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Original-Research: LAIQON AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to LAIQON AG
First Berlin Equity Research has published a research update on LAIQON AG (ISIN: DE000A12UP29). Analyst Christian Orquera reiterated his BUY rating and maintained his EUR 9.80 price target. Abstract: LAIQON has published its H1 2024 financial results, which adjusted for exceptional items affecting the top line, were close to our expectations. In H1/24, AuM increased to €6.5bn compared to €6.0bn in H1/23. This corresponds to a growth rate of >8%. Adjusted group revenues rose by 17% to €16.3m (FBe: €16.4m; H1/23: €13.9m). Importantly, LAIQON generated performance fees totalling ~€1m in H1/24, a significant increase compared to H1/23 (H1/23: €0; FY/23: €0.8m). Adjusted EBITDA improved significantly in H1/24 to ~€-1.4m (FBe: €-1.3m; H1/23 adj. EBITDA: €-3.7m). LAIQON also confirmed that its subsidiary, the WealthTech, LAIC, and the German asset management giant, Union Investment (Union), will launch their joint product called 'WertAnlage' to Union's high net worth clients without delay in Q4/24 as originally planned. Based on these results and the progress made in the LAIC/Union cooperation, we see the company on track to meet our FY/24 forecasts. Our DCF valuation model still yields a fair value of €9.80 p/s. We reiterate our Buy rating and €9.80 price target. First Berlin Equity Research hat ein Research Update zu LAIQON AG (ISIN: DE000A12UP29) veröffentlicht. Analyst Christian Orquera bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 9,80. Zusammenfassung: LAIQON hat seine Finanzergebnisse für das erste Halbjahr 2024 veröffentlicht, die, bereinigt um außergewöhnliche Posten, die das Ergebnis beeinträchtigen, unseren Erwartungen nahe kommen. In H1/24 stiegen die AuM auf €6,5 Mrd. im Vergleich zu €6,0 Mrd. in H1/23. Dies entspricht einer Wachstumsrate von >8%. Der bereinigte Konzernumsatz stieg um 17% auf €16,3 Mio. (FBe: €16,4 Mio.; H1/23: €13,9 Mio.). LAIQON erwirtschaftete in H1/24 erfolgsabhängige Provisionen in Höhe von ca. €1 Mio., ein deutlicher Anstieg im Vergleich zu H1/23 (H1/23: €0; GJ/23: €0,8 Mio.). Das bereinigte EBITDA in H1/24 verbesserte sich deutlich auf ~€-1,4 Mio. (FBe: €-1,3 Mio.; H1/23 bereinigtes EBITDA: €-3,7 Mio.). LAIQON bestätigte auch, dass seine Tochtergesellschaft, das WealthTech LAIC, und der deutsche Vermögensverwaltungsriese Union Investment (Union) ihr gemeinsames Produkt 'WertAnlage' für die vermögenden Kunden von Union ohne Verzögerung in Q4/24 einführen werden, wie ursprünglich geplant. Auf der Grundlage dieser Ergebnisse und der Fortschritte in der Zusammenarbeit zwischen LAIC und Union sehen wir das Unternehmen auf gutem Wege, unsere Prognosen für das Geschäftsjahr 2024 zu erfüllen. Unser DCF-Bewertungsmodell ergibt nach wie vor einen fairen Wert von €9,80 p/A. Wir bekräftigen unser Kaufen-Rating und unser Kursziel von €9,80. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/30779.pdf Contact for questions: First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com
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1987121 12.09.2024 CET/CEST
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