Laiqon: Q2 review: EBITDA turns positive - NuWays AG Research
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Laiqon: Q2 review: EBITDA turns positive - NuWays AG Research

LAIQON turned EBITDA positive in Q2 for the first time in years and Digital Wealth is scaling fast enough to significantly move group AUMs. Both AuM and sales grew sequentially without acquisition support, highlighting an increasing growth pace.

AuM increased 13% qoq to € 11bn. While Digital Wealth is only c. 12% of group AuM, it contributed c. 45% of H1 net AUM growth. In fact, LAIC's white label funds more than doubled vs. beginning of the year and July gross inflows stood at € 106m, which should be seen as a monthly inflow run rate going forward. The € 12bn year-end target needs another € 0.7bn in five months (August 7: AUMs at € 11.3bn), which appears to be broadly achievable with Digital Wealth contributions alone.

In sum, Q2 shows LAIQON more than covering its operating cost base for the first time in a while. Digital Wealth is developing into a meaningful group growth engine, with strong organic inflows increasingly driving AuM and recurring sales across a scalable platform. Combined with the leaner personnel cost base, further distribution via Amundi and the expanding WertAnlage network should translate continued AuM growth into rising profitability.

BUY, PT € 8.50 (old: 8.80), based on DCF.
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