First Berlin Equity Research has published a research update on LAIQON AG (ISIN: DE000A12UP29). Analyst Christian Orquera reiterated his BUY rating and decreased the price target from EUR 9.80 to EUR 9.00.

Abstract
LAIQON has published its FY 2024 financial results, which came in below our expectations. Assets under Management (AuM) increased by ~7% from €6.1bn in FY/23 to €6.5bn in FY/24. Revenue rose by ~9% to €31.0m (FBe: €35.4m) compared to adjusted revenue of €28.4m in FY/23. EBITDA improved in FY/24 to €-3.8m (FBe: €-2.0m) from adj. EBITDA of ~€-7.3m in FY/23. On the basis of the FY/24 results we are now more cautious on the outlook and have lowered our financial forecasts. Nevertheless, management confirmed that the German asset management partner Union Investment (Union) launched the joint “WertAnlage” product to its high net worth clients on schedule in Q4/24 and that rollout is going very well. As a result, management has reaffirmed its AuM guidance of €8-10bn for 2025. Our DCF valuation model yields a lower price target of €9.00 (previously: €9.80). At the current level, the share is significantly undervalued. We reiterate our Buy rating.