Professional
Added to YB: 2022-12-07
Pitch date: 2022-12-07
FTK.DE [bullish]
flatexDEGIRO AG
+458.3%
current return
Author Info
ToffCap are full-time fund managers finding undervalued opportunities and a reason why the price should (start to) move in the right direction. Sign up for their newsletter.
Company Info
flatexDEGIRO AG provides online brokerage and IT solutions in the areas of finance and financial technology services in Europe.
Market Cap
EUR 3.4B
Pitch Price
EUR 6.22
Price Target
N/A
Dividend
N/A
EV/EBITDA
N/A
P/E
23.46
EV/Sales
N/A
Sector
Capital Markets
Category
turnaround
FlatexDeGiro
FTK.DE: Pan-European online broker hit by slowdown after Covid boom, but long-term growth intact. Trades at 1-digit P/E vs 18-20x hist due to -70% YTD on lower growth & German regulatory scrutiny. Initiatives to boost monetization, cut costs, expand; ebitda margins to rival 60%+ of peers. Valuation and €1-1.5B '22-26 FCF target imply significant upside potential if executes on 7.5M 2026 acct target (2.4M now) and navigates near-term macro headwinds.
Read full article (12 min)