Original-Research: LAIQON AG (von First Berlin Equity Research GmbH): Buy
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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 decreased the price target from EUR 9.80 to EUR 9.00. Abstract: LAIQON has published its FY 2024 financial results, which came in below our expectations. Assets under Management (AuM) increased by ~7% from €6.1bn in FY/23 to €6.5bn in FY/24. Revenue rose by ~9% to €31.0m (FBe: €35.4m) compared to adjusted revenue of €28.4m in FY/23. EBITDA improved in FY/24 to €-3.8m (FBe: €-2.0m) from adj. EBITDA of ~€-7.3m in FY/23. On the basis of the FY/24 results we are now more cautious on the outlook and have lowered our financial forecasts. Nevertheless, management confirmed that the German asset management partner Union Investment (Union) launched the joint 'WertAnlage' product to its high net worth clients on schedule in Q4/24 and that rollout is going very well. As a result, management has reaffirmed its AuM guidance of €8-10bn for 2025. Our DCF valuation model yields a lower price target of €9.00 (previously: €9.80). At the current level, the share is significantly undervalued. We reiterate our Buy rating. First Berlin Equity Research hat ein Research Update zu LAIQON AG (ISIN: DE000A12UP29) veröffentlicht. Analyst Christian Orquera bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 9,80 auf EUR 9,00. Zusammenfassung: Management (AuM) stiegen um ~7% von €6,1 Mrd. im GJ/23 auf €6,5 Mrd. im GJ/24. Die Umsätze stiegen um ~9% auf €31,0 Mio. (FBe: €35,4 Mio.), verglichen mit bereinigten Umsätzen von €28,4 Mio. im GJ/23. Das EBITDA verbesserte sich im GJ/24 auf €-3,8 Mio. (FBe: €-2,0 Mio.) gegenüber einem bereinigten EBITDA von ~€-7,3 Mio. im GJ/23. Auf der Grundlage der GJ/24-Ergebnisse sind wir nun vorsichtiger in Bezug auf die Aussichten und haben unsere Finanzprognosen gesenkt. Das Management bestätigte jedoch, dass der deutsche Vermögensverwaltungspartner Union Investment (Union) das gemeinsame Produkt 'WertAnlage' für seine vermögenden Kunden planmäßig in Q4/24 eingeführt hat und dass die Einführung sehr gut verläuft. Infolgedessen hat das Management die AuM-Prognose von €8-10 Mrd. für 2025 bekräftigt. Unser DCF-Bewertungsmodell führt zu einem niedrigeren Kursziel von €9,00 (zuvor: €9,80). Auf dem derzeitigen Niveau ist die Aktie deutlich unterbewertet. Wir bekräftigen unsere Kaufempfehlung. 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/32356.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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2125476 28.04.2025 CET/CEST
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 | 2024 | 2025e | ||
| Sales1 | 8,22 | 27,74 | 26,12 | 21,58 | 30,75 | 31,00 | 42,00 | |
| EBITDA1,2 | -9,68 | 6,96 | 4,61 | -9,95 | -4,69 | -3,82 | 2,00 | |
| EBITDA-Margin3 | -117,76 | 25,09 | 17,65 | -46,11 | -15,25 | -12,32 | 4,76 | |
| EBIT1,4 | -10,94 | 3,21 | 1,25 | -14,66 | -11,08 | -10,31 | -4,00 | |
| EBIT-Margin5 | -133,09 | 11,57 | 4,79 | -67,93 | -36,03 | -33,26 | -9,52 | |
| Net Profit (Loss)1 | -0,09 | 2,50 | 6,63 | -10,54 | -12,87 | -7,96 | -4,10 | |
| Net-Margin6 | -1,10 | 9,01 | 25,38 | -48,84 | -41,85 | -25,68 | -9,76 | |
| Cashflow1,7 | 1,42 | -0,95 | 19,96 | -2,77 | -10,74 | -3,31 | 2,00 | |
| Earnings per share8 | -0,01 | -0,05 | 0,39 | -0,67 | -0,51 | -0,25 | -0,19 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
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: RSM Ebner Stolz
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 | 97,88 Mio € | 28.10.2005 | Kaufen | 9F5GH255+JM |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 46,30 | 20,77 | 2,23 | -67,10 | 1,36 | -29,59 | 4,66 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 28.08.2025 | 29.08.2025 | 31.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +10,61% | +10,34% | -6,65% | -7,21% | -71,06% |
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