LAIQON AG (from First Berlin Equity Research GmbH): Buy

^

Original research: LAIQON AG – by First Berlin Equity Research GmbH

12.09.2024 / 14:30 CET/CEST

Dissemination of a survey, broadcast by EQS News – a service of EQS

Group AG.

The publisher is solely responsible for the content of this research.

the results of this research do not constitute investment advice or a

invitation to conduct certain stock exchange transactions.

—————————————— —– ——————-

Classification of First Berlin Equity Research GmbH to LAIQON AG

Company name: LAIQON AG

ISIN code: DE000A12UP29

Reason for the investigation: Update

Recommendation: Buy

from: 12.09.2024

Target price: EUR9.80

Target price at sight of: 12 months

Last review 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 its price target of EUR 9.80.

Abstract:

LAIQON has published its financial results for the first half of 2024, which have been restated for

exceptional items impacting revenue came close to our expectations. In

In H1/24, AuM increased to EUR 6.5 billion compared to EUR 6.0 billion in H1/23. This is in line

to a growth rate of >8%. Adjusted group turnover increased by 17% to EUR 16.3 million (FBe:

EUR 16.4 million; H1/23: EUR 13.9 million). Importantly, LAIQON generated performance fees

totaling approximately EUR 1 million in H1/24, a significant increase compared to H1/23 (H1/23:

EUR0; FY/23: EUR0.8 million). Adjusted EBITDA improved significantly in H1/24 to

~EUR-1.4m (FBe: EUR-1.3m; H1/23 adjusted EBITDA: EUR-3.7m). LAIQON also confirmed that

its subsidiary, the WealthTech, LAIC, and the German asset manager,

Union Investment (Union) will launch their joint product called

‘WertAnlage’ for Union’s wealthy clients without delay in Q4/24 as

originally planned. Based on these results and the progress made in the

Collaboration between LAIC and unions, we see the company on track to meet our FY/24 targets

forecasts. Our DCF valuation model still yields a fair value of EUR 9.80 p/s.

We maintain our Buy recommendation and our price target of EUR9.80.

First Berlin equity survey with a research update from LAIQON AG (ISIN:

DE000A12UP29) published. Analyst Christian Orquera reviewed the figures

BUY company and confirms its course card of EUR 9.80.

Summary:

LAIQON hat seine Finanzergebnisse for the first Halbjahr 2024

clears out, dies, cleans up a heavy burden, which is annoying

Beinträchtigen, unseren Erwartungen nahe kommen. In H1/24 the AuM died

at EUR6.5 billion. in comparison to EUR 6.0 billion. in H1/23. It’s a spindle

Waiting rate of >8%. The purified group allocation is 17% on EUR 16.3

Mio. (FBe: 16.4 million euros; H1/23: 13.9 million euros). LAIQON erwirtschaftete in H1/24

hereditary provisions in Höhe of approx. EUR1 million, a German Anstieg

Compared to H1/23 (H1/23: EUR 0; HY/23: EUR 0.8 million). Realised EBITDA increased

in H1/24 it improved to ~EUR-1.4 million. (FBe: EUR-1.3 million; H1/23

EBITDA: EUR-3.7 million). LAIQON disputes this

Tochtergesellschaft, the WealthTech LAIC, and the German one

Vermögensverwaltungsriesriese Union Investment (Union) in common Product

‘WertAnlage’ for the wealthy Kunden von Union ohne Verzögerung in Q4/24

einführen were, who ursprünglich planted. Auf der Grundlage dieser

Ergebnisse und der Fortschritte in der Zusammenarbeit zischen LAIC en

Union sees its future on the right track, our prospects for it

Geschäftsjahr 2024 zu erüllen. Unser DCF-Bewertungsmodell ergibt nach wie

for a fair price of EUR 9.80 p/A. We recommend a Buyer Rating and

our rate of EUR9.80.

Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG and dev

Perform a full analysis.

You can download the study here: http://www.more-ir.de/d/30779.pdf

Contact us for questions:

First Berlin Equity Research GmbH

Mr. Gaurav Tiwari

Telephone: (0)30 809 39 686

website: www.firstberlin.com

Email: [email protected]

—————————————— —– ——————-

The EQS distribution services include regulatory announcements,

Financial/business news and press releases.

Archive at www.eqs-news.com

—————————————— —– ——————-

1987121 12.09.2024 Central European Time/Central European Time

°