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1. Company Snapshot

1.a. Company Description

XTB S.A., together with its subsidiaries, provides currency derivatives, commodities, indices, stocks, and bonds brokerage services in Central and Eastern Europe, Western Europe, and Latin America.It operates in two segments, Retail Operations and Institutional Activity.The company offers its services through xStation 5, xStation mobile, and MetaTrader 4 trading platforms to retail and institutional clients.


It also provides investment consulting, and trading derivatives and intermediation services; and trade infrastructure to entities, which offer services of trading in financial instruments for their own customers under their own brand.The company was formerly known as X-Trade Brokers Dom Maklerski S.A. The company was incorporated in 2002 and is headquartered in Warsaw, Poland.XTB S.A. is a subsidiary of XXZW Investment Group S.A.

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1.b. Last Insights on XTB

XTB S.A.'s recent performance was negatively impacted by global economic concerns, including US President Trump's interference with the Federal Reserve and uncertainty surrounding tariffs and Europe's public finances. The company's clients may have been deterred by a risk-off sentiment, as evidenced by investors flocking to safe-havens such as gold, which hit a record high of $3,704.10 per troy ounce. Furthermore, the Bank of England's decision to keep interest rates on hold at 4.0% led to a decline in gilt yields, potentially reducing appetite for riskier assets.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Investor Concerns Weigh on Netflix Stock After Warner Bros. Deal

Dec -05

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Gold Futures Disrupted by CME Outage But Rate-Cut Hopes Boost Sentiment

Nov -28

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Tech, Media & Telecom Roundup: Market Talk

Nov -05

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European Stocks That May Be Trading Below Estimated Value

Oct -31

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Soft inflation data encourages hopes of pre-Christmas rates cut

Oct -22

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Gilt Yields Fall After BOE Keeps Interest Rates on Hold at 4.0%

Sep -18

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Stocks, dollar calm ahead of expected US rate cut

Sep -17

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Stocks, dollar calm before expected US rate cut

Sep -17

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.14%)

6. Segments

Retail

Expected Growth: 12%

XTB S.A.'s 12% retail growth driven by increasing online trading adoption, expansion into new markets, and improved customer experience through advanced trading platforms and mobile applications. Additionally, competitive pricing, diversified product offerings, and effective marketing strategies contribute to the growth.

Institutional

Expected Growth: 14%

XTB S.A.'s 14% institutional growth is driven by increasing demand for online trading platforms, expansion into new markets, and strategic partnerships. Additionally, the company's focus on innovative products, competitive pricing, and robust risk management practices have attracted institutional clients seeking reliable and efficient trading solutions.

7. Detailed Products

Forex

XTB S.A. offers a wide range of Forex currency pairs, allowing clients to trade on the fluctuations of exchange rates between different currencies.

Indices

XTB S.A. provides access to a variety of global indices, enabling clients to trade on the performance of entire stock markets or sectors.

Commodities

XTB S.A. offers a range of commodities, including metals, energy, and agricultural products, allowing clients to trade on the fluctuations in their prices.

Cryptocurrencies

XTB S.A. provides access to a selection of popular cryptocurrencies, enabling clients to trade on their price fluctuations.

Stock CFDs

XTB S.A. offers a range of Stock CFDs, allowing clients to trade on the price movements of individual stocks without actually owning the underlying shares.

ETFs

XTB S.A. provides access to a range of Exchange-Traded Funds (ETFs), enabling clients to trade on the performance of a diversified portfolio of assets.

8. XTB S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

XTB S.A. operates in a highly competitive market, and there are many substitutes available to customers. However, the company's strong brand recognition and customer loyalty help to mitigate the threat of substitutes.

Bargaining Power Of Customers

XTB S.A. has a large customer base, and customers have a significant amount of bargaining power. The company needs to maintain high-quality services to retain customers and prevent them from switching to competitors.

Bargaining Power Of Suppliers

XTB S.A. has a diversified supplier base, and suppliers have limited bargaining power. The company has a strong negotiating position, which helps to keep costs under control.

Threat Of New Entrants

The online trading industry has relatively low barriers to entry, but new entrants would need to invest heavily in technology and marketing to compete with established players like XTB S.A.

Intensity Of Rivalry

The online trading industry is highly competitive, with many established players competing for market share. XTB S.A. needs to maintain its competitive edge through innovation and customer-centric services.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1.68%
Debt Cost 8.42%
Equity Weight 98.32%
Equity Cost 8.42%
WACC 8.42%
Leverage 1.71%

11. Quality Control: XTB S.A. passed 6 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

Stock-Card
Plus500

A-Score: 8.0/10

Value: 4.9

Growth: 7.4

Quality: 9.6

Yield: 9.4

Momentum: 8.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
XTB

A-Score: 7.8/10

Value: 5.4

Growth: 9.8

Quality: 9.4

Yield: 10.0

Momentum: 8.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
VIEL

A-Score: 7.3/10

Value: 6.8

Growth: 7.2

Quality: 6.7

Yield: 6.9

Momentum: 9.5

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
ABG Sundal Collier Holding

A-Score: 6.9/10

Value: 6.0

Growth: 3.3

Quality: 7.6

Yield: 10.0

Momentum: 5.0

Volatility: 9.3

1-Year Total Return ->

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Stock-Card
Tradition

A-Score: 6.5/10

Value: 3.4

Growth: 5.2

Quality: 7.0

Yield: 5.0

Momentum: 10.0

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
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

1-Year Total Return ->

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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

68.52$

Current Price

68.52$

Potential

-0.00%

Expected Cash-Flows