FlatexDEGIRO : 2022 guidance lowered and questions on governance. Neutral vs Outperform
>2022 guidance revised down, 11% below estimates - On Saturday, flatexDEGIRO revised down its 2022 guidance, now forecasting: 1/ revenues of € 380m (+/- 2%) (vs € 400m previously), and; 2/ an adjusted EBITDA margin of 37% (+/-1%) (vs in line with 2021 previously, i.e. ~42%), giving adjusted EBITDA of € 141m. The consensus was expecting revenues and adjusted EBITDA of € 399m and € 159m respectively. The new guidance thus stands 11% below estimates for EBITDA. The group...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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