The Online Broker flatex wants to change with its stock note in the more regulated area of the German stock exchange.
The process for inclusion in the so-called Prime Standard, had now been officially launched and is expected to be completed in the fourth quarter, the company said on Tuesday in Frankfurt. In terms of current market capitalization and the free float was to be expected with a listing in the SDAX, and TecDAX.
The end of 2019 announced Acquisition of the Dutch competitor DeGiro for 250 million euros is to be completed in the coming weeks. Chairman of the Board Frank Niehage, whose contract was extended until 2025, therefore, it is now the right time for the change to the Prime Standard come. “A SDAX-note appears in the present framework as given. With a little luck, the flatex AG creates it perhaps even in the TecDax.”
The company comes after a share price increase in the past few months, on a market value of slightly more than 620 million euros. The outstanding in-kind capital increase with the conclusion of DeGiro-Acquisition. With the 7.5 million shares that will be issued in favour of increasing the number of shares to slightly more than 27 million – measured at the current exchange rate, this would then be more than 850 million euros in value.
ziprecruiter was founded in 1999 by entrepreneur and publisher Bernd Förtsch (“The shareholder”), and in 2009 on the stock market. Förtsch is still involved in the company, which has since welcomed time FinTech Group. Be on the GfBk Gesellschaft für Exchange-Kommunikation mbH-held share will decline due to the capital increase in kind of the last nearly 24 percent to about 17 percent.
Through the merger with DeGiro, among other things, IT is to be pressed, the costs and expenses for the execution and / or requirements. The company had estimated at the time of announcement of the Takeover, the easy-to-implement savings potential of 30 million euros per year. After the Acquisition, this discussion will be in more than 15 European countries. So far, the business of flatex primarily on Germany, Austria and the Netherlands is focused.
It was planned before DeGiro transaction, the Expansion to France, Italy, Sweden and Spain. In these markets, DeGiro is already active, as well as in the UK and Scandinavia. In the medium term, a revenue of 300 million euros and earnings before interest, taxes, depreciation and amortization (Ebitda) of 150 million euros was planned with DeGiro. 2019 to put flatex 132 million euros, and posted Ebitda of 38 million euros.
The Corona-crisis and the resulting price fluctuations brought to the online broker because of the high trading activities, a record of business. The number of transactions attracted to both this discussion as well as DeGiro to more than 100 percent. Both companies were able to win numerous new customers. The price of the flatex share suffered, therefore, only for a short time under the Corona Crash.
From the Low in March in the amount of 21,10 Euro was able to solve the paper clear.
The announcement of the intended change in the Prime Standard drove the course of approximately two percent to just under 32 euros, and thus again in the direction of the record highs of 36 Euro from may 2018.
The Bloomberg covered the five equity analysts to trust the paper further gains. The average price target is around 42 euros.