FlatexDEGIRO : Valuation gap to peers narrowed following a 25% stock price increase after Q1 beat; rating downgraded from Outperform to Neutral
>Consensus will have to move up slightly for commission per trade, but reduce transaction expectations - The key takeaway from the Q1 conference call was that commission per trade of € 4.64 was higher than expected due to a favourable trading mix with a large share of US trades for which FlatexDEGIRO can earn a 25bp FX conversion fee on the trade volume. Going forward, the company expects the average commission per trade to be on a lower level. Hence, we consider an a...Flatex AG, formerly known as Fintech Group AG, is a Germany-based company engaged in the financial technology sector. The Company divides its business into two operational segments: Securities Trading and Financial Services (ST & FS) and Transaction Processing and White-Label Banking Services (TP & WLBS). The ST & FS segment includes online brokerage in the business-to-consumer (B2C) sector in Germany (on trading platforms such as flatex.de, vitrade.de) and Austria (flatex.at). The operations are conducted by the subsidiaries flatex GmbH and ViTrade GmbH. The TP & WLBS segment includes the business-to-business (B2B) activities of subsidiaries XCOM AG and FinTech Group Bank AG that focus on research and development in the area of financial technology and provide back-end execution of securities transactions for the Company's own platforms and for other banks, as well as offer business process outsourcing services.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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