Original-Research: FinLab AG (von GBC AG): BUY

Original-Research: FinLab AG - von GBC AG

Einstufung von GBC AG zu FinLab AG

Unternehmen: FinLab AG

ISIN: DE0001218063

Anlass der Studie: Research Report (Initial Coverage)

Empfehlung: BUY

Kursziel: 12.30 Euro

Kursziel auf Sicht von: End FY2016

Letzte Ratingänderung: -

Analyst: Felix Gode, CFA

* FinLab AG was created in December 2014 as a result of a name change of

the former company Altira Aktiengesellschaft. After two years of

repositioning, the sale of numerous subsidiaries and a change in the cost

structure to adjust to new conditions, a new chapter was opened in the

history of the Company.

* FinLab AG is now positioned as an investment company focusing

specifically on fintech start-up companies. The Company sees itself as an

incubator that provides funding to promising companies that have the

potential to roll out their business models across Europe. The Company

attempts to acquire majority interests.

* Since finalising its restructuring at the end of 2014, the Company has

made three investments in the fintech area, thereby laying the foundation

for building a fintech portfolio. Up to now a total of EUR 5.5 million was

invested and futher EUR 1.2 million have been commited.

* The Company also holds two investments in the traditional financial

services area, Heliad Equity Partners GmbH & Co. KGaA and Patriarch

Multi-Manager GmbH. These investments provide stable, repeated cash flows

in the form of dividends, management fees and also performance fees in the

case of a successful development of the portfolio. The income from the

private equity financial services area is used to cover the holding

expenses of the FinLab AG and to fund and expand the fintech portfolio.

* The success of the restructuring can already be seen in the half-year

figures for 2015. Total revenue was EUR 4.48 million, generating an EBIT of

EUR 4.27 million. This does not include any significant write-ups of

investments.

* We valued FinLab AG by calculating its net asset value (NAV). Based on

this, we calculated an equity value of EUR 48.23 million as of 03/11/2015,

which leads to a NAV per share of EUR 10.62. This calculation does not

include the hidden reserves of the largest investment in Heliad. According

to our calculations, these currently amount to EUR 3.33 per FinLab share.

If hidden reserves are included, fair value is EUR 13.95 per FinLab share.

* In order to take a conservative approach to the hidden reserves, we

valued the Company using two projected NAV values - with and without hidden

reserves - each weighted 50%. This resulted in an average fair value of EUR

12.30 per FinLab share. Given the current share price of EUR 9.48, this

means the calculated upside potential is about 30 %. As a result, we rate

the Company a BUY.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/13363.pdf

Kontakt für Rückfragen

Jörg Grunwald

Vorstand

GBC AG

Halderstraße 27

86150 Augsburg

0821 / 241133 0

research@gbc-ag.de

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Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:

http://www.gbc-ag.de/de/Offenlegung.htm

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