ALTIRA AG (FRA:A7A) Edison issues update on FinLab (A7A)
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Edison Investment Research Limited
London, UK, 9 April 2020 Edison issues update on FinLab (A7A) FinLab's recent focus was on existing portfolio holdings and selective investments in blockchain projects through the EOS VC Fund. Although some of its fintech companies have seen improved performance in the COVID-19 crisis, the outlook remains uncertain. That said, FinLab is ready to support its holdings with liquidity, which should be backed by its healthy cash position and recurring fee income streams. Despite the broad market sell-off, Heliad's (one of FinLab's holdings) share price has increased 8% since end-December 2019, potentially driven by positive stock catalysts at its largest investment, flatex, an online broker.
FinLab's NAV total return was c 33% in 2019, with the discount to NAV widening to 45% at end-December 2019 from 24% a year earlier. Taking into account a c 4% share price drop since end-December 2019, FinLab is trading at a 47% discount to its last reported NAV. Heliad is trading at a discount of c 39% to its end-December 2019 NAV after its shares appreciated 8% since end-December 2019.
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1019499 09-Apr-2020