Company Responsibility Investor Relations Media Career DE EN flatexDEGIRO AG: €20.78 Tradegate, 12:32 AM CET Share Latest research recommendations Institution Analyst Recommendation Target price Email address Telephone Berenberg Christoph Greulich Buy 40.00 € christoph.greulich@berenberg.com +44 (0)20 3753 3119 Deutsche Bank Mengxian Sun Buy 30.00 € mengxian.sun@db.com +49 (0)69 910 41701 Goldman Sachs Roberta De Luca Buy 37.00 € roberta.deluca@gs.com +44 (0)20 7051 2264 Hauck & Aufhäuser Frederik Jarchow Hold 20.00 € frederik.jarchow@ha-ib.com +49 (0)40 414388576 Jefferies Martin Comtesse Buy 33.00 € mcomtesse@jefferies.com +44 (0)20 7029 8772 KBW - A Stifel Company Benjamin Kohnke Outperform 35.25 € benjamin.kohnke@kbw.com +49 (0)69 78808 226 M.M. Warburg Marius Fuhrberg Buy 40.00 € mfuhrberg@warburg-research.com +49 (0)40 309537 185 Research Reports 2021 2020 23.11.2021 Goldman Sachs: New DEGIRO pricing model offers revenue upside Overall, these changes drive EPS increases of 3.3% on average over the forecast period from 2021-25. research.gs.com 23.11.2021 Berenberg: Pricing overhaul to boost earnings We agree with the company’s anticipation of a middouble- digit EURm amount, as flagged in its press release. research.berenberg.com 18.11.2021 Goldman Sachs: Zero-commission fees to be offered to DEGIRO customers as part of pricing overhaul The firm has made clear that none of the measures will include compensation through payment for order flow. research.gs.com 18.11.2021 Jefferies: DEGIRO goes Zero - But Zero Commission Does Not Mean Zero Fees Management expects to generate an annual incremental mid-double-digit million EUR amount of EBITDA starting in 2022 jefferies.com 12.04.2021 M.M. Warburg: Excellent operative development and growth prospects Overall, growth prospects remain bright. Our PT rises on the back of higher margin assumptions and the roll-forward of the financial model. Download (PDF/1 MB) ↓ 24.02.2021 Hauck & Aufhäuser: FY20 prelims with top-line beat Overall, we see flatexDEGIRO to be fully on track to reach another record quarter and its FY21 guidance (1.8 – 2.0m customers and 75 - 90m transactions) driven by the very promising January figures, ongoing lockdowns, high volatility and the current trading revolution of the next generation that is all driving trading activity. ha-research.de 23.02.2021 Jefferies: Strong Consensus Beat Despite High Expectations Today's prelims suggest that both guidance and consensus forecast might still be too conservative for FY21. fedsso.jefferies.com 23.02.2021 Goldman Sachs: FY20 preliminary financials: operating beat and FY21 guidance reiterated We highlight that revenues doubled to €261mn for the year (+3% vs company-compiled consensus at €253mn), and EBITDA increased by 139% to €98mn (+13% vs company-compiled consensus at €87mn), showing strong operating leverage for the company. research.gs.com 23.02.2021 M.M. Warburg: Strong P&L figures follow outstanding trading figures While the strong operative performance should not be surprising, especially the adjusted EBITDA exceeded our expectations significantly. The company reiterated the guidance that it already increased in February and should be well on track. Overall, the strong performance should be encouraging and underlines our investment case. Download (PDF/862 KB) ↓ 23.02.2021 Hauck & Aufhäuser: FY20 prelims with top-line beat On the back of the record month January with 130k new customer and 11.4m executed transactions, flatexDEGIRO is heading for another record quarter www.ha-research.de Show more Shareholder Structure Investor Thesis Reports & Financial Calendar News flatexDEGIRO flatexDEGIRO AG Head Quarter Rotfeder-Ring 7 60327 Frankfurt/Main T +49 (0) 69 4500010 Germany info@flatexdegiro.com Contact Data privacy Legal Notice Company Home Who we are Our Principles Management Awards flatexDEGIRO Bank AG Responsibility Our Commitment Compliance Employees Environment Security & Data Stakeholderdialog Partnerships Investor Relations Investment Thesis Share News Reports & Financial Calendar Corporate Governance Annual General Meeting & Prospectus Media Press Review Press Releases Career Jobs Dual Studies Investors Newsletter Surname, First Name Company E-Mail I hereby confirm that I have read and understood the Privacy Policy. 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