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
LAIQON has published its H1 2024 financial results, which adjusted for exceptional items affecting the top line, were close to our expectations. In H1/24, AuM increased to €6.5bn compared to €6.0bn in H1/23. This corresponds to a growth rate of >8%. Adjusted group revenues rose by 17% to €16.3m (FBe: €16.4m; H1/23: €13.9m). Importantly, LAIQON generated performance fees totalling ~€1m in H1/24, a significant increase compared to H1/23 (H1/23: €0; FY/23: €0.8m). Adjusted EBITDA improved significantly in H1/24 to ~€-1.4m (FBe: €-1.3m; H1/23 adj. EBITDA: €-3.7m). LAIQON also confirmed that its subsidiary, the WealthTech, LAIC, and the German asset management giant, Union Investment (Union), will launch their joint product called “WertAnlage” to Union’s high net worth clients without delay in Q4/24 as originally planned. Based on these results and the progress made in the LAIC/Union cooperation, we see the company on track to meet our FY/24 forecasts. Our DCF valuation model still yields a fair value of €9.80 p/s. We reiterate our Buy rating and €9.80 price target.