Berenberg Raises Flatexdegiro Target to €18 - 'Buy'

Analyst Daniel Regli upgraded the price target on Flatexdegiro to €18 from €14

The analyst maintained a 'buy' rating on the stock. He noted that Flatexdegiro's recent results showed the benefits of its scale and diversification.

Flatexdegiro is well-positioned to benefit from further consolidation in the European online brokerage market

Regli believes that Flatexdegiro is well-positioned to benefit from further consolidation in the European online brokerage market. He noted that the company has a strong track record of M&A and is likely to continue to make acquisitions in order to grow its market share.

The company's recent results showed strong growth in all key metrics

Flatexdegiro's recent results showed strong growth in all key metrics. The company's revenue increased by 21% to €238.8 million, while its EBITDA increased by 26% to €111.6 million.

The company's customer base also grew significantly, with the number of active customers increasing by 25% to 2.1 million.

Regli believes that Flatexdegiro is a well-managed company with a strong competitive position

Regli believes that Flatexdegiro is a well-managed company with a strong competitive position. He noted that the company has a strong track record of growth and is well-positioned to benefit from further consolidation in the European online brokerage market.

The analyst believes that the stock is trading at a discount to its intrinsic value

Regli believes that the stock is trading at a discount to its intrinsic value. He noted that the company is trading at a P/E ratio of 13x 2023 earnings, which is below the average P/E ratio of 15x for European online brokers.