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Edison Investment Research Limited: Edison issues flash on FinLab (A7A)

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Edison Investment Research Limited
Edison Investment Research Limited: Edison issues flash on FinLab (A7A)

19-Sep-2019 / 15:17 GMT/BST

London, UK, 19 September 2019

Edison issues flash on FinLab (A7A)

Deposit Solutions, FinLab's largest fintech holding (which until recently
made up nearly 30% of its NAV), has completed a new funding round with
Deutsche Bank, which acquired a c 4.9% stake in the business. Although the
deal volume is relatively small (and may be partially non-cash), we note
that the transaction values Deposit Solutions at more than EUR1.0bn, which
means it has now reached 'unicorn' status (ie a privately held company
valued in excess of US$1.0bn) and has become one of the most highly valued
fintech companies in Germany. We estimate that this translated into a
significant write-up of FinLab's c 7% stake of over EUR40m (c EUR7.6/share).

FinLab's NAV at end-June 2019 stood at EUR20.21. Based on yesterday's
closing price of EUR17.30, this implied a c 14% discount to its NAV. After
accounting for the revaluation of its stake in Deposit Solutions
(representing at least EUR7.6 per share) and marking to market the value of
the company's only listed holding (Heliad Equity Partners), we arrive at a
current NAV of EUR28.80 per share. This translates into a c 40% discount to
NAV (although we note that FinLab's share price is significantly higher

Click here [1] to view the full report.

Subscribe [2]to Edison's content to receive reports by email.

All reports published by Edison are free-to-access and available on the
website [3].

About Edison: Edison is an investment research and advisory company, with
offices in North America, Europe, the Middle East and AsiaPac. The heart of
Edison is our world-renowned equity research platform and deep multi-sector
expertise. At Edison Investment Research, our research is widely read by
international investors, advisers and stakeholders. Edison Advisors
leverages our core research platform to provide differentiated services
including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority [4].

Edison is not an adviser or broker-dealer and does not provide investment
advice. Edison's reports are not solicitations to buy or sell any

For more information please contact Edison:

Milosz Papst, +44 (0)20 3077 5700

financials@edisongroup.com [5]

Learn more at www.edisongroup.com [6] and connect with Edison on:

LinkedIn https://www.linkedin.com/company/edison-group- [7]

Twitter www.twitter.com/Edison_Inv_Res [8]

YouTube www.youtube.com/edisonitv [9]

Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
End of Announcement - EQS News Service

876813 19-Sep-2019

1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=0cf323e525e73b24983a73a52ea4b2e5&application_id=876813&site_id=vwd&application_name=news
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=dc4b6da9609a3fa15934b7007f0912b2&application_id=876813&site_id=vwd&application_name=news
3: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=2d62d350e44141e01d1766d8ed0b3f95&application_id=876813&site_id=vwd&application_name=news
4: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=105fe9be9b5e36892886e5a39d51d4b7&application_id=876813&site_id=vwd&application_name=news
5: mailto:financials@edisongroup.com?subject=Re:%20Palace%20capital
6: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=88c95533002fab2316572f9ef6cf3cc6&application_id=876813&site_id=vwd&application_name=news
7: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=afe662765000a80ab72afd922939c992&application_id=876813&site_id=vwd&application_name=news
8: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=ec2d264fe4f303e2143a2e85c6eaa823&application_id=876813&site_id=vwd&application_name=news
9: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=6b959e4d7ee3c402b931a274d2bbe945&application_id=876813&site_id=vwd&application_name=news

(END) Dow Jones Newswires

September 19, 2019 10:18 ET ( 14:18 GMT)

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