Flow Traders is an investment into ETP growth and market turmoil. The company is doing well when volumes and volatility peak (like in Aug'24). After a €17 low the share price climbed to €21 in October benefiting from increased volatility.
In November the VIX dropped significantly (after the election of Trump) to below 15. Market's sentiment about the (US) economy is currently positive. In this market the annual earning should land around €2,50/share in 2024 and the share price has little upside potential.
Flow Traders is however a long term hold as an insurance and for its venture assets. Although the market turmoil insurance has become less attractive without a dividend yield.