FlatexDEGIRO : Q2 results show strong interest income growth, but misses on adjusted EBITDA margin, however, margins should improve in H2
>Revenue flat y-o-y as higher interest income compensated for lower commission income - In Q2, the company's revenue witnessed only a slight decline year-on-year of -0.9% to € 90.8m and remained in line with both our and the consensus estimates of € 90.8m and € 88.8m respectively. This decrease in revenue was primarily attributed to a dip in commission income to € 52.7m (-18.2% y-o-y), attributable to the relatively reduced trading activity experienced in Q2 (13.2 mil...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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