21.07.2026-
Original-Research: Finexity AG (von GBC AG): Buy
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Original-Research: Finexity AG - from GBC AG
21.07.2026 / 12:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
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Classification of GBC AG to Finexity AG
Company Name: Finexity AG
ISIN: DE000A40ET88
Reason for the research: Research Report (Anno)
Recommendation: Buy
Target price: 81.11 EUR
Target price on sight of: 31.12.2027
Last rating change:
Analyst: Matthias Greiffenberger, Cosmin Filker
Digital capital market infrastructure for private markets with high
scalability potential
FINEXITY AG is a fintech company positioned as an infrastructure provider
for tokenised securities. The Group operates an OTC trading venue and covers
a broad part of the value chain, including structuring, tokenisation,
placement, trading, settlement and lifecycle management. Its current focus
is on tokenised bonds, while the platform is being expanded toward tokenised
funds and equities. Strategically, FINEXITY aims to evolve from its current
OTC infrastructure into a regulated DLT-based trading and settlement
infrastructure under the EU DLT Pilot Regime.
The 2025 financial year confirmed the Group's transition from an issuance-
and project-driven model toward a broader infrastructure-oriented platform
model. Pro forma revenue increased by 15.5% to EUR7.85 million, compared with
EUR6.80 million in the previous year. Growth was primarily driven by the
Infrastructure segment, which benefited from higher brokerage activity via
Effecta and increasing trading partner fees. At the same time, the Capital
Markets segment remained broadly stable, with a shift toward advisory and
structuring revenues. Earnings remained clearly negative and reflected
FINEXITY's ongoing investment and platform-building phase. EBITDA declined
to EUR-3.64 million, compared with EUR-1.25 million in 2024. The weaker
profitability was mainly driven by a less favourable revenue mix, high
pass-through costs from Effecta-related brokerage revenues and increased
operating expenses for personnel, legal, consulting, IT and regulatory
projects. We therefore continue to view 2025 as a transition year, in which
FINEXITY built the organisational, regulatory and technological basis for
future scaling.
The growth outlook remains ambitious but strategically well supported.
FINEXITY reported pro forma Group revenue of EUR2.10 million in Q1 2026,
approximately 40% above the company's internal budget, with the
Infrastructure segment being the main driver. In the near term, growth
should be driven by higher utilisation of the existing OTC infrastructure,
the planned Effecta integration and the expansion of the distribution
network. More than 250 tokenised securities are already listed on the
infrastructure, while the planned expansion into tokenised funds and
equities should broaden the addressable product universe.
We maintain our revenue forecasts of EUR9.62 million for 2026, EUR13.50 million
for 2027, EUR24.20 million for 2028, EUR40.00 million for 2029 and EUR80.00
million for 2030. The acceleration from 2028 onward is linked to the planned
transition toward FINEXITY 3.0, including the launch of a regulated DLT
Trading and Settlement System, subject to regulatory approval, technical
implementation and market readiness. Under FINEXITY 4.0, the Group also
intends to open its infrastructure to exchange operators, regulated trading
venues and order-flow providers through white-label partnerships.
Based on our DCF valuation model, we increase our target price from EUR72.00
to EUR81.11 and maintain our BUY rating. The increase in the target price is
primarily attributable to the rollover effect, reflecting the shift of the
valuation base to the target date of 31.12.2027. Overall, FINEXITY offers
significant scalability potential as an early infrastructure provider for
tokenised securities, but the investment case remains dependent on
successful Effecta integration, regulatory approval of the DLT-TSS
infrastructure, higher platform volumes and the transition toward recurring,
higher-margin infrastructure revenues.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=035c56729cac65918c93f6388056c773
Contact for questions:
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Disclosure of potential conflicts of interest pursuant to Section 85 of the
German Securities Trading Act (WpHG) and Article 20 of the Market Abuse
Regulation (MAR) The following potential conflict of interest exists in
relation to the company analysed above: (5a,11); A list of potential
conflicts of interest can be found at: https://www.gbc-ag.de/de/Offenlegung
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Completion: 21.07.2026 (9:45)
First publication: 21.07.2026 (12:00)
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