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FinTech Group

Leading online brokerage

QuickView | Technology | 15 Nov 2017

FinTech Group's (FTG) online brokerage business, Flatex, has been benefiting from the popularity of exchange-traded products and its customer base rose by c 30k over nine months to c 200k as at end-September. Flatex's market share has risen to c 25% in Germany and c 50% in Austria, and further European expansion is planned. In addition to its brokerage businesses, FTG leverages its value chain by providing modular and standardised core banking technologies to B2B customers, most of which are banks. Management's goal is to grow the business both organically and through acquisitions so that it generates €150m of annual revenues in the mid-term along with EBITDA of €50m. Despite being the fastest-growing major broking business in Europe, the shares continue to trade at a discount to the sector.

FinTech Group

Solid H1, with FY17 guidance maintained

Update | Technology | 14 Sep 2017

FinTech Group (FTG) announced a solid set of H1 results and FY17 guidance was re-affirmed. While EBITDA slipped by 6% to EUR 13.0m, this reflected a EUR 1.8m provision reversal in H116, and hence the underlying growth was 9%. Brokerage customers grew by 11% over H116, and transactions rose by 10%, while three new B2B projects have been delivered that will contribute in H2. Additionally, the collateralised credit book jumped by 42% over the six months to EUR 187m. Consequently, management anticipates a strong H2. Despite being the fastest growing major broking business in Europe, the shares continue to trade at a discount to the sector.

FinTech Group

Banking JV is abandoned with positive effect

Update | Technology | 07 Dec 2018

FinTech Group’s (FTG’s) proposed banking joint venture (JV) with Austrian Post has been abandoned in accordance with the feedback of the relevant regulatory bodies that the approval of a new banking licence might take between one and a half to two years. This supports FTG’s near-term earnings and leaves the business focused on its online brokerage activities. Meanwhile, 10-month KPIs indicate the brokerage business continues to perform well, with trades up 16% over the corresponding 10-month period. High-margin OTC products jumped 34% and represent c 25% of the total. In the wake of the recent de-rating, the shares look increasingly attractive on c 11x consensus FY19 earnings.

Heliad Equity Partners

NAV decline driven by listed holdings

Update | Investment Companies | 05 Oct 2018

Heliad’s results and NAV were influenced by the overall conditions in the equity markets, with all but one listed holding (DEAG Deutsche Entertainment) posting a share price decline in H118. Major portfolio developments during the period include the reduction of the FinTech Group stake, participation in the pre-IPO funding round of Cyan and acquisition of Cubitabo by Sleepz. Heliad’s shares currently trade at a 29% discount to the last reported NAV of EUR 10.38 (as at end-June 2018), with an even wider discount if we take into account FinTech’s current share price.

FinTech Group

Banking joint venture with Austrian Post

Update | Technology | 25 Sep 2018

FinTech Group (FTG) has announced a landmark 50/50 banking joint venture with Austrian Post (VIE: POST, market cap c EUR 2.4bn) where FTG is supplying the technology while Post offers its established infrastructure. The deal creates a new growth arm for FTG that is expected to break even in 2022 and could act as a blueprint for similar deals in other countries. Meanwhile, H1 results were in line with expectations as margins benefited from strong growth in broking volumes. If FTG can meet its objective of generating EUR 35m net income from the joint venture with Post by 2025, it would provide significant upside in the shares for the cost of the 7% dilution in the capital increase that has funded the deal.

FinTech Group

Attractively positioned for growth

Update | Technology | 23 Jul 2018

FinTech Group’s (FTG) brokerage business benefited from the jump in volatility in Q1. Volatility has since abated, but the business stands to benefit from a new ETP partnership with Goldman Sachs announced in March. Meanwhile, FTG remains well positioned to benefit from a strengthening German economy and the eventual rise in interest rates. Despite being the fastest-growing major broking business in Europe, the shares continue to trade at a discount to the brokerage sector.

Heliad Equity Partners

Strong returns being driven by listed holdings

Review | Investment Companies | 21 Jun 2018

Heliad Equity Partners (Heliad) achieved a NAV total return of 47.3% in 2017, driven by the strong performance of its listed holdings, including its largest investment, FinTech Group. Diversification continued in 2017, with some of Heliad’s listed holdings reduced to fund new investments in Sleepz, Elumeo and Urbanara. In 2018, Heliad has invested in Cyan and merged Cubitabo into Sleepz. The portfolio now comprises seven listed investments and eight private equity investments, all operating within the technology and digital brands market segments. While NAV declined in the first quarter of 2018, Heliad’s listed investments have recovered strongly so far in the second quarter, and the manager expects strong growth in the value of portfolio companies to drive NAV higher over the full year.

Heliad Equity Partners

Strong gains allow further diversification

Update | Investment Companies | 11 Apr 2018

Heliad Equity Partners (Heliad) posted strong results for FY17, with profit before tax of EUR 39.6m compared with a loss of EUR 22.2m in FY16. This was principally driven by share price gains among listed holdings, notably FinTech Group and MagForce. These increases allowed Heliad to realise gains of EUR 19.5m, supporting further diversification of the portfolio through additional participations in some existing private holdings, and new investments in both listed and unlisted companies, including mattress and home furnishing specialist Sleepz, and vertically integrated jewellery company Elumeo. A FY17 dividend of EUR 0.20 has been recommended.

JDC Group

Muted Q417 does not spoil FY18 outlook

Update | Financials | 23 Mar 2018

JDC Group has been successful in implementing its fintech strategy so far and continues to acquire new insurance portfolios, as illustrated by the recent deals with Albatros and Artus Gruppe. This is confirmed by JDC’s preliminary FY17 numbers, with revenues and adjusted EBITDA improving by 7.6% and 62.5% y-o-y, respectively. However, even adjusted for one-off items, FY17 EBITDA was below management target (EUR 3.9m vs EUR 5-6m), while revenues (EUR 84.5m) missed guidance (EUR 85-95m) by a small margin. Despite a weaker Q417, management remains confident in strong growth in 2018 driven by new business acquired in 2017. JDC’s shares are trading at a 2018 P/E ratio of 55.3x, c 192% ahead of the peer group.

The NAGA Group

Aiming to add spice to social trading

Initiation | Technology | 10 Jul 2017

The NAGA Group is a fintech start-up with two products launched before the end of 2017: SwipeStox (securities trading and robo-advisory) and SWITEX (in-game items trading), a joint venture with Deutsche Borse AG. Named after NAGA, the strongest chili in the world, the group's intention is to be disruptive; it believes that the open API module underpinning SwipeStox can quickly be duplicated on p2pfx (P2P FX/CFD trading) and Trafex (trading of bitcoin and real currencies) before early 2018. The IPO should enhance NAGA's visibility and attract talent. Anticipated net proceeds of €1.7m, at an offer price of €2.6, implies 18.8x EV/sales based on 2016 consolidated financials.

UMT United Mobility Technology

Executive interview - UMT

Edison TV: | Technology | 30 Jun 2017

Alexander Frankenstein, head of business development at UMT, discusses the growth opportunities in the international mPayments market, the group’s strategy and lessons learnt from the failures of other fintech operators and the group’s own mistakes.

FinTech Group

Online brokerage leader

Initiation | Technology | 20 Jun 2017

FinTech Group (FTG) is growing strongly. Management has created an integrated online broking business which can offer products across the value chain, from white labelled technology platforms to banking services. In our view, this gives it a significant advantage over its peers. The online broking sector in Germany has been consolidating and the fintech sector remains buoyant. Despite being the fastest growing major broking business in Europe, the shares trade at a discount to the sector.