flatexDEGIRO : Share

Latest research recommendations

Institution	Analyst	Recommendation	Target price	Email address	Telephone
Berenberg	Christoph Greulich	Buy	75.00 €	christoph.greulich@berenberg.com	+44 (0)20 3753 3119
Commerzbank	Christoph Blieffert	Buy	64.00 €	christoph.blieffert@commerzbank.com	+49 (0)69 136 47033
Goldman Sachs	Roberta De Luca	Buy	75.00 €	roberta.deluca@gs.com	+44 (0)20 7051 2264
Hauck & Aufhäuser	Frederik Jarchow	Buy	73.00 €	frederik.jarchow@ha-ib.com	+49 (0)40 414388576
Jefferies	Martin Comtesse	Buy	73.00 €	mcomtesse@jefferies.com	+44 (0)20 7029 8772
KBW - A Stifel Company	Benjamin Kohnke	Outperform	78.00 €	benjamin.kohnke@kbw.com	+49 (0)69 78808 226
M.M. Warburg	Marius Fuhrberg	Buy	66.00 €	mfuhrberg@warburg-research.com	+49 (0)40 309537 185

Research Reports

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) ↓

Shareholder Structure

12,9 %
GfBk Gesellschaft für Börsenkommunikation mbH

5,2 %
Heliad Equity Partners
GmbH & Co. KGaA

4,0 %
Management*

77,8 %
Others
(incl. free float)

*incl. stock options