Original-Research: wallstreet:online AG - von GBC AG
Einstufung von GBC AG zu wallstreet:online AG
Unternehmen: wallstreet:online AG
ISIN: DE000A2GS609
Anlass der Studie: Research Note
Empfehlung: BUY
Kursziel: 37.70 EUR
Letzte Ratingänderung:
Analyst: Marcel Goldmann, Cosmin Filker
HY1 2021: Continuation of dynamic customer and revenue growth; Significant profitability increase expected in HY2; GBC estimates and price target confirmed
Sales development HY1 2021
wallstreet:online AG (wallstreet:online) was able to continue its dynamic growth course in the first six months of the current financial year. Compared to the same period of the previous year, consolidated revenues on a pro forma basis increased significantly by 57.0% to EUR 23.80 million (HY1 2020: EUR 15.10 million). The jump in revenues was mainly driven by organic growth effects (54.0% organic vs. 3.00% inorganic).
New records were also achieved in terms of customer growth. In the first six months of the current fiscal year, the total number of customers increased significantly by around 70,000 (of which approx. 69,000 were Smartbroker customers) to approximately 187,000 (of which approx. 142,000 were Smartbroker customers). At the same time, client assets under management (AUM) rose from EUR 4.30 billion as of 31/12/2020 by 59.0% to EUR 6.80 billion as of 30/06/2021.
The main reason for such positive revenue development was the continued high level of interest in financial information and products, as well as a renewed increase in the overall reach of the portals as a result of technical and commercial innovations and further developments. Thus, the total reach of the portals and communities at the end of the first half of the year increased by approximately 37.0% year-on-year to 2.30 billion page impressions (HY1 2020: 1.70 billion).
In terms of the composition of Group revenues, 71.4% of the revenues generated in the first half of the year were attributable to the core business Social & Media. In this business segment, segment revenues increased significantly by around 39.0% year-on-year to EUR 17.00 million (HY1 2020: EUR 12.20 million). This positive development was mainly due to the 'tailwind' from the capital market and the acquisition of new customers in the key account area as well as the optimization of residual space marketing.
In addition, other revenues, which mainly relate to B2B media and projects (mainly the Smartbroker project), also increased significantly by around 135.0% to EUR 6.80 million.
At the earnings level, a decline in EBITDA to EUR 0.60 million (1.HY 2020: EUR 1.30 million) was recorded in the first half of 2021 due to high investments in the expansion of the brokerage business (Smartbroker customer acquisition costs: EUR 7.90 million) and special costs incurred due to the capital measure carried out (special costs incurred: EUR 0.50 million). Adjusted for these two effects, an operational EBITDA before customer acquisition costs in the amount of EUR 9.00 million was achieved and, thus, a significant jump in earnings compared to the same period of the previous year (HY1 2020: EUR 4.60 million).
Forecast
In the context of the publication of the half-year figures, the wallstreet:online management confirmed its previous corporate guidance (on a pro forma basis, i.e. assuming full consolidation of wallstreet:online capital AG as of January 1, 2021) for FY 2021. Accordingly, the management board continues to expect a year-on-year increase in revenue from approximately EUR 45.0 million to approximately EUR 50.0 million and an increase in operational EBITDA to EUR 4.00 million to EUR 6.00 million. Expenses for new customer acquisition for the Smartbroker are budgeted at approximately EUR 12.50 million in the current fiscal year 2021. Accordingly, the company expects EBITDA before new customer acquisition costs of EUR 16.50 million to EUR 18.50 million. In view of the convincing half-year figures and the confirmed corporate guidance, we are also maintaining our previous estimates for the current financial year and subsequent years.
Overall, we remain convinced that the wallstreet:online Group should succeed in significantly expanding its market positions in both core business areas (social & media, online brokerage) as part of the initiated transformation into a financial services provider with an integrated financial community and thus continue its dynamic growth course. The even closer integration of the two core business areas in the future and the resulting advantages should additionally drive future revenue and earnings growth. Further sales impulses should result from the planned introduction of a smartphone app at the Smartbroker (Q1 2022) and a new trading interface (HY1 2022). In addition, we expect that the planned establishment and expansion of our own transaction-side IT infrastructure will have a positive impact on the future performance of the company, as this will increase flexibility and speed in terms of product developments and at the same time significantly reduce cost expenses.
Against the backdrop of our unchanged forecasts, we confirm our previous price target of EUR 37.70 (previously: EUR 37.70). In view of the current share price level, we thus continue to assign a Buy rating and see significant upside potential.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/22917.pdf
Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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http://www.gbc-ag.de/de/Offenlegung
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Datum und Zeitpunkt der Fertigstellung der Studie: 17.09.2021 (11:31 Uhr)
Datum und Zeitpunkt der ersten Weitergabe: 20.09.2021 (10:00 Uhr)
Gültigkeit des Kursziels: bis max. 31.12.2022
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