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Q2: not as strong as Q1, but still a very solid quarter
Hypoport (HYQ) today (07 August) reported its final Q2 2017 figures, which were in line with
the preliminary results announced at the end of July. Q2 revenues came in at € 47.6m, up
25% yoy, while EBIT was up 12% yoy to € 6.3m (Q2 2016: € 5.7m). EPS rose 18% yoy to
€ 0.87. Viewing H1 2017, revenues increased 29% yoy to € 95.3m, while EBIT was up 20%
yoy to € 13.6m.Hypoport reiterated its full year guidance, i.e. low double-digit revenue and
EBIT growth.
H1 segment split: Institutional Clients segment with strongest growth
(1) Institutional Clients showed the strongest growth with revenues up +36% and EBIT up
+60% yoy in H1 2017. (2) Private Clients was also very strong with revenues +20% and
EBIT +27%. (3) The Credit Platform (=Europace) posted solid top-line growth of +19% and
EBIT up +13% yoy. The lower EBIT growth was mainly attributable to investments of € 0.5m
in the new real estate appraisal business. (4) The new Insurance Tech segment grew its
revenues to € 7.2m (H1 2016: € 1.2m), mainly due to acquisitions made in the last couple of
months; EBIT was slightly negative at € -0.3m (after € -0.1m in Q1).
Feedback from conference call
The company held a conference call today at 14:00 CEST. Our key takeaways:
Overall: Management’s tone was positive; operating momentum is likely to stay positive, in
our view.
Acquisitions: Management is currently looking at several potential acquisitions to
strengthen the new insurance tech platform, and hinted that acquisitions are very likely in
H2. The acquisitions should be similar in size to those done in the past, i.e. priced in the
single-digit €m range. In this context management pointed out that the profit margins of
companies in this segment are very low. It believes it can significantly increase these
margins post-integration, i.e. management sees significant potential for value-creation
through acquisitions.
Genopace and Finmas perform strongly: In H1 2017, transaction volume on the platforms
Genopace and Finmas increased 46% and 58% yoy, respectively (Q1 2017: up 52% and
63%), i.e. momentum again increased significantly in the market space where Europace is
still relatively weak.
(Continued on next page.)
Buy rating and TP of € 139 reiterated
We reiterate our Buy rating and our TP on Hypoport of € 139. For the Financial Service
Providers segment we derive a fair value of €80.18/share; for the Private Clients segment
€31.53/share; and for the Institutional Clients segment €14.13/share. To this we add a value
of €12.53/share for the insurance tech business and deduct net debt of €0.12/share, which
takes us to a fair value per share of €138.26.
Our 2018e target P/E is 34.4x (EPS CAGR 2017-19e: 14.9%). Our TP is based on a
mortgage market CAGR of 1.0% and an increase in Europace’s market share of 1.8pp per
year.
If we assume the growth rates of the past 5 years, i.e. 4% market CAGR and 2.2pp
market share growth per year, we derive a DCF value of € 175.94/share (based on an
assumption of 50% operating leverage).
https://www.hypoport.de/hypoport/uploads/2017/08/...-BHF_Hypoport.pdf
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