November 30th, 2020 | 10:45 CET
Delivery Hero, wallstreet:online, flatexDEGIRO: Despite a doubling of the share price: Which share is about to be revalued?
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"[...] The mere fact that we have to write off around EUR 5 million shows that mistakes were made. We have to admit this quite openly to ourselves. [...]" André Kolbinger, CEO, Smartbroker Holding AG
DELIVERY HERO SE - Record growth in all business areas
Delivery Hero is the world's leading local delivery platform. The Berlin-based Company now offers its services in 49 countries. In 2011, the Company started as a pure delivery service for Essen but currently operates its logistics in over 700 cities. In 2017, the growth of the Company took the step onto the trading floor. This year, it even managed to get into the DAX. All in all, a brilliant development that is reflected in the share price.
Delivery Hero recently published its figures for the third quarter, slightly raising its sales forecast for the year as a whole to EUR 2.7-2.8 billion. The number of orders and sales in Q3 doubled year-on-year to EUR 362 million and EUR 776 million respectively. "We continue to see record growth in all our business areas, including the revolutionary Quick-Commerce. Delivery Hero will maintain this course by expanding in key markets, strengthening our leading position worldwide and investing in technology and innovation to continuously improve the experience of our customers," commented CFO Emmanuel Thomassin on the progress.
Quick-Commerce-Service (or Q-Commerce) refers to the next generation of e-commerce, with the goal of bringing food and household goods to customers in less than 20 minutes. Delivery Hero is growing not only organically, but also through numerous acquisitions. The pace of expansion of the Berliners is impressive. There is room for further global growth. Stay with it!
WALLSTREET:ONLINE AG - Share revaluation is inevitable
wallstreet:online AG is by far the largest publisher-independent financial portal operator in the German-speaking world and the leading financial community. The group operates the portals wallstreet-online.de, boersenNews.de, FinanzNachrichten.de and ARIVA.de. The core business, providing advertising customers with a high reach in a target group with an affinity for finance and stock markets, is booming as was seen in last September in the half-year figures. The sales targets for the current year have been raised to between EUR 24.5 million and EUR 29.9 million. EBITDA (excluding one-time effects) is expected to be between EUR 4.1 million and EUR 5.0 million. Taking into account the one-time effects, the operating result is expected to be around EUR 7 million.
An essential source of earnings, not included in the figures and forecasts mentioned above, is the business of the 43% investment in wallstreet:online capital AG. wallstreet:online capital, with FondsDISCOUNT.de, is the largest bank-independent online discount investment broker in Germany. The acquisition has been active on the market with Smartbroker (discount broker) since the end of 2019. The strategy of converting media reach into customer and order growth is working. w:o wants to increase the share to 70%, and the ownership control procedure by the BaFin is underway. In balance sheet terms, this would then lead to the full consolidation of wallstreet:online capital. For 2024, a customer base of more than 400,000 investors and a consolidated profit before taxes of EUR 27 million is forecast - impressive, ambitious, but realistic.
Visually, the share price was favourably priced in October with a 1:8 split, and given the dynamic development of the share price, the analysts cannot help but raise their price targets again. Should the medium-term plans only work out roughly as formulated by the Company, the share - despite the excellent share price performance to date - will face a revaluation.
FLATEXDEGIRO AG - by acquisition to the largest retail online broker in Europe
With the takeover of DEGIRO by Flatex this summer, flatexDEGIRO, Europe's largest retail online broker, was created. About 2 weeks ago, the Company announced the figures for the third quarter. The number of customers increased to 1.16 million (+46% compared to pro forma September 2019). The number of transactions more than doubled within the first nine months to almost 54 million. 9M revenues grew by 67% to EUR 164.8 million. In terms of synergies, the Broker is above its self-imposed target of saving EUR 30 million annually at the EBITDA level.
More than 1.2 million customers and 70 million securities transactions are expected for the full year. By 2025 at the latest, more than 3 million customers are to be acquired, and at least 100 million transactions are to be processed annually.
Synergies and growth are a good mix for further price increases.
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