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Flatex (DB: FTK)

Last close As at 21/11/2024

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
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Sector

Financials

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

Flatex — Waiting for the regulatory go-ahead

Update

Financials

Flatex — Dutch delight

Financials

Update

Flatex — Grateful for volatility

Update

Financials

FinTech Group — Strategic review

Update

Financials

Fintech Group — Banking JV is abandoned with positive effect

Update

Financials

FinTech Group — Banking joint venture with Austrian Post

Update

Financials

FinTech Group — Attractively positioned for growth

Update

Financials

Fintech Group — Solid H1, with FY17 guidance maintained

Initiation

Financials

FinTech Group — Online brokerage leader

Thematics

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