Flatex (DB: FTK)

Last close As at 27/03/2024

EUR20.64

−0.20 (−0.96%)

Market capitalisation

EUR2,265m

Edison Investment Research is terminating coverage on Flatex. Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Previously published reports can still be accessed via our website.

Latest Insights

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Financials | Update

Flatex — Grateful for volatility

Financials | Update

Flatex — Waiting for the regulatory go-ahead

Financials | Update

Flatex — Dutch delight

Financials | Update

FinTech Group — Strategic review

Share Price Performance

Financials

Flatex reported H120 earnings of €22.4m (+162% y-o-y) and ROE of 23.1%. Volatile markets helped trade executions jump 127% y-o-y to €13.1m. Client numbers continue to grow strongly, up 35% y-o-y. On 21 July 2020, the Dutch central bank gave Flatex the green light to acquire DEGIRO, a leading Dutch broker. The acquisition (agreed in December 2019) is transformational, adding greater scale and breadth of products to make Flatex Europe’s largest retail online broker, present in 18 countries. If we include DEGIRO, the combined number of transactions in H120 would have been 37.6m and the number of customers almost triples to 1.1 million. The shares have reacted well to the news, but still trade at a discount to peers on both P/E and EV/EBIT despite consensus forecasts of above average growth.

Research

Update

Financials

FinTech Group — Strategic review

Update

Financials

FinTech Group — Attractively positioned for growth

Initiation

Financials

FinTech Group — Online brokerage leader

Thematics

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