Research Reports

• 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) ↓

• 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

  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.

  Download (PDF/899 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/442 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

  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) ↓