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    Is flatexDEGIRO (XTRA:FTK) Undervalued As Crypto And Securities Lending Near Launch?

    Simply Wall St·10/16/2026 07:32:30
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    flatexDEGIRO (XTRA:FTK) is moving ahead with plans to broaden its online brokerage model through new crypto trading and securities lending services, a shift that could change how investors view its revenue mix.

    Recent trading tells a mixed story. The share price return over the past 30 days is down 15.9% and the year to date share price return is down 29.5%. However, the three year total shareholder return of about 175% shows flatexDEGIRO has already gone through a powerful rerating. As a result, the latest crypto and securities lending plans arrive as momentum is cooling and investors reassess how much extra growth and risk they are willing to price in at around €25.58 per share.

    Spot under pressure like flatexDEGIRO and compare it with other brokers and platforms that screen well on balance sheet strength and fundamentals through our curated list of solid balance sheet and fundamentals (202 results).

    So is flatexDEGIRO’s recent slide a verdict on the underlying business, or just sentiment cooling after a strong few years and new product headlines? The valuation work starts with that tension.

    Most Popular Narrative: 42% Undervalued

    Analysts following flatexDEGIRO see a fair value of about €43.85 per share versus the recent €25.58 close, which puts a big gap between market price and the narrative of what the business could be worth if medium term earnings targets are met.

    The ongoing and planned introduction of new products such as crypto trading and securities lending (with regulatory and technical groundwork already complete for imminent rollout to major markets) paves the way for material product diversification, expanding revenue streams and supporting higher net margins and recurring revenues in the medium term.

    See why 30 investors see flatexDEGIRO as 42% undervalued.

    Analysts behind this widely followed narrative use a 5.94% discount rate and arrive at fair value of roughly €43.85, compared with the current share price of €25.58. That implies the stock is viewed as about 42% undervalued on their assumptions about future revenue, margins and P/E multiples.

    The same framework ties that estimate to flatexDEGIRO's targets for around €650 million in 2026 revenue and about €200 million in net income, as well as longer term expectations for profit margins around 36% and an 18.8x future P/E. Readers will want to test whether those inputs feel realistic given flatexDEGIRO's online brokerage focus, the planned rollout of crypto and securities lending, and the risks flagged around regulation, interest income and management turnover.

    The narrative also leans on forecast earnings growth of around 17% a year and revenue growth of about 11% a year, along with forecasts for return on equity to move towards 22%. If those outcomes fail to materialise because trading activity normalises, interest rates move against the business or product launches are delayed, then the 42% implied undervaluation could narrow quickly.

    Result: Fair Value of €43.85 (UNDERVALUED)

    Still, this narrative can fray quickly if trading activity cools after the recent volatility spike or if crypto and securities lending rollouts encounter new regulatory delays.

    Find out about the key risks to this flatexDEGIRO narrative.

    Next Steps

    If this flatexDEGIRO story feels finely balanced between promise and execution risk, treat it as your cue to move fast and test the numbers yourself. To see what has investors optimistic, start by reviewing the company's 4 key rewards.

    Looking for more flatexDEGIRO style investment ideas?

    If flatexDEGIRO has your attention, do not stop at a single ticker. Broaden your watchlist now and give yourself more ways to react when markets shift.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.