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4-Traders Homepage  >  Equities  >  Xetra  >  FinTech Group AG    FLAN   DE0005249601

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FinTech : Reports Strong Half-Year Result

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09/30/2016 | 06:43am CEST

Corporate News / Frankfurt am Main, September 30, 2016

FinTech Group AG Reports Strong Half-Year Results

  • EBITDA of EUR 13.8 million in the first half of 2016
  • 2016 guidance confirmed, 2017 forecast positive
  • New products and partnerships will increase profitability in the second half of the year even further
  • FinTech Group will switch to registered shares on Oct. 17 (new ISIN: DE000FTG1111, new German WKN: FTG 111) and aims to uplist to the Prime Standard in 2017
Frankfurt, Germany - FinTech Group AG (WKN 524 960, ISIN: DE0005249601, Ticker Symbol: FLA.GR) achieved Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of EUR 13.8 million and revenues of EUR 48.4 million. With those numbers, FinTech Group is fully on track and confirms its guidance of an expected EBITDA at between EUR 30-35 million for the full year of 2016. Many positive developments and partnerships that have been launched in the first half year, will fully contribute to the earnings on a recurring basis from the second half year on: the new "flatex flex-credit" will have a significant positive impact and the exchange traded products issued jointly with Morgan Stanley will further increase profitability going forward. In addition, B2B business continues to be very strong.

FinTech Group's other key performance indicators (KPIs) have also risen significantly: In comparison to the first half of the previous year, assets under administration increased by 66% to EUR 9.4 billion. The main factor driving this substantial rise in AuA was the addition of a new customer, Equatex, which administers share participation and compensation plans for more than 300,000 employees of German companies. The number of securities transactions executed via the highly-automated systems of the subsidiary Bank biw AG increased by more than 3%, to approximately 5 million as compared to the first half of last year. FinTech Group AG plans to become Germany's largest executor of securities transactions.

In the first half of 2016, the high-margin "Securities Trading & Financial Services" segment, which includes the online brokers flatex and ViTrade, achieved EBITDA of EUR 7.4 million and revenues of EUR 11.6 million. Since the end of 2015, the number of flatex clients in Germany and Austria again increased by approximately 11,000, to more than 161,000, which equals an annualized rate of about 15%. Newly launched products have been met with strong demand. This is true for both the ETPs issued jointly with Morgan Stanley under the "flatex" brand and launched mid-year as well as the new "flatex flex-credit" launched in April. Moreover, flatex' European expansion is in full swing.

The "Transaction Processing & White-Label-Banking Services" segment, which includes IT system providers XCOM AG and Bank biw AG, achieved EBITDA of EUR 12.3 million and revenues of EUR 36.5 million in the first half of 2016. Demand for B2B services was strong throughout the year, and further increased as a result of potential "Brexit" as many London-based banks might need operations in continental Europe/Germany. On the back of the excellent market positioning,

Media Contact

Roman Keßler Head of Communications

+49 (0) 69 45000 11 700

[email protected]

www.fintechgroup.com

important new partnerships as the one with Rocket Internet SE, with whom FinTech Group plans to create a digital European bank, have been sealed.

Frank Niehage, CEO of FinTech Group AG: "We were able to further increase profitability significantly, and we still see great potential to improve our margins, leverage synergies, and scale up our business. Our unique combination of strong B2C and strong B2B business means that we are not only well-diversified, but also that the interplay of these two segments will lead to a unique growth cycle since it allows us to develop and profitably market disruptive solutions. In light of this, we continue to expect that our EBITDA in 2016 will be EUR 30-35 million, and we are confident that we can increase our EBITDA once again in 2017."

On Oct. 17, FinTech Group will switch its stock's listing to registered shares from bearer shares as has been decided at the annual general meeting. The International Securities Identification Number (ISIN) and the German securities number (WKN) will be changed as part of the process: The new ISIN will be DE000FTG1111 and the new German WKN will be FTG111. For 2017, FinTech Group is also aiming for an uplisting to the Prime Standard of Deutsche Börse.

About FinTech Group AG

FinTech Group AG (WKN: 524 960, ISIN: DE0005249601, Ticker Symbol: FLA:GR) is one of the most significant innovative financial technology companies in Europe. Our B2C brands service a total of 200,000 private clients. Likewise, our B2B business lines are important technology partners for German and international banks and financial institutions.

Our preliminary EBITDA 2015 is EUR 19 million. Our wholly owned subsidiary flatex GmbH has been one of the innovation leaders in the German online brokerage market for years. About 150,000 private clients both in Germany and internationally have chosen flatex' clear and transparent pricing model.

XCOM AG, in which we hold a majority interest, was founded in 1988 and is a German pioneer in the area of financial technology. Today, XCOM AG is one of the most successful software and technology providers for banks and financial institutions.

biw Bank für Investments und Wertpapiere AG, which is also belongs to FinTech Group, has a full-service banking license and is the group wide backbone of our banking services. It also serves as outsourcing partner for other well-known banks ("white label banking services") and is one of the most modern online banks in Europe.

FinTech Group AG is also an important partner for many young fintech companies in the up-and-coming German start-up scene, who benefit from our innovative profile.

Disclaimer

This release may contain forward-looking statements and information, which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to variety of risks and uncertainties. The results actually achieved by FinTech Group AG may substantially differ from these forward-looking statements. FinTech Group assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those anticipated.

Media Contact

Roman Kessler Head of Communications

+49 (0) 69 45000 11 700

[email protected]

www.fintechgroup.com

FinTech Group AG published this content on 30 September 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 30 September 2016 04:43:10 UTC.

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Financials (€)
Sales 2017 106 M
EBIT 2017 29,0 M
Net income 2017 18,9 M
Finance 2017 6,11 M
Yield 2017 -
P/E ratio 2017 19,73
P/E ratio 2018 15,24
EV / Sales 2017 3,49x
EV / Sales 2018 3,16x
Capitalization 375 M
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Mean consensus BUY
Number of Analysts 5
Average target price 26,8 €
Spread / Average Target 20%
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Managers
NameTitle
Frank Niehage Chief Executive Officer
Martin Korbmacher Chairman-Supervisory Board
Muhamad Said Chahrour Chief Financial Officer
Stephan Simmang Chief Technology Officer
Stefan Müller Deputy Chairman-Supervisory Board
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