Flow Traders : Making FY2019 revenues in just a few weeks
Since our March 16th note, market circumstances for Flow Traders improved even further, triggering a review of our estimates. We increased our FY NTI estimate from 425m to 832m, of which 420m in 1Q20e. A conservative valuation leads to a TP of €33, reconfirming our Buy recommendation. Given an optimistic view on the further evolution of the Corona situation and a conservative view on one-off high value trades, we believe it is unlikely that management will disappoint on the Q1 trading update, providing further potential upside beyond our TP.Flow Traders Cooperatief UA is a global technology-enabled liquidity provider, which specializes in Exchange Traded Products (ETPs). As a technology company operating in a financial services industry, Co. uses its proprietary technology platform to quote, bid and ask prices in thousands of ETP listings, as well as similar financial products. Co. also provides liquidity to institutional counterparties off-exchange across all regions. Liquidity provision makes markets more efficient and transparent, promoting better execution quality and lower overall trading costs for market participants.
We are a financial services provider for several types of professional clients, each with distinct needs.
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