London, UK, 9 September 2019

Edison issues update on FinLab (A7A)

Following the high transaction activity in H218, FinLab has focused on value creation within its existing fintech companies. This includes initiating the transformation of Kapilendo into a banking partner for SMEs after the acquisition of wevest Digital in September 2019 and two follow-on funding rounds at Iconic Holding. Despite the c 25% decline in Heliad Equity Partner's share price in H119, the NAV per share remained broadly stable (EUR20.21 vs EUR20.44 at end-2018) due to the positive impact from revaluations in the period. However, we note that Heliad's share price has rebounded 28% since end-June 2019, presumably driven by stock catalysts at its largest portfolio holding, flatex.

 

FinLab's last reported NAV at end-June 2019 was EUR20.21 relative to which the shares are trading at a discount of 15%. Heliad Equity Partners is also trading at a discount (c 42% relative to its end-June 2019 NAV). While it is typical for investment companies to trade at a discount, if we valued Heliad at par with its end June NAV, this would translate into FinLab's current discount of c 23%.

to view the full report.

 

to Edison's content to receive reports by email.

All reports published by Edison are free-to-access and available on the .

 

About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the .

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact Edison:

Milosz Papst, +44 (0) 20 3077 5700

 

Learn more at and connect with Edison on: 

LinkedIn       

Twitter          

YouTube