenen Vermögenswerten und eine €10-Mio.-Anleihe (2025/2030, 5,5 % Kupon) finanziert wird, die sich an professionelle Anleger richtet. Wir sind der Meinung, dass dies eine strategisch solide und finanziell umsichtige Transaktion ist, die: (1) die Größe des Unternehmens erhöht, (2) die geografische Reichweite von LAIQON auf weitere europäische Länder ausdehnt, (3) die Investitionskapazitäten stärkt und (4) Erträge und Rentabilität steigert. Dieser strategische Schritt wird LAIQON zu einem größeren, wettbewerbsfähigeren und profitableren europäischen Vermögensverwalter machen. Wir haben unser DCF-Bewertungsmodell angepasst, um die Transaktion zu berücksichtigen, und kommen zu einem neuen Kursziel von €10,60 (zuvor: €9,00). Wir bekräftigen unsere Kaufempfehlung. Kurspotenzial: 148%. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: LQAG_GR-2025-07-17_EN 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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2171242 17.07.2025 CET/CEST
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