flatexDEGIRO : Share

Latest research recommendations

Institution	Analyst	Recommendation	Target price	Email address	Telephone
Autonomous	Ian White	Underperform	6.45 €	iwhite@autonomous.com	+44 (0)20 7776 3446
Berenberg	Christoph Greulich	Buy	12.50 €	christoph.greulich@berenberg.com	+44 (0)20 3753 3119
Citigroup	Andrew Lowe	Neutral	10.00 €	andrew.lowe@citi.com	+44 (0)20 79864042
Deutsche Bank	Mengxian Sun	Hold	9.00 €	mengxian.sun@db.com	+49 (0)69 910 41701
Exane BNP Paribas	Christoph Blieffert	Neutral	9.50 €	christoph.blieffert@exanebnpparibas.com	+49 (0)69 4272 97321
Hauck & Aufhäuser Lampe	Simon Keller	Buy	10.50 €	simon.keller@ha-ib.de	+49 (0)40 414388573
Goldman Sachs	Charlie Mayne	Neutral	10.00 €	charles.mayne@gs.com	+44 (0)207 774 8265
Jefferies	Martin Comtesse	Buy	13.00 €	mcomtesse@jefferies.com	+44 (0)20 7029 8772
KBW - A Stifel Company	Benjamin Kohnke	Hold	9.00 €	benjamin.kohnke@kbw.com	+49 (0)69 78808 226
M.M. Warburg	Marius Fuhrberg	Buy	15.60 €	mfuhrberg@warburg-research.com	+49 (0)40 309537 185
Morgan Stanley	Panos Ellinas	Equal-weight	9.00 €	Panos.Ellinas@morganstanley.com	+44 (0)20 7425-1173
Oddo BHF	Sinan Doganli	Outperform	13.00 €	sinan.doganli@oddo-bhf.com	+49 (0) 69 718 3023

Research Reports

23.05.2022
Exane BNP Paribas: Cyclical fear, structural cheer

Adjusting forecasts to the new reality and cutting client trading activity given a weak start into Q2

cube.exane.com
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
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
26.04.2022
KWB - a Stifel company: First take on 1Q22 results

Strong improvements in the monetisation of trades

kbw.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: 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
KWB - 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.

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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

www.ha-research.de
18.02.2021
KWB - 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

Target price raised to 110 EUR

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.

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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

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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

Target price raised to EUR 75

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

Target price raised to EUR 70

research.berenberg.com
17.12.2020
Jeffereis: 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: Price taregt raised to EUR 67

Pushing into the mass market

research.berenberg.com
01.12.2020
Hauck & Aufhäuser: “One flow” synergies start to kick in

Estimates up on the back of increasing revenue per trade resulting from orderflow aggregation in 2022E and improved contracts with ETP partners.

ha-research.de
10.11.2020
Commerzbank, target price raised to EUR 58

Q3: strong client growth; DeGiro integration ahead of plan

Download (PDF/305 KB) ↓
04.11.2020
Hauck & Aufhäuser raises target for flatex to 56 EUR — ‘Buy’

Rising volatility on the stock markets should have a positive effect on the business development of online brokers, wrote analyst Frederik Jarchow in his study.

ha-research.de
12.10.2020
Hauck & Aufhäuser: Trades up again in September; chg of est. & PT

Increase of sales estimates on the back of increased estimates of number of trades, driven by stronger than expected peers’ trading stats.

ha-research.de
06.10.2020
Jefferies: Jefferies counts flatex among ‘Quarterly Best Ideas’ — ‘Buy’

Analyst Martin Comtesse also considers the share of the online broker to be one of the “Quarterly Best Ideas” among the small and medium-sized continental European stocks with an average upside potential of around 40 percent. Flatex is likely to shine with accelerated growth in the coming years following the takeover of Dutch competitor DeGiro.

fedsso.jefferies.com
28.09.2020
Goldman Sachs: Goldman leaves Flatex on ‘Buy’ — TP 56 Euro

The inclusion of the online broker's securities in the Prime Standard of the German Stock Exchange is positive, wrote analyst Markus Pops in a study available on Monday. The obligation to publish quarterly interim reports increases transparency. In addition, an SDax inclusion in December is expected, which will bring the securities into the focus of a broader group of investors.

research.gs.com
22.09.2020
Berenberg: Berenberg leaves Flatex on ‘Buy’ — Target Proce of 51 Euro

Chief Financial Officer Muhamad Chahrour has delivered a positive report on the current development and the prospects of the online broker.

research.berenberg.com
14.09.2020
Goldman Sachs: Goldman starts Flatex with ‘Buy’ — Target Price of 56 Euro

The online broker is on the way to a European-wide market leader, wrote analyst Markus Pops. He believes in an average annual profit growth of 62 percent per share between 2019 and 2022. The drivers for this are the acquisition of DeGiro and organic growth.

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 results — focus should shift back to fundamentals

Flatex published final H1 results this morning, which, in our view, feature some incremental positives. The margin expansion from ~31% to ~43% stands out and shows the impressive operating leverage in flatex's business model, especially as the numbers do not yet include any synergies from the recent acquisition of DeGiro.

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

Stronger than expected customer growth eads to estimation uplifts

Download (PDF/2 MB) ↓
03.06.2020
Warburg Research

Positive trigger through listing in Prime Standard; Price target raised

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 to EUR 62

Download (PDF/3MB) ↓
17.01.2020
Commerzbank

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

Download (PDF/500 KB) ↓

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