LAIQON AG
ISIN: DE000A12UP29
WKN: A12UP2
12 September 2024 02:31PM

Original-Research: LAIQON AG (von First Berlin Equity Research GmbH): Buy

LAIQON AG · ISIN: DE000A12UP29 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 20779

Original-Research: LAIQON AG - from First Berlin Equity Research GmbH

12.09.2024 / 14:30 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.


Classification of First Berlin Equity Research GmbH to LAIQON AG

Company Name: LAIQON AG
ISIN: DE000A12UP29
 
Reason for the research: Update
Recommendation: Buy
from: 12.09.2024
Target price: €9.80
Target price on sight of: 12 months
Last rating change: -
Analyst: Christian Orquera

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


The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


1987121  12.09.2024 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=1987121&application_name=news&site_id=boersengefluester_html

Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.

The most important financial data at a glance
  2019 2020 2021 2022 2023 2024e 2025e
Sales1 8,22 27,74 26,12 21,58 30,75 0,00 0,00
EBITDA1,2 -9,68 6,96 4,61 -9,95 -4,69 0,00 0,00
EBITDA-Margin3 -117,76 25,09 17,65 -46,11 -15,25 0,00 0,00
EBIT1,4 -10,94 3,21 1,25 -14,66 -11,08 0,00 0,00
EBIT-Margin5 -133,09 11,57 4,79 -67,93 -36,03 0,00 0,00
Net Profit (Loss)1 -0,09 2,50 6,63 -10,54 -12,87 0,00 0,00
Net-Margin6 -1,10 9,01 25,38 -48,84 -41,85 0,00 0,00
Cashflow1,7 1,42 -0,95 19,96 -2,77 -10,74 0,00 0,00
Earnings per share8 -0,01 -0,05 0,39 -0,67 -0,51 -0,35 -0,20
Dividend per share8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de and Company information
Explanation

1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de

Auditor: Baker Tilly

All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.

INVESTOR-INFORMATION
©boersengefluester.de
LAIQON
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
A12UP2 DE000A12UP29 AG 104,85 Mio € 28.10.2005 Kaufen 9F5GH255+JM
* * *
PE 2026e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
0,00 17,79 0,00 -71,88 1,54 -9,77 3,45
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,00 0,00 0,00 0,00%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
28.08.2025 30.08.2024 31.03.2025
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
-1,20%
4,96 €
ATH 50,94 €
-1,02% +0,94% -24,85% -24,85% -69,00%

Advertising is an important revenue channel for us. But we understand, that sometimes it becomes annoying. If you want to reduce the number of shown ADs just simply login to your useraccount and manage the settings from there. As registered user you get even more benefits.
          Qualitätsjournalismus · Made in Germany © 2025          
The news manufactory

Good luck with all your investments

Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.

Contact

Idea & concept: 3R Technologies   
boersengefluester.de GmbH Copyright © 2025 by Gereon Kruse #BGFL