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flatex

DB:FTK
Snowflake Description

Good value with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FTK
DB
€454M
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

flatex AG provides solutions and services in finance and financial technology for financial service providers in Europe. The last earnings update was 199 days ago. More info.


Add to Portfolio Compare Print
  • flatex has significant price volatility in the past 3 months.
FTK Share Price and Events
7 Day Returns
9.6%
DB:FTK
12.3%
DE Capital Markets
7.2%
DE Market
1 Year Returns
10.2%
DB:FTK
-8.8%
DE Capital Markets
-17.5%
DE Market
FTK Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
flatex (FTK) 9.6% -16.8% -2.7% 10.2% 57.5% 130.7%
DE Capital Markets 12.3% -26.5% -16.8% -8.8% -29% -56.3%
DE Market 7.2% -22.3% -26.1% -17.5% -25.7% -29.1%
1 Year Return vs Industry and Market
  • FTK outperformed the Capital Markets industry which returned -8.8% over the past year.
  • FTK outperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
FTK
Industry
5yr Volatility vs Market

Value

 Is flatex undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of flatex to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for flatex.

DB:FTK Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= €17.73 * 17.2%
€3.05
Book Value of Equity per Share Weighted future Book Value estimates from 2 analysts. €17.73
Discount Rate (Cost of Equity) See below 4.5%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:FTK
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.754 (1 + (1- 30%) (16.23%))
0.893
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.89
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.893 * 5.44%)
4.47%

Discounted Cash Flow Calculation for DB:FTK using Excess Returns Model Model

The calculations below outline how an intrinsic value for flatex is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:FTK Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (17.2% – 4.47%) * €17.73)
€2.25
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €2.25 / (4.47% - -0.39%)
€46.42
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €17.73 + €46.42
€64.15
DB:FTK Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:FTK represents 1.00648x of XTRA:FTK
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.00648x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 64.15 x 1.00648
€64.56
Value per share (EUR) From above. €64.56
Current discount Discount to share price of €23.30
= -1 x (€23.30 - €64.56) / €64.56
63.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price flatex is available for.
Intrinsic value
>50%
Share price is €23.3 vs Future cash flow value of €64.56
Current Discount Checks
For flatex to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • flatex's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • flatex's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for flatex's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are flatex's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:FTK PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in EUR €1.08
XTRA:FTK Share Price ** XTRA (2020-03-27) in EUR €23.15
Germany Capital Markets Industry PE Ratio Median Figure of 17 Publicly-Listed Capital Markets Companies 21.49x
Germany Market PE Ratio Median Figure of 400 Publicly-Listed Companies 16.49x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of flatex.

DB:FTK PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= XTRA:FTK Share Price ÷ EPS (both in EUR)

= 23.15 ÷ 1.08

21.49x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • flatex is good value based on earnings compared to the DE Capital Markets industry average.
  • flatex is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does flatex's expected growth come at a high price?
Raw Data
DB:FTK PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 21.49x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
42%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 7 Publicly-Listed Capital Markets Companies 1.49x
Germany Market PEG Ratio Median Figure of 252 Publicly-Listed Companies 1.22x

*Line of best fit is calculated by linear regression .

DB:FTK PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 21.49x ÷ 42%

0.51x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • flatex is good value based on expected growth next year.
Price based on value of assets
What value do investors place on flatex's assets?
Raw Data
DB:FTK PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in EUR €9.65
XTRA:FTK Share Price * XTRA (2020-03-27) in EUR €23.15
Germany Capital Markets Industry PB Ratio Median Figure of 32 Publicly-Listed Capital Markets Companies 1.61x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.42x
DB:FTK PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= XTRA:FTK Share Price ÷ Book Value per Share (both in EUR)

= 23.15 ÷ 9.65

2.4x

* Primary Listing of flatex.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • flatex is overvalued based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess flatex's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. flatex has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is flatex expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
42%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is flatex expected to grow at an attractive rate?
  • flatex's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • flatex's earnings growth is expected to exceed the Germany market average.
  • flatex's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:FTK Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:FTK Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 42%
DB:FTK Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 16%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 41.2%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:FTK Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (8 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:FTK Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 283 1
2023-12-31 273 1
2022-12-31 265 83 71 1
2021-12-31 246 70 62 2
2020-12-31 184 50 40 3
2020-03-28
2019-12-31 133 30 19 4
DB:FTK Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-06-30 118 -34 20
2019-03-31 116 110 21
2018-12-31 113 254 21
2018-09-30 112 229 20
2018-06-30 111 204 19
2018-03-31 107 102 18
2017-12-31 102 0 17
2017-09-30 94 24 17
2017-06-30 86 48 16
2017-03-31 86 -48 16
2016-12-31 86 -144 16
2016-09-30 83 -317 13

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • flatex's earnings are expected to grow significantly at over 20% yearly.
  • flatex's revenue is expected to grow by 16% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:FTK Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (8 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from flatex Company Filings, last reported 8 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:FTK Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 2.56 2.56 2.56 1.00
2021-12-31 2.27 2.37 2.16 2.00
2020-12-31 1.67 2.03 1.30 3.00
2020-03-28
2019-12-31 0.99 1.04 0.90 4.00
DB:FTK Past Financials Data
Date (Data in EUR Millions) EPS *
2019-06-30 1.08
2019-03-31 1.13
2018-12-31 1.18
2018-09-30 1.15
2018-06-30 1.13
2018-03-31 1.07
2017-12-31 1.01
2017-09-30 0.95
2017-06-30 0.98
2017-03-31 0.99
2016-12-31 0.97
2016-09-30 0.76

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • flatex is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess flatex's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
flatex has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has flatex performed over the past 5 years?

  • flatex's last earnings update was 199 days ago.
The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare flatex's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • flatex has delivered over 20% year on year earnings growth in the past 5 years.
  • flatex's 1-year earnings growth is less than its 5-year average (3.2% vs 25.6%)
  • flatex's earnings growth has not exceeded the DE Capital Markets industry average in the past year (3.2% vs 5.1%).
Earnings and Revenue History
flatex's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from flatex Company Filings, last reported 8 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:FTK Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 118.15 20.11 45.24
2019-03-31 115.56 20.58 45.62
2018-12-31 112.98 21.04 46.01
2018-09-30 112.04 20.26 46.25
2018-06-30 111.09 19.48 46.49
2018-03-31 106.75 18.25 45.19
2017-12-31 102.41 17.02 43.89
2017-09-30 94.32 16.61 43.69
2017-06-30 86.22 16.20 43.50
2017-03-31 86.34 16.29 42.76
2016-12-31 86.46 16.39 42.02
2016-09-30 82.88 12.85 45.19
2016-06-30 79.30 9.32 48.36
2016-03-31 72.43 11.66 45.16
2015-12-31 65.56 14.01 41.97
2015-06-30 39.58 21.43 12.15
2015-03-31 28.30 13.51 12.58
2014-12-31 17.03 5.59 13.02
2014-09-30 20.70 -6.39 27.53
2014-06-30 16.71 -5.19 22.25
2014-03-31 15.58 -3.16 18.58
2013-12-31 14.45 -1.14 14.90
2013-09-30 15.28 -0.68 15.19
2013-06-30 16.11 -0.22 15.47
2013-03-31 15.98 0.13 14.92

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • flatex has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • flatex used its assets less efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if flatex improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess flatex's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
flatex has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is flatex's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up flatex's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • flatex is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • flatex's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of flatex's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 17x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from flatex Company Filings, last reported 8 months ago.

DB:FTK Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 183.23 63.03 760.86
2019-03-31 183.23 63.03 760.86
2018-12-31 167.23 67.13 795.78
2018-09-30 167.23 67.13 795.78
2018-06-30 121.82 72.04 805.41
2018-03-31 121.82 72.04 805.41
2017-12-31 112.72 77.05 575.53
2017-09-30 112.72 77.05 575.53
2017-06-30 85.42 118.44 429.14
2017-03-31 85.42 118.44 429.14
2016-12-31 90.63 63.15 390.44
2016-09-30 90.63 63.15 390.44
2016-06-30 89.58 4.06 386.57
2016-03-31 89.58 4.06 386.57
2015-12-31 85.86 70.85 542.06
2015-06-30 69.13 105.18 820.71
2015-03-31 69.13 105.18 820.71
2014-12-31 50.08 0.42 79.70
2014-09-30 44.75 0.62 15.96
2014-06-30 35.31 0.13 16.24
2014-03-31 35.31 0.13 16.24
2013-12-31 30.50 0.35 10.25
2013-09-30 30.50 0.35 10.25
2013-06-30 21.46 0.62 0.88
2013-03-31 21.46 0.62 0.88
  • flatex's level of debt (34.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0.4% vs 34.4% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Unable to confirm if the interest payments on flatex's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess flatex's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. flatex has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is flatex's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from flatex dividends. Estimated to be 0% next year.
If you bought €2,000 of flatex shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate flatex's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate flatex's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:FTK Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 3.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 320 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:FTK Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 0.00 1.00
2021-12-31 0.00 2.00
2020-12-31 0.00 2.00
2020-03-28
2019-12-31 0.00 2.00
DB:FTK Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2013-05-03 0.000 0.000
2012-05-14 0.150 2.831
2012-04-26 0.150 2.285
2011-05-06 0.100 1.660
2011-04-12 0.100 1.869

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as flatex has not reported any payouts.
  • Unable to verify if flatex's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of flatex's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as flatex has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of flatex's dividends in 3 years as they are not expected to pay a notable one for Germany.
X
Income/ dividend checks
We assess flatex's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can flatex afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. flatex has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of flatex's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Frank Niehage
COMPENSATION €1,000,000
AGE 51
CEO Bio

Mr. Frank Niehage, LLM, serves as the Chief Executive Officer of subsidiary AKTIONAERSBANK. Mr. Niehage has been Chief Executive Officer of FinTech Group AG since September 2, 2014. He has vast experience across all segments of retail and commercial banking. He was Managing Director at Goldman Sachs until August 2014, where he oversaw the bank's German wealth management business. He served as the Chief Executive Officer of J. Safra Sarasin (Deutschland) GmbH (formerly, Bank J. Safra Sarasin (Deutschland) AG). Prior to this he had served in various senior positions at Commerzbank, Credit Suisse, UBS and international law firm Beiten Burkhardt, both in Germany and internationally, especially in Asia. He has been the Chairman of Management Board at FinTech Group AG since August 15, 2014. He has been the Chairman the Executive Board at FinTech Group Bank AG. He is an attorney at law in Germany and has received his Master of Laws majoring in international economics from the University of Houston Law Center.

CEO Compensation
  • Frank's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Frank's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the flatex management team in years:

2.8
Average Tenure
51
Average Age
  • The tenure for the flatex management team is about average.
Management Team

Frank Niehage

TITLE
Chairman of Management Board & CEO
COMPENSATION
€1,000K
AGE
51

Muhamad Chahrour

TITLE
CFO & Member of the Management Board
COMPENSATION
€350K
TENURE
3.2 yrs

Stephan Simmang

TITLE
CTO & Co-Head of IT
TENURE
2.8 yrs

Niklas Helmreich

TITLE
Head of B2C
AGE
50

Benon Janos

TITLE
Head of B2B
TENURE
3.8 yrs

Steffen Jentsch

TITLE
MD & Co-Head of IT
AGE
52
TENURE
2.7 yrs

Jens Möbitz

TITLE
Managing Director
TENURE
1.2 yrs
Board of Directors Tenure

Average tenure of the flatex board of directors in years:

3.8
Average Tenure
  • The tenure for the flatex board of directors is about average.
Board of Directors

Martin Korbmacher

TITLE
Chairman of the Supervisory Board
COMPENSATION
€192K
AGE
54
TENURE
5.3 yrs

Stefan Müller

TITLE
Vice-Chairman of Supervisory Board
COMPENSATION
€82K
TENURE
2.7 yrs

Herbert Seuling

TITLE
Member of the Supervisory Board
COMPENSATION
€48K
TENURE
3.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess flatex's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. flatex has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Should You Investigate FinTech Group AG (FRA:FTK) At €22.85?

Great news for investors – FinTech Group is still trading at a fairly cheap price. … Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price. … With an optimistic outlook on the horizon, it seems like this growth has not yet been fully factored into the share price.

Simply Wall St -

The FinTech Group (FRA:FTK) Share Price Has Gained 245%, So Why Not Pay It Some Attention?

For example, the FinTech Group AG (FRA:FTK) share price has soared 245% in the last half decade. … During the five years of share price growth, FinTech Group moved from a loss to profitability. … Given that the company made a profit three years ago, but not five years ago, it is worth looking at the share price returns over the last three years, too.

Simply Wall St -

Should You Investigate FinTech Group AG (FRA:FTK) At €20.55?

FinTech Group AG (FRA:FTK), which is in the capital markets business, and is based in Germany,. … led the DB gainers with a relatively large price hike in the past couple of weeks. … Let’s take a look at FinTech Group’s outlook and value based on the most recent financial data to see if the opportunity still exists

Simply Wall St -

Do Institutions Own Shares In FinTech Group AG (FRA:FTK)?

If you want to know who really controls FinTech Group AG (FRA:FTK), then you'll have to look at the makeup of its share registry. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … FinTech Group is a smaller company with a market capitalization of €395m, so it may still be flying under the radar of many institutional investors.

Simply Wall St -

Should You Be Concerned About FinTech Group AG's (FRA:FTK) Historical Volatility?

Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … Before we go on, it's worth noting that Warren Buffett pointed out in his 2014 letter to shareholders that 'volatility is far from synonymous with risk.' Having said that, beta can still be rather useful.

Simply Wall St -

Is FinTech Group AG (FRA:FTK) Undervalued After Accounting For Its Future Growth?

Looking at FinTech Group AG’s (FRA:FTK) fundamentals some investors are wondering if its last closing price of €18.12 represents a good value for money for this high growth stock. … Let’s take a look at some key metrics to determine whether there's any value here for current and potential future investors. … Investors in FinTech Group have been patiently waiting for the uptick in earnings.

Simply Wall St -

Investors Are Undervaluing FinTech Group AG (FRA:FTK) By 25.95%

Pricing FTK, a financial stock, can be difficult since these capital market businesses have cash flows that are affected by regulations that are not imposed upon other sectors. … For instance, these businesses must hold a certain level of cash reserves on the books as a safety precaution.

Simply Wall St -

Could The FinTech Group AG (FRA:FTK) Ownership Structure Tell Us Something Useful?

A look at the shareholders of FinTech Group AG (FRA:FTK) can tell us which group is most powerful. … With a market capitalization of €357m, FinTech Group is a small cap stock, so it might not be well known by many institutional investors. … Let's take a closer look to see what the different types of shareholder can tell us about FTK

Simply Wall St -

Does FinTech Group AG (FRA:FTK) Have A Volatile Share Price?

If you're interested in FinTech Group AG (FRA:FTK), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … The first thing to understand about beta is that the beta of the overall market is one.

Simply Wall St -

Should You Be Tempted To Sell FinTech Group AG (FRA:FTK) Because Of Its PE Ratio?

The content of this article will benefit those of you who are starting to educate yourself about investing in the stock market. … and want to learn about the link between company’s fundamentals and stock market performance. … I will deconstruct the P/E ratio and highlight what you need to be careful of when using the P/E ratio

Simply Wall St -

Company Info

Description

flatex AG provides solutions and services in finance and financial technology for financial service providers in Europe. It operates through Financial Services (FIN) and Technologies (TECH) segments. The FIN segment offers white-label banking and outsourcing solutions; services brokerage, cash management, capital market, p2p lending, and securities custody services, as well as deposit platforms; treasury services; and secured loans. The TECH segment provides a platform for retail banks, and private and specialist banks; and corporate payment products. It also develops and operates Limit Order System, which monitors the limit orders of European brokers against the price feed of connected issuers. The company was formerly known as FinTech Group AG and changed its name to flatex AG in August 2019. flatex AG is headquartered in Frankfurt am Main, Germany.

Details
Name: flatex AG
FTK
Exchange: DB
Founded:
€453,638,996
19,595,637
Website: http://www.flatex.com
Address: flatex AG
Rotfeder-Ring 7,
Frankfurt am Main,
Hessen, 60327,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA FTK Registered Shares XETRA Trading Platform DE EUR 30. Jun 2009
OTCPK FNNT.F Registered Shares Pink Sheets LLC US USD 30. Jun 2009
DB FTK Registered Shares Deutsche Boerse AG DE EUR 30. Jun 2009
LSE 0W89 Registered Shares London Stock Exchange GB EUR 30. Jun 2009
ETLX FTK Registered Shares Eurotlx IT EUR 30. Jun 2009
BATS-CHIXE FTKD Registered Shares BATS 'Chi-X Europe' GB EUR 30. Jun 2009
Number of employees
Current staff
Staff numbers
524
flatex employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/28 22:56
End of day share price update: 2020/03/27 00:00
Last estimates confirmation: 2020/03/27
Last earnings filing: 2019/09/11
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.