Original-Research: FinTech Group AG (von GBC AG): BUY

Original-Research: FinTech Group AG - von GBC AG

Einstufung von GBC AG zu FinTech Group AG

Unternehmen: FinTech Group AG

ISIN: DE0005249601

Anlass der Studie: Research Comment

Empfehlung: BUY

Kursziel: EUR 26.85

Letzte Ratingänderung: -

Analyst: Felix Gode, CFA

Cooperation with Morgan Stanley expands range of structured products for

flatex-customers extensively - significant earnings contribution from HY2

2016 on expected - estimates for 2016 confirmed - target price of EUR 26.85

confirmed

Today FinTech Group AG announced the achievement of another important

milestone. With the US-bank Morgan Stanley a long-term strategic

partnership was formed. The cooperation includes the offering of

certificates and warrants (structured products) on the German market by

Morgan Stanley and the online-broker flatex, a subsidiary of the FinTech

Group. The products will be offered under the flatex brand.

In consequence of the cooperation the 150,000 clients of flatex will get

access to an even broader range of structured products. So far flatex

mostly offered structured prod-ucts of Deutsche Bank and Commerzbank.

We appraise the partnership with Morgan Stanley as a big leap towards

achieving the goals set for FY2016. The expanded product range is of big

importance because a third of all transactions by flatex' clients are

conducted in structured products. Given the close cooperation between the

two banks, we also assume that flatex will get higher provisions than usual

for offering the joint products. Therefore, we expect that the cooperation

will have positive effects on the profitability of flatex and therewith

FinTech Group AG as well. However, positive earnings effects are not to be

expected before HY2 2016, since the first products will be available until

midyear.

During the first weeks of 2016 FinTech Group AG already made a statement,

mak-ing clear that appropriate steps are being taken to reach the ambitious

earnings goals. The cooperation with Morgan Stanley in the area of

structured products is an important step on that course. In our point of

view the company is on a good way and therefore we once again emphasize our

positive expectations for the current and following financial years. In

that context, we confirm our target price of EUR 26.85, resulting in an

upside-potential of 50 %. The BUY-rating is affirmed respectively.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/13543.pdf

Kontakt für Rückfragen

Jörg Grunwald

Vorstand

GBC AG

Halderstraße 27

86150 Augsburg

0821 / 241133 0

research@gbc-ag.de

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

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