December 23rd, 2021 | 12:05 CET
wallstreet:online AG, Palantir, AMC Entertainment - Still ahead in 2022!
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Born in Munich, he first studied economics and graduated in business administration at the Ludwig-Maximilians-University in 1995. As he was involved with the stock market at a very early stage, he now has more than 30 years of experience in the capital markets.
wallstreet:online - Clear undervaluation of the financial platform
The current broker test of the magazine Finanztest turned out very well for the wallstreet:online Group (W:O) in December 2021. The in-house trading platform "Smartbroker" was named the most favorable provider with the largest stock exchanges. This is precisely what the financial community needs: good trading quality, connection to forums and social media channels, and top financial information all in one. W:O combines trading and information for a community of over 830,000 users, which is unique in Europe.
Smartbroker has positioned itself firmly in this environment, now manages more than 200,000 customer custody accounts and already significantly outperforms the competition with the average custody account size under management. The concept is well received, and now the active community is just waiting for the promised app. It is scheduled for launch in the first half of 2022 - another plus point for the attractiveness of the neobroker. Overall, according to management, assets under management should already reach the EUR 10 billion mark in the first half of 2022.
To accelerate the growth of the Group, the parent company increased its stake in wallstreet:online capital AG by a further EUR 8 million as part of a capital increase. The Company already owns more than 95% of the subsidiary, which operates the Smartbroker. As part of a squeeze-out offer at the EGM in January 2022, the Company is attempting to integrate the remaining free shares into the Group at a cash settlement of EUR 47.48 per share.
The outstanding position of the Group as an integrated information and trading platform is unique in Germany, so further steep growth is pre-programmed. If one compares the valuation of the entire W:O Group at EUR 327 million to the last rounds of Trade Republic or Scalable, then a clear undervaluation becomes apparent. The W:O share thus remains a favorite for the coming stock market year 2022.
Palantir Technologies - The big wave seems to be over
Palantir is one of the most scintillating US IPOs of 2020, with shares finally trading at USD 8.50 in September after some difficulties due to opaque lock-up rules. Demand for the "Made in Denver" data octopus was so great at the outset that the share price quintupled to over USD 44 in the first 3 months after listing. The price steadily declined until the end of 2021, but the current capitalization is still USD 37.4 billion - reflecting a 20-fold revenue valuation. What can we expect from 2022 onwards?
According to analyst consensus, Palantir will grow its revenues from USD 1.2 billion to USD 3.3 billion between 2021 and 2025. That corresponds to a growth per annum (CAGR) of 28%. In 2023, there should already be the first net profit; operationally, the Company is already positive in 2021. The median price target of 8 experts is USD 23, which is around 22% above the current quotation.
With a corridor of USD 18 to 26, the Palantir share is currently at the lower edge of the 9-month trading range. The stock is analytically very expensive (P/S 20 and P/B 16), yet with the expected growth, it is possible to grow into the valuation in 2 to 3 years. In a pronounced NASDAQ correction, the stock is well worth buying at a discount.
AMC Entertainment - Spiderman pulls on the valuation
For a long time, it had been believed that the so-called MEME stocks, i.e. stocks recommended for purchase via social networks, would eventually have to regain a standard valuation. Far from it, because the AMC Entertainment shares increased tenfold from a standing start with the initial squeeze movement between February and June 2021 and reached over EUR 60 in the summer of 2021. With 2020 sales of USD 1.2 billion, the American cinema operator was worth just under EUR 30 billion. At the time, there were no great growth prospects because of the pandemic.
Now some calm has returned, but the speculative interest in the AMC share flared up again with the recently reported attendance figures for the new Spiderman movie. The market rewarded the strong demand at the box office with high turnover and a 30% share price increase.
We take a fundamental look at AMC stock. As a result of the Corona Crisis, AMC's market share has increased by a quarter from pre-pandemic levels. The Company has also been able to refinance very well through three capital raises and has been buying up operations from competitors. As a result, one in three US theaters is now an AMC theater, and the Group is again expanding slightly. But beware: the price-to-sales ratio is an astronomical 6, and AMC Group did not generate net profits until 2023. The votes of 7 expert estimates are all Hold, Underweight or Sell - a Buy recommendation is probably only to be found on Reddit.
In 2021, the stock market has shown severe undervaluations and overvaluations as part of daily business. FAANG or MEME stocks can take on whatever valuations they want because when in doubt, flashy individuals like Elon Musk tell the market how much their stock is worth. MEME stocks have a life of their own, and there are hardly any valuation approaches here. However, in the case of wallstreet:online AG, our vote is simple: Strong growth & undervalued!
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