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 maintained his EUR 10.50 price target. Abstract: LAIQON AG has entered a strategic partnership with Amundi, Europe's largest asset manager (>€2tn in AuM), to launch its first actively managed, AI-driven ETF in H1 2026. The product will utilise Amundi's ETF-as-a-Service platform and LAIQON's proprietary LAIC ADVISOR technology to deliver dynamically optimised European equity allocation. We view the agreement as a major strategic milestone for LAIQON. The partnership represents LAIQON's first cooperation in the ETF segment, providing access to a highly scalable, pan-European distribution infrastructure. At the same time, it is the second Tier-1 external validation of LAIQON's proprietary AI technology, following the white-label 'WertAnlage' solution launched with Union Investment in late 2024. Whereas Union validated LAIC's personalised AI portfolio management within cooperative-bank networks, the Amundi partnership extends this validation into the ETF ecosystem, marking an important expansion of LAIQON's technology footprint. During the Frankfurt Eigenkapitalforum (EKF) investor conference, management provided encouraging insight into its expanding AI-driven product offering and the operational progress of the group's partnerships. In our view, management is delivering as expected. Based on unchanged estimates, we reiterate our Buy rating and €10.50 price target (upside >150%). 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 10,50. Zusammenfassung: Die LAIQON AG ist eine strategische Partnerschaft mit Amundi, Europas größtem Vermögensverwalter (>2 Billionen Euro AuM), eingegangen, um im ersten Halbjahr 2026 ihren ersten aktiv verwalteten, KI-gesteuerten ETF auf den Markt zu bringen. Das Produkt wird die ETF-as-a-Service-Plattform von Amundi und die proprietäre LAIC ADVISOR-Technologie von LAIQON nutzen, um eine dynamisch optimierte europäische Aktienallokation zu bieten. Wir betrachten die Vereinbarung als einen wichtigen strategischen Meilenstein für LAIQON. Die Partnerschaft ist die erste Zusammenarbeit von LAIQON im ETF-Segment und ermöglicht den Zugang zu einer hoch skalierbaren, paneuropäischen Vertriebsinfrastruktur. Gleichzeitig ist es die zweite externe Tier-1-Validierung der proprietären KI-Technologie von LAIQON nach der Ende 2024 gemeinsam mit Union Investment eingeführten White-Label-Lösung 'WertAnlage'. Während Union das personalisierte KI-Portfoliomanagement von LAIC innerhalb von Genossenschaftsbankennetzwerken validierte, erweitert die Partnerschaft mit Amundi diese Validierung auf das ETF-Ökosystem und markiert damit eine wichtige Ausweitung der technologischen Präsenz von LAIQON. Während der Frankfurter Eigenkapitalforum (EKF)-Investorenkonferenz gab das Management ermutigende Einblicke in sein wachsendes KI-gestütztes Produktangebot und den operativen Fortschritt der Partnerschaften der Gruppe. Unserer Ansicht nach liefert das Management die erwarteten Ergebnisse. Auf der Grundlage unveränderter Schätzungen bekräftigen wir unsere Kaufempfehlung und unser Kursziel von €10,50 (Aufwärtspotenzial >150%). Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: LQAG_GR-2025-12-01_EN 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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2238176 01.12.2025 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 | 98,09 Mio € | 28.10.2005 | Kaufen | 9F5GH255+JM |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 46,40 | 20,77 | 2,23 | -67,25 | 1,36 | -29,65 | 4,67 |
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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 |
| +10,79% | +10,61% | -6,65% | -7,21% | -71,06% |
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