Flatex

DB: FTK

€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.

Sector
TMT
Share price graph
Price performance
%
1m
3m
12m
Actual 6.8 (10.3) 28.5
Relative* 3.6 (19.4) 10.0
52-week high/low €29.0/€15.2
*% relative to local index
Key management
Frank Niehage CEO
Muhamad Said Chahrour CFO
Roman Kessler Head of Corporate Communications