LAIQON AG Receives Updated Buy Rating from First Berlin Equity Research

First Berlin Equity Research has issued an updated research note on LAIQON AG, maintaining a "Buy" recommendation with a revised target price of €9.00, down from €9.80. Analyst Christian Orquera cites the company's underwhelming fiscal year 2024 results as the reason for the adjusted price target.

LAIQON AG reported a 7% increase in Assets under Management (AuM), rising from €6.1 billion in FY 2023 to €6.5 billion in FY 2024. Revenue increased by 9% to €31 million, falling short of the forecasted €35.4 million. Despite improvements, EBITDA remains negative at €-3.8 million, better than the previous year's €-7.3 million but below expectations of €-2.0 million.

Management remains optimistic, confirming the successful launch of the 'WertAnlage' product with Union Investment in late 2024, sustaining AuM guidance of €8-10 billion for 2025. Given the current valuation, the share is considered significantly undervalued.