1Mês·

Trading idea: Sino AG (XTP)

I was browsing the Wallstreet-Online forum and found the argumentation of a member on the subject of Sino AG very exciting, interesting and insightful. I have summarized the key points for you and added my comments in some places: What do you think of this extrapolation? Opinions welcome:

Investment-Case:

#traderepublic presented strong growth figures at its #keynote strong growth figures and announced new strategic steps. For the $XTP (-2,49%)which holds around 2% of Trade Republic, this offers considerable valuation opportunities!

Key facts about Trade Republic:

10 million users (+2 million or +25 % since the beginning of the year)
150 billion € AUM (+50 billion or +50% since the beginning of the year)
New products:
Entry into private equity investments (via Apollo & EQT, leading global PE firms)
Launch offer: 1% bonus in the first month on all private markets investments
Two further asset classes to follow → clear development towards asset manager

Trade Republic rating

AUM per user: 150 billion € / 10 million users = 15,000 € per user
With the sale of Finanzen.net Zero (approx. 200,000 users), a purchase price of around 400 million was achieved. This corresponds to a purchase price of around € 2,000 per user.
In addition: Zero manages AUM of around 3 billion €which is also an average of 15,000 AUM per user. per user. So exactly comparable with the current key figures of Trade Republic.
From this: € 2,000 × 10 million users = 20 billion € enterprise value (Previous figures: € 13.3 billion with 8 million users and 100 billion AUM)

Sino AG shareholding

Share: approx. 2% in TR → 400 million € investment value
Per share: € 400 million / 2,337,500 shares = 171 € per share (without core business)

📌 Conclusion:

With the strong growth in users and assets as well as the entry into new asset classes Trade Republic is developing strategically in the direction of an asset manager. For Sino as a minority shareholder, this opens up significant upside potential. upside potential.

#aktie
#börse
#neobroker
#depot
#broker
#bank
#tr
#privateequity
#investieren

16 Comentários

Variett@Variett

1Mês

Whether the 2% stake in a company with a kgv of 290 sends any signal would be questionable for me.

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JoniBaboni ✅.@BisInDieLetzteFussnote

1Mês

@Variett So I've made around 1500% with it since 2020 and +100% over the year. The share price is only driven by TR. The TR investment is also not included in the P/E ratio, how is that supposed to work? So inform yourself first and don't always badmouth everything, thank you

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Variett@Variett

1Mês

@BisInDieLetzteFussnote good for you, if you still see big growth at 1600% over 5 years, the company is probably clearly undervalued, then all in 👍

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JoniBaboni ✅.@BisInDieLetzteFussnote

1Mês

@Variett Well, the calculation is relatively simple, Sino currently has a TR valuation of ~10 bn. But if TR goes public in 2-3 years, I assume a valuation of 20-30 bn (comparison of the valuation with Robinhood, Klarna or Revolut). So we would still have plenty of room for maneuver. I don't think you've ever looked into it, but you want to make it look bad. Take a look at the case and then I'm looking forward to your assessment

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Variett@Variett

1Mês

@BisInDieLetzteFussnote you are welcome to invest in the share :)

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JoniBaboni ✅.@BisInDieLetzteFussnote

1Mês

@Variett Fortunately, I am. Next time, think first and then hit the keys :)

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DocDavideVista@DocDavideVista

1Mês

👏🏻👏🏻

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Chris@Multibagger

1Mês

I am very skeptical about this. Investment companies always have a high discount on investment valuations. Let's take the example of $93M1, which I recently presented here. The investment in M1 Kliniken alone is worth twice as much as the entire $93M1.

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JoniBaboni ✅.@BisInDieLetzteFussnote

1Mês

@Multibagger It's not about investing in investment companies but in specific EQT funds. Via TR you can now invest indirectly in Flix or Vinted, for example, before they go public. This is a mega opportunity for small investors and was previously not possible for less than 100k. The long-term returns are demonstrably higher in the private markets. But if you want to find something to complain about, you'll find something :)

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Chris@Multibagger

1Mês

@BisInDieLetzteFussnote The original post to which I replied was about $XTP. This had nothing to do with the new TR tool, but only with the participation of 2% of $XTP in TR and whether an investment in $XTP is therefore worthwhile.

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JoniBaboni ✅.@BisInDieLetzteFussnote

1Mês

@Multibagger Ah, misunderstood, sorry. TR is due to go public in 2-3 years. Maybe only in 4, but it's coming. And until then, TR is growing PROFITABLY with >4 million customers per year. AUM has risen by 50% in 9 months. The Sino share price currently only has a valuation of 10 billion, which will at least double with the development. I honestly have to say that I don't feel as comfortable with any other investment...

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JoniBaboni ✅.@BisInDieLetzteFussnote

1Mês

I think it's great and I invested straight away today, taking the 1% bonus with me! Don't forget who EQT and Apollo are, they are right at the top. And you can see all the companies that are in the EQT fund, e.g. Flix or Vinted. I think it's a great opportunity to be able to invest in such companies before they go public. But of course, we are in Germany, all negative and anti again 😅

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