FinTech Group

DB: FTK

€552.5m market cap

€28.25 last close

FinTech Group (FTG) is an integrated online brokerage business. It is divided into two business areas – a technology business and a financial services business that includes a bank and a brokerage business.

Investment summary

FY18 was a strong year for FinTech Group (FTG) with healthy 17% growth in revenues and expansion in margins. In recent weeks flatex has launched successfully in the Netherlands, with the entry cost considerably lower than expected. Consequently, management upgraded EBITDA guidance in May. Management believes it has all the components for growth (notably, the brokerage platform & banking licence) and has hired an investment bank to review various strategic options. Given the growth potential, we believe the shares remain attractive on c 16x consensus FY20 earnings.

Sector
TMT
Share price graph
Price performance
%
1m
3m
12m
Actual 16.3 65.2 (9.7)
Relative* 9.4 61.3 (12.5)
52-week high/low €30.8/€15.2
*% relative to local index
Key management
Frank Niehage CEO
Muhamad Said Chahrour CFO
Roman Kessler Head of Corporate Communications