Original-Research: MPC Energy Solutions N.V - von NuWays AG 02.08.2024 / 09:02 CET/CEST Veröffentlichung einer Research, übermittelt durch EQS News - ein Service der EQS Group AG. Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Einstufung von NuWays AG zu MPC Energy Solutions N.V Unternehmen: MPC Energy Solutions N.V ISIN: NL0015268814   Anlass der Studie: Update Empfehlung: BUY seit: 02.08.2024 Kursziel: NOK 23.00 Letzte Ratingänderung: Analyst: Christian Sandherr Q2 figures marked by scaling operations Q2 consolidated sales grew by 42% yoy to $ 2.4m as the group's energy output increased to 29.1 GWh driven by the ramp up of the company's production portfolio; two projects became operational throughout 2023. The group's consolidated Q2 EBITDA improved notably from $ -0.3m (Q2 2023) to  $ 1.1m (37% margin) thanks to the positive operating leverage but also the successfully implemented efficiency measures on the holding level (e.g. reduced overhead and renegotiated contracts with suppliers). For FY24e, the company is on track to hit the targeted 30% cost reduction vs previous year. Still, EBITDA was impacted by negative one-offs to the tune of $ 100k, related to unforeseen energy purchases.MPCES’ FY24e guidance reiterated. Management continues to expect significant growth across all of its KPIs; energy output +44% yoy to 145 GWh, project revenues +32% yoy and project EBITDA +93% yoy. Above all, this should be carried by the ramp-up of its production portfolio. Mind you, over the course  of FY23, the company finalized two projects (Los Girasoles in May and Planeta Rica in November), which will impact the full year of 2024. The guidance is largely in line with our estimates.Project development remains on track. The construction of its 65MW PV project in Guatemala, which begun at the end of February, is progressing as planned and installation of module substructures is seen to commence in August. While MPCES has not yet signed a co-investor (49% stake of the project), we expect this to happen until the end of this year. Importantly, finding a co-investor has ultimately no impact on the construction timeline as MPCES has already fully financed the project. Once the project is completed (eNuW: mid-2025), it is seen to generate annualized sales of some $8m. Despite the good year-to-date share price development (~ +25%), we continue to regard the valuation as attractive. This is particularly evident when considering that the company trades on a roughly 60% discount to the NAV of its assets at the end of Q2 (see page 2). At the same time, renewable assets usually sell at a premium to their book value. We confirm our BUY rating with an unchanged NOK 23 PT, which is based on sumof-the-parts (SOTP) valuation, separately accounting for the value of its current IPP portfolio (NPV) and its development backlog (multiple) Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/30347.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research Kontakt für Rückfragen: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ Die EQS Distributionsservices umfassen gesetzliche Meldepflichten, Corporate News/Finanznachrichten und Pressemitteilungen.Medienarchiv unter https://eqs-news.com 1959565  02.08.2024 CET/CEST

Original-Research: MLP SE - von NuWays AG Einstufung von NuWays AG zu MLP SE Unternehmen: MLP SE ISIN: DE0006569908 Anlass der Studie: Update Empfehlung: Kaufen seit: 16.05.2024 Kursziel: EUR 11.50 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Henry Wendisch Strong Q1 driven by wealth management and banking MLP released a strong set of Q1 results in line with expectations and at new record levels. In detail: Sales increased by a solid 8% yoy to € 284m (eNuW: 280m), slightly above estimates. The main drivers were the strong banking business (Interest Income +89% yoy to € 22m) and Wealth Management, which had tailwinds from elevated capital markets and grew sales by 17% yoy of € 86m. While the Non-Life Insurance business benefitted from higher inflation rates in the past, the momentum has expectedly slowed down with easing inflation. Thus, Non-Life Insurance recorded sales growth of 6% yoy to € 97m. Also, Real Estate Brokerage showed a recovery of 70% yoy to € 3m, however from low levels. In contrast, Real Estate Development remains muted with sales of € 3.4m,down 66% yoy, due to MLP's decision to halt projects in the current market nvironment (see p. 2 for details) EBIT came in as expected with a substantial improvement of 14% yoy to € 37m (13% margin, +0.7pp yoy). The main margin drivers were the ongoing strong interest result of € 13.6m (+32% yoy) coupled with the recognition of € 3.8m in performance-based compensation at FERI's funds - the first time since Q4'21. Due to a base effect, other OPEX have declined by 7% yoy to € 43m, whereas personnel expenses rose by 11.4% yoy to € 58m (5.4% wage inflation and 5.6% increase in headcount). On a segment basis (for details see p. 2), Banking and Wealth Management remain MLP's current EBIT drivers, while RE development burdens profitability. On a positive note, MLP could grow its fundaments for recurring revenues to new record levels. First, AuM increased by € 2.3bn (€ 200m net capital inflows and € 2.1bn from rising valuation) to a staggering € 59.3bn and serves as the bedrock for profitable and recurring sales in Wealth Management. Secondly, the Non-life Insurance Volume grew by 7% yoy to € 719m, which is comparable to German SMEs in this field. All in all, MLP is on track to outperform its conservative guidance of € 75-85m EBIT (vs. eNuW: € 88m). By simply assuming the last years' Q2-Q4 EBIT of € 46m (excluding € 7.8m in one-offs) for the remainder of this year, FY'24e EBIT would stand at € 83m already. Therefore, we reiterate our BUY recommendation with slightly lower PT of € 11.50, based on FCFY'24e (€ 10.50) and SOTP (€ 12.50). Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/29769.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: MPC Energy Solutions N.V - von NuWays AG Einstufung von NuWays AG zu MPC Energy Solutions N.V Unternehmen: MPC Energy Solutions N.V ISIN: NL0015268814 Anlass der Studie: Update Empfehlung: Kaufen seit: 10.05.2024 Kursziel: NOK 23.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Christian Sandherr Strong Q1: First positive group EBITDA as prod. portfolio scales Topic: Q1 clearly underpins MPCES' operational progress (ramp-up of production portfolio) and successful cost cutting program. At the same time, it remains highly attractive with shares trading on a ~65% discount to the NAV of the company's assets. Q1 sales grew by 51% yoy to $ 2.5m as the energy output almost doubled to 30 GWh, offsetting the decreased average energy price of 77 $/MWh (-12.5% yoy). While the latter was the result of a changed PPA mix (new projects with lower PPA prices), the increase in energy output was driven by the ramp up of the company's production portfolio, which now stands at 79MW. The group's Q1 EBITDA increased strongly from $ -0.7m to $ 0.6m (25% margin) thanks to the positive operating leverage but also the company's efficiency measures bearing fruit. Compared to last year's Q1, management was able to cut operating expenses (excl. project opex) significantly by 32%. FY24e guidance remains unchanged. Management expects significant growth across all of its KPIs; energy output +44% yoy to 145 GWh, project revenues +32% yoy and project EBITDA +93% yoy. This is largely in line with our estimates and is first and foremost driven by the ramp-up of its production portfolio. Mind you, over the course of FY23, the company finalized two projects (Los Girasoles in May and Planeta Rica in November), which will impact the full year of 2024. Development pipeline remains promising. MPCES has begun construction on a 65MW PV project in Guatemala (Feb. 26th), which should boost the group`s top-line by some $ 4m p.a. (reflecting the targeted 50% ownership) from mid 2025 onwards. The remaining mature development backlog features additional 225MW of PV assets in the target region. Valuation remains attractive. Despite the roughly 30% rebound since the lows in November of last year, MPCES’ shares remain strongly undervalued, in our view. This becomes particularly clear when considering the NAV of the companies assets as of Q1 2024 (renewable assets usually sell at a premium to their book value) of 23.5 NOK per share incl. a 30% discount (see page 2). Reiterate BUY with an unchanged NOK 23 PT based on a sum-of-the-parts (SOTP) valuation, separately accounting for the value of its current IPP portfolio (NPV) and its development backlog (multiple). Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/29657.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Westwing Group SE - von NuWays AG Einstufung von NuWays AG zu Westwing Group SE Unternehmen: Westwing Group SE ISIN: DE000A2N4H07 Anlass der Studie: Update Empfehlung: Kaufen seit: 08.05.2024 Kursziel: EUR 18.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Mark Schüssler Healthy Q1 results // FY24 guidance confirmed Healthy Q1 results underpin that Westwing was able to continue the trend of yoy GMV growth witnessed in recent quarters. Q1 sales increased by 6% yoy to € 109m (eNuW: € 107.7m), showing an acceleration of growth versus Q4 (+2% yoy), driven by growth in active customers (+2% yoy to 1.28m) and basket size (+9% yoy to € 185). International and DACH grew 3% and 8% yoy, respectively, implying continued market share gains amid ongoing challenges in the German online Home & Living market (-4% yoy). At the same time, efficiency measures are bearing fruit. Adj. EBITDA arrived in line with expectations at € 6m in Q1 (eNuW: € 6.5m), representing a margin improvement of 0.8ppts yoy to 5.8%. This was carried by a strong contribution margin expansion of +4ppts yoy to 32%, a favorable product mix (i.e. higher private label share, +5ppts yoy to 51% of GMV in Q1), reduced fulfilment expenses (-2ppts yoy) as well as lower G&A costs (-1ppts yoy) as a result of cost savings (i.e. consolidation of logistics and warehouses and streamlining the organization). Notably, Westwing was able to translate the favorable adj. EBITDA development into healthy FCF of € 4m in Q1, supported by net working capital of € -18m, likely concluding the reduction of excess inventory built up during Covid. Westwing confirmed its FY24 guidance and with sales expected to develop within a range of -3% to 4% yoy to € 415445m (eNuW: € 442m). While the Q1 performance was overall satisfactory, management continues to expect H2'24 sales to be weighed down by a strategic adjustment of the product offering in Spain and Italy (low to mid single-digit percentage impact) along with ongoing challenges in the home & living market as consumers continue to hold back on higher-value products such as furniture. The adj. EBITDA outlook was reiterated at € 14m to € 24m implying a 3.1 to 5.8% margin (eNuW: € 23.7m with a 5.4% margin). Considering € 6m adj. EBITDA in Q1, the bottom-line guidance looks achievable, in our view, while FCF for the full year should likely be close to break-even (eNuW: € 0.3m) due to one-off restructuring costs (i.e. complexity reduction, SaaS transition) and normalizing inventory patterns. Overall, Westwing has adapted successfully to the current transition period towards a leaner and more scalable organizational setup. While visibility on a return of consumer confidence remains low, Westwing’s mid-term prospects continue to look bright driven by the structural shift towards e-commerce and its unique positioning in the European home & living market. We reiterate our BUY recommendationwith a PT of € 18.00, based on DCF, and keep the stock on our Alpha List. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/29623.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: LAIQON AG - von NuWays AG Einstufung von NuWays AG zu LAIQON AG Unternehmen: LAIQON AG ISIN: DE000A12UP29 Anlass der Studie: Update Empfehlung: Kaufen seit: 26.04.2024 Kursziel: EUR 10.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Henry Wendisch FY'24e to see improvements in top and bottom-line Topic: LAIQON recently released mixed final Q4 results. Moreover, the outlook of performance fees for FY24e, poses LAIQON for another year of solid top-line growth and profitability improvements. Final results in line: LAIQON released sales and EBITDA prelims in February and both final figures did not deviate. What's new is the net income, which came in slightlyworse than expected at -12.8m (eNuW: € -10.8m) due to (1) € 7.3m negative one-off effects (i.e., € 1.8m non-cash revaluations of limited partners in LAIC and € 5.5m interest expenses for purchase price allocations), lowering the financial result to € -8.9m (eNuW: € -1.5m) and (2) better than expected tax expense of € -7.1m (eNuW: € -2m). AuM growth on track: At end of Q1'24, LAIQON reported € 6.4bn AuMs on group level, an increase of € 300m vs. Y/E'23 (€ 6.1bn). While the split between net capital inflow and valuation gains is indisclosed, we estimate c. € 150m to be performance related and the remaining € 150m to stem from capital inflows across the three segments. For Y/E'24e, we estimate AuMs to stand at € 7bn (+14% yoy), meaning that € 600m (€ 200m per quarter) are needed to reach our estimate. Token placement started: In order to secure further outside growth financing and allow for an independent valuation of LAIQON's subgroup LAIC, the placement of the 'LAIC-Token 24' has been started in March. This should lead to proceeds of up to € 6.8m for LAIQON and should value the LAIC subgroup at € 65m, of which LAIQON should hold 80.8% post transaction. Further improvements for FY'24e: Based on our 14% yoy AuM growth estimate, we expect sales to develop accordingly and increase to € 34.4m (+12% yoy). This should in return lead to an improved bottom-line thanks to the high fix-cost base of LAIQON's business model. We expect EBITDA to improve by 2.5m from € -4.7 in FY'23 to € -2.2m in FY'24e, implying an incremental EBITDA margin of 67%. Further upside could stem from performance fees (not included in our estimates) thanks to capital markets currently developing in LAIQON's favour. For FY'25e, we expect a positive EBITDA of € 3.4m thanks to first full-year effects of the Union Investment cooperation but also thanks to organic growth and thus operating leverage at the other segments. In our view, the current valuation does not reflect LAIQON's potential. Thus, we reiterate our BUY recommendation with unchanged PT of € 10.00, based on DFC. - Analyst change - Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/29529.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Nynomic AG - von NuWays AG Einstufung von NuWays AG zu Nynomic AG Unternehmen: Nynomic AG ISIN: DE000A0MSN11 Anlass der Studie: Update Empfehlung: Kaufen seit: 26.04.2024 Kursziel: EUR 52.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Christian Sandherr High single-digit €m order confirms growth prospects Nynomic’s subsidiary m-u-t GmbH has received a high single-digit order, which should translate into sales over the course of FY24/25e. Most importantly, this coupled with the recently announced product launch of the LabScanner Plus, a bulk-testing tool for pharmaceutical companies, strongly underpins the company’s growth prospects and expected growth acceleration. In detail, Nynomic will provide an existing customer (no details provided) with a solution to further improve the efficiency and accuracy of gas analysis in the customer's application. The order in the high single-digit €m range (eNuW, € 7-8m) will partially still be recognized as sales this year, the remainder in FY25e. Further, this should allow Nynomic to book follow-on orders during the next few years, eNuW. This bodes well with our expected growth acceleration for FY24e. Mind you, last year’s growth stood at only 1%, largely as a result of the lumpy nature of parts of the group, partially longer sales cycles and customers’ inventory normalizations. For FY24e, we expect 12% yoy growth (8% organic) on the back of a number of drivers including (1) unbroken demand from semi customers, (2) fulfilment precision farming orders, (3) TactiScan gaining traction, (4) a structurally growing medtech market and (5) new product launches such as LabScanner Plus. Bright mid-term prospects. Last year, management issued a new mid-term (3-5 years) guidance expecting sales to reach € 200m with a 16-19% EBIT margin. The implied 11-19% sales CAGR with a 3-6pp margin increase is a reflection of the company's recent operational efforts, i.e. broadening the technology offering through partnerships, in-house development and acquisitions but also the integration of recurring components (e.g. cloud solutions) in its products. Acquisitions could serve as additional catalyst. As per its growth strategy, Nynomic should be looking to acquire 12 companies (technological and geographical diversification) during the next six months. Thanks to its strong balance sheet, we also regard bigger targets (~ € 20m sales) as possible. Valuation remains attractive. At roughly € 29 per share, Nynomic is trading on a mere 9.6/7.1x EV/ EBIT 2024/25e. Taking into consideration the company’s strong balance sheet and the growth prospects underpinned by its mid-term guidance, this looks unjustified, in our view. We confirm our BUY rating with an unchanged € 52 PT and keep the stock on our Alpha List. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/29531.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Nabaltec AG - von NuWays AG Einstufung von NuWays AG zu Nabaltec AG Unternehmen: Nabaltec AG ISIN: DE000A0KPPR7 Anlass der Studie: Update Empfehlung: Kaufen seit: 26.04.2024 Kursziel: EUR 25.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Christian Sandherr Final FY23 as expected, solid start into FY24 2023 figures inline with prelims. To recap: FY23 sales decreased by 8.5% yoy to € 200m, largely driven by the highly cyclical Specialty Alumina segment, which reported sales of € 57.8m (-18.5% yoy). On the contrary, Functional Fillers’ sales decreased by only 3.9% to € 142.3m, as revenues from boehmite and gap fillers grew by 6.1% yoy to € 22.4m, whereas boehmite alone showed a 9% yoy sales decline. Positively, the FY EBIT margin stood at 9.2% (-4.2pp yoy), € 18.3m absolute EBIT. Despite the muted operational performance and a 14% increase of working capital, the company generated € 2m of FCF. Nabaltec also released solid Q1 prelims, which render the FY24 guidance sensible. Q1 sales decreased 5.3% yoy to € 54m, largely due to a tough comparable base (Q1 FY23 with 4% growth vs a 12% decline during the remainder of FY23). Compared to the average of the past three quarters, Q1 sales were up 14%. In fact, the EBIT margin slightly increased by 0.2pp yoy to 9.3% (absolute EBIT of € 5m). With this, the lower end of the FY24 EBIT margin guidance looks well in reach, if not conservative as it implies a margin of only 6.2% for the remainder of the year. This compares to our 8.2% margin estimate for the rest of FY24e (eNuW: 3.9% yoy sales growth). As a reminder, management expects to grow FY24 sales slightly with an EBIT margin of 7-9%. Growth is expected to be carried by a slight increase of boehmite volumes (+1kt yoy), further growing gap filler demand and improving utilization rates at its US plants, while the remainder of F.F. and S.A. should remain rather flat yoy. Boehmite retains plenty of potential. During the past two years, the boehmite sales contribution decreased from € 24.2m in FY21 to € 17.3m last year. The main reason behind this was a strong oversupply in China (lacklustre EV demand growth), the core market for EV battery production and a slower than initially expected ramp up of production capacities in Europe and the US. Yet, with demand for ceramic coating solutions expected to 4x until 2028, boehmite should return to growth; eNuW: from € 17m in FY23 to € 25m by FY25e (conservatively below market growth). In sum, Nabaltec is a cyclical company that has passed the demand trough with a solid balance sheet, several structural growth drivers for core products and upside from boehmite. Valuation seem to lag behind with shares trading on 9/7x EV/EBIT FY24/25e. We confirm our BUY rating with an unchanged € 25 PT based on FCFY 24e and keep Nabaltec in our NuWays Alpha List. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/29535.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Cantourage Group SE - von NuWays AG Einstufung von NuWays AG zu Cantourage Group SE Unternehmen: Cantourage Group SE ISIN: DE000A3DSV01 Anlass der Studie: Q3 Review Empfehlung: BUY seit: 21.11.2023 Kursziel: € 11,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Christian Sandherr Continued strong growth in Q3; chg. Topic: Cantourage reported preliminary Q3 figures with significant sales growth and notable EBITDA improvements. The planned abolishment of the narcotic drug status of medical cannabis in Q1 2024e should further drive patient numbers and sales growth going forward. Q3 sales grew by 79% yoy to € 6.1m (9M: +85% yoy to € 17.2m). At the same time, EBITDA came in at € -0.6m, a notable improvement compared to last year’s figure (€ -1.2m), 9M with € 0.4m EBITDA loss. The discrepancy to our old Q3 estimates (€ 7.3m sales and EBITDA break-even) was driven by delays in the approval of new production facilities, which offer significantly higher throughput rates but also weaker demand at the beginning of the quarter. The confirmed FY23 guidance (high double-digit percentage sales growth while reaching EBITDA break-even) points towards continued strong growth as well as further significant EBITDA improvement during Q4. Above all, this should be carried by the ongoing ramp-up, i.e. a gradually increasing number of fully onboarded cultivators i.e. having a product deployed at pharmacies. Regulatory tailwinds to materialize towards the end of Q1 2024e. Medical cannabis is still a fairly young market in Germany (approved for therapeutical purposes since 2017), which still records low adoption rates amongst suitable patients, largely as a result of complex prescription processes that potential patients have to go through. With the 'Cannabis Act', which should become effective towards the end of Q1 2024 (eNuW), this should materially change as getting a prescription for cannabis should become as easy as getting one for ibuprofen 600. Through this, medical cannabis could also become part and benefit from the German e-script universe, which just launched in July this year. Cantourage should be well prepared to benefit from this thanks to its broad global supplier network with more than 60 grower partners, its own telemedicine platform, telecan°, and a growing distribution network across Europe. The company looks set to grow sales at a 59% CAGR (2022-25e) while at the same time reaching a high single-digit EBITDA margins thanks to the resulting operating leverage. Reiterate BUY with a new € 11 PT (old: € 12.5) based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28351.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.