Original-Research: The NAGA Group AG - von GBC AG
Einstufung von GBC AG zu The NAGA Group AG
Unternehmen: The NAGA Group AG
ISIN: DE000A161NR7
Anlass der Studie: Research Report (Initial Coverage)
Empfehlung: BUY
Kursziel: 5.10 EUR
Kursziel auf Sicht von: 31/12/2019
Letzte Ratingänderung:
Analyst: Dario Maugeri, Cosmin Filker
A platform for fintech and crypto; Strong growing FinTech specialist for
the mobile Financial trading and the trading of virtual goods
The NAGA Group AG is a public listed German Fintech company that aims to
build an ecosystem of user-friendly interconnected trading services. Within
a social network interface, the platforms make the trading easy-to-use.
Simply, the system enables users to copy and share trades, learning from
others, exchanging ideas and, more generally, investing in financial
markets, crypto-currencies and virtual goods. On these bases, customer
accounts have reached about 500,000 users in the NAGA-ecosystem at the date
of this writing.
Under the brand NAGA Trader the company currently performs the most
significant part of its trading services. This mobile-oriented application
seems to be more appealing to younger users even without financial
knowledge (the platform is available for iOS, Android and Web). For this
reason, NAGA is committed to introduce the platform (e.g. with a demo) to
new target users from unrelated environments such as the games industry.
Compared to the competitors (e.g. Ayondo or eToro), NAGA Trade offers more
flexible tools, such as the opportunity to partially or completely copy the
trades of an expert trader. The offer is integrated with a personalized
robo-advisor (CYBO) that combines the crowd-trading behavior of humans with
artificial intelligence. The proprietary technology has, from an early
stage, represented one of the main assets on the consolidated balance
sheet.
Worth mentioning is the consolidation of the acquired Hanseatic Brokerhouse
Securities AG in the H1/18. The new subsidiary owns a license as a
financial services provider under the Cyprus security and exchange
commission. A further strategic acquisition has been the 25% of easyfolio
GmbH with the option to increase to the stake to up to 49%. The Frankfurt
investment company is an ETF-platform active in Germany, with assets under
management of more than EUR50m at the time of writing. Moreover a strategic
partnership with the listed company MyBucks has been concluded in 2018 to
extend NAGA cryptocurrency products (NAGA Wallet) to MyBucks's clients.
NAGA's corporate strategy is oriented to integrate all the services,
currently in different website and apps, in one unique platform.
In addition, an expansion of business activities in Europe and worldwide is
planned. A core point for the implementation is the starting of strategic
alliances or M&A (e.g. in Asia boosted by the Hong Kong based shareholder).
Given a steady increase in the volume of users for both finance and crypto
divisions, we anticipate an increase in revenues of up to EUR38.45m in FY
2020. This is the basis for our valuation approach, which uses a DCF model.
However, we have to underline that the company acts as a new founded
venture and is active in a highly competitive environment.
Based on the DCF model, we calculate a fair value per NAGA share of EUR5.15
Based on the current share price of EUR2.10, resulting in a share price
potential of over 140% and, therefore, we are including NAGA as a new entry
in the research coverage with a Buy rating.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/17395.pdf
Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
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Date and time of completion of this research: 10/12/2018 (4:45 pm)
Date and time of first distribution: 11/12/2018 (9:00 am)
-------------------übermittelt durch die EQS Group AG.-------------------
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