London, UK, 27 August 2019
Edison initiates coverage on FinLab (A7A)
FinLab is a self-managed German venture capital (VC) investor and start-up incubator specialising in fintech companies. It holds a portfolio of 10 active fintech investments across several subsectors, including its main success story Deposit Solutions. The company also owns three asset management businesses generating steady cash flow from management fees, which fully cover FinLab's ongoing expenses. Moreover, it holds a 45.3% stake in listed investment vehicle Heliad Equity Partners (HEP), which is currently undergoing restructuring. Since the beginning of 2015, when it started operating under the current investment mandate, it has delivered an NAV total return (TR) of around 20% pa.
FinLab's shares currently trade at a 20% discount to last reported NAV of EUR20.51 per share (as at end-March 2019). Its stake in HEP (c 20% of FinLab's NAV) is valued based on Heliad's market cap, which is currently 31% below its NAV. Hence, FinLab's discount on a 'look through' basis stands at c 26%.
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