First Berlin Equity Research has published a research update on LAIQON AG (ISIN: DE000A12UP29). Analyst Christian Orquera reiterated his BUY rating and maintained his EUR 9.80 price target.

Abstract
The Joachim Herz Foundation (JHF) has become a new anchor investor in LAIQON AG, acquiring a stake of 9.93% through a cash capital increase of €12.6m without subscription rights. This strategic investment is aimed at supporting LAIQON’s long-term growth and innovation. The funds raised will be used to expand strategic partnerships with further prominent financial institutions (e.g. private banks, insurance companies, and large fintechs), enhance sales collaborations, and further develop LAIQON’s Digital Asset Platform 4.0 and its promising WealthTech subsidiary, LAIC. Established in 2008, JHF is one of Germany’s five largest foundations and a renowned investor with a long-term investment focus. In our view, this collaboration is good news and represents a pivotal step for LAIQON to financially ensure the scaling of its business activities and the realisation of its long-term strategic goals, while reducing the company’s overall business risk. This transaction is the third validation of business potential that management has achieved in 2024, having secured: (1) the second largest German asset manager Union Investment (Union) as a white-label partner for its LAIC product and (2) the 10th largest cooperative bank in Germany, Volksbank Rosenheim, as a JV partner for the distribution of LAIC, as a direct investor in LAIC Capital GmbH with a 5.04% stake as well as an investor in LAIQON’s asset management subsidiary BV Bayerische Vermögen GmbH (BV) with a 25% stake. Today, LAIQON announced that Union’s roll-out of the LAIC Advisor started in early December 2024 as planned. In our view, management is delivering as promised. We have updated our DCF model and arrive at an unchanged price target of €9.80. Our recommendation remains Buy.