Martin Marandon-Carlhian

FlatexDEGIRO : 2022 guidance downgraded, 2022-2023e EPS revised down 23% – target price lowered to € 16, Outperform rating maintained

>2022 guidance downgraded, mainly due to a lower number of transactions per user than expected - During trading yesterday, FlatexDEGIRO downgraded its 2022 guidance, with: 1/ the number of transactions now forecast at between 75m and 85m (vs 95-115m previously and a consensus of 90m); 2/ 600 to 700k new users (vs 640-840k previously and a consensus of 601k). Average revenue per transaction is expected to be significantly above € 5 (vs € 4.59 in 2021). Forecast revenue...

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, and Austria ( 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 BHF
Oddo BHF

​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.

Martin Marandon-Carlhian

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