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Equity Bottom-Up

<p>FinLab continues to expand its portfolio of fintech investments (currently nine holdings), putting special emphasis on opportunities in the blockchain and cryptocurrencies space. The company regards the expertise it has acquired in this area as a competitive advantage in the context of tightening regulations. Nevertheless, FinLab’s strong NAV growth in FY17 (c 41% y-o-y) was assisted by write-ups of its earlier investments: Heliad Equity Partners, Deposit Solutions and Kapilendo. As a result, FinLab’s shares are trading in line with the last reported NAV.</p>

FinLab continues to expand its portfolio of fintech investments (currently nine holdings), putting special emphasis on opportunities in the blockchain and cryptocurrencies space. The company regards the expertise it has acquired in this area as a competitive advantage in the context of tightening regulations. Nevertheless, FinLab’s strong NAV growth in FY17 (c 41% y-o-y) was assisted by write-ups of its earlier investments: Heliad Equity Partners, Deposit Solutions and Kapilendo. As a result, FinLab’s shares are trading in line with the last reported NAV.

FinLab - Expansion of fintech portfolio continues

<p>FinLab&rsquo;s results combine relatively stable income from management fees and dividends received from the asset management subsidiaries, Heliad and Patriarch (total income at &euro;1.76m vs &euro;1.88m in H116), and sizeable revaluation gains (Kapilendo, Heliad) of &euro;2.52m (vs -&euro;0.3m in H116). The recent share issue and improved operating cash flow increased the company&rsquo;s net cash position to &euro;4.28m from &euro;0.97m at end-2016. This puts FinLab in a strong position to execute further fintech investments. Following the recent positive share price performance, FinLab&rsquo;s shares trade at an 18.9% premium to last reported NAV.</p>

FinLab&rsquo;s results combine relatively stable income from management fees and dividends received from the asset management subsidiaries, Heliad and Patriarch (total income at &euro;1.76m vs &euro;1.88m in H116), and sizeable revaluation gains (Kapilendo, Heliad) of &euro;2.52m (vs -&euro;0.3m in H116). The recent share issue and improved operating cash flow increased the company&rsquo;s net cash position to &euro;4.28m from &euro;0.97m at end-2016. This puts FinLab in a strong position to execute further fintech investments. Following the recent positive share price performance, FinLab&rsquo;s shares trade at an 18.9% premium to last reported NAV.

Germany

FinLab AG operates as a venture capital firm that invests in German based fintech start up companies.

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FinLab AG (A7A GR)

FinLab - Expansion of fintech portfolio continues

FinLab continues to expand its portfolio of fintech investments (currently nine holdings), putting special emphasis on opportunities in the...

Edison Investment Research

NAV boosted by revaluation gains

FinLab’s results combine relatively stable income from management fees and dividends received from the asset management subsidiaries, Heliad and...

Edison Investment Research

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