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ROUNDUP: Flatexdegiro expects less growth after a record year – price slide

Thursday, 01/06/2022 10:28 AM from

dpa-AFX

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FRANKFURT (dpa-AFX) – The online broker Flatexdegiro after strong business growth in 2021 is aiming for further records in the new year. The number of customer accounts is likely to grow by 30 to 40 percent to 2.7 to 2.9 million, the company announced on Wednesday evening in Frankfurt. According to CEO Frank Niehage, the average customer is likely to trade less on average in 2022 than last year. Overall, the number of transactions over the year should therefore only increase from 91 million to 95 to 115 million.

On the stock exchange, the news was acknowledged with a price slide. Shortly after the start of trading on Thursday, the Flatexdegiro share fell by more than nine percent to 19.74 euros. This made the paper by far the biggest loser in the SDax small cap index . It is still more than two and a half times as expensive as it was before the outbreak of the Corona crisis in February 2020. However, the price has been a long way off its record high of 29.70 euros from last June for months.

Analyst Martin Comtesse of investment bank Jefferies was disappointed with trading activity in the fourth quarter. The number of customers, on the other hand, has grown at a similar rate as in the previous quarters. The management’s goals for 2022 are in line with their expectations. On the other hand, one stock trader rated the target for the deals as a bit disappointing.

Flatexdegiro is represented with its offers in 18 European countries. The most important markets include Germany, the Netherlands and Austria. The management expects particularly strong growth in France, Spain, Portugal, Italy, Switzerland, Ireland and Great Britain.

Flatex was founded in 1999 by the entrepreneur and publisher Bernd Förtsch (“The Shareholder”). In 2009 the company went public, in 2020 the Frankfurt-based company took over its Dutch competitor Degiro and renamed itself Flatexdegiro. Most recently, the merged company was valued at around 2.2 billion euros on the stock exchange./stw/jcf/jha/

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