Finexity: Digital capital market infrastructure for private markets with high scalability potential - GBC (skicka ej)
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Finexity: Digital capital market infrastructure for private markets with high scalability potential - GBC (skicka ej)

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.

Based on our DCF valuation model, we increase our target price from €72.00 to €81.11 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 suc- cessful Effecta integration, regulatory approval of the DLT-TSS infrastruc- ture, higher platform volumes and the transition toward recurring, higher- margin infrastructure revenues.
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