Original-Research: DEMIRE AG - from NuWays AG Classification of NuWays AG to DEMIRE AG Company Name: DEMIRE AG ISIN: DE000A0XFSF0 Reason for the research: Update Recommendation: Halten Target price: EUR 1.20 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald Annual report postponed due to prolonged bond negotiations Yesterday, DEMIRE announced the postponement of the publication of the 2023 annual report due to the ongoing negotiations with the bondholders regarding the restructuring of the company’s corporate bond. The company recently confirmed the restructuring negotiations, which likely include an extension as well as an increased coupon (see our last update). The bond’s current maturity is on October 15th 2024 (€ 499m outstanding nominal amount). The publication of the annual report was originally scheduled for 25 April. Now, management aims to provide the capital market with the audited figures in the course of May. In this context, the company also published preliminary FY ’23 figures. FY rental income looks set to decline by 3.2% yoy to € 78.5m (eNuW: € 79.4m), mainly due to property sales throughout the year, which overcompensated for CPI linked organic rent increases. Accordingly, FFO is seen to come in at € 36.7m, down 12.0% yoy. The sharper decline compared to rental income can be mainly explained by increased FFO-relevant income taxes. With this, the company reached its guidance regarding rental income (€ 78-80m) as well as FFO (€ 35-37m). Mind you, the company increased the guidance twice during the year following lower than expected property disposals. The preliminary FY ’23 EBIT came in at € -187.9m, which compares to € -72.9m in the previous year. The steep decline is mainly explained by the devaluation of the property portfolio as well as the recognition of provisions for some properties. In total, the portfolio was impaired by 13.2% on a like-for-like basis. On a different note, the supervisory board of DEMIRE recently appointed a new CEO, as Mr. Frank Nickel succeeds Mr. Alexander Goepfert. Nickel, who joined DEMIRE in September 2023 as a Senior Advisor, provides extensive industry experience, including positions as CEO of CA Immo as well as CEO Germany of Cushman & Wakefield. The stock remains a HOLD with an unchanged PT of € 1.20 given the prevailing uncertainty. You can download the research here: http://www.more-ir.de/d/29467.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: R. Stahl AG - from NuWays AG Classification of NuWays AG to R. Stahl AG Company Name: R. Stahl AG ISIN: DE000A1PHBB5 Reason for the research: Update Recommendation: Kaufen from: 18.04.2024 Target price: EUR 29.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Christian Sandherr Strong FY23 results with a record high in revenue; chg. est. Topic: R. Stahl confirmed its strong FY23 prelims and released a promising FY24e guidance supported by a solid preliminary first quarter revenue of € 84.7m. To recap, FY23 sales increased by 21% yoy to a record high of € 331m, exceeding the guidance range of € 305-320m. The remarkable increase in revenue was carried by an unbroken demand for electrical explosion protection solutions in the LNG and gas industry as well as further improved supply chains and price increases. The adj. EBITDA grew by 73% to € 38.6m, hitting the guidance range of € 35-40m with a significantly improved margin of 11.7% (+3.6 pp) due to price increases as well as a good utilization of production capacities and targeted cost management. What’s new: Free Cashflow improved to € 0.3m (FY23: € -4.4m), due to a strong operating performance and despite a further expansion of working capital. For instance, inventories and prepayments rose 30% yoy to € 64m (FY22: € 37m) due to an increased stock in electronic materials. Furthermore, R. Stahl recognized a full impairment of the 25% stake in the Russian company ZAVOD Goreltex as expected (NuWays Update 16.02.2024). However, the € 10.3m write-off did not affect liquidity and adjusting for the impairment, EBT would have been € 12.3m (FY22: € 3.9m). Solid Q1 sales with profitability on a high level: Preliminary sales in the first quarter came in at € 84.7m (eNuW: € 81m), an 8.5% increase yoy (Q1 FY23: € 78.1m). After a subdued order intake of € 74.5 in the fourth quarter, due to a soft chemical industry in the DACH region, order intake came in at € 92.3m, slightly below last year (Q1 2023: € 96.7m). Adj. EBITDA in the first quarter decreased 19% to € 8.4m (eNuW: € 7.9m), with a lower but still solid margin of 9.9% (-3.4 pp) due to higher personnel costs and a € 2m one-off from the implementation of the EXcelerate strategy program. Conservative FY24e guidance: Management expects sales in the range of € 335-350m (eNuW: € 347m) and an adj. EBITDA of € 35-45m (eNuW: € 39.7m) supported by a strong demand from the LNG industry. In our view, the guidance seems reasonable thanks to R. Stahl having done its homework by implementing changes on the back of efficiency, structural trends kicking in and a high preliminary order backlog of € 123m at the end of Q1. We reiterate our BUY rating with a slightly reduced PT of € 29 (old: € 31), based on DCF. You can download the research here: http://www.more-ir.de/d/29451.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AG Classification of NuWays AG to Borussia Dortmund GmbH & Co KGaA Company Name: Borussia Dortmund GmbH & Co KGaA ISIN: DE0005493092 Reason for the research: Update Recommendation: Kaufen from: 17.04.2024 Target price: EUR 5.50 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald First semifinal since 11 years secures € 12.5m extra profit / chg. By winning Tuesday night's match against Atletico Madrid, Borussia Dortmund has secured a spot in the UEFA Champions League semifinals for the first time since 2013. With this advancement, the club can now anticipate additional UEFA prize money payments of at least € 12.5m. Consequently, we anticipate an increase of the EBT and EBITDA guidance in the same amount. Keep in mind that those premium payments have a de facto 100% margin, as no costs are incurred. Moreover, this does not yet include sales from ticketing and catering for the additional home game. In the semifinals, BVB will face PSG with superstar Mbappe. Both teams met already in the group stage, where PSG won their home game 2-0 followed by a 1-1 draw in Dortmund. We therefore attribute the outsider role to BVB for the time being and do not model any income from a potential progression. However, should Borussia Dortmund manage to reach the final, the club would receive additional premium payments of € 15.5 million, while winning the competition would add another € 4.5m along with at least € 3.5m for participating in the UEFA Super Cup (UCL winner vs UEL winner). Looking at the Bundesliga table, BVB is currently positioned in 5 th place. With only 5 games to go, BVB finds themselves in a promising position to secure qualification for the upcoming season's UEFA Champions League. A direct duel with RB Leipzig for the 4 th spot in the final table and the consequent UCL participation is looming, with a head-to-head encounter scheduled for April 27th. Mind you, if Germany secures the second position in the UEFA coefficient ranking, even the 5 th -placed team in the Bundesliga would qualify for the Champions League. With their progression in the current UCL campaign, BVB now can gather additional valuable points for this ranking. (See update from January). Lastly, the auction for domestic broadcasting rights for the 4-year period starting with the season 2025/26 kicked off this week. While the current 4-year deal has a total value of € 4.4bn, fears were arising that the next deal could decrease in volume after the Italian and French Leagues had to cut back recently. However, the recent abortion of the “NoSingle-Buyer-Rule” is set to intensify the bidding contest. Hence, we expect the deal volume to remain on the same level as in the current period. Reiterate BUY with an unchanged PT of € 5.50 based on DCF. You can download the research here: http://www.more-ir.de/d/29439.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Nynomic AG - from NuWays AG Classification of NuWays AG to Nynomic AG Company Name: Nynomic AG ISIN: DE000A0MSN11 Reason for the research: Update Recommendation: Kaufen from: 15.04.2024 Target price: EUR 52.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Christian Sandherr New product launched: Another building block for the mid-term Nynomic announced that its subsidiary Spectral Engines and Kraemer Elektronik, an expert for high quality testing systems of bulk solids for the pharmaceutical, chemical and food industry, have jointly developed and now presented a new product, the LabScanner Plus. While Kraemer Elektronik provides the casing including the technology to measure weight and shape, Nynomic’s eight sensors (based on the NIRONE scanner) quickly determine the composition of the tested pills. With this, one can analyze and digitalize the results of large sample sizes quickly. Originally intended to quickly build up the databases necessary to reliably detect counterfeit pharmaceuticals with its handheld sensors, it should be met with broad interest from quality assurance departments in the pharmaceutical industry. Following the successful certification from potential customers, Nynomic should be able to generate first sales this year already, eNuW. While we only expect a small sales contribution from LabScanner Plus in FY24e (~ € 1m, eNuW), it contributes another building block to management’s mid- to long-term strategy and should have the potential for a mid single-digit annual sales contribution during the next few years. FY24 growth to accelerate. Following last year’s muted sales growth (1%) largely due to the lumpy nature of parts of the group and customers’ inventory normalizations, FY24e looks set to show a notable acceleration. 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. Additional growth from acquisitions likely. As highlighted during the recent earnings call and inline with the growth strategy, Nynomic should be looking to add 1-2 additional companies during the next six months. Thanks to its balance sheet strength, it could also consider larger targets with up to € 20m sales. Trading below 11x EV/EBIT FY24e and in light of the prospects reflected in the company's mid-term guidance of € 200m sales and a 16-19% EBIT margin, shares look attractively priced. We confirm our BUY rating with an unchanged € 52 PT based on DCF. You can download the research here: http://www.more-ir.de/d/29415.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Flughafen Wien AG - from NuWays AG Classification of NuWays AG to Flughafen Wien AG Company Name: Flughafen Wien AG ISIN: AT00000VIE62 Reason for the research: Update Recommendation: Halten from: 12.04.2024 Target price: EUR 58.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Henry Wendisch Positive traffic results; guidance too conservative; chg. est. Yesterday, FWAG released March '24 traffic results ahead of our estimates: In March, group passenger numbers rose by 12% yoy to 2.88m (eNuW: 2.80m). Vienna (VIE) grew by 8% yoy to 2.21m passengers (eNuW: 2.21m) despite the strike by Austrian Airlines' employees at the end of the month. Malta grew much stronger than expected, +30% yoy to 0.63m (eNuW: 0.54m) while Kosice showed a slight yoy decline of 1.2% to 0.03m passengers (eNuW: 0.05m). (see p. 2) Looking at VIE only, the most important destination of Western Europe (35% of VIE passengers) rose by 11% yoy, whereas the second most important destination of Eastern Europe grew by 1.7%, followed by the long-haul routes North America (+10% yoy), Africa (+13% yoy) and Far East (+5% yoy). Thus, Q1'24 counted 7.58m group passengers, up +14% yoy, of which 78% in Vienna, 21% in Malta and 1% in Kosice. This leads us to expect strong Q1 results, as the statutory 9.7% increase of airport charges (c. 40% of sales) coupled with the passenger growth should lead to overall sales growth of 17% yoy to € 212m in Q1'24e. Further down the road, we expect Q2 & Q3'24e to come in even stronger due to the busy summer months ahead. Q4 should show a seasonal decline (qoq). Especially the current summer flight plan as well as airline booking data indicate an outperformance of last year's summer. Against this stellar start into the year, the FY'24 guidance issued in January this year seems conservative already. As we expect passenger growth rates converging to 3% over the course of the year, FY'24e group passengers should grow by 5.7% yoy to 40.1m (vs. guidance of c. 39m guidance, +3% yoy). This looks set to translate into € 1,010m sales (+8.5% yoy; vs. guidance of c. € 970m) and EBITDA of € 417m (41.2% margin; vs. guidance of 'above' € 390m) for FY'24e. (see p. 2 for details) All in all, FWAG is well on track to record another record year as demand for travel remains unbroken and supply of flight capacity by the airlines is also expanding, leading to rising passenger numbers,ultimately benefiting the airport operator. Nevertheless, this seems to be reflected in its current valuation. Thus, we stick to our HOLD recommendation (unchanged PT of € 58.00, based on DCF), despite the company's stellar operating performance. You can download the research here: http://www.more-ir.de/d/29385.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Rubean AG - from NuWays AG Classification of NuWays AG to Rubean AG Company Name: Rubean AG ISIN: DE0005120802 Reason for the research: Update Recommendation: Kaufen Target price: EUR 9.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Frederik Jarchow Topic: Last week, Rubean announced to have quintuples its turnover in Q1´24 against Q1´23. Further, Rubean signed a contract with SEUR and reduced its cost base by 10% yoy. In detail: Turnover increased by 500% yoy to € 493k in Q1, partially due to roll-out of Rubean´s software to new, large customers, acquired already last year that has started to materialize. Still, after having generated a turnover of € 340k in January alone, that should have included one-offs, Rubean has to massively increase its monthly recurring turnover to reach its guidance. For FY24, management expects to grow sales by 135% at mid-point to € 2.2-2.5m. On the back of the recently announced cooperations (i.e. with Global Payment), paired with further likely customer wins, we consider this guidance as achievable, anticipating sequential improvements and € 3.0m sales (eNuW). Promising start into Q2. Rubean has started Q2 by signing a contract with Geopost´s Spanish subsidiary “SEUR” to equip thousands of devices with the Rubeans leading software. This cooperation is just the latest of a whole series of important strategic partnerships within a short period of time (i.e. Global Payments, Correos, emerchantpay), that all clearly underpin that Rubean´s leading softPOS product is ready and that the roll-out is in full swing. Reduced cost base. Rubean reduced its cost base by 10% yoy, which was necessary, but should not be seen as a key element of the case. We expect Rubean to achieve profitability by FY25e and its mid-term vision of 40+% EBIT-margin by FY27e purely due to a steep topline growth trajectory and the resulting operating leverage. For FY27e, Rubean is aiming for € 10+m in sales, implying a 78% CAGR2023-27e. As we see Rubean at the forefront of the rapidly growing market for mobile payment acceptance systems that is just at the beginning, the vision looks reasonable. Additional positive newsflow looming. Throughout FY24, we expect Rubean to announce further partnerships that could turn into additional sales and EBIT drivers during the next few years and could even allow the company to outperform its mid-term targets, in our view. We hence reiterate BUY with an unchanged PT of € 9.00, based on our DCF. You can download the research here: http://www.more-ir.de/d/29357.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Multitude SE - from NuWays AG Classification of NuWays AG to Multitude SE Company Name: Multitude SE ISIN: FI4000106299 Reason for the research: Update Recommendation: Kaufen from: 10.04.2024 Target price: EUR 12.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Frederik Jarchow FY23 final figures in line // Strong FY24 ahead; chg. Multitude recently reported final figures for FY23 that were in line with prelims. Management also confirmed its FY24 EBIT guidance of € 67.5m. In detail: Sales came in at € 230.5m (+9% yoy vs eNuW old: 228m), driven by the strong growth of the net loan book (NAR) to € 636m (+21% yoy; including c. € 576 loan to customer (vs eNuW: € 560m) and c. € 60m attributable to warehouse lending). Importantly, all segments contributed significant yoy NAR and sales growth. EBIT increased by 45% yoy to € 45.5m, slightly above our estimates of € 44.6m (eNuW old) and achieved its FY23 guidance of € 45m. The solid bottom line is due to stable OPEX thanks to efficiency measures (marketing and personnel) as well as the solid topline growth. Driven by NAR expansion and higher reference rates, interest expenses increased to € 26,6m (vs eNuW old: € 25.4m, including: € 22.2m interest for customer deposits and € 4.3m foreign exchange loss; excluding € 5.4m interest expenses for perpetual bonds), resulting in an EBT of € 19m (+40% yoy). On the back of this strong set of numbers, management confirmed the FY24 EBIT guidance of € 67.5m (vs eNuW old: € 51m) expecting further topline growth and scale effects. In our view, the guidance looks ambitious, but not out of range given 1) the significantly increased loan book that should fully materialize within FY24, 2) the strong growth momentum of CapitalBox as well as the opportunities around the new segment Wholesale Banking that already gained traction in FY23. That, paired with the ongoing stable performance of the group's “cashcow” (ferratum) and tight cost control that the company already showed in FY23 give us additional confidence. Mind you, the company reached its guidance for the 3rd consecutive year in FY23. As the stock is still trading at a negative EV and a 3.4x PE´24, the growing, highly profitable, resilient and dividend paying company continues to look mispriced. Multitude remained one of our NuWays Alpha picks for FY24 and we reiterate BUY with an increased PT of € 12 PT (old: € 10), as we roll-over our residual income model. You can download the research here: http://www.more-ir.de/d/29363.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: ZEAL Network SE - from NuWays AG Classification of NuWays AG to ZEAL Network SE Company Name: ZEAL Network SE ISIN: DE000ZEAL241 Reason for the research: Update Recommendation: Kaufen from: 10.04.2024 Target price: EUR 51.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Henry Wendisch Games business – a second EBITDA accelerator? Following recent additions to the Games portfolio, we take this opportunity for another deep dive into the new Games business, highlighting the favourable business metrics and showing its enormous potential for ZEAL, once scaled. Here’s our take: User metrics exceed those of lottery by far: thanks to the repetitive character of Games, the customer journey gives ZEAL much more monetization opportunities, as users can play 24/7 and for mutliple times a day vs. 1-3 days Lottery players need to wait for the next jackpot draw. This is reflected at much higher ARPU (average revenues per user) of currently € 25.82 at Games vs. only € 7.68 at Lottery. Change in Games KPIs ahead: While the business is still in roll-out, ZEAL is about to add higher billings margin Games to the now 59 games counting portfolio. Hence, we expect changing KPIs as billings margins directly influence the pay-in to billings ratio, the pay-in margin and ultimately ARPU. Finding the sweet spot: maximizing the ARPU at Games should be one of ZEAL's main target. As it controls the average billings margin (i.e., by changing the Games product mix), it can experiment to some extent, as higher billings margins reduce RTP and thus user activity. By finding the optimal billings margin, the pay-in margin and thus ARPU can be maximized. Conservative estimates already show promising bottom line effects: According to our current estimates, the new business should account for 12% of group EBITDA in '24 (€ 5m) and for 17% of group EBITDA by FY'26e (€ 11m), based on conservative user growth assumptions (40k by FY'26 vs. 17k in FY'23) and only slight EBITDA margin improvements (50% in FY'26e vs. 42% in FY'23). Huge potential, once scaled: To asses the impact of the Games business once meaningful user numbers are reached, our sensitiviy analysis shows the enormous potential stemming from Games: Asuming 200k MAUs, an ARPU of € 30 and a 50% EBITDA margin, the annually recurring EBITDA contribution from Games alone could amount to € 36m (vs. € 33m on group level in '23). In sum, the Games business has the potential to become a significant second pillar of growth and profitability for ZEAL. Hence, we confirm ZEAL's position in the NuWays' AlphaList and reiterate our BUY recommendation with an unchangend PT of € 51.00, based on DCF. You can download the research here: http://www.more-ir.de/d/29371.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Singulus Technologies AG - from NuWays AG Classification of NuWays AG to Singulus Technologies AG Company Name: Singulus Technologies AG ISIN: DE000A1681X5 Reason for the research: Update Recommendation: Halten from: 09.04.2024 Target price: EUR 1.60 Target price on sight of: 12 Monaten Last rating change: Analyst: Konstantin Völk Uninspiring FY23 results, positive outlook for FY24e; chg. est. Topic: Singulus reported uninspiring FY23 figures with top- and bottom-line below the company’s guidance and our estimates. More importantly, FY24 could feature significant sales and EBIT growth. FY23 sales decreased 17% yoy to € 73m (eNuW: € 77m), missing the in July adjusted guidance of € 90-100m due to a cyclically weak Life Science segment and postponements of some larger projects in the Solar segment. Q4 sales came in at € 16.7m, 18% lower yoy (eNuW: € 21m). FY23 EBIT stood at € -10.1m (eNuW: € -8.9m; FY22: € 5.9m), falling short of the guidance (positive low single digit €m). FY23 order intake decreased 25% yoy to € 43m, leading to a backlog of € 55m (FY22: € 85m). Positively, sales in the Solar segment increased 30% yoy to € 39m (eNuW: € 43m), despite the postponement of larger projects with CNBM and a customer in the US. The US business was particularly strong, benefiting from subsidies related to the inflation reduction act. The Solar segment should be a major contributor to sales growth in FY24e, due to the realization of projects with CNBM and potential follow up orders in the package. Starting from a high level in FY22, the Life Science segment showed weakness in top-line growth due to the cyclical nature of the business. Sales came in at € 23.9m, 54% lower yoy (eNuW: € 24m). The situation should remain challenging during FY24e, as the macro environment is still clouded. The Semiconductor segment saw solid sales of € 10.3m, increasing 66% yoy (eNuW: € 9.5). The outlook in the Semiconductor segment looks positive, fueled by new products in the pipeline such as in the field of μLED. By leaving the niche market and entering the larger μLED market, Singulus has a fair chance of creating enough revenue to cover its fixed costs. Management released a strong guidance for FY24e and expects to see € 120-130m in sales and EBIT in the low double-digit million range, implying 72% sales growth at midpoint (eNuW: € 97m sales; € -0.3m EBIT). However, the outlook appears ambitious given the reduced order backlog of € 55m (FY22: € 85m), even taken into account order intake of € 28m in Q1 as stated in the CC. Further, a challenging macro environment, uncertainty of subsidies in the Solar segment and the long lead times of the products will make it difficult to reach the top-line guidance. That said, the midterm prospects remain intact with the potential of larger orders from CNBM for CdTe thin-film modules and a fast-growing μLED business. Hence, we reiterate HOLD with an unchanged PT of € 1.60 based on DCF. You can download the research here: http://www.more-ir.de/d/29347.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: CR Energy AG - from NuWays AG Classification of NuWays AG to CR Energy AG Company Name: CR Energy AG ISIN: DE000A2GS625 Reason for the research: Update Recommendation: Kaufen from: 08.04.2024 Target price: EUR 48.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald FY ’23 displays strong cash generation and KPIs; chg. CR Energy released preliminary FY figures, which came in below our estimates but displayed an improved operating strength of the holding companies. FY EBIT came in at € 65m (eNuW: € 80m; eCons: € 73m), which compares to € 75m in FY ’22. The yoy decline can be mainly explained by lower valuation gains throughout the portfolio in connection with increased discount rates. Yet, operating cash flow increased by 4% yoy to € 4.00/share or € 22.6m. This was predominantly due to the strongly improved operations of the holding companies, leading to an increased cash dividend of € 27m, implying a yoy growth rate of 62%. The equity ratio remained on a strong level of 97%. Successful capital increase. In January, the company successfully completed the rights issuance, which was announced in November. 232,610 new shares were placed at a price of € 15 per share, resulting in gross proceeds of € 3.5m, which should maibly be used to strengthen the portfolio company CR Opportunities (CRO). CRO is seen to launch its first ELTIF in the course of H1 focusing on sustainable real estate and renewables, thus enhancing future growth. Besides that, CR Energy remains a major beneficiary of the increasing demand for sustainable energy and housing solutions. Here, Terrabau and Solartec provide a compelling offering in relation to high quality and cost-optimized living space. Terrabau, a general constructor offering concepts for innovative and sustainable construction, currently has >300 units in the Berlin and Leipzig area in the pipeline, which are seen to be in brisk demand considering the aging residential stock, especially in Eastern Germany. In order to optimize carbon intensity, Terrabau is acting in concert with Solartec, which is supplying the townhouses and single-family homes with rooftop solar rigs. In fact, Solartec is combining high-performance PV systems and emissionfree hydrogen storage systems to allow for a 24/7 supply of sustainable energy. Overall, the company remains well positioned in the market for sustainable housing and is offering unique synergies to capitalize on compelling growth prospects of the market. Hence, the stock remains a BUY with a new PT of € 48 (old: € 52) based on DDM. You can download the research here: http://www.more-ir.de/d/29333.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: MPC Energy Solutions - from NuWays AG Classification of NuWays AG to MPC Energy Solutions Company Name: MPC Energy Solutions ISIN: NL0015268814 Reason for the research: Initiation Recommendation: Kaufen Target price: NOK 23.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Christian Sandherr Here comes the sun // Initiate with BUY MPC Energy Solutions (MPCES) is ready for a virtuous growth cycle: The integrated IPP owns 144 MW (99 MW proportionate) of PV and CHP assets (incl. under construction) and has a 336 MW development backlog (225 MW of mature projects). The regional focus of MPCES is Latin America and the Caribbean, which offer plenty of attractive growth prospects. Although boasting an impressive overall renewable energy share of 63%, certain nations, notably the Caribbean countries, find themselves trailing behind with a meagre average of 8% but with targets of 50-100% during the next 10-20 years. This created a lot of pent-up demand: Until 2030, the regions need an incremental 50 GW of renewable assets to remain on the net-zero trajectory. Assets in these regions are in high demand due to attractive returns (>15% equity IRRs) on the back of high power/power purchase agreement (PPA) prices coupled with strong solar irradiation leading to high full load hours and long-term PPAs with private corporates, private and state-owned utilities. However, access to suitable assets remains one of the key bottlenecks in the industry. By offering tailored energy solutions for each client with a technology agnostic approach rather than trying to find clients for halfway developed projects, MPCES put itself at the forefront of the regions’ transformation, since it is (1) able to de-risk its projects and (2) gain access to sufficient high-quality PPAs. Ready to kick-start a cycle of growth. While FY23 was a transition year with the departure of the former CEO and the resulting strategy overhaul (divestment of several projects and focus on co-investments to improve equity IRRs), the company's mid-term should be marked by strong growth. MPCES' current proportionate production portfolio can generate annual sales of around $ 11.4m (eNuW). This is seen to strongly increase as MPCES executes its backlog. San Patricio alone (construction started at the end of Feb.) should contribute $ 4m additional sales annually. The remaining 225 MW of mature development projects could boost annual proportionate sales to roughly $ 31m (eNuW, 51% ownership and $ 65 per MW/h). With incremental EBIT margins north of 40%, the group’s EBIT margin would hence surpass 30% (not reflected in eNuW until the projects are under construction). Initiate with BUY and a NOK 23 PT. We value MPCES on a sum-of-the-parts (SOTP) valuation, separately accounting for the value of its current IPP portfolio (NPV) and its development backlog (multiple). You can download the research here: http://www.more-ir.de/d/29303.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research. 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Marley Spoon Group - from NuWays AG Classification of NuWays AG to Marley Spoon Group Company Name: Marley Spoon Group ISIN: LU2380748603 Reason for the research: Update Recommendation: Kaufen Target price: EUR 7.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Mark Schüssler Mixed 2024 guidance // efficiency measures bearing fruit; chg. Last week, Marley Spoon Group ('MSG') released a mixed 2024 guidance. Sales are expected to grow by a single-digit percentage versus the prior year (eNuW new: +9% yoy; eNuW old: +17% yoy), largely driven by two separate developments owing to MSG's structure, which consists of the core mealkit business Marley Spoon SE (>95% ownership) and the newly acquired bistroMD, operating in the ready-to-eat business: 1) While consumer demand has stabilized throughout 2023, the company cited cautious consumer behavior in the meal-kit market as the main culprit for the muted outlook and now expects a single-digit percentage decline for FY24e (eNuW new: -3% yoy; eNuW old: +5% yoy). In our view, this should be explained by a continued normalization in the number of active subscribers from Covid highs (eNuW: -3% yoy), the effect of which is likely more pronounced for Europe and Australia than for the US. 2) The guidance implies, however, that on a group level its recent acquisition of bistroMD shows a noticable impact on the overall topline development (FY24e revenue of € 39m, +10% yoy; eNuW), demonstrating the attractiveness and resilience of the ready-to-eat market. Besides bistroMD's leading doctor-designed RTE meal plans playing on relevant consumer trends like health, convenience, and weight-loss, this acquisition likely offers MSG an opportunity to use its own data and technology platform to generate synergies over time. Though MSG expects its contribution margin to remain flat (FY23: ~31.7%), operating EBITDA is seen to grow to a positive mid-single-digit figure for the full year (eNuW: € 2m), despite the fact that bistroMD should operate on a lower contribution margin (eNuW: ~30%) and negative EBIT due to lack of scale. The positive margin outlook is seen to be carried by (1) a rectified voucher strategy, likely increasing marketing efficiency and early cohort retention rates in H2'23 and Q1'24 and (2) a more streamlined G&A setup (-11% yoy to c. € 69m, excluding one-off costs) as costreduction measures from automation, centralization, and the closure of underutilized operations begin to kick in. While it looks like 2024 will be another challenging year for the meal kit market, we like both the strategic outlook and the operational progress MSG has made over the past quarters towards group profitability, leading us to reiterate our BUY rating with a changed PT of € 7.00 (old: € 8.00) based on DCF. You can download the research here: http://www.more-ir.de/d/29307.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research. 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: DEMIRE - from NuWays AG Classification of NuWays AG to DEMIRE Company Name: DEMIRE ISIN: DE000A0XFSF0 Reason for the research: Update Recommendation: Halten from: 28.03.2024 Target price: EUR 1.20 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald Mgmt confirms negotiations regarding bond restructuring Topic: DEMIRE released an ad-hoc, stating that the company has entered negotiations with a group of bondholders (Ad hoc Group), which is said to hold “well over 50%' of the outstanding nominal amount, regarding the restructuring of its unsecured corporate bond. Mind you, the corporate bond is due on 15 October 2024 and has an outstanding nominal amount of € 499m (€ 600m at issue date). The company also gave indications as to which points a possible restructuring agreement could contain. In detail: (1) Extension of the term until 31 December 2027 at an increased coupon as well as additional compensation payments. While the company did not specify on possible conditions, we estimate total annual costs of 6.5% to be in line with the market, which would result in additional financial expenses of c. € 23m given the current nominal amount. (2) Mandatory repayments of the bond from the net sales proceeds of future asset disposals. Considering a net-secured LTV of 12.5%, assets held for sale to the tune of € 160m (as of 9M excl. LogPark), a 20% BV discount and the net cash inflow from the LogPark sale (eNuW: € 65-70m) this figure could amount to c. € 180m in 2024 alone. (3) Obligation to waive dividends or other distributions to shareholders during the extended term of the bond. (4) Additional collateralization of the bond in favor of the bondholders, likely via the company’s portfolio of unencumbered assets. In addition, the company stated that one member of the Ad hoc Group intends to dispose a position to the tune of c. 20% of the outstanding nominal amount or c. € 100m. The company further stated that it considers submitting a bid to acquire the corresponding position. Considering this to be a highly distressed situation for the seller, DEMIRE would possibly be able to acquire the position below market levels (64% as of yesterday's close). Yet, as all the above is still subject to approval of the Ad hoc Group as well as an external economic feasibility analysis, we keep our forecast model unchanged for the time being. Given the prevailing uncertainty regarding the investment case, we reiterate HOLD with a € 1.20 PT. You can download the research here: http://www.more-ir.de/d/29273.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research. 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Rosenbauer International - from NuWays AG Classification of NuWays AG to Rosenbauer International Company Name: Rosenbauer International ISIN: AT0000922554 Reason for the research: Update Recommendation: Kaufen from: 27.03.2024 Target price: EUR 54.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Christian Sandherr Refinancing agreement with lenders and capital increase Topic: Rosenbauer reached a multilateral refinancing agreement with its major lenders and promissory note holders. Further, the Austrian vehicle manufacturer announced to be planning a capital increase of at least 3.4m shares to strengthen its balance sheet. Successful refinancing: During FY23, Rosenbauer had difficulties meeting its covenants of an equity ratio above 20% and a net debt to EBITDA ratio below 6. At the end of 9M FY23, the equity ratio stood at 14.3% and the net debt to EBITDA ratio at 15. The company now announced a refinancing agreement, which runs until November 3rd, 2025. All covenants in existing agreements will be suspended and redefined for the duration of the refinancing agreement (so far no details disclosed). For the term of the refinancing agreement, any dividend payments are suspended (eNuW old: € 1.0 per share). Material capital increase: Rosenbauer intends to issue at least 3.4m new shares (50% increase) during 2024 to strengthen its balance sheet and paying bondholders. Assuming a 30% discount to yesterday’s closing price of € 27.60, potential gross proceeds could reach roughly € 66m. € 35m of the proceeds and additionally any excess cash in 2025 (cash sweep) shall be used for repayments. Healthy operating business: Rosenbauer has largely overcome the challenging supply chain situation in FY22 & FY23 and showed a successive improvement in its profitability during FY23. The EBIT margin in Q1 came in at -2.6% and climbed to 2.1% in Q2, 4.4% in Q3 and 7.2% in the preliminary final quarter, which was seasonally the strongest quarter. Due to largely normalized chassis lead times and significant price increases from Rosenbauer, we expect an EBIT margin of 4.6% in FY24e (FY23: 3.5%). Further FY23 order intake increased 18% yoy to € 1.45bn, leading to a record high order backlog of € 1.79bn. Backed by restored profitability, continued strong demand and an improved supply chain, Rosenbauer should be able to deliver solid FY24e results (eNuW FY24e: Sales € 1.16bn/+8.6% yoy; EBIT € 53m/ +41% yoy). Despite the high debt ratio and stock dilution, Rosenbauer’s operating business remains intact. The agreement with bondholders and the capital increase are necessary steps to secure the future financing of the company. Thus, the fact that the company has come to a solution with its bondholders can be interpreted as positive news flow. Reiterate BUY with an unchanged € 54.00 PT, based on DCF. You can download the research here: http://www.more-ir.de/d/29265.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research. 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: S Immo - from NuWays AG Classification of NuWays AG to S Immo Company Name: S Immo ISIN: AT0000652250 Reason for the research: Update Recommendation: Kaufen from: 27.03.2024 Target price: EUR 19.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald FY ’23 showing strong rental growth - Strategy update // chg. S IMMO released FY ’23 figures, showing strong operational results as well as a lower-than-expected devaluation of the real estate portfolio. FY rental income came in at € 203m (eNuW: € 193m; eCons: € 191m), up 30% yoy thanks to acquisitions to the tune of € 1bn, mainly in Austria and the Czech Republic as well as an improved l-f-l rental level of the portfolio. Importantly, revenues from hotel operations increased by 24% yoy to € 70m (eNuW: € 65m; eCons: € 64m), thus significantly exceeding pre-pandemic levels (2019: € 59m). Overall revenues (incl. service charges) increased by 29% yoy to € 336m (eNuW: € 321m; eCons: € 323m). Against this backdrop, FFO grew by 52% yoy to € 99.7m (eNuW: € 101m, eCons: € 84m), mainly driven by the improved top-line as well as operating leverage on the G&A level. Yet, despite the strong operations, the result from property valuations again came in negative at € -109m, which was however below market expectations (eNuW: € -148m, eCons: € -134m). Moreover, when taking a closer look at the regional split, one can see that especially the German portfolio saw a strong devaluation (€ -118m) while the CEE portfolio even gained value (€ 37m), although part of this was due to purchase price adjustments. Nonetheless, this once more supports management’s decision to shift the strategic focus towards the higher yielding Eastern European office market. In fact, S IMMO recently published a strategy update, stating that the whole German portfolio is now included in the disposal program, which initially only included the German residential portfolio. On top of this, the company aims to gradually streamline the portfolio, focusing on the divestment of small and medium-sized office properties with limited development potential, possibly leading to a market exit in Croatia (€ 75m BV) and Slovakia (€ 150m BV). While management did not put a number on the disposal programs, we estimate it to comprise properties worth c. € 750m (incl. Zagrebtower), which are set to be disposed within the next three years (eNuW). The freed funds are seen to be merely invested into office and retail properties in Austria and the Czech Republic. Here the company, recently signed an LOI acquire an office and retail portfolio in the Czech Republic from parent company CPI (€ 495m BV). Based on continued strong operations and metrics as well as the possibility of a delisting offer looming, S IMMO remains a BUY with a new PT of € 19.00 (old: € 18.40) based on NTA and DDM. You can download the research here: http://www.more-ir.de/d/29267.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research. 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: VOQUZ Labs AG - from NuWays AG Classification of NuWays AG to VOQUZ Labs AG Company Name: VOQUZ Labs AG ISIN: DE000A3CSTW4 Reason for the research: Update Recommendation: Kaufen from: 22.03.2024 Target price: EUR 22.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald Huge potential from promising PwC partnership // chg. On Wednesday, VOQUZ Labs announced a strategic partnership with PwC Solutions Germany for the marketing of remQ, the company’s business transaction monitoring and auditing software for SAP customers. In detail: PwC will offer its client base in Germany the establishment of a digitalized internal control system (ICS) based on remQ. Mind you, remQ was added to the product portfolio within the framework of the company’s first M&A deal in early 2023. The software monitors business-critical transactions, i.e. procure- to-pay and order-to-cash processes, in real-time, hence improving data and transaction control across all business areas. Moreover, customers can upsell in order to add premium solutions such as payroll- and sanctions compliance or an AI-based criminal watchlist name-matching tool. The software is optimized for both SAP ERP and S/4HANA environments. PwC will likely position remQ as a managed service solution. In our view, this should be a well needed push for remQ after a flattish sales development in 2023 (eNuW: € 150k). Given PwC’s market leading position with c. 13k auditing and consulting customers in Germany, the partnership is seen to significantly facilitate the go-to-market of remQ. As VOQUZ is typically targeting mid-sized customers with 500-20,000 employees, we estimate the deal to have a total potential of € 25-30m in annual revenues, based on an average annual contract volume of € 35k (eNuW). As VOQUZ also aims to intensify cross-promotion with its flagship software samQ (SAP software asset management), top-line growth is seen to accelerate from 2024e onwards. We hence conservatively expect remQ sales to triple to € 450k in ‘24e before doubling again to € 900k in ‘25e. visoryQ offering further upside. While the company’s core product samQ looks set to provide solid double-digit sales growth going forward (eNuW: 11.3% CAGR ‘23p26e) and setQ as a pure re-sell product likely remaining flat, visoryQ is also seen to contribute with strong growth momentum going forward. This should be, among others, driven by the ongoing S/4HANA transition (mainstream maintenance for old ERP software ends in 2027). To remind you, visoryQ is a tool that largely maps advisory services via intelligent software and is designed to methodically help customers determine the optimal ERP strategy. For example, visoryQ visualizes various strategies to help decide whether on-premise, hyperscaler, RISE or composable ERP is the best fit and is providing customers with cost indications for all possible options considering the scope of service needed for the respective organization. Thus, especially for SAP customers who have not yet migrated to S/4HANA, visoryQ is a compelling offering in order to optimize TCO, in our view. After introducing the self-developed solution in Q4 '22, it already met with brisk demand in 2023, accounting for c. 10% of sales, e.g. € 0.5m (eNuW). Driven by an accelerating S/4HANA transition, topline should continue to develop dynamically at a 65% CAGR '23p-26e. SAP cloud migration to fuel visoryQ and samQ While the majority of SAP ERP customers has not yet migrated, SAP introduced financial incentives at the start of the year to help accelerating the transition to S/4HANA. Until the end of 2024, customers opting for a cloud migration via the RISE or GROW with SAP program may receive a one-time credit of 60% of their first year’s fee if they currently use on-premise S/4HANA, and a 45% credit if they currently use SAP legacy software. Apparently, SAP actively offered these incentives to users already in Q4’23 and received positive feedback. The CPO for cloud ERP, Mr Jan Gilg, stated that it ‘hit the right spot’ and was ‘able to convince a lot of customers to move to Rise’. While this should be clearly benefitting visoryQ, the ongoing cloud migration is set to also have a positive effect on samQ, the company's SAP software asset management tool. While cloud-based solutions offer a higher degree of flexibility on the one hand, they also increase complexity on the other, as they inherit an innumerable amount fo native and third-party services. In order to be able to deal with such an increasing complexity, there should be no way around an appropriate SAM tool like samQ, in our view. Already today, the average SAP customers manages 3,500 users and 20 systems, i.e. has to classify 70,000 data points. As a result, roughly 30% of SAP users are incorrectly licensed. Overall, VOQUZ looks set to be well positioned to pick up the pace again after a difficult H1´23 that was partially compensated by a solid H2 (click here for update on FY '23 prelims). For FY24, we estimate 19% sales growth (eNuW: € 6.2m), a double-digit EBITDA margin (eNuW: 15.5%) and postive FCF (eNuW: € 0.5m). Despite the promising share price performance YTD, valuation still looks undemanding with the stock trading on a mere 1.2x EV/Sales and 7.8x EV/EBITDA ‘24e (0.9x/4.4x based on FY25e) carried by the strong underlying mid-term prospects as well as the scalability of the capital light business model. BUY with an unchanged PT of € 22.00 based on DCF. You can download the research here: http://www.more-ir.de/d/29219.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research. 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: INDUS Holding AG - from NuWays AG Classification of NuWays AG to INDUS Holding AG Company Name: INDUS Holding AG ISIN: DE0006200108 Reason for the research: Update Recommendation: Kaufen from: 22.03.2024 Target price: EUR 36.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Christian Sandherr Strong FCF supports further growth; chg. Topic: INDUS reported solid FY23 figures especially in light of the currently challenging macro environment. Results are in line with the preliminary numbers and FY23 guidance. Further, INDUS had its capital markets day yesterday in Frankfurt. Here are the key takeaways: FY23 sales came in at € 1.80bn, roughly unchanged from last year, despite a difficult macro environment. While EBIT increased by 11.9% yoy to € 150m, it is important to note that the impairments of € 19m in FY23 due to higher interest rates were significantly lower compared to the € 43m in FY22. Adjusted EBIT (excl. impairments) stood at € 169m (- 4.3% yoy) resulting in an implied adj. EBIT margin of 9.4% (- 0.4pp yoy). For FY24e we expect no further impairment of goodwill, as interest rates are seen to reached the zenith. FY23 sales in the Engineering segment increased slightly to € 600m (+ 3.2% yoy; eNuW: € 590m) and adj. EBIT increased 1.5% to € 62m, leading to a solid adj. margin of 10.4% (- 0.1 pp), supported by an improved situation in measurement and control engineering due to an ease of the semiconductor shortage in FY22. Sales in the Infrastructure segment came in at € 582m (eNuW: € 588m), almost at the previous year’s level (- 0.6% yoy). Adj. EBIT came in at € 57m with a margin of 9.8% (-1.1 pp) and declined 11% due to high costs for concrete and sand as well as a strong slowdown in the construction sector. The Materials segment showed slightly lower sales of € 620m (- 2.7% yoy; eNuW: € 641m), as a result of lower sales prices and volumes, while adj. EBIT was roughly unchanged at € 64m (- 1.1% yoy), with a margin of 10.3% (-0.1 pp). CMD feedback: Free cashflow in FY23 came in at € 199m and reached a new record high, growing 96% yoy. However, cashflows were supported by a reduction in working capital of € 30m during FY23 (FY22: + € 53m) and a € 15m inflow from the disposal of an office building. Supported by the strong FCF, management intends to spend € 70m for acquisitions during FY24e. The 1.1m recently acquired treasury shares could serve as form of payment and are not included in the € 70m budget. Hence, we expect to see more acquisitions coming in this year, especially in the field of infrastructure networks, automation and energy technologies. Considering the currently low valuations of the German Mittelstand, this is a good opportunity to acquire further niche players to fuel the growth for the coming years. Attractive dividend yield: Management proposed a dividend of € 1.20 per share (eNuW: € 1.20), making INDUS an attractive dividend stock with a yield of 4.8% based on yesterday’s closing price. Due to the divestment of the loss-making automotive business in FY23 and an ongoing successful operating business, we expect a further dividend rise for the current fiscal year (eNuW: € 1.40). Mind you, INDUS plans to pay out up to 50% of the group’s net income. During the short- to mid-term, management plans to grow EBIT to more than € 200m, which could lead to a dividend of € 1.90 per share (40% payout), a 7.5% yield. Valuation looks undemanding with shares trading at 4.4x EV/EBITDA 2024e (26% below the 10y historical average) while offering 11% adj. FCF yield. We reiterate BUY with an unchanged PT of € 36 based on FCFY 2024e. You can download the research here: http://www.more-ir.de/d/29225.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research. 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Multitude SE - from NuWays AG Classification of NuWays AG to Multitude SE Company Name: Multitude SE ISIN: FI4000106299 Reason for the research: Update Recommendation: BUY from: 18.03.2024 Target price: 10.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Frederik Jarchow Strong Q4 figures // Bullish FY24 guidance confirmed; chg End of last week, Multitude reported a very strong set of Q4 figures and confirmed its FY24 EBIT guidance of € 67.5m. In detail: Sales came in at € 63.1m, up 9% qoq and 15% yoy, slightly above our estimates of € 60.4m (eNuW; restated to reflect directly attributable CAC), driven by the strong growth of the net loan book (NAR) to € 636m (21% yoy; including c. € 60m attributable to warehouse lending). Importantly, all segments contributed significantly to yoy NAR growth. In FY23, Multitude reached € 231m sales (9% yoy vs eNuW: 228m). EBIT increased by 16% qoq to € 13.5m (40% yoy), above our estimates of € 12.2m (eNuW). With 45.5m on the FY base, the company achieved its FY23 guidance of € 45m. The solid bottom line is due to stable OPEX thanks to efficiency measures (marketing, personnel) as well as topline growth. Driven by NAR expansion and higher reference rates, financial costs increased to c. € 8.5m (vs eNuW: € 6.6), resulting in an EBT of approximately € 4.1m (vs eNuW: € 6.3m). On the back of this strong set of numbers, management confirmed the FY24 EBIT guidance of € 67.5m (vs eNuW old: € 51m) expecting further topline growth and scale effects. In our view, the guidance looks ambitious, but not out of range given 1) the significantly increased loan book that should fully materialize within FY24, 2) the strong growth momentum of CapitalBox as well as the opportunities around the new segment wholesale banking that already gained traction in FY23. That paired with the ongoing stable performance of the “cashcow” of the Group (ferratum) and tight cost control that the company already showed in FY23 give us additional confidence. Mind you that the company reached its guidance for the 3rd consecutive year in FY23. As the stock looks still trading at a negative EV and a 3.4x PE´24, the growing, highly profitable, resilient and dividend paying company continues to look undebatably cheap. Multitude remains in our NuWays Alpha List and we reiterate BUY with an unchanged € 10 PT, based on our residual income model. You can download the research here: http://www.more-ir.de/d/29173.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research. 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AG Classification of NuWays AG to Borussia Dortmund GmbH & Co KGaA Company Name: Borussia Dortmund GmbH & Co KGaA ISIN: DE0005493092 Reason for the research: Update Recommendation: BUY from: 18.03.2024 Target price: 5.50 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald RS feedback: New formats offering upside / chg. Last week, we hosted a digital roadshow with BVB CFO Thomas Treß, which underpinned our view that the club is set to benefit from several structural changes going forward. The main takeaways: Bundesliga broadcasting rights: In Q2, the German Football League (DFL) is starting to market the media rights for the 4-year period starting with the season 2025/26. While the current 4-year deal has a total value of € 4.4bn, fears were arising that the next deal could decrease in volume after the Italian and French Leagues had to cut back recently. However, the recent abortion of the “No-Single-Buyer-Rule” is set to intensify the bidding contest. Hence, we do not expect a decrease and conservatively forecast the deal volume to remain on the same level as in the current period. New UCL. Although UEFA did not disclose final details on the prize money distribution for the new UCL format, earnings should increase by at least 20% compared to the current format given success in the competition. Yet, as the share of performance-based premiums will increase by 7.5pp to 37.5%, the delta is seen to increase, depending on a teams progresses in the tournament. Moreover, the CWC (click here for more detail) is seen to provide a liquidity boost in 2025, which is not yet reflected in our model as no detailed information were released yet by FIFA. Sponsorship upside. While TV marketing or transfer sales are subject to a certain volatility based on sporting success and talent development, sales in the sponsoring segment are seen to deliver stable growth going forward. Both, the expiry of the Evonik and 1&1 contracts next year as well as the CWC and the associated new sponsorship opportunities in the US are seen to provide upside in the coming years, in our view. Besides that, BVB reached the quarterfinals of the UCL after beating Eindhoven last week. As this resulted in € 10.6m additional premium payments, BVB consequently lifted its net profit guidance range by € 10m, which we continue to consider as conservative, given the strong H1. BVB will now face Atletico Madrid in the quarterfinals. While we rate this as a 50/50 fixture, we conservatively do not model the € 12.5m in premiums BVB would receive if advancing to the semifinals. BVB shares continue to trade on attractive levels of 0.9x EV/Sales, significantly below the peer average of 3.9x. The stock hence remains a BUY with an unchanged PT of € 5.50 based on DCF. You can download the research here: http://www.more-ir.de/d/29175.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research. 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: INDUS Holding AG - from NuWays AG Classification of NuWays AG to INDUS Holding AG Company Name: INDUS Holding AG ISIN: DE0006200108 Reason for the research: Update Recommendation: BUY from: 15.03.2024 Target price: 36.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Christian Sandherr Bolt-on acquisitions into global megatrends; chg. Topic: INDUS successfully completed the share repurchase program announced on February 21st. Further, the German conglomerate expanded their portfolio in the field of infrastructure networks and AI-based industrial automation. Share buyback at an attractive price: During the period from February 22nd to March 1st, INDUS conducted a public buyback for 1.1m shares at a price of € 23 per share, which are now held as treasury shares. The volume amounts to € 25.3m in aggregate or approximately 4.09% of the company’s share capital. At the current trading price INDUS offers an attractive return on investment capital, thus we view the buyback as a good capital allocation decision. Investment into Germany’s future infrastructure: INDUS announced the successful acquisition of the remaining 50% stake in Hauff-Technik GRIDCOM (sales: € 21m). By that, they are strengthening the existing portfolio in the field of infrastructure networks with the subsidiaries Weigand Bau GmbH and Turmbau Steffens & Nölle GmbH. Hauff-Technik GRIDCOM produces passive components for the fiberoptic infrastructure. INDUS became already in 1986 the sole shareholder of Hauff-Technik GmbH & Co. KG, which acquired 50% of Hauff-Technik GRIDCOM in 2016. While the purchase price was not disclosed, we would expect it to be in the mid single-digit €m range for the 50% stake. Investment in AI-based industrial automation: INDUS acquired Gestalt Robotics GmbH, a specialist in the field of AI-based automation for industrial applications (sales: € 5m). We expect the acquisition price to be in the low to mid single-digit €m range. By acquiring Gestalt Robotics, INDUS is expanding its engineering segment and lays the foundation to profit from the fast growing AI market. Attractive cashflow generation: INDUS delivered a preliminary FY23 FCF north of € 190m, materially improving yoy (FY22: € 102m) and exceeding the management target of € 100m, thanks to further noticeable working capital normalizations. Supported by the divestment of the loss-making automotive-related business in FY23, we expect INDUS to deliver FCF of € 100m in a normalized year, making it a cash cow with an attractive normalized FCF-Yield of c. 9%. INDUS remains attractively priced trading at only 4.3x EV/EBITDA 2024e, which is 28% below its 10y historical average. Hence, we reiterate BUY with an unchanged PT of € 36 based on FCFY 2024e. You can download the research here: http://www.more-ir.de/d/29165.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research. 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.