flatexDEGIRO SE "Revenue Growth Meets Operating Leverage" (Buy) Jagadeesh

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flatexDEGIRO SE "Revenue Growth Meets Operating Leverage" (Buy) Jagadeesh

Cons.

58.8% (vs. 47.9% in Q2:25 and 50.2% in Q1:26). We expect this operating leverage to 12/26E 2.08 2.19 6 1.98

continue over the medium term, supported by ongoing cost discipline and continued 12/27E 2.46 2.67 9 2.35

revenue growth from expanding customer base, growing assets under custody and 12/28E 2.98 3.21 8 2.75

additional revenue streams. As a result, we forecast EBITDA margins to increase from

46% in FY25 to 55% in FY26, 58% in FY27 and 60% in FY28, supporting continued Amit Jagadeesh

earnings growth ahead of revenue growth. Analyst

amit.jagadeesh@ubs.com

+44-20-7567 9705

Strong earnings growth remains underappreciated

Haley TamWe reiterate our Buy rating as we continue to see a compelling combination of double-

Analyst

digit revenue growth, expanding margins and attractive valuation. Our forecasts sit 3% haley.tam@ubs.com

above management's FY26 revenue guidance midpoint and at the upper end of the net +44-20-7567 6176

income guidance range, reflecting our confidence in flatexDEGIRO's ability to sustain

Michael Werner

strong operating leverage. We forecast 2025-28E revenue CAGR of 17%, driven by

steady growth in commission income (+15% CAGR) and NII (+19% CAGR). With costs michael.werner@ubs.com

growing at a controlled 5% CAGR, this ultimately translates to a 3-year EPS CAGR of +44-20-7568 8086

28%. At just 14.3x 2027E P/E, we believe the market is not fully reflecting the

company's earnings growth potential.

Valuation: 29% upside potential to our price target

flatexDEGIRO currently trades at 15.6x 2027E cons PE, a 19% discount to its closest

peers, while offering a superior 3-year growth profile of 23% vs. just 12% for peers. At