Researchberichte

• 28.04.2022

  Berenberg: Continued growth in a difficult environment

  flatexDEGIRO delivered a solid performance. It achieved a pick-up both in terms of new customer wins and number of trades from Q4 2021.

  research.berenberg.com

• 27.04.2022

  Exane BNP Paribas: Q1 2022

  Self-help in an adverse trading environment

  cube.exane.com

• 26.04.2022

  Jefferies: 1Q22 Trading Update

  Customer Growth and Profitability Stand Out

  jefferies.com

• 26.04.2022

  Goldman Sachs: 1Q22 Trading Update First Take

  Robust QoQ growth in customers and revenues per trade

  research.gs.com

• 26.04.2022

  Deutsche Bank: 1Q22 first take

  Solid results with 11% bottom-line beat

  deutsche-bank-research

• 26.04.2022

  KWB - a Stifel company: First take on 1Q22 results

  Strong improvements in the monetisation of trades

  kbw.com

• 26.04.2022

  Berenberg: Adj. EBITDA 11% ahead of consensus in Q1

  FTK has just published a solid Q1 update in a difficult market environment as excellent monetisation drives an 11% adj. EBITDA beat

  research.berenberg.com

• 06.04.2022

  ODDO BHF: Growth profile (too) undervalued and with catalysts

  Initiation of Coverage, Outperform, Target Price 30 EUR

  securities.oddo-bhf.com

• 05.04.2022

  Hauck&Aufhäuser: Sound FY21 figures and trading stats to remain stable

  Last week, flatexDEGIRO published final figures of strong FY21 in line with prelims

  ha-research.de

• 04.04.2022

  Jefferies: FY22 Model Update & 1Q Preview

  For the 1Q trading update on 26 April we expect a clear sequential uptick in customer growth with an improved monetisation per trade

  jefferies.com

• 03.02.2022

  Exane BNP Paribas: Arrow in on growth

  Initiation of Coverage, Buy, Target Price 29 EUR

  cube.exane.com

• 02.02.2022

  Hauck&Aufhäuser: Growth case intact

  Positive x-read from peers

  ha-research.de

• 23.11.2021

  Goldman Sachs: New DEGIRO pricing model offers revenue upside

  Overall, these changes drive EPS increases of 3.3% on average over the forecast period from 2021-25.

  research.gs.com

• 23.11.2021

  Berenberg: Pricing overhaul to boost earnings

  We agree with the company’s anticipation of a middouble- digit EURm amount, as flagged in its press release.

  research.berenberg.com

• 18.11.2021

  Goldman Sachs: Zero-commission fees to be offered to DEGIRO customers as part of pricing overhaul

  The firm has made clear that none of the measures will include compensation through payment for order flow.

  research.gs.com

• 18.11.2021

  Jefferies: DEGIRO goes Zero - But Zero Commission Does Not Mean Zero Fees

  Management expects to generate an annual incremental mid-double-digit million EUR amount of EBITDA starting in 2022

  jefferies.com

• 12.04.2021

  M.M. Warburg: Excellent operative development and growth prospects

  Overall, growth prospects remain bright. Our PT rises on the back of higher margin assumptions and the roll-forward of the financial model.

  Download (PDF/1 MB) ↓

• 04.03.2021

  KBW - a Stifel company: Revenues per trade moving in the right direction

  flatexDeGiro's preliminary FY21 results showed encouraging trends

  kbw.com

• 24.02.2021

  Hauck & Aufhäuser: FY20 prelims with top-line beat

  Overall, we see flatexDEGIRO to be fully on track to reach another record quarter and its FY21 guidance (1.8 – 2.0m customers and 75 - 90m transactions) driven by the very promising January figures, ongoing lockdowns, high volatility and the current trading revolution of the next generation that is all driving trading activity.

  ha-research.de

• 23.02.2021

  Jefferies: Strong Consensus Beat Despite High Expectations

  Today's prelims suggest that both guidance and consensus forecast might still be too conservative for FY21.

  fedsso.jefferies.com

• 23.02.2021

  Goldman Sachs: FY20 preliminary financials: operating beat and FY21 guidance reiterated

  We highlight that revenues doubled to €261mn for the year (+3% vs company-compiled consensus at €253mn), and EBITDA increased by 139% to €98mn (+13% vs company-compiled consensus at €87mn), showing strong operating leverage for the company.

  research.gs.com

• 23.02.2021

  M.M. Warburg: Strong P&L figures follow outstanding trading figures

  While the strong operative performance should not be surprising, especially the adjusted EBITDA exceeded our expectations significantly. The company reiterated the guidance that it already increased in February and should be well on track. Overall, the strong performance should be encouraging and underlines our investment case.

  Download (PDF/862 KB) ↓

• 23.02.2021

  Hauck & Aufhäuser: FY20 prelims with top-line beat

  On the back of the record month January with 130k new customer and 11.4m executed transactions, flatexDEGIRO is heading for another record quarter

  ha-research.de

• 18.02.2021

  KBW - a Stifel company: The right strategy for the right markets

  FTK is uniquely positioned in the European online brokerage landscape, in our view, and we believe that management implemented exactly the right strategy to not only benefit from current market tailwinds but to also show sustainable growth beyond as the growing customer base drives scale effects even before successful cross-selling.

  kbw.com

• 08.02.2021

  Jefferies: Customer Growth Keeps Accelerating

  Considering the 20% discount (on FY21 P/E) despite a significantly stronger earnings momentum compared to peers, we believe the stock has further to go, especially when considering the still conservative volatility assumptions for 2021.

  fedsso.jefferies.com

• 05.02.2021

  Berenberg: Blowout start to the year and guidance up

  Kursziel auf 110 EUR angehoben

  research.berenberg.com

• 04.02.2021

  M.M. Warburg: Deutliche Guidance-Anhebung führt zu höherem Kursziel

  Aufgrund des starken Jahresauftakts hob FlatexDEGIRO seine Prognose für 2021 an. Das Unternehmen strebt nun zwischen 1,8 Mio. und 2 Mio. Kunden an, verglichen mit mehr als 1,6 Mio. zuvor. Das Ziel für die Transaktionen liegt nun zwischen 75 Mio. und 90 Mio. statt der bisherigen Spanne von 65 Mio. bis 75 Mio. Trades.

  Download (PDF/499 KB) ↓

• 03.02.2021

  Hauck & Aufhäuser: Record month leads to guidance update

  On the back of the very promising January figures, ongoing lockdowns, high volatility and the current trading revolution of the next generation that is all driving trading activity, we raise our estimates.

  www.ha-research.de

• 03.02.2021

  Commerzbank: Guidance raise after a strong January

  Main drivers for the strong underlying growth rates were in our view: a) high degree of popularity for shares - the most popular way of adult entertainment currently; b) the current US retail investor hype as well as c) efficient social media marketing

  Download (PDF/995 KB) ↓

• 02.02.2021

  Goldman Sachs: Record January reported and FY21 guidance significantly raised;

  We increase our flatexDEGIRO estimates to reflect the strong results, in line with the company’s updated FY21 guidance.

  research.gs.com

• 01.02.2021

  Commerzbank: Investing now a leading online pastime; TP up to €90

  Equities have now surpassed the most popular adult entertainment-related search terms, according to Google Trends. This high degree of popularity, along with the current US retail investor hype, should result in a) strong client growth for online retail brokers: flatexDEGIRO is a major disrupter within the European market. b) Elevated client activity: We increase our forecast for client growth to above management's 2021 targets.

  Download (PDF/995 KB) ↓

• 14.01.2021

  Stifel Europe: It's all about volume at this stage

  We raise our price target to €78 (€54) to reflect not only the tailwind that we believe online brokerage business models will enjoy into 2021 but also FTK's unique position as largest player in Europe.

  stifel.com

• 14.01.2021

  Berenberg: Strong finish to 2020 and positive outlook

  Kursziel auf 75 EUR erhöht

  research.berenberg.com

• 12.01.2021

  Hauck & Aufhäuser: Record Q4 and FY

  Estimates are up on the back of the current lockdown and a reassuring management guidance. Target price raised to EUR 73.

  www.ha-research.de

• 11.01.2021

  Goldman Sachs: Key takeaways 4Q20 trading update call, raising price target to EUR 75

  We update our flatexDEGIRO estimates to reflect the 2020 beat announced this morning and the company’s updated 2021 guidance.

  research.gs.com

• 08.01.2021

  Berenberg: An online broker for Europe

  Kursziel auf 70 EUR erhöht

  research.berenberg.com

• 17.12.2020

  Jefferies: The Upgrade Cycle Continues - Entering The Next Era

  After the successful launch of flatex next in Germany, we double our customer growth forecast for the coming years and keep our positive view on the stock heading into 2021 with an increased PT of €73. We like flatexDEGIRO mainly for the potential to roll up a fragmented competition after joining forces with DEGIRO.

  fedsso.jefferies.com

• 15.12.2020

  Goldman Sachs: Top line growth acceleration driven by mass market

  We increase our revenue estimates over the forecast horizon 2021E-24E by an average of 8.3% for flatexDEGIRO for two main reasons: (1) an acceleration in number of customers resulting in more transactions for the group; and (2) the renegotiation of ETP revenue-sharing agreements which increases our estimated commission per trade for flatex

  research.gs.com

• 11.12.2020

  Warburg Research

  flatex-next: Next stage of Growth. With flatex next, the company is addressing the broad mass market and initiated a comprehensive marketing campaign.

  Download (PDF/2000 KB) ↓

• 10.12.2020

  Commerzbank: What if...three growth options for 2021

  1) More clients: with "flatex next" the company is going to expand in the German mass brokerage market in a first step; 2) Better monetisation: ETP products to provide additional revenue potential; 3) More trades (than expected) in 2021

  Download (PDF/232 KB) ↓

• 03.12.2020

  Berenberg: Kursziel auf 67 EUR erhöht

  Pushing into the mass market

  research.berenberg.com

• 01.12.2020

  Hauck & Aufhäuser: Synergien aus "One flow" beginnen sichtbar zu werden, Kursziel auf 70 EUR erhöht

  Schätzungen steigen aufgrund steigender Einnahmen pro Handel, die sich aus der Aggregation des Auftragsflusses im Jahr 2022E und verbesserten Verträgen mit ETP-Partnern ergeben.

  ha-research.de

• 10.11.2020

  Commerzbank, Kursziel auf 58 EUR angehoben

  Q3: Starkes Kundenwachstum; DEGRIO Integration über Plan, Kursziel auf 58 EUR angehoben

  Download (PDF/305 KB) ↓

• 03.11.2020

  Hauck & Aufhäuser hebt Ziel für flatex auf 56 Euro – ‘Buy’

  Wieder anziehende Volatilität an den Aktienmärkten dürfte sich positiv auf die Geschäftsentwicklung des Online-Brokers auswirken, schrieb Analyst Frederik Jarchow in seiner Studie.

  ha-research.de

• 12.10.2020

  Hauck & Aufhäuser: Trades im September wieder angestiegen; Anpassung von Schätzungen und Kursziel

  Anstieg der Umsatzschätzungen auf Grund der gestiegenen Schätzungen der Anzahl der Trades, die durch die stärker als erwartet ausgefallenen Handelsstatistiken der Peer-Gesellschaften angetrieben wurden.

  ha-research.de

• 06.10.2020

  Jefferies: Jefferies zählt flatex zu ‚Quarterly Best Ideas’ – ‚Buy’

  Analyst Martin Comtesse zählt die Aktie des Online-Brokers zudem zu den „Quarterly Best Ideas“ unter den kleinen und mittleren kontinentaleuropäischen Werten mit einem durchschnittlichen Aufwärtspotenzial von rund 40 Prozent. Flatex dürfte nach der Übernahme des niederländischen Wettbewerbers DeGiro in den kommenden Jahren mit einem beschleunigten Wachstum glänze.

  fedsso.jefferies.com

• 28.09.2020

  Goldman Sachs: Goldman belässt Flatex auf ‚Buy‘ – Ziel 56 Euro

  Die Aufnahme der Papiere des Onlinebrokers in den Prime Standard der Deutschen Börse sei positiv, schrieb Analyst Markus Pops in einer am Montag vorliegenden Studie. Mit der Verpflichtung zu quartalsweisen Zwischenberichten steige die Transparenz. Zudem winke im Dezember eine SDax-Aufnahme, was die Papiere in den Fokus einer breiteren Anlegerschicht rücke.

  research.gs.com

• 22.09.2020

  Berenberg: Berenberg belässt Flatex auf ‚Buy‘ – Ziel 51 Euro

  Finanzvorstand Muhamad Chahrour habe einen positiven Bericht geliefert zur aktuellen Entwicklung und den Aussichten des Online-Broker.

  research.berenberg.com

• 14.09.2020

  Goldman Sachs: Goldman startet Flatex mit ‚Buy‘ – Ziel 56 Euro

  Der Online-Broker sei auf dem Weg zu einem europaweiten Marktführer. Er glaubt in den Jahren 2019 bis 2022 an ein jährliches Gewinnwachstum von im Schnitt 62 Prozent je Aktie. Treiber dafür seien der Zukauf von DeGiro und das Wachstum aus eigener Kraft.

  research.gs.com

• 11.09.2020

  Warburg Research

  Guidance upgrade reflected in higher customer growth assumptions; PT up

  Download (PDF/2 MB) ↓

• 09.09.2020

  Main First: H1-Ergebnisse – der Fokus sollte zurück auf Fundamentaldaten gehen

  Flatex veröffentlichte heute Morgen die endgültigen H1-Ergebnisse, die unserer Ansicht nach einige inkrementelle positive Ergebnisse aufweisen. Die Margenausweitung von ~31% auf ~43% sticht hervor und zeigt die beeindruckende operative Hebelwirkung im Geschäftsmodell von flatex, zumal die Zahlen noch keine Synergien aus der jüngsten Übernahme von DeGiro enthalten.

  mainfirst.com/equities

• 09.09.2020

  Commerzbank

  H1 first take: earnings in line; targets for 2020 raised

  Download (PDF/220 KB) ↓

• 17.08.2020

  Commerzbank

  A gambling and betting substitute: raising our target to €52

  Download (PDF/900 KB) ↓

• 06.07.2020

  Warburg Research

  Stärker als erwartetes Kundenwachstum führt zu einer Anhebung der Schätzungen

  Download (PDF/2 MB) ↓

• 03.06.2020

  Warburg Research

  Positiver Trigger durch Notierung im Prime Standard; Kursziel angehoben

  Download (PDF/2 MB) ↓

• 04.05.2020

  Warburg Research

  High capital market volatility triggers significant rise in trading; PT up

  Download (PDF/2 MB) ↓

• 13.02.2020

  Warburg Research

  Perfect fit offers even more growth and margin potential than expected; PT up

  Download (PDF/3MB) ↓

• 17.01.2020

  Commerzbank

  Fee increases go into the next round – TP up to €33

  Download (PDF/500 KB) ↓