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: urban-gro, Inc - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to urban-gro, Inc Company Name: urban-gro, Inc ISIN: US91704K2024 Reason for the research: Jahresergebnisse Recommendation: Kaufen from: 04.04.2024 Target price: $4,30 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu urban-gro, Inc. (ISIN: US91704K2024) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und senkt das Kursziel von USD 4,70 auf USD 4,30. Zusammenfassung: Trotz eines erheblichen Umsatz- und EBITDA-Rückgangs in Q4 behalten wir unsere Kaufempfehlung für UGRO bei. Das vierte Quartal war reines Pech, als drei kommerzielle Projekte, die bis JE23 fertiggestellt werden sollten, in das Jahr 2024 verschoben wurden. Die Anleger reagierten auf die Nachricht mit Verkäufen, aber wir sind der Meinung, dass sich der drastische Aktienkursrückgang bereits bei der Q1-Berichterstattung als Überreaktion erweisen könnte. Das Management von UGRO betonte, dass die Projekte nicht verloren seien und in Q1 wieder aktiv waren, während es gleichzeitig bekräftigt hat, dass das Unternehmen 2024 ein schwarzes AEBITDA erreichen will. Die erste Guidance für 2024 unterstreicht die Notwendigkeit, konservativ zu sein und die Glaubwürdigkeit bei den Investoren wiederherzustellen. In der Zwischenzeit bleiben auch potenzielle legislative Katalysatoren für amerikanisches Cannabis im Spiel. Nach Anpassung unserer Prognosen für den Jahresbericht 2023 ist unser Kursziel nun $4,30 (zuvor: $4,70). First Berlin Equity Research has published a research update on urban-gro, Inc. (ISIN: US91704K2024). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from USD 4.70 to USD 4.30. Abstract: We are staying Buy-rated on UGRO, despite a substantial Q4 topline and EBITDA miss. The company was snake-bitten in Q4, when three commercial projects slated for YE completion pushed into 2024. Investors hit the bid on the shortfall, but we think the sharp stock recoil may prove to be an overreaction as soon as Q1 reporting. UGRO brass emphasised that the projects were not lost and were active in Q1, while also recommitting to achieve a black AEBITDA in 2024. The initial 2024 guide underpins the need to be conservative and restore credibility with investors. Meanwhile, potential legislative catalysts for American cannabis also remain in play. Our TP moves to $4.3 (old: $4.7) after recalibrating FBe on 2023 reporting. Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/29323.pdf Contact for questions First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------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: PNE AG - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to PNE AG Company Name: PNE AG ISIN: DE000A0JBPG2 Reason for the research: Update Recommendation: Buy from: 02.04.2024 Target price: 21,00 Euro Target price on sight of: 12 Monaten Last rating change: 02.02.2023: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein Research Update zu PNE AG (ISIN: DE000A0JBPG2) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 22,00 auf EUR 21,00. Zusammenfassung: Im Jahr 2023 steigerte PNE das EBITDA gegenüber dem Vorjahr um 13% auf €39,9 Mio. und erreichte damit das obere Ende der Prognose (€30-40 Mio.). Das EBITDA übertraf unsere Prognose um 15%, was vor allem auf einen besser als erwarteten Beitrag des Segments Stromerzeugung zurückzuführen ist. PNE baute seine Projektpipeline im Jahresvergleich um 61% auf 19,1 GW aus und erweiterte sein Portfolio an eigenen Onshore-Windkraftanlagen um 51 MW auf 370 MW. In den nächsten 24 Monaten sollen Windparks mit einer Gesamtkapazität von 281 MW hinzukommen, die sich derzeit im Bau befinden. Damit wird das Portfolio voraussichtlich deutlich auf 651 MW erweitert. PNE strebt für 2024 ein EBITDA von €40 Mio. bis €50 Mio. an. Eine aktualisierte Sum-of-the-Parts-Bewertung führt zu einem Kursziel von €21 (vorher: €22). Die Hauptgründe für das niedrigere Kursziel sind niedrigere Margenannahmen im Servicegeschäft und eine höhere Nettoverschuldung im Segment Stromerzeugung. Angesichts der starken Projektpipeline und der steigenden Kapazität des Ökostromportfolios sehen wir PNE bei der Umsetzung ihrer Wachstumsstrategie 'Scale up 2.0' auf dem richtigen Weg und bekräftigen unsere Kaufempfehlung. First Berlin Equity Research has published a research update on PNE AG (ISIN: DE000A0JBPG2). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 22.00 to EUR 21.00. Abstract: In 2023, PNE increased EBITDA 13% y/y to €39.9m and reached the upper end of guidance (€30m - €40m). EBITDA topped our forecast by 15% due mainly to a better than expected contribution from the Electricity Generation segment. PNE expanded its project pipeline by 61% y/y to 19.1 GW and added 51 MW to its onshore wind own plant portfolio, which now has a capacity of 370 MW. Wind farms with a total capacity of 281 MW currently under construction should be added over the next 24 months. The portfolio thus looks set to expand significantly to 651 MW. PNE is guiding towards 2024 EBITDA of €40m - €50m. An updated sum-of-the-parts valuation yields a €21 price target (previously: €22). The main reasons for the lower price target are lower margin assumptions in the service business and a higher net debt position in the Electricity Generation segment. Given the strong project pipeline and the rising green power portfolio capacity, we see PNE on track with its growth strategy 'Scale up 2.0' and reiterate our Buy recommendation. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/29289.pdf Contact for questions First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------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: ELARIS AG - from GBC AG Classification of GBC AG to ELARIS AG Company Name: ELARIS AG ISIN: DE000A37FT17 Reason for the research: GBC Management Interview Recommendation: GBC Management Interview Last rating change: Analyst: Marcel Goldmann 25/03/2024 - GBC management interview with Lars Stevenson, CEO of ELARIS AG   'We expect a strong financial year in 2024, as driven by the continued strong growth in the e-mobility market.'   ELARIS AG (ELARIS) is a German company and a provider of fully electric e-vehicles in the fast-growing e-mobility sector. As an automotive manufacturer, ELARIS sources its electric cars from well-known Chinese e-vehicle manufacturers (contract manufacturing) and sells them itself (online sales) and via sales partners under its own ELARIS brand in Germany and a number of other European countries (e.g. Austria). The company has extensive technology, development and manufacturing partnerships with these manufacturing companies (OEMs). In Germany, ELARIS has currently entered into a cooperation with 82 car dealers and 86 Euromaster locations for the sale (including servicing) of ELARIS electric cars and charging stations.   After ELARIS recently announced that the company was planning its initial listing on the m:access of the Munich Stock Exchange on 14 March 2024, we took the opportunity to conduct a management interview with Mr Lars Stevenson, CEO of ELARIS AG. The interview focused in particular on the IPO, the company's current growth strategy, the targets for the current financial year and the company's prospects.   GBC: What were your motives for the IPO?   Mr Stevenson: The IPO will increase our visibility and awareness. It will enable us to significantly expand our market position as an innovative electromobility company and make a contribution to the global energy transition. Needs-based and affordable electric cars are an important factor in the global energy transition. In addition, visibility on the capital market and future financing options will help us with our further growth strategy.   GBC: Could you please briefly explain your business model and what sets you apart from other e-mobility providers (USP) to our investors?   Mr Stevenson: We want to be a driver in making electric mobility suitable for the masses, so that everyone can afford a good electric car. That's why we currently offer a range of six electric car models in German-speaking countries, from subcompact cars to SUVs and saloons to vans. We are focusing on affordable and needs-based electric mobility and are working together with large electric vehicle manufacturers in China. They produce vehicles on our behalf that are customised to the requirements of European customers and the local market. In some cases, we also customise the vehicles ourselves, particularly in the software area. The models are therefore unique. It is important to us to offer electric cars at fair prices. The cheapest electric car is available for less than 21,000 euros (excluding VAT).   One of our great strengths is our flexibility and speed. We quickly adapt model specifications and ranges to changes in the market and demand. Customers are assured of vehicle repair and maintenance as well as the sale of accessories via ELARIS partner car dealerships. It goes without saying that our electric cars can also be serviced by other garages. Our vehicles are currently sold primarily in Germany, Austria and Switzerland. In addition to our own direct sales, we rely on a partner network of car dealerships, which will be continuously expanded.   In the charging infrastructure division, we also offer charging stations and wallboxes. Consultancy and services in the planning of charging infrastructure solutions are also part of our business model. Our aim is to increasingly leverage cross-selling potential between the areas of electric vehicles and charging infrastructure. We are therefore very diversified in the field of e-mobility.   GBC: How do you see the current market development in the e-mobility sector? What market trends do you see and what future developments do you anticipate?   Mr Stevenson: E-mobility is a strong growth market. This is also confirmed by various studies. For example, since the COVID pandemic, the share of electric vehicles in total vehicle sales in Germany has increased tenfold. Depending on the forecast and study, it is assumed that between 240 million and 250 million electric vehicles will be on the road worldwide by 2030, thus achieving a global share of 10.0% to 30.0%.   According to the International Energy Agency (IEA), manufacturers outside China will need to offer affordable, competitive options in the future to enable mass adoption of electric vehicles. Through our collaboration with Chinese OEMs, we therefore believe we are well positioned.   GBC: You are a fast-growing company: What specific growth strategy are you pursuing with ELARIS?   Mr Stevenson: Among other things, we want to further expand our sales and service channels in order to increase sales, improve customer service and strengthen the brand on the market. In particular, we are focusing on expanding the network of affiliated car dealerships, which are to become sales and service partners for our products. We also want to extend our partnership with service providers for the ELARIS electric car to other European countries so that local distributors of the ELARIS brand abroad can also benefit from this partnership and guarantee their customers a nationwide maintenance network.   We want to continue to raise our profile through targeted marketing activities, e.g. via social media. We also want to open up further European countries as part of our internationalisation strategy. In 2024, we plan to enter the French, Polish and Spanish markets via local distributors. We want to facilitate access to our vehicles through special subscription models.   With the ELARIS mobile phone app, for example, every market participant could become a 'car hire company'. Our ELARIS World platform takes care of the entire process. The first ELARIS taxi is also on the road in Hamburg.   GBC: What can investors expect from ELARIS in the current financial year? What sales volumes and sales figures are you aiming for in the current financial year? Will 2024 already be a profitable year? Mr Stevenson: We expect a strong financial year in 2024, driven by the continued strong growth in the e-mobility market. We will launch new attractive models with high availability, a long range and favourable prices on the market in the short term. There will also be an e-scooter from ELARIS in 2024, for example. Overall, we see 2024 as the first year in which we will be able to reap the rewards of the strategic course which we have set in recent years in terms of sales and move into completely new dimensions.   GBC: Will ELARIS continue to strive for the designation or status of a classic (domestic) automobile manufacturer (so-called OEM) in the future?   Mr Stevenson: The ELARIS BEO with the ELARIS VIN number will be available as early as April. We are in the process of switching from OEM to German manufacturer. By the third quarter, we plan to place all vehicles on the market as a German manufacturer.   GBC: What is your general corporate vision? Where do you see ELARIS in three to five years in terms of sales region, turnover level and product portfolio?   Mr Stevenson: ELARIS wants to play a meaningful role in shaping electromobility as a family of values through innovation, customer-oriented models, prices and structures. We combine access to efficient production facilities with an understanding of customer requirements in a wide range of regional markets. Our lean structures and willingness to break new ground make us flexible and fast. ELARIS clearly addresses Europe and the Middle East. Our licence model in particular enables rapid growth. Our products can be flexibly adapted to local markets.   A German brand still has great appeal. The fact that production takes place in China is not really anything new for the market - many established manufacturers produce in China.   In five years' time, our key financial figures should be in line with our claim to be a successful global electromobility company. As a profitable company with very dynamic sales growth, we want our shareholders to participate in the next successful chapters of the ELARIS story.   GBC: Mr Stevenson, thank you very much for talking to us.   You can download the research here: http://www.more-ir.de/d/29235.pdf Contact for questions GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion of the study: 25/03/2024(8:46 am) Date and time of first distribution: 25/03/2024(10:30 am) -------------------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: Media and Games Invest SE - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to Media and Games Invest SE Company Name: Media and Games Invest SE ISIN: SE0018538068 Reason for the research: OSG Update Recommendation: Kaufen from: 20.03.2024 Target price: €3,60 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Media and Games Invest SE (ISIN: SE0018538068) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 3,60. Zusammenfassung: MGI meldete für den Monat Februar einen Rekordumsatz, der durch ein organisches Umsatzwachstum (OSG) von 25% untermauert wurde. Dies folgt auf einen starken Anstieg des KPI auf 16% im vierten Quartal, gefolgt von 18% im Januar. Das Management wies darauf hin, dass die Treiber des jüngsten Aufschwungs auch im Februar sichtbar waren: (1) höhere Werbebudgets von Kunden, (2) Gewinnung von neuen Kunden, und (3) steigende Nachfrage nach MGIs KI-gesteuerten Contextual-Data Lösungen, da Targeting-IDs weiterhin verschwinden. Die Performance ist ermutigend, wenn man bedenkt, dass das organische Umsatzwachstum im Zeitraum Januar bis September letzten Jahres kaum 1% erreicht hatte. Wir stufen MGI weiterhin mit Kaufen und einem Kursziel von €3,60 ein. First Berlin Equity Research has published a research update on Media and Games Invest SE (ISIN: SE0018538068). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 3.60 price target. Abstract: MGI reported record sales for the month of February underpinned by 25% OSG (organic sales growth). This comes on the heels of a strong uptick in the KPI to 16% in Q4 followed by 18% in January. MGI brass pointed out that the drivers behind the recent upswing were again visible in February: (1) increased ad budgets from customers; (2) new customer onboardings; and (3) rising demand for MGI's AI-driven contextual data solutions as targeting identifiers continue to vanish. The performance is encouraging, considering that the OSG-needle had barely budged at ~1% in January-to-September period last year. We are Buy-rated on MGI with a €3.6 TP. Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/29199.pdf Contact for questions First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------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: Deutsche Rohstoff AG - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to Deutsche Rohstoff AG Company Name: Deutsche Rohstoff AG ISIN: DE000A0XYG76 Reason for the research: Preliminary 2023 results Recommendation: Buy from: 18.03.2024 Target price: €46.00 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes, CFA First Berlin Equity Research has published a research update on Deutsche Rohstoff AG (ISIN: DE000A0XYG76). Analyst Simon Scholes reiterated his BUY rating and decreased the price target from EUR 47.00 to EUR 46.00. Abstract: 2023 sales of €196.5m and EBITDA of €158.2m both came in towards the top end of guidance. Meanwhile, 2023 production rose 32.4% to 12,700 barrels of oil equivalent per day and was above company guidance of 12,000-12,500 boepd. Q4/23 production of 15,300 boepd (the highest in DRAG's history) benefitted from significantly-above-type curve output at nine new wells in the Niobrara formation in Wyoming, which came on stream last autumn. Net CAPEX also set a new company record €145m in 2023, but thanks to the impact of high net profitability on equity, net gearing remained constant at 42%. Management is guiding towards investment spending of €108m for 2024, but it is possible that this figure will rise if the oil price remains near the current USD80. The mid-point of management EBITDA guidance of €130m-145m is ca. €21m below the 2023 number. However, we note that 2023 EBITDA benefitted from €17m in gains on the disposal of assets in Utah in December and also that DRAG's current results are an order of magnitude higher than the average EBITDA of €38m booked during 2019-21. Results from wells drilled by DRAG in Wyoming since the company acquired its first acreage in the state in 2020 have been very encouraging. Output from the 16 wells with six month+ production history DRAG and its JV partner, Occidental Petroleum (Oxy), have so far drilled into the Niobrara formation in Wyoming has averaged 15% above type curve six months after the start of production. DRAG/Oxy have sufficient acreage in Wyoming to drill over 200 wells. Over 90% of these potential wells are in the Niobrara formation. Since DRAG announced the acquisition of its first acreage in Wyoming in July 2020, the DRAG share has outperformed the S&P500 Energy Index by over 150%. DRAG's increasingly impressive track record in Wyoming suggests that this outperformance will continue. We maintain our Buy recommendation, but lower the price target from €47.0 to €46.0 to reflect the ca. 30% decline in the 2024 US natural gas futures strip since our last note of 9 November (gas accounted for ca. 10% of revenue at 9M/23 and ca. 10% of DRAG's gas production is hedged). First Berlin Equity Research hat ein Research Update zu Deutsche Rohstoff AG (ISIN: DE000A0XYG76) veröffentlicht. Analyst Simon Scholes bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 47,00 auf EUR 46,00. Zusammenfassung: Der Umsatz für 2023 in Höhe von €196,5 Mio. und das EBITDA in Höhe von €158,2 Mio. lagen beide am oberen Ende der Unternehmensguidance. Die Produktion für das Jahr 2023 stieg um 32,4% auf 12.700 Barrel Öläquivalent pro Tag (boepd) und lag damit über der Guidance des Unternehmens von 12.000-12.500 boepd. Die Q4/23-Produktion von 15.300 boepd (der höchste Wert in der Geschichte der DRAG) profitierte von einer deutlich über der Typkurve liegenden Produktion aus neun neuen Bohrungen in der Niobrara-Formation in Wyoming, die im vergangenen Herbst in Betrieb genommen wurden. Die Nettoinvestitionen (CAPEX) erreichten 2023 mit €145 Mio. ebenfalls einen neuen Unternehmensrekord, doch dank der hohen Nettorentabilität blieb der Verschuldungsgrad mit 42% konstant. Das Management geht für 2024 von Investitionsausgaben in Höhe von €108 Mio. aus, wobei dieser Wert steigen könnte, wenn der Ölpreis in der Nähe der aktuellen USD80-Marke bleibt. Der Mittelwert der EBITDA-Prognose des Managements von €130 bis €145 Mio. liegt ca. €21 Mio. unter dem Wert für 2023. Wir weisen jedoch darauf hin, dass das EBITDA 2023 von €17 Mio. an Gewinnen aus der Veräußerung von Vermögenswerten in Utah im Dezember profitierte, und dass die aktuellen Ergebnisse der DRAG erheblich über dem durchschnittlichen EBITDA von €38 Mio. liegen, das für 2019-21 verbucht wurde. Die Ergebnisse der Bohrungen, die die DRAG in Wyoming niedergebracht hat, seit das Unternehmen im Jahr 2020 seine ersten Flächen in diesem Bundesstaat erworben hat, sind sehr ermutigend. Die Fördermenge der 16 Bohrungen mit einer Produktionshistorie von mehr als sechs Monaten, die die DRAG und ihr Joint-Venture-Partner Occidental Petroleum (Oxy) bisher in der Niobrara-Formation in Wyoming niedergebracht haben, liegt sechs Monate nach Produktionsbeginn im Durchschnitt 15% über der Typkurve. DRAG/Oxy verfügen in Wyoming über ausreichende Flächen, um über 200 Bohrungen durchzuführen. Über 90 % dieser potenziellen Bohrungen befinden sich in der Niobrara-Formation. Seit die DRAG im Juli 2020 den Erwerb ihrer ersten Anbaufläche in Wyoming bekannt gab, hat die DRAG-Aktie den S&P500 Energy Index um über 150 % übertroffen. Die zunehmend beeindruckende Erfolgsbilanz der DRAG in Wyoming deutet darauf hin, dass sich diese Outperformance fortsetzen wird. Wir behalten unsere Kaufempfehlung bei, senken jedoch das Kursziel von €47,00 auf €46,00, um den Rückgang um ca. 30% der US-Erdgas-Futures 2024 seit unserer letzten Studie vom 9. November zu berücksichtigen (Gas machte ca. 10 % des Umsatzes in 9M/23 aus, und ca. 10 % der Gasproduktion der DRAG sind abgesichert). Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/29185.pdf Contact for questions First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------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: Grand City Properties S.A. - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to Grand City Properties S.A. Company Name: Grand City Properties S.A. ISIN: LU0775917882 Reason for the research: Jahresergebnisse 2023 Recommendation: Kaufen from: 18.03.2024 Target price: €12,50 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Grand City Properties S.A. (ISIN: LU0775917882) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 12,60 auf EUR 12,50. Zusammenfassung: Das Nettomietwachstum auf vergleichbarer Basis (LFL) von 3,3% führte zu einer guten operativen Das Nettomietwachstum auf vergleichbarer Basis (LFL) von 3,3% führte zu einer guten operativen Performance im Jahr 2023, und das Management geht davon aus, dass sich dies in diesem Jahr fortsetzen wird. Eine Guidance von ~3% für wurde den KPI gesetzt, wobei der Neubau weiter hinter den Zielen zurückbleibt, kombiniert mit einer niedrigen Leerstandsquote der deutschen Wohnimmobilien. In der Zwischenzeit verhindern die hohen Zinsen weiterhin akzeptable Refinanzierungsoptionen und Immobilientransaktionen. Wie erwartet, wurde der FFO 1 im vierten Quartal aufgrund höherer Finanzierungskosten und höherer Perpetual Note Kupons erneut belastet (-10%). Die liquiden Mittel beliefen sich auf €1,2 Mrd. und decken nun die Fälligkeiten der Schulden bis JE26. Wir sehen das Unternehmen gut positioniert, um den weiterhin schwierigen Immobiliensektor zu meistern. Wir bekräftigen unsere Kaufempfehlung mit einem Kursziel von €12,50 (zuvor: €12,60). First Berlin Equity Research has published a research update on Grand City Properties S.A. (ISIN: LU0775917882). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 12.60 to EUR 12.50. Abstract: LFL rental growth of 3.3% led good operational performance in 2023, and management expect this to continue this year and guide ~3% for the KPI with new build falling further behind targets combined with high occupancy rates of German resi. Meanwhile elevated interest rates continue to gate acceptable refinancing options and property transactions. As anticipated, FFO 1 took another hit in Q4 (-10%) due to higher financing costs and perpetual note attribution. Cash and liquid assets tallied €1.2bn and now cover debt maturities until YE26. The landlord looks well positioned to handle the still challenging property sector. We remain Buy-rated on GCP with a €12.5 target price (old: €12.6). Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/29179.pdf Contact for questions First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------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.

Original-Research: ASMALLWORLD AG - from NuWays AG Classification of NuWays AG to ASMALLWORLD AG Company Name: ASMALLWORLD AG ISIN: CH0404880129 Reason for the research: Update Recommendation: BUY from: 15.03.2024 Target price: 4.30 Target price on sight of: 12 Monaten Last rating change: Analyst: Henry Wendisch FY'23 in line, growth investments to burden profitability; chg. Topic: Yesterday, ASW released FY'23 results, in line on top line and slightly below estimate and guidance on EBITDA level. Moreover, the announcement of an 'investment year' should burden FY'24e profitability temporarily in return for member growth. In detail: Sales came in at CHF 21.2m, +15% yoy (eNuW: CHF 21.1m; guidance: CHF 20-22m) driven by strong growth in both segments: Subscriptions grew by 13% yoy to CHF 14.8m while Services grew by 20% yoy to CHF 6.5m, thanks member growth by 6.4% to 70.2k coupled with ARPU growth of 6% yoy. EBITDA came in slightly lower-than-expected at CHF 2.1m (down 16% yoy; eNuW: CHF 2.3m; guidance: CHF 2.2 - 2.4m) because the product mix shifted towards the Emirates Skywards program and away from the Lufthansa Miles and More program, leading to higher costs for member privileges of CHF 13.5m (+26% yoy). Net income however rose by 6% yoy to CHF 1.53m due to the first time collection of GHA's dividend of CHF 0.3m, lifting the financial result accordingly from CHF -0.2m in FY'22 to CHF 0.1m, while EPS is diluted by the increased no. of shares following the recent capital increase. Growth investments to burden profitability in the near-term: With last year's acquisition of JetBeds.com, ASW now offers the value luxury travel service value chain for its customers. Hence, the next logical step is to increase the customer base of the social network (see p. 2), which should be achieved by 1) expanding marketing efforts and 2) lowering the entry threshold with a 'freemium' version, which is currently under evaluation. Both has a short-term negative effect on profitability, but should ensure the basis for future growth. Thereafter, the strong operating leverage of ASW's business should let profitability rise again in FY'25e (eNuW: 11% vs. 4.5% in FY'24e). Moreover, new hires of tech-personnel should also burden profitability. New guidance reflects growth investments: ASW guides for CHF 23-25m in sales (eNuW: CHF 24.4m) and an increased member base of 73 - 74k (eNuW: 73.7k), but a decline in EBITDA to CHF 1 - 1.2m (eNuW: CHF 1.1m; old: CHF 3.2m) due the investments mentioned above. At current levels, ASW stock seems to price in the weak profitability for FY'24e, but the market seems to underestimate the operating leverage the business provides after this transition year. Hence, we reiterate our BUY recommendation, but reduce our PT to CHF 4.30 (old: CHF 4.90), as we decrease our bottom-line estimates and roll over our DCF model. You can download the research here: http://www.more-ir.de/d/29167.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: UBM Development AG - from NuWays AG Classification of NuWays AG to UBM Development AG Company Name: UBM Development AG ISIN: AT0000815402 Reason for the research: Update Recommendation: BUY from: 15.03.2024 Target price: 28.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald FY ’23 prelims: EBT below est. due to higher devaluation / chg. UBM released preliminary FY ’23 figures, which came in below our estimates following higher than anticipated devaluations of the company’s development as well as standing asset portfolio. Management now expects an EBT loss of € 39m (vs eNuW of € -23.6m vs eCons € -21.4m). Final FY figures will be released on April 11th. Overall, UBM had to write down € 70m throughout 2023, which should have been divided equally into project and standing asset revaluations. The main reason for this is seen to be the ongoing weakness of the real estate market, with only slight gradual increases in transaction volumes and ever more larger players filing for bankruptcy (e.g. Signa). Although management indicated that technical pressure for further devaluations in 2024e should be limited, we conservatively estimate a slight devaluation of c. 1%. Despite the devaluation and the redemption of its hybrid bond, UBM continues to provide sound balance sheet metrics with a cash position of € 152m and an equity ratio which remains in the target corridor of 30-35%. Importantly, the company has no major maturities until November 2025 (€ 120m corporate bond), which marks a major competitive advantage as it provides management with sufficient headroom until the market regains traction. On another positive note, the company was able to divest its 33.5% share of Palais Hansen to Wiener Städtische in Q4. Given a fair value of € 100m, a 7% discount to book value and an LTV of 45% this should have resulted in net cash inflows of c. € 17m (eNuW). Moreover, a 25% in the Vienna-based project “Central Hub”, a mix between office and light industrial, was acquired. The 9,800m sqm project is set to be completed in Q1 ’25. Overall and despite the muted FY 2023 preliminary figures, we continue to like UBM as we regard the company as well equipped to cope with the current macroeconomic headwinds, as earnings from the € 2.3bn pipeline should protect profitability going forward (eNuW: 10-15% developer margin). Moreover, with 75% of the pipeline being planned in hybrid-timber construction, the company is in a perfect position to benefit from the increasing pressure for investors to comply with the EU taxonomy. Hence, demand for projects should further increase going forward. We reiterate our BUY recommendation with a new PT of € 28.00 based on DDM. You can download the research here: http://www.more-ir.de/d/29169.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.