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FTG starts European expansion
H1 in line; new mid-term ambition offers
further upside potential; PT up
Warbung Research Target Price: 37 EUR / Buy (Jan 2019)
European expansion ahead . . . Going forward, the number of customers gained per year should increase, while the customer acquisition costs should decrease with increasing awareness of the brand.
Hauck & Aufhäuser Target Price: 37 EUR / Buy (Jan 2019)
flatex goes Europe . . . While this move is putting pressure on profitability in the short term, we see it as the right measure to ensure longer term growth prospects and rising profitability on the back of the highly scalable business model.
Internationalisation of B2C business: The Netherlands first . . . The key focus is on the Dutch online brokerage market which we consider attractive given a) a trading-oriented population and b) anticipated client churn . . .
Commerzbank Research Target Price: 28 EUR / Buy (Jan 2019)