€478.1m market cap
€24.45 last close
Flatex (FTK) 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
Flatex (after its online brokerage brand; previously FinTech) reported a 10% y-o-y increase in revenue in H119. Earnings fell 9% y-o-y to €8.6m (ROE 10.8%) but were +5% y-o-y after adjusting for securities write downs. The successful roll-out of online brokerage to the Netherlands contributed to management raising its FY19 EBITDA margin guidance from 29% to 31% in August. Flatex expects to expand into Spain in Q419. Based on consensus, shares trade at a discount to peers on both P/E and EV/EBIT.
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| Frank Niehage | CEO |
| Muhamad Said Chahrour | CFO |
| Roman Kessler | Head of Corporate Communications |
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