sino AG

Latest Results (24.12.2025):

sino AG — full year 2021/22 (fiscal year ended 30 Sep 2022): the company reported a weaker operating year as adverse market conditions reduced client activity. Sales fell sharply, operating profit declined materially, and reported EBT was modest after several one‑off costs; the company holds a strong cash position and its residual stake in Trade Republic remains the principal valuation driver.

Key financials (FY 2021/22)

Sales declined c. -28.6% to EUR 8.1m; operating result dropped about -48.5% to EUR 1.1m. EBT including one‑offs (Baader Bank migration, postponed AGM, accrued custodian fees) was EUR 0.4m (Warburg Research w. r. est. EUR 0.6m).

Cash position and potential dividend

Reported cash on the balance sheet was EUR 12.4m. The company indicated this could allow for a dividend proposal of roughly EUR 2–3 per share (discussed for January 2023 in the report).

Trade Republic stake — main value driver

sino’s remaining shareholding in Trade Republic (effectively ~2.3% after management option effects) is the dominant contributor to sino’s valuation. Warburg’s base‑case for Trade Republic is ~EUR 4.1bn (low ~2.64bn / high ~5.64bn), implying significant upside to sino’s share price if realized.

Lock‑up and timing for cash crystallisation

Remaining Trade Republic shares are subject to lock‑up agreements expiring around end‑2023 / Jan‑2024; a sale thereafter could enable a special dividend for sino shareholders (report discusses possible distributions in 2024/2025 timelines).

Guidance and outlook

Guidance provided: net income expected between EUR 0.2m and 1.3m for the upcoming period. Warburg models show Trade Republic reaching positive EBITDA from 2023e and driving long‑term upside, but private market down‑rounds add valuation uncertainty.

Analyst view and valuation

Warburg Research reiterates a Buy rating and a price target around EUR 52.30 (DCF / sum‑of‑parts), noting the current market price (~EUR 26.30 in the report) materially understates the implied value from Trade Republic, cash and other shareholdings.