FlatexDegiro rises as FY results beat guidance

flatexDEGIRO SE

28/02/2023 10:07

** Shares in FlatexDegiro  FTKn.DE  are up 6% after the
German online broker said its preliminary FY22 results beat
previous guidance as revenue fell less than feared in a year of
slumping equity indices
    ** Revenues amounted to 407 million euros ($432.15 million)
in 2022, higher than the anticipated 380 million euros 
        ** Flatex Degiro said its customer assets under custody
in 2022 fell just 10%, while most global equity indices lost
20-35% in the year
  
    ** The company's adjusted EBITDA margin was 39.3% in FY22,
higher than the expected 37%
    ** Deutsche Bank says the beat was mainly driven by
higher-than-expected other operating income, though no reason
has been given for the result
    ** "We believe some clarification is required to help
determine the resilience of top-line performance," the broker
adds
    ** For 2023, FlatexDegiro expects a slight increase in
adjusted sales with an adjusted EBITDA margin of more than 40%
    ** A local trader said the results for FY22 were "better
than expected" and the outlook for FY23 was "not as bad as
feared"
    ** Flatexdegiro is one of the top performers in the German
small-caps index  .SDAXI  and is on track for its best day since
November
    
($1 = 0.9418 euros)

 (Reporting by Anna Mackenzie)
 ((Anna.mackenzie@thomsonreuters.com))