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1. Company Snapshot

1.a. Company Description

Flow Traders N.V. operates as a financial technology-enabled liquidity provider in financial products in Europe, the Americas, and Asia.The company uses its proprietary technology platform to quote bid and ask prices in thousands of exchange traded products (ETP), bonds, cryptocurrency, foreign exchange, and other products on trading venues.It also provides liquidity in ETPs off-exchange to institutional counterparties, including banks, asset managers, pension funds, insurance companies, family offices, hedge funds, and others.


The company was founded in 2004 and is headquartered in Amsterdam, the Netherlands.

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1.b. Last Insights on FLOW

Flow Traders' recent performance was impacted by concerns over rising operating expenses, which increased by 15% year-over-year to €49.8m in 2Q2025. Additionally, the company's 3Q2025 pre-close call script did not provide any significant updates on growth initiatives. The nomination of Thomas Spitz as CEO may also lead to some uncertainty. Furthermore, despite a significant increase in Net Trading Income and Total Income in 2Q2025, investors may be cautious about the company's future prospects.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Flow Traders (ENXTAM:FLOW): Evaluating Valuation After Recent Share Price Pullback

Oct -31

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Flow Traders Secures New Credit Facility

Oct -30

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Flow Traders 3Q 2025 Trading Update

Oct -30

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Flow Traders 3Q 2025 Pre-Close Call

Sep -25

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NOMINATION OF THOMAS SPITZ AS CHIEF EXECUTIVE OFFICER

Jul -31

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Flow Traders 2Q 2025 Results

Jul -31

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Investing in Flow Traders (AMS:FLOW) a year ago would have delivered you a 39% gain

Jul -23

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Flow Traders 2Q 2025 Pre-close Call

Jun -26

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.90%)

6. Segments

Exchange Traded Products

Expected Growth: 9.9%

Flow Traders N.V.'s 9.9% growth in Exchange Traded Products is driven by increasing adoption of ETFs and ETPs, rising demand for passive investing, expansion into new markets, and strategic partnerships. Additionally, the company's strong market making capabilities, efficient trading systems, and robust risk management practices have contributed to its growth.

7. Detailed Products

Exchange Traded Products (ETPs)

Flow Traders N.V. offers a range of ETPs, including ETFs, ETCs, and ETNs, which track various asset classes such as equities, commodities, and currencies.

Structured Retail Products

Flow Traders N.V. designs and distributes structured retail products, such as autocallables, reverse convertibles, and credit-linked notes, which offer investors a range of risk-return profiles.

Wholesale Market Making

Flow Traders N.V. provides liquidity to wholesale markets, including ETFs, ETNs, and other exchange-traded products, facilitating trading and price discovery.

Delta-One Products

Flow Traders N.V. offers delta-one products, including trackers, certificates, and warrants, which provide investors with exposure to underlying assets such as equities, indices, and commodities.

8. Flow Traders N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Flow Traders N.V. operates in a niche market, and the threat of substitutes is moderate. While there are some alternatives, they are not as convenient or cost-effective as Flow Traders' services.

Bargaining Power Of Customers

Flow Traders N.V. has a diverse customer base, and no single customer has significant bargaining power. The company's customers are mostly institutional investors and hedge funds.

Bargaining Power Of Suppliers

Flow Traders N.V. has a strong bargaining position with its suppliers, as it is a significant customer for many of them. The company's suppliers are mostly technology and infrastructure providers.

Threat Of New Entrants

The threat of new entrants is high in the market, as the barriers to entry are relatively low. However, Flow Traders N.V. has a strong brand and a established customer base, which provides some protection.

Intensity Of Rivalry

The intensity of rivalry in the market is moderate, with several established players competing for market share. However, Flow Traders N.V. has a unique business model and a strong market position, which helps it to differentiate itself from competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 87.22%
Debt Cost 3.95%
Equity Weight 12.78%
Equity Cost 3.56%
WACC 3.90%
Leverage 682.73%

11. Quality Control: Flow Traders N.V. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Value: 6.0

Growth: 3.3

Quality: 7.6

Yield: 10.0

Momentum: 5.0

Volatility: 9.3

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OVB Holding

A-Score: 6.6/10

Value: 5.5

Growth: 5.8

Quality: 5.2

Yield: 7.5

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Bourse Direct

A-Score: 6.3/10

Value: 6.0

Growth: 8.8

Quality: 7.6

Yield: 5.0

Momentum: 3.0

Volatility: 7.7

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CMC Markets

A-Score: 5.6/10

Value: 8.0

Growth: 5.8

Quality: 8.2

Yield: 8.1

Momentum: 1.0

Volatility: 2.3

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Flow Traders

A-Score: 5.4/10

Value: 8.2

Growth: 5.0

Quality: 6.1

Yield: 0.0

Momentum: 8.5

Volatility: 4.7

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A-Score: 4.4/10

Value: 7.8

Growth: 1.9

Quality: 3.5

Yield: 4.4

Momentum: 8.5

Volatility: 0.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

23.56$

Current Price

23.56$

Potential

-0.00%

Expected Cash-Flows