2025-06-09-Jefferies-菲内科银行（FBK）_初步观点_五月资金流动情况_7页_102kb

报告摘要

Conclusion and Rating: Jefferies maintains a BUY rating with a price target of €19.00 (down 1% from €19.26), based on strong May 2025 performance that supports continued Asset Under Management (AuM) and deposit growth, as well as undervalued brokerage revenue potential.
Key Highlights:
- May 2025 Flows: Net inflows of €1.3bn, including €549m in AuM inflows (51% higher than May 2024), reinforcing momentum in asset growth. Deposits saw nearly €1bn inflows, exceeding outflows.
- Business Model: Fineco's ability to grow AuM above peers through competitive fees, digital platform, and wide product offerings, with a low cost-to-income ratio expected to improve.
- Brokerage Revenue: Normalized to €18m in May, slightly below prior year, but potential for growth due to market rebound.
- Customer Growth: 7% YoY increase in May, stable from previous months.
Valuation and Risks:
- Uses a three-stage DCF model, forecasting continued revenue growth.
- Risks include sensitivity to market performance impacting revenues, and potential negative effects if deposit policies change, affecting net interest income.