Professional
Added to YB: 2024-12-03
Pitch date: 2024-02-28
XTP.DE [bullish]
Sino AG
+182.88%
current return
Author Info
No bio for this author
Company Info
Sino AG provides investment and order placement services in Germany. It also provides brokerage; account and custody account; course supply; mortgage and credit; margin; and short selling services, as well as operates MX-PRO trading system.
Market Cap
EUR 238.4M
Pitch Price
EUR 36.23
Price Target
76.00 (-26%)
Dividend
1.43%
EV/EBITDA
N/A
P/E
N/A
EV/Sales
N/A
Sector
Capital Markets
Category
special_situation
Sino AG Investment Thesis
XTP.DE: Sino AG's value tied to 2.3% stake in Trade Republic (TR), valued at €5.3B. TR in 17 countries, 4M customers (2.5M in Germany). First net profit Sep 2023. Growth potential in untapped EU market. PFOF use a red flag. Potential TR IPO at €8-12B could double Sino's value. Currently trades at 25% discount to TR stake.
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