Original-Research: Cenit AG - von GBC AG Einstufung von GBC AG zu Cenit AG Unternehmen: Cenit AG ISIN: DE0005407100 Anlass der Studie: Research Comment Empfehlung: BUY Kursziel: 21.00 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann 1.HY 2023: Revenue growth of 18.3%, EBIT increase of 134.1%; forecasts confirmed; price target raised to €21.00 (previously: €19.75) due to roll-over effect   After CENIT AG had already made a very good start to the year in the first quarter of 2023 with sales growth of 22.7%, the growth trend was continued with a sales increase of 14.4% achieved in the second quarter. From the perspective of the first half of 2023, this means that revenue has grown by 18.3% to € 87.47 million (previous year: € 73.91 million). The companies acquired in the last reporting periods contributed significantly to this development. ISR Information Products AG (ISR for short), which was acquired as at 31 May 2022, is expected to have made an inorganic contribution of approximately € 9.9 million due to its first full consolidation in the first half of 2023. In addition, mip Management Informations Partner GmbH (mip), which was acquired in January 2023, contributed revenues of € 1.36 million. In total, we estimate the M&A-related increase in turnover at € 11.23 million. Organically, the company grew by approximately € 2.3 million or 3.1%.   The significant increase in EBIT to € 2.62 million (previous year: € 1.12 million) is partly due to a special income affecting the result. As of 1 June 2023, the subsidiary CENIT Japan K.K. was sold, which triggered a one-off income of € 0.87 million. Adjusted EBIT of € 1.75 million (previous year: € 1.12 million) is still visibly above the previous year's value. In addition to the increase in high-margin consulting and service revenues, the first effects of the Sirius cost-saving programme (savings in personnel, licences, etc.) were noticeable in the first half of the year.   With the publication of the 2023 half-year figures, the CENIT management has confirmed and substantiated the company guidance. Sales revenues of around € 180 million and an EBIT of around € 9.5 million are expected. Previously, revenues of € 175 to 180 million and an EBIT of € 9.0 to 9.5 million were expected and thus the upper end of the previously communicated range was targeted.   This concretisation is probably also due in part to the two company acquisitions reported after the reporting date of 30 June 2023. CENIT AG acquired PI Informatik GmbH, a full-service provider in the field of conception and consulting of SAP landscapes, on the first consolidation date of 1 July 2023 (see GBC Research Comment of 11 July 2023). According to our estimates, PI Informatik should contribute a turnover level of approx. € 4 to 5 million p.a.. For the current 2023 financial year, approximately half of this will be reflected in revenue due to the consolidation that has only just taken place.     In their half-year report, CENIT AG also reports for the first time on the acquisition of 60% of the Austrian SAP consulting company ACTIVE BUSINESS CONSULT, effective 31 July 2023. The newly acquired company focuses on the energy supply, logistics, industry, trade and public sector sectors and strengthens CENIT AG's SAP PLM and analytics competencies. According to CENIT CEO Peter Schneck, the new company has a sales level of around € 4.0 million. Due to the consolidation as of 1 August 2023, this should result in an inorganic sales contribution of slightly more than € 1.5 million in the current financial year.   The significant increase in earnings already visible in the first six months of 2023 provides a good basis for the disproportionate earnings growth expected for the full year. In addition, the effects of the Sirius cost-savings programme should have an even stronger impact in Q3 and Q4.   In view of the two company acquisitions and the disproportionate earnings development, the concretisation of the turnover and earnings guidance is understandable. Since our previous forecasts were slightly above the upper forecast range anyway, we are not making any changes to our previous estimates (see Research Comment of 11 July 2023).   During the conference call on the 2023 half-year figures, the CENIT Management Board presented a simulation for achieving the 'CENIT 2025' agenda, according to which a sales level of € 300 million is to be reached by 2025. Inorganic growth of almost € 10 million is simulated for the current business year. If the inorganic growth contribution of the already acquired companies in the amount of about € 4.0 million is deducted, about € 6.0 million remain. It is therefore obvious that CENIT AG considers the chance of a further major company acquisition in 2023 to be realistic. In our forecasts, we only include the known inorganic growth. This also explains our 2025 sales estimates of € 233.91 million, which show a gap to be filled inorganically up to the target sales of € 300 million.   Due to the unchanged forecasts, we also retain our DCF valuation model. However, as the new target price is extended to 31 December 2024 (previously: 31 December 2023), the target price is increased to € 21.00 (previously: € 19.75). We continue to assign the rating BUY.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27467.pdf Kontakt für Rückfragen Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date (time) of completion: 03/08/2023 (10:50 am) Date (Time) first distribution: 03/08/2023 (12:00 pm) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: publity AG - von GBC AG Einstufung von GBC AG zu publity AG Unternehmen: publity AG ISIN: DE0006972508 Anlass der Studie: Research report (Anno) Empfehlung: Hold Kursziel: 20.00 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Marcel Schaffer publity AG focuses on green growth: 50% ESG-compliant buildings by 2030. The interest rate turnaround is a challenging situation for real estate companies. Participation PREOS reports sharp decline in NAV.   In fiscal year 2022, publity AG recorded a significant decline in revenues of 83.7% to €4.68 million (PY: €28.75 million). This was due to various challenges, including the interest rate turnaround and the war in Ukraine. The lower number of transactions resulted in less income from finder fees and exit fees. In addition, the reversal of the GORE deal contributed to fees from the Luxembourg deal from the first half of 2022 not being settled. This resulted in lower revenue than originally expected.   EBITDA decreased to €-23.44 million, compared to €14.6 million in the previous year. In addition to a significant decline in sales, other operating expenses increased by 62.4% to €25.82 million, mainly due to additional expenses of €14.4 million related to a failed deal with a Luxembourg investor.   Originally, a net profit of €6 to €10 million was planned, yet the year ended with a high net loss of €192.54 million. This is mainly due to value adjustments on financial assets, in particular PREOS Global Office Real Estate & Technology AG, amounting to €171.38 million, which was characterized by strong price losses, resulting in a corresponding value adjustment. However, in the event of a possible increase in the share price of PREOS, there is the potential for appreciation.   publity AG plans to position itself as a green asset manager by 2030 and to manage at least 50% ESG-compliant buildings. The company also plans to reduce its CO2 footprint by 50% and become completely climate-neutral by 2030. A new 'Green Advisory' business unit is planned to provide expertise on ESG-compliant building refurbishment.   For 2023, we expect an increase in sales, despite adverse effects from the interest rate turnaround. We forecast sales of €11.5 million, followed by €15.0 million in 2024 and €20.1 million in 2025, respectively. The guidance calls for a break-even result after taxes, with a slightly positive EBIT. To counteract the current challenges, the company is implementing strict cost management. We expect EBIT of €0.3 million in 2023, followed by €3.32 million in 2024 and €6.64 million in 2025, respectively. We forecast net income at €0.28 million in 2023, €2.39 million in 2024 and €4.71 million in 2025, respectively.   As part of our DCF valuation model, we have determined a target price of €20.00 (previously: €46.50). We have allocated the investments in affiliated companies and the loans to affiliated companies to net financial assets. This primarily includes the PREOS investment. The share price of PREOS as of December 30, 2022 was € 3.40 (Xetra), corresponding to a market capitalization of € 385.79 million. Given publity AG's 94.3% stake, this represents a value of €348.82 million on its balance sheet. Our revaluation is based on the latest ad-hoc news from PREOS, according to which devaluations have led to a reduction in equity to €204 million as of December 31, 2022 (December 31, 2021: €418.0 million). In accordance with a participation rate of 94.3%, a value of €192.37 million is attributable to publity AG, which is thus significantly lower than the value recognized in the balance sheet as of December 31, 2022. To determine the fair value of publity AG, we refer to net financial assets of €224.05 million (December 31, 2024), which corresponds to a fair value of €15.06 per share based on the number of shares in publity. Adding the value of the operating business on the basis of the DCF model, we have calculated an overall price target of €20.00 per share and, against the backdrop of the current share price, assign a Hold rating (previously: BUY). Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27445.pdf Kontakt für Rückfragen 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;11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion of the study: 01.08.2023 (13:30) German: 29.07.2023 (15:00) Date and time of the first disclosure of the study: 02.08.2023 (10:00) German: 31.07.2023 (11:00) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Samara Asset Group plc - von GBC AG Einstufung von GBC AG zu Samara Asset Group plc Unternehmen: Samara Asset Group plc ISIN: MT0001770107 Anlass der Studie: Research report (Anno) Empfehlung: Buy Kursziel: 4.14 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Julien Desrosiers Samara Asset Group is actively ramping up its investments in the fund-of-fund approach. Samara Alpha Management launches flagship fund, promising attractive risk-adjusted returns.   In June 2023, Samara Asset Group (formerly: Cryptology Asset Group) sold its entire stake in Block.one, a crypto company, for $118.9 million, resulting in a profit of about $52 million. Following this, they distributed dividends of €1.30 per share, a total payout of around €74 million. Despite Block.one selling a significant portion of its Bitcoin holdings, leading to a slight discount on the liquid asset value, Samara's new strategy sees the allocation of $50 million for fund-to-fund investments over the next year and a half. This aligns with their objective to become a reliable institutional-grade investor. Samara, leveraging the successful launch of Samara Alpha platform, aims for an annual expected return of 25% to 35% with its market-neutral fund-of-fund strategy. The strategy will exploit inefficiencies in traditional capital markets, especially in the crypto landscape, to generate alpha and high returns, while reducing exposure to underlying assets and volatility. Retail investors' limited access to such opportunities has led Samara to hold onto its investments, except for small illiquid ones.   Samara Alpha operates as an independent subsidiary of Samara Asset Group, managing its funds independently with external members and limited partners. Shareholders also participate in Samara Alpha's potential success. While the subsidiary's valuation is currently based on cost basis, strategic investors are being sought to increase its value. A potential share capital increase could involve strategic investors who would invest alongside Samara Asset Group.   Samara Asset Group has invested $10 million in the flagship market-neutral multi-strategy fund launched by its subsidiary, Samara Alpha Management. This US-based asset management subsidiary specializes in leveraging market inefficiencies in the budding digital asset space, with a goal to yield appealing risk-adjusted returns. Led by Chief Investment Officer Adil Abdulali, the firm operates with a diversified digital asset managers portfolio.   We have estimated the total valuation of investments for Samara Asset Group to be €227.15 million. Factoring in an increased net debt and holding costs of €-17.28 million (an increase from the previous €-15.22 million), we have estimated a comprehensive Net Asset Value (NAV) for the company, which now stands at €209.87 million. This translates to €4.14 per share. With the current share price standing at €2.18 (Xetra on 25th July 2023 at 10:02am), there is considerable upside potential. Consequently, we maintain a 'Buy' rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27411.pdf Kontakt für Rückfragen 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;5b;6a;7;11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion of the study: 25.07.2023 (2:15 pm) Date and time of the first distribution: 26.07.2023 (10:00 am) Validity of the target price: until max. 31.12.2024 -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Health Italia S.p.A. - von GBC AG Einstufung von GBC AG zu Health Italia S.p.A. Unternehmen: Health Italia S.p.A. ISIN: IT0005221004 Anlass der Studie: Management Interview Empfehlung: Management Interview Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Marcel Schaffer “[…] we aim to strengthen our position as a leader in the healthcare industry by prioritizing patient-centeredness, fostering innovation and embracing digitization.”    This management interview features Livia Foglia, the CEO of Health Italia S.p.A. GBC will soon initiate research coverage on Health Italia, and the company has recently published its guidance, setting a revenue target of 50 to 52 million euros for the year 2026. Additionally, they aim for an EBITDA of 12 to 14 million euros and a positive net financial position ranging between 15.0 and 16.0 million euros. Today, we have the opportunity to speak with Livia Foglia about the company's market positioning and future prospects.    GBC AG: How would you describe your business model to investors who are not familiar with your company, considering that you are the leader in the Italian market?   Livia Foglia: Our company, which is a group, operates in the healthcare and wellbeing market. We are an integrated operator offering a complete range of solutions to improve the quality and accessibility of healthcare, assistance, and welfare services. All the activities are grouped into different companies and business lines (Promotion and Support Services, Telemedicine, and Medical services) with significant opportunities for cross-selling strategies and synergies among them.   Through Health Italia, our holding company, we promote corporate and retail supplementary healthcare solutions to individuals and families in need of healthcare coverage, as well as to companies for their employees as a benefit. We also manage welfare services and flexible benefit plans for companies or public entities' employees.   Through our subsidiaries, Health Assistance and Health Point, we provide assistance services as a third-party administrator (service provider) dedicated to assisted individuals who have subscribed to a healthcare plan. We also offer innovative telemedicine and traditional medical services.   To support our business, we are constantly developing and improving our own digital platforms that help us manage activities and seize new opportunities.   Our distribution model is multichannel and based on different channels, with the main one being our network of promoters, consisting of approximately 2,000 individuals working throughout Italy. We also collaborate with Banks Branches. Health Italia is the only company in Italy to promote supplementary healthcare solutions through the banking channel. Additionally, we work with other external independent distribution networks interested in selling solutions for wellbeing and health protection.   GBC AG: Germany has a healthcare system with two pillars, namely Statutory Health Insurance (Gesetzliche Krankenversicherung, GKV) and Private Health Insurance (Private Krankenversicherung, PKV). In Italy, however, there is an additional pillar consisting of Mutual Aid Societies and Health Funds, which are voluntary health insurance schemes. Can you provide an overview of this system to investors who may not be familiar with it?   Livia Foglia: In Italy, the healthcare system is composed of three areas called Pillars: the first is represented by the Public National system, the second is represented by Funds, and the third consists of private insurance companies.   Funds include Mutual Benefit Companies and Healthcare Funds, which are intended to complement the public health service and provide support. These entities are non-profit and individuals who benefit from their services become members rather than clients. They are registered in the Registry of Healthcare Funds at the Ministry of Health, and the government provides significant tax benefits (deductibility) to support the second pillar.   GBC AG: Italy offers flexible benefits through customizable remuneration plans, enabling employees to choose from various options. How do these flexible benefits present interesting opportunities for your company?   Hi Welfare is the division specifically dedicated to corporate welfare services. Through our online platform, we manage flexible benefit programs for companies and public entities' employees. With this formula, employees can choose the composition of their individual welfare plan according to their needs. We provide seven benefit areas:   - Health care plans - Assistance: home care for the disabled or elderly - Leisure: culture, sports, travel - Supplementary pension - Education: school fees, education expenses, from kindergarten to college - Shopping vouchers - Season tickets for public transportation   Additionally, with the support of Health Point, we can offer medical services and telemedicine directly within company headquarters by setting up dedicated spaces for services, check-ups, or in-house health screening campaigns. This represents an important opportunity for our company from a dual perspective.   Protective strategy: By being able to satisfy customers' welfare needs beyond just health coverage, we prevent competitors from entering as their exclusive suppliers and potentially stealing our customers.   Proactive strategy: We have two access channels for the corporate target audience. Since a company may be interested in health coverage only or a comprehensive welfare plan, we have the ability to meet their demands in both cases. Furthermore, after acquiring the customer, we can employ a cross-selling strategy to offer additional services in which they were initially not interested.   GBC AG: Which primary markets does your company currently operate in, and how do you envision the future development of these markets? How will these market dynamics impact your company?   Livia Foglia: We operate in the healthcare market, where in 2020, the national healthcare expenditure reached 160 billion euros. Out of this amount, 122 billion euros were covered by public funds, while private individuals contributed 38 billion euros. Among the private expenditure, 34 billion euros were paid out of pocket by citizens, with only 4 billion euros being brokered by healthcare funds and insurance companies. The untapped portion of this market represents our main addressable market.   In recent years, intermediated healthcare spending in Italy has been steadily increasing, driven by a reduction in state intervention and the aging population. The growth in the second pillar can be observed through the data on entities registered in the Registry of Healthcare Funds at the Ministry of Health. These entities include Funds and Mutual Benefit Companies that enjoy tax benefits (excluding insurance companies). The number of beneficiaries and registered entities has risen from approximately 7 million in 2013 to 14 million in 2019.   The corporate welfare market in Italy has also experienced growth, with the adoption of welfare plans by companies for their employees doubling from 2017 to 2021. The average budget allocated to welfare measures has also increased, surpassing €1,000 in 2021.   Furthermore, on a global scale, since the pandemic in 2020, remote health consultations have significantly increased from 0.1% to 43.5%. It is projected that around 40% of patients will continue to use telemedicine, a substantial increase compared to the pre-pandemic level of 11%. In 2021, telemedicine accounted for 35.5% of the total revenue in the healthcare sector, amounting to 62.4 billion dollars. Experts predict a compound annual growth rate (CAGR) of 36.5% from 2022 to 2028, reaching a market value of $577 billion in 2028.   These data clearly indicate the opportunities within the sector. The presence of growing reference markets, as projected above, suggests an increase in turnover across all areas of our Group's business.   GBC AG: In light of the rapidly evolving technological landscape, how does your company stay ahead of emerging trends and leverage innovation to maintain its market leadership in Italy?   Livia Foglia: Significant technological investments are currently underway to further implement the ongoing digital transformation that has been in progress for several years. The Group is specifically investing in new software to serve the main business areas, including CRM (Customer Relationship Management), operations center management software, back-office analysis software, and cloud programs and hardware. This involves migrating to servers provided by major suppliers such as Oracle or Microsoft, benefiting from their computational capacity.   Furthermore, the entire resident server infrastructure is being replaced with cloud servers, which effectively addresses data protection concerns and enhances cyber security. An important investment is also being made to replace all existing firewalls, further bolstering security measures.   From a commercial perspective, a significant investment is being made to integrate the current sales channels with online access and explore distribution via modern online sales platforms. This initiative aims to enhance the company's presence in the online market and capitalize on the opportunities presented by e-commerce.   GBC AG: Looking ahead, where do you envision your company in five years?   Livia Foglia: The near future scenario for the health sector, particularly regarding supplementary and/or complementary health coverage, presents a significant challenge for the global community.   The healthcare landscape is undergoing transformative changes, exploring innovative business models, and creating fresh opportunities. Simultaneously, new players from the technology, consumer products, services, and other sectors are entering the vast global health marketplace, while consumers are increasingly embracing technology-enabled solutions.   In this evolving global health space, Health Italia is making substantial advancements by prioritizing patient-centricity, fostering innovation, and embracing digitization. Through these efforts, we aim to strengthen our position as a leader in the industry by adapting to the demands of diverse populations and varying needs. We are committed to ongoing investments that focus on technological innovation, service enhancement, and customer base consolidation.   GBC AG: Thank you very much for the interview.  Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27405.pdf Kontakt für Rückfragen 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 (time) of completion: 20.07.2023 (14:00) Date (time) of first publication: 25.07.2023 (12:00) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: UmweltBank AG - von GBC AG Einstufung von GBC AG zu UmweltBank AG Unternehmen: UmweltBank AG ISIN: DE0005570808 Anlass der Studie: Research Report (Anno) Empfehlung: BUY Kursziel: 14.40 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann - Transformation process 'umwelt.neo' makes the Bank future proof - Two transitional years expected - Growth is expected again from 2025 onwards   In the past financial year 2022, UmweltBank AG was able to further expand its business volume to € 6,602.1 million (31.12.21: € 6,451.0 million), even in a difficult market environment. The basis for this increase is the newly granted loans in the amount of € 623 million (previous year: € 845 million), which increased the outstanding loan volume to € 3,139.03 million (31.12.21: € 3,072.52 million) and therefore to a new record value. The decreasing dynamics in the volume of new loans is primarily due to a decline in demand in the area of private construction financing, i.e. it is a consequence of the more expensive financing on the one hand and the still high price levels on the other. New loans also decreased in the renewable energy sector, although this also includes the postponement of loans to the current financial year in the amount of € 170 million.   Based on the expanded loan portfolio, interest income increased to € 74.40 million (previous year: € 70.90 million), the interest result, on the other hand, declined to € 58.79 million (previous year: € 63.24 million). This includes a further reduction of the interest margin to 1.07% (previous year: 1.21%). On the one hand, higher interest rates can be enforced for new loans, but the extensive loan portfolio only leads to a delayed adjustment of interest rates instead. On the other hand, the interest rate increases have made liabilities, which mainly consist of short-term deposits, more expensive. In addition, part of the TLTRO funds at favourable interest rates were repaid.   In contrast to the decline in net interest income, UmweltBank AG recorded a significant increase in net commission income and other income to a total of € 34.55 million (previous year: € 12.60 million). The sale of an investment in a wind farm company, which generated net proceeds of approximately € 20 million, played a special role in this development.   With an EBT of € 39.21 million (previous year: € 38.09 million), UmweltBank AG met expectations. The only slight increase in earnings compared to the significant rise in total income is a result of higher administrative expenses, which include costs for the change of the core banking system (€ 3.6 million) as well as increased expenses from the continued expansion of the workforce. Another factor that led to the increase in costs was the higher allocations to risk provisions for customer loans, which at € 9.29 million (previous year: € 3.26 million) were significantly above the previous year's level.   The UmweltBank management considers the current and coming financial years 2023 and 2024 as transitional years, which will be characterised by a declining development of the interest result and increasing expenses. For the current financial year, the Board of Management expects EBT before the formation of reserves to amount to approximately € 20 million. As in the previous business year, proceeds from disposals are expected to contribute significantly to this. Although an increase in the volume of new loans is expected, net interest income should decrease significantly due to the expected decline in the interest margin. Here, too, the effect that interest rate increases being passed on more quickly on the deposit side plays an important role. In addition, the expiry of the ECB's special corona conditions will lead to a further increase in the cost of financing. A noticeable improvement in the interest margin is not expected until 2025.   The decline in net interest income is to be offset by an increase in net commission income and net trading income. The expansion of sales activities for own funds of the 'UmweltSpektrum' brand as well as an expansion of the issuing business should contribute to this. In addition to the planned increase in awareness of this brand, investments in green projects are also to be expanded, so that the contribution to income and results of business outside of lending, i.e. in the business segments 'securities business' and 'investments', should increase. We expect a decline in income from disposals and thus a decline in other income, so that overall a declining income picture should prevail.   On the cost side, the migration costs to the new core banking system, for which investments of around € 10 million are estimated for 2023 and around € 4 million for 2024, are likely to lead to an increase in administrative expenses. In addition, the expansion of the workforce is to be continued. In this respect, the company is undergoing a transformation process in the financial years 2023 and 2024, at the end of which a modern IT infrastructure will be in place from 2025 and more employees will be employed at the new company headquarters 'UmweltHaus'. Finally, from 2025 onwards, significant improvements in earnings and results are to be generated, also against the background of the then-increasing interest margin.   For the financial years 2023 and 2024, we expect net interest income of € 49.81 million (2023) and € 53.25 million (2024), which should be below the level of the past two financial years. We do not expect a noticeable increase in the financial result until 2025, driven in particular by an increase in the interest margin and lending. We assume a visible reduction in other income (including commission income) due to the decline in proceeds from disposals, before rising income from investments and securities should lead to an increase from 2024.    Due to the strong increase in administrative expenses, which include both the higher personnel expenses and the increased transformation costs, we forecast a pre-tax result (before the formation of reserves) of € 20.84 million for the current financial year, which is in line with the company's guidance. After another year of transformation, the pre-tax result should not be above the level of the previous financial years until the 2025 financial year.   We have valued UmweltBank within the framework of a residual income procedure. The sum of the discounted residual income results in a value of € 14.40 million (previously: € 14.65 million) per share. The price target reduction is exclusively a consequence of the increased cost of equity capital of 4.97% (previously: 4.20%), resulting from an increase in the risk-free interest rate and the company-specific beta. At a current share price of € 11.20, we continue to give the rating BUY.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27351.pdf Kontakt für Rückfragen 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: (1,4,5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) completion of the study: 17.07.2023 (09:47 am) Date (time) first publication: 17.07.2023 (11:30 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Coreo AG - von GBC AG Einstufung von GBC AG zu Coreo AG Unternehmen: Coreo AG ISIN: DE000A0B9VV6 Anlass der Studie: Research study (Anno) 1 Empfehlung: BUY Kursziel: 1.30 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann - FY 2022 was marked by portfolio optimisation - Postponed investments should be realised in 2024 - Break-even expected from 2024   In the past financial year 2022, Coreo AG's focus was on active asset management of the existing portfolio, whereas no new investments were made for the first time since the start of real estate-related business activities. In particular, the delay of the acquisition of the largest portfolio in the company's history, which had been planned since 2021, was responsible for this. In this respect, the focus of business activities was on extensive refurbishments and conversion measures at existing properties in Kiel, Wetzlar or Bruchsal.   Nevertheless, a significant increase in gross rental income to € 5.97 million (previous year: € 4.35 million) was achieved, in particular due to the first full-year inclusion of properties acquired in 2021. In addition, rental increases were achieved in the existing portfolio and vacancies in the refurbished properties were reduced. On the other hand, proceeds from disposals fell to €2.89 million (previous year: €10.32 million). These primarily include the complete sale of the Mannheim portfolio and some properties in the Göttingen portfolio. As a result, total income of €10.38 million (previous year: €16.53 million) was below the previous year's level, but above our expectations (GBC forecast: €7.99 million) due to higher than expected proceeds from disposals.   The decline in earnings is also reflected in the drop in EBIT to € 0.98 million (previous year: € 2.84 million). This was lower than we expected due to higher maintenance measures (GBC forecast EBIT: € 2.63 million). Based on this, Coreo AG was once again unable to reach break-even at the level of the after-tax result. At present, the company's rental income is still too low to cover its operating expenses, but it is still not sufficient to cover its financial expenses.   The current P&L picture should only change with the expected expansion of the rental portfolio. One possible property acquisition that is likely to have a relevant influence on the company's revenue and earnings development is the transfer of the so-called Spree East portfolio, for which a purchase agreement was already reached in 2021. According to the company's announcement at the time, the portfolio comprises a total of 1,341 flats and 15 commercial units, which would make it the largest acquisition in the history of Coreo AG. Although the company is currently still in negotiations, we assume that the acquisition will not take place until the coming financial year 2024. Likewise, an exclusive agreement for the purchase of a portfolio in Hagen/Rostock with an investment volume of € 2.5 million was concluded in July 2022.   Assuming the expected addition of these portfolios and after taking into account further investments in the coming financial years, rental income, which will then be the most important earnings variable, should gradually increase to € 6.53 million (2023e), € 9.56 million (2024e) and € 12.36 million (2025e). From the coming financial year onwards, these should be enough to reach the break-even point at the level of the after-tax result.   Within the framework of our DCF valuation model, we have determined a new target price of € 1.30 (previously: € 1.85). Compared to our previous valuation, we have made a significant forecast adjustment. On the one hand, we expect a slower build-up of the portfolios. On the other hand, rental income is more important than in our previous forecasts. Compared to the trading business, this is accompanied by lower revenues, but at the same time there should be higher profitability. The weighting of capital costs is also shifting towards debt capital, which has led to a reduction in the WACC. We continue to give the rating BUY.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27345.pdf Kontakt für Rückfragen 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: (4,5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion: 14.07.2023 (08:47 am) Date and time first distribution: 14.07.2023 (11:30 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: HAEMATO AG - von GBC AG Einstufung von GBC AG zu HAEMATO AG Unternehmen: HAEMATO AG ISIN: DE000A289VV1 Anlass der Studie: Research study (Anno) Empfehlung: BUY Kursziel: 30.75 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Cosmin Filker; Marcel Goldmann - Compulsory manufacturer discounts burden 'Specialty Pharma' segment - Lifestyle & Aesthetics' segment should grow in 2023; high potentials available with Botox launch - Increase in profitability expected   As expected, HAEMATO AG reports a decline in revenue to € 248.14 million (previous year: € 285.04 million) for the past financial year 2022 and is thus just below the previously expected revenue range of € 250 to € 280 million. The decline in revenue is due to the discontinuation of the sale of COVID 19 lay tests, which contributed significantly to the record value of the 2021 financial year. Due to an existing oversupply on the market, HAEMATO management had discontinued sales in mid-2021, which led to a revenue gap in 2022.   The business activities of HAMEATO AG are divided into the two segments 'Lifestyle & Aesthetics' and 'Specialty Pharma'. In the Lifestyle & Aesthetics segment, the marketing of pharmaceutical, medical and medical technology products for aesthetic surgery and cosmetic dermatology takes place. In the Specialty Pharma segment, HAEMATO AG acts as a wholesaler and parallel importer. Since the decline in lay tests is assigned in particular to the 'Lifestyle & Aesthetics' segment, this led to a decline in sales in this high-margin segment to € 42.48 million (previous year: € 65.15 million). At the same time, the streamlining of the product portfolio reduced sales in the 'Specialty Pharma' segment to € 205.66 million (previous year: € 219.90 million).   The decline in revenue is also reflected in a decrease in EBIT to € 8.30 million (previous year: € 11.16 million). Although the EBIT margin fell to 3.3 % (previous year: 3.9 %), the inclusion of the high-margin 'Lifestyle & Aesthetics' segment shows an increase in profitability in a multi-year comparison. In the 2019 and 2020 financial years, the EBIT margin was below 1.0 % in each case.   For the current financial year 2023, the HAEMATO management expects revenues of € 230 to € 250 million and EBIT of € 6 to € 8 million. A slightly declining development is expected both at the revenue and at the operating result level. This is likely to be primarily due to an expected decline in business in the 'Specialty Pharma' segment. As part of the SHI stabilisation law, the mandatory manufacturer discounts have been increased from 7.0% to 12.0% by 31 December 2023, which should lead to corresponding burdens for HAEMATO AG. Process optimisations and cost savings should partially offset this effect. In the 'Lifestyle & Aesthetics' segment, market shares are to be gained and profit margins further improved. The focus here is on the development of high-margin own brands, which are to be sold both through wholesalers and in the B2C business. In addition, the distribution of botulinum toxin (Botox) products should become an important growth driver in this segment.   For 2023, we expect sales revenues of € 242.04 million and EBIT of € 7.44 million. In the coming financial years, a return to sales growth and, with the expected disproportionate increase in high-margin 'Lifestyle & Aesthetics' sales, a gradual improvement in EBIT margins should be achieved.    Within the framework of our DCF valuation model, we have determined a new price target of € 30.75 (previously: € 31.70). We continue to assign the BUY rating.     Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27339.pdf Kontakt für Rückfragen 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: (4,5a,5b,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date and time of completion of the study: 13.07.2023 (11:04 am) Date and time of the first dissemination of the study: 14.07.2023 (09:30 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Advanced Blockchain AG - von GBC AG Einstufung von GBC AG zu Advanced Blockchain AG Unternehmen: Advanced Blockchain AG ISIN: DE000A0M93V6 Anlass der Studie: Research report (Anno) Empfehlung: Buy Kursziel: 11.00 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Julien Desrosiers Considerable upside potential to portfolio valuation. Track record of successful partial divestments and financing rounds.   In 2022, Advanced Blockchain AG expanded its portfolio by investing in 12 promising blockchain projects and Web3 infrastructure initiatives. Also three in-house portfolio companies secured over $53 million in funding from renowned co-investors and investors, solidifying the reputation and confidence in Advanced Blockchain's ecosystem.   One standout success story is Composable Finance, which raised $32 million with an implied valuation exceeding $350 million in a Series A financing round and launched a blockchain cross-liquidity protocol. This achievement established them as a prominent player in the DeFi ecosystem, attracting a dedicated community of users and partners. Their focus on interoperability and innovative financial products positions them for continued growth and success.   peaq, another portfolio company, introduced DePIN technology, addressing key challenges in decentralized finance and enhancing security, scalability, and cost efficiency. peaq secured a total funding of $10.5 million, with a round of funding of $6 million, led by Fundamental Labs, peaq solidified its position in the industry. Their advancements in technology and investment efforts demonstrate their commitment to revolutionizing decentralized finance and driving innovation.   In 2022, Advanced Blockchain AG faced a challenging year in the crypto market but demonstrated resilience by maintaining its business operations. Despite a 17.5% decline in revenues to €14.73 million, the company remained committed to navigating the market and pursuing its strategic objectives. To mitigate the impact of the challenging conditions, Advanced Blockchain AG implemented a comprehensive cost reduction strategy to align expenses with the market situation, improving financial stability.   In April 2023 Advanced Blockchain AG announced that Sebastian Markowsky, an experienced investment banker and skilled dealmaker in the blockchain industry, has joined as an Advisor and Venture Partner. With a successful background advising top fintech and software companies on securing global deals, Markowsky brings a wealth of expertise to the table. His focus is on digital assets, blockchain, decentralized business models, and cutting-edge technology. With his experience at notable firms like GP Bullhound, Blockchain Valley Ventures, and Deutsche Bank, Markowsky has gained a reputation for his commitment and long-term support.   The company experienced a decline in EBITDA to €2.77 million (PY: €6.65 million), leading to a reduced EBITDA margin of 18.8% (PY: 37.2%). The cost of materials significantly increased by 210.3% to €23.80 million due to rising development costs. However, Advanced Blockchain AG witnessed a notable rise in other operating income to €15.10 million, attributed to capitalizing internal work for software development in its subsidiaries. Despite the obstacles, the company remained profitable, albeit with a proportional reduction in net result. The net result for the year amounted to €1.76 million (PY: €5.32 million), showcasing Advanced Blockchain AG's ability to navigate challenges and maintain financial stability. With a net margin of 12.0% (PY: 29.8%), the company displayed effective cost management and resilience in the face of reduced revenues.   In fiscal year 2023, Advanced Blockchain AG focuses on sustainable growth and cost management. The company plans to expand its team, make new investments and implement cross-chain initiatives to maintain its leading position as a blockchain incubator and Web3 investor. Ongoing research and clear strategies will drive the development and adoption of various blockchain topics and use cases.   The top 10 portfolio holdings (of the more than 30 holdings), including companies like peaq/EoT Labs GmbH, Mero, and Contango, have a conservative valuation of €39.65 million. However, we estimate that the fair value of these holdings is considerably higher and to be around €45 million. The total portfolio value, including remaining investments, is estimated at €90 million, considering a significant undervaluation in the current market conditions.   Regarding the market, the recent endorsement of Bitcoin (BTC) by BlackRock CEO Larry Fink has had a profound impact on the growing acceptance of cryptocurrencies among Wall Street veterans. Fink, who was previously skeptical about digital currencies, announced that BlackRock aims to streamline and reduce the costs of trading and investing in Bitcoin. This acknowledgment of Bitcoin's potential as a revolutionary financial instrument marks a significant shift in the public stance of asset managers and senior executives. It highlights BlackRock's responsiveness to client demands and further validates Bitcoin's emergence as a mainstream asset within traditional finance.   We approximate the net asset value (NAV) to be €88 million, with a per-share value of €23.48. However, we applied an additional discount of around 53% due to the ongoing 'crypto winter' and the decline in crypto markets, resulting in a fair value of €41.74 million or €11.00 per share. Based on the significant upside potential, we assign a Buy rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27327.pdf Kontakt für Rückfragen 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,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion of the study: 11.07.2023 (17:30) Date and time of the first disclosure of the study: 12.07.2022 (09:30) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Cenit AG - von GBC AG Einstufung von GBC AG zu Cenit AG Unternehmen: Cenit AG ISIN: DE0005407100 Anlass der Studie: Research Comment Empfehlung: BUY Kursziel: 19.75 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann Inorganic growth continues with the second acquisition in 2023; price target and rating unchanged   With the announcement of 06.07.2023, CENIT AG is continuing its inorganic growth course with the acquisition of Berlin-based PI Informatik GmbH. The company, which has been in existence since 1996, is a full service provider in the field of conception and consulting of SAP landscapes and also acts as a managed service provider of IT infrastructures. In addition, the company is also active in the field of industrial software development. PI Informatik GmbH's clientele includes not only industrial customers but also public institutions and authorities.   In our view, the development of new clientele, in particular the public sector, is likely to be a key factor in the acquisition of PI Informatik. With the new customer access, CENIT AG could, for example, offer EIM solutions, for which the public sector is predestined as a customer. In addition, CENIT AG could address the Berlin area more strongly. Conversely, the addition of the new company should also strengthen CENIT AG's SAP expertise, software development and IT infrastructure management.   Information on the purchase price or the operating figures of PI Informatik GmbH were not published in the company news. According to the most recently published annual financial statements as of 31 December 2021 in the ebundesanzeiger, the acquired company has a balance sheet total of € 3.20 million, equity capital of € 2.23 million and liquidity of € 1.92 million. In addition, it can be seen that a balance sheet profit of € 0.29 million was allocated in the 2021 financial year. Judging by these figures, we assume that PI Informatik GmbH should report a turnover level in the mid single-digit million range (approx. € 4 - 5 million). The purchase price should even be below this level.   After the acquisition of mip Management Informations Partner GmbH in January 2023, which is comparable in size to PI Informatik, this is the second acquisition of the current financial year. This is to be seen as a further step towards strengthening the SAP segment, which is to be expanded as planned to a turnover volume of € 50 million. In addition, in accordance with the 'CENIT 2025' agenda, the company plans to achieve a sales level of approximately € 300 million and an EBIT margin of 8% to 10% by the 2025 business year. An important part of this is inorganic growth, which should amount to more than € 50 million according to our forecasts. Accordingly, further acquisitions are expected for the current and coming financial year.   Due to the low sales and earnings impact of PI Informatik GmbH, which will also only have a minor impact on the income statement for the current fiscal year 2023 due to the initial consolidation date of 1 July 2023, CENIT AG has not made any changes to its forecast. We are also maintaining our previous forecasts (see study dated 12 May 2023) unchanged. With an unchanged target price of € 19.75, we continue to assign a BUY rating.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27319.pdf Kontakt für Rückfragen Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date (time) of completion: 11/07/2023 (10:54 am) Date (Time) first distribution: 11/07/2023 (12:00 pm) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Aspermont Ltd - von GBC AG Einstufung von GBC AG zu Aspermont Ltd Unternehmen: Aspermont Ltd ISIN: AU000000ASP3 Anlass der Studie: Research (Note) Empfehlung: Buy Kursziel: 0.08 AUD Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Julien Desrosiers, Matthias Greiffenberger Growth even facing headwinds market conditions. Renowned top executive and management hiring. Forecast focus on return to double digit growth.   Facing headwinds but growing. The revenues are up 1% YoY, reaching $9.36m AUD. Revenues are in line with company’s guidance.   Increased net liquidity asset. The company has a net liquidity position of 4.4m, up from HY 2022 $3.9m.   HY gross margin, lower but healthy. The company’s gross margin has decreased to 63.56% for the HY 2023.    Privileged position. While the entire sector is seeing important diminution in publicity revenues and overall revenues, the company’s revenues are still growing.    Accountable. The company’s guidance has proven right once again. The management has a core understanding of their business and market conditions.   Enviable Hiring. The company continues to hire top talent from different bluechip companies, building a dream team. The fruit of this hiring should be borne soon enough with implementation and scaling of new and existing products.   Operational Agility. Decentralised structure and scalable human resources for rapid launch or products while controlling investment risk as seen in the increase of their net asset liquidity.   Continued double digit growth. The company guidance is to reach a double digit growth in revenues for the FY2023.   Based on our DCF model, we maintain our Buy rating with a price target at 0.08 AUD (0.05 EUR) (previously: 0.10 AUD (0.07 EUR)) per share. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27245.pdf Kontakt für Rückfragen 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,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion of this research: 21.06.2023 16:00 Date and time of first distribution: 22.06.2023 10:00 -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Media and Games Invest SE - von GBC AG Einstufung von GBC AG zu Media and Games Invest SE Unternehmen: Media and Games Invest SE ISIN: SE0018538068 Anlass der Studie: Research study (Anno) Empfehlung: BUY Kursziel: 5.30 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker Financial year 2022 closed with a significant improvement in revenue and operating profit; A continuation of the profitable growth course is expected for 2023; The expansion of the ad tech platform business should lead to significant revenue and earnings growth in the future; Target price: € 5.30 (previously: € 5.40); Rating: BUY   Based on the published business figures, Media and Games Invest SE (MGI) continued its dynamic growth course in the past financial year 2022 with a significant increase in turnover of 28.7% to € 324.44 million (PY: € 252.17 million) despite difficult general conditions and market situation. Their digital programmatic advertising software platform business again proved to be their main growth driver. In this high-growth area, the increase in their software customer base to 551 customers (end of 2021: 418) significantly increased their business volume. The strong business growth achieved is also reflected in MGI's leading market position. According to a market study (Pixalate's Mobile SSP Report), MGI's Verve Group is the market leader in mobile programmatic advertising for Android in North America with a 12% share. This exceeded the company's guidance at the upper end of the target range (revenue of € 315.0m to € 325.0m) and also our revenue estimate (GBCe: € 307.22m).   Parallel to the positive development of turnover, significant increases were achieved at the operating result level. Compared to the previous year, EBITDA grew significantly by 30.3% to € 84.75 million. Adjusted for one-off effects (e.g. special and restructuring costs from M&As), EBITDA (Adj. EBITDA) also grew rapidly with a dynamic increase of 31.1% to € 93.20 million. Accordingly, the company’s earnings guidance (Adj. EBITDA: € 83.0 million to € 93.0 million) and also our earnings estimate (Adj. EBITDA: € 91.72 million) were exceeded.   MGI's management is also positive about the current 2023 financial year and expects to continue on its growth path. Specifically, the technology company expects a renewed increase in sales revenues in a range of € 335.0 million to € 345.0 million. At the earnings level, an adjusted EBITDA of between € 95.0 million and € 105.0 million is to be achieved.   As part of the publication of our research study on the preliminary annual results of MGI's 2022 financial year, we have slightly reduced our previous revenue and earnings forecasts for the current 2023 financial year for conservative reasons. For the following year, we have left our previous operating estimates unchanged. In view of the satisfactory Q1 performance, the positive corporate outlook and the reaffirmation of the medium-term guidance (revenue CAGR 25.0%-30.0%, EBITDA CAGR 25.0%-30.0%), we confirm our previous revenue and earnings forecasts for the current financial year and subsequent years. For 2022, we continue to expect revenues of € 340.12 million and EBITDA of € 89.44 million. For 2024 and 2025, we continue to expect revenues (EBITDA) of € 402.55 million (€ 115.80 million) and € 471.39 million (€ 136.14 million), respectively.   Overall, the MGI Group, with its good market positioning and fully-integrated programmatic ad tech platform with its own games content, should succeed in continuing its dynamic growth course in the future. While the technology company has built up a strong position on the supply side in recent years, with a strong SDK base in the premium mobile app sector, the demand side in particular should be the focus of targeted growth in the future and be further expanded. The Contextual Mobile Demand Side Platform 'Dataseat', which was acquired in 2022, was an important building block of MGI's growth strategy and has additionally strengthened the Demand Side and also underlines their growth ambitions in this business area.   In addition, with liquidity of around € 130.0 million at the end of the first quarter of 2023, MGI continues to be in a good financial position and can thus take advantage of investment opportunities as well as being able to comfortably cushion recessionary macroeconomic situations. The gearing ratio, which was at a good level of 3.0x at the end of the last quarter, should also improve further in the short and medium term due to their positive cash flow and their expected EBITDA growth.   Based on our confirmed forecasts for the current financial year 2023 and the following years and the changed cost of capital (WACC), we have slightly lowered our previous price target to € 5.30 (previously: € 5.40). Our price target reduction is the result of higher capital costs (increase in the risk-free interest rate to 2.0% instead of the previous 1.5%). As a consequence of the unchanged high inflation, we have raised the terminal value growth rate to 2.5% (previously: 2.0%), which has had the effect of raising the target price. In view of the current share price level, we thus continue to assign a 'Buy' rating and see significant upside potential. The results of our peer group analysis (see p. 21) also support our assessment of the attractiveness and price potential of the MGI share.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27233.pdf Kontakt für Rückfragen 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,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 20/06/2023 (8:43 am) Date (time) of first distribution: 20/06/2023 (10:30 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Aspermont Ltd - von GBC AG Einstufung von GBC AG zu Aspermont Ltd Unternehmen: Aspermont Ltd ISIN: AU000000ASP3 Anlass der Studie: Research Note Empfehlung: Buy Kursziel: 0.11 AUD Letzte Ratingänderung: Analyst: Julien Desrosiers, Matthias Greiffenberger Q2-2023 preliminary report shows increased growth   Aspermont, which is a leading global resource sector B2B media provider, has once again demonstrated its robustness in Q2, maintaining an enviable growth trajectory while expanding operational capacity. The company has celebrated an impressive 27th consecutive quarter of double-digit growth in subscriptions revenues, fueled by positive contributions from Content Works.   The following are some of the company's highlights:   * Total revenue at $4.9m was up 3% year on year. * Subscriptions revenue at $2.3m was up 10% year on year. * Content Works revenue at $0.3m was up 102% year on year. * Net liquidity at $4.5m was up 10% year on year. * Partnership with Saudi Arabia confirmed   Aspermont's Q2 performance showcases its resilience and ability to thrive in challenging market conditions. The company's unwavering focus on subscriptions revenues, along with the remarkable growth of Content Works, underscores its adaptability and capacity to seize new business opportunities.   Furthermore, the net liquidity growth of 10% year-on-year reflects Aspermont's prudent financial management and its ability to maintain a solid financial foundation for future endeavors. This financial stability is crucial in an industry where economic headwinds can impact revenue streams, such as advertising.   With decreasing conventional advertising spending hitting the sector, Aspermont's strategic partnership with Saudi Arabia solidifies its position as a global player for content-based advertising in the mining sector and opens doors to new revenue streams. This milestone underscores the potential of the company's diversified business model and its ability to cater to evolving market demands.   Recent key appointments within Aspermont's management team signal the company's commitment to augmenting its operational capacity and expertise. The addition of experienced professionals such as Josh Robertson, Graeme McCracken, and Lindsay Santos further bolsters Aspermont's ability to capitalize on growth opportunities and expand its global footprint.   The company appoints Josh Robertson as Group Chief Marketing Officer Josh Robertson has extensive marketing experience gained at several large global network agencies. Josh held senior management positions at Havas, Publicis and Dentsu and as Chief Marketing Officer at VCCP serving large corporate and government clients worldwide.   The company appoints Lindsay Santos as Group Head of Events The role of Group Head of Events is a recently established position that carries the crucial responsibility of overseeing the creation and execution of Aspermont's global events, in alignment with the company's dedication to crafting top-notch gatherings within the global resource sectors.   Ms Lindsay Santos brings with her more than 14 years of expertise in the events industry, having excelled in various roles encompassing the commercial, operations, and production domains. Her notable accomplishments include spearheading trade shows for InfoComm Asia over the past two years, catering to diverse industries. Lindsay's valuable experience in event launches and the development of fresh initiatives will significantly contribute to Aspermont's ambitious growth plans.   The company appoints Graeme McCracken as Non-Executive Director Mr McCracken has more than 30 years of experience in media, events, data and analytics across diverse industry sectors. Graeme has held senior management roles at RELX Group and Warburg Pincus, and CEO positions at Proagrica and CMD Group. Graeme is a graduate of the University of Glasgow with a master’s degree in politics and economics.   In conclusion, Aspermont's continued double-digit growth in subscriptions revenues, successful partnerships, and prudent operational expansions highlight its position as a frontrunner in the global resource sectors' B2B media landscape. The company's progressive inward investment program, alongside its emphasis on strategic hires, demonstrates a forward-thinking approach and positions Aspermont for sustained success.   The company's ambitious initiatives, including projects such as Skywave, Esperanto, and archive digitalization, contribute to its long-term growth prospects. Aspermont's unwavering commitment to delivering high-value content to a global audience further enhances its monetization potential. All this while boosting its overall net liquidity position.   Until then, the results published by the company for their Q2-2023 increases our confidence in the company achieving our FY 2023 financial projections. We are therefore maintaining our BUY rating and our current target price of 0.11 AUD / 0.07 EUR. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27057.pdf Kontakt für Rückfragen 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,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) Completion: 19/05/2023 (13.45 am) Date (time) first publication: 22/05/2022 (11.00 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Cenit AG - von GBC AG Einstufung von GBC AG zu Cenit AG Unternehmen: Cenit AG ISIN: DE0005407100 Anlass der Studie: Research Comment Empfehlung: Buy Kursziel: 19.75 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann Q1 2023: Development in line with expectations; forecasts and price target confirmed   As expected, CENIT AG achieved a visible jump in sales in the first quarter of 2023 with an increase in sales of 22.7 % to € 43.42 million (PY: € 35.40 million). Inorganic effects contributed particularly to this development. ISR Information Products, which was acquired on 31 May 2022, was not included in the figures for the first quarter of the previous year. We assume an inorganic effect of approximately € 6.0 million in connection with the ISR acquisition. In addition, CENIT AG acquired mip Management Information Partner GmbH (mip for short) as of 30 January 2023, which we estimate to have contributed revenue of approximately € 0.7 million in the first quarter of 2023. In total, we estimate that the M&A-related increase in revenue amounts to approx. € 6.7 million, so that CENIT AG, adjusted for this effect, is likely to have generated sales growth of approx. 3.7 % to around € 36.7 million.   Parallel to the strong increase in turnover, the EBIT rose to € 0.01 million (previous year: € -0.39 million). The bottom line for CENIT AG is a slightly negative result after tax of € -0.07 million (previous year: € -0.60 million). In the following quarters, as in previous years, the break-even threshold should be exceeded again. On the positive side, it should be emphasised that CENIT AG has net liquidity of € 2.41 million, even after the acquisition of ISR (purchase price: € 27.88 million). Bank liabilities of € 22.19 million are offset by liquid funds of € 24.60 million. CENIT AG thus has good flexibility with regard to the implementation of the further planned inorganic growth strategy.   With the publication of the Q1 2023 figures, which were in line with expectations, the CENIT management has confirmed the forecasts for the current fiscal year 2023. The updated guidance now expects consolidated sales in a range of € 175.00 to 180.00 million and an EBIT of around € 9.0 to 9.5 million. In the 2023 annual report, sales revenues of around €180 million and an EBIT of more than €9.5 million were envisaged. According to the CENIT management, the newly formulated guidance is not to be regarded as a forecast adjustment, whereby the upper values of the guidance range are still targeted.   Also on a full-year basis in 2023, the expected revenue growth of between 8 % to 11 % is likely to be due in particular to inorganic effects. The first-time full-year inclusion of ISR sales is expected to result in an additional revenue contribution of around €10 million. Furthermore, the additional revenue contribution of the acquired mip should be around € 3.0 million, so that the inorganic effect adds up to a total of € 13.0 million. In our opinion, organic revenue growth of 3.6% should be generated in parallel, so that we continue to expect total revenue of €181.61 million for 2023. In view of the order backlog, which at € 67.03 million (previous year: € 54.37 million) as at 31 March 2023 was 23.3 % above the previous year's value, this assumption is realistic. Based on the unchanged guidance, we also confirm our EBIT forecast, according to which we expect EBIT of €9.80 million for 2023.    The forecasts for the next two financial years 2024 and 2025 also remain unchanged. We continue to be guided here by the 'CENIT 2025' agenda, according to which a sales level of approx. € 300 million and an EBIT margin of 8 % to 10 % are expected by 2025. Our forecasts do not take into account the company acquisitions explicitly expected to achieve these goals, which explains the sales gap between our 2025 estimates and the 'CENIT 2025' agenda.   Due to the unchanged input, there are also no changes in the result of the DCF valuation model and we confirm our price target of €19.75. We continue to assign a BUY rating.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26997.pdf Kontakt für Rückfragen Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date (time) of completion: 12/05/2023 (08:49 am) Date (Time) first distribution: 12/05/2023 (10:30 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Mexedia S.p.A. - von GBC AG Einstufung von GBC AG zu Mexedia S.p.A. Unternehmen: Mexedia S.p.A. ISIN: IT0005450819 Anlass der Studie: Research Report (Initial Coverage) Empfehlung: Buy Kursziel: 46.50 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Marcel Schaffer From Telecom to Tech - Driving Innovation with Customer eXperience Platform as a Service (CXPaaS). Significant boost in sales and profits anticipated.   Mexedia S.p.A. – Società Benefit (Mexedia) is a technology company that started in the telecom business. Mexedia serves as an intermediary for wholesale SMS and Voice traffic, facilitating interconnections between carriers. In the telecommunications industry, international phone calls and SMS messages are treated as tradeable commodities that are exchanged wholesale between telcos. Voice traffic pertains to international calls while A2P SMS traffic refers to messages received through apps. Mexedia also offers fixed and cost-effective real-time liquidity to its partners for voice and SMS services trading. This liquidity is secured against the receivables of insured debtors of its partners. To accomplish this, Mexedia conducts auctions of insured receivables from debtors to investors in asset-backed securities and liquidity providers through Mexedia Exchange. This activity generates an arbitrage margin for Mexedia by capitalizing on the spread gained from advancing money in real-time against the auction of its receivables.   Mexedia's telecom business has exhibited strong growth and profitability, and is currently in the process of transitioning into a tech company with a focus on offering advanced technological services and a complete customer experience to its clients. To achieve this, Mexedia has developed a Customer eXperience Platform as a Service (CXPaaS) that provides cloud-based services and APIs to companies. Mexedia has a vertical structure and offers a range of innovative technologies and tools that are integrated into a technological ecosystem, facilitating all consumer-oriented communications.   In 2022, the company experienced a 6.9% increase in revenue, reaching € 140.9m (PY: € 131.8m) due to new and better deals in voice and SMS traffic. The majority of revenue was generated by the Irish subsidiary using a classic business model. Despite an increase in expenses, the EBITDA showed a significant improvement with an 18.7% increase to € 8.37m (€ 7.05m). The net result increased by 49.8% to € 4.43m (PY: € 2.96m).   An important cornerstone of the growth strategy will be the new Mexedia ON platform, which is the Customer Experience Platform as a Service (CXPaaS) designed for businesses, especially those in the Telephone industry, to improve customer engagement and provide a seamless and consistent experience. The platform offers various features, including virtual agents and assistants, omnichannel communication, automation, data analysis, and innovative channels like Metaverse and Smart Voice Assistance. It also includes an open app store that allows developers and market players to create and sell a wide range of applications for Mexedia ON, such as Sentiment Analysis, Voice Biometrics, Speech Analytics, RPA, VR & AR Experience, Voice Smart Assistants, OTP & 2FA Authentication, and more. The app store also offers services for SMS marketing, lead generation, content marketing, and number masking, among others. Mexedia ON aims to be the most varied and powerful ecosystem of CXPaaS solutions for brands.   We expect Mexedia to generate € 324.11m revenue in 2023, increasing to € 361.22m in 2024 and € 397.29m in 2025. The company has expanded to the USA, strengthened its position in existing markets, and diversified its client base. It recently acquired Matchcom Telecommunications Inc. and Phonetime Inc. in the US, which are alone expected to bring in an additional € 190m in revenue and € 6m in EBITDA in 2023.   We expect that Mexedia Ltd, the Irish subsidiary, will remain the key earnings driver for the company, with an estimated EBITDA of € 6.3m in 2023. This figure is projected to increase to € 8m by 2025, reflecting a strong and sustained growth trajectory. We forecast the net result to be € 5.53m in 2023, € 10.48m in 2024, and € 14.49m in 2025.   Based on our DCF-model we have determined a target price of € 46.50 and due to the high upside potential, we issue a Buy rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26967.pdf Kontakt für Rückfragen 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 research report: 10.05.2023 (14:15) Date and time of the first disclosure of the research report: 11.05.2023 (10:00) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: First Tin Plc - von GBC AG Einstufung von GBC AG zu First Tin Plc Unternehmen: First Tin Plc ISIN: GB00BNR45554 Anlass der Studie: Research Report (Anno) Empfehlung: Buy Kursziel: 0.50 GBP Letzte Ratingänderung: Analyst: Julien Desrosiers, Matthias Greiffenberger Strong FY 2022 cash position of £13.8m. Management advancing rapidly both projects. Possible Germany’s environmental permitting fast-track.   On-track projects. Even with the slight delay for Tellerhäuser, the company remains on track to deliver DFS studies on both locations for mid-2024 at latest and is advancing both projects very rapidly.   Tin price rebounds. On Monday April 18, 2023, the price of tin experienced a significant surge due to news that Myanmar, the world's third-largest producer of the soldering metal, may halt production. This unexpected development caused London Metal Exchange three-month tin to soar by 11% and reach a two-month high of $27,705 per ton. The Shanghai Futures Exchange had already recorded high levels of trading activity prior to the latest development, and London Metal Exchange three-month tin followed suit. The Central Economic Planning Committee of the Wa State, which is Myanmar's most influential ethnic armed group and controls the tin-mining area on the border with China, released a statement announcing that all mining and processing activities would be 'suspended' from the start of August to protect the remaining resource. This statement serves as an unexpected threat to the global supply of tin. This development highlights the importance of securing tin supply from tier-1 countries with reliable mining assets, such as those of First Tin plc. The halt in production from Myanmar could potentially disrupt the global tin supply chain, causing a surge in prices and impacting various industries that rely on tin for their products.   Taronga mineral tests. The latest mineral testwork confirms the previous hypotheses that a majority of the tin will be liberated via a simple coarse crush, followed by gravity separation.   Drilling delays compensated by historical data. Tellerhäuser has been hit with drilling contractors’ delays but has found new historical data, continuing to supply the geological team with vital and fresh information.   Strong cash position. The company finished FY2022 with a cash position of £13.8m.   Tellerhäuser environmental permitting. The company is qualified for the granting of a fast-track permit, reducing the overall permitted timeframe by up to 12 to 18 months.   Renewable energy. First Tin partnered with BID Energy Partners to provide a feasibility study on renewable energy supply options for the Taronga Tin Project in Australia.   Based on our DCF model, we have maintained our price target of 0.50 GBP (0.57 EUR) per share and a BUY rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26943.pdf Kontakt für Rückfragen 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,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion of the research report: 05.05.2023 20:30 Date and time of the first disclosure of the research report: 08.05.2023 13:00 -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: EasyMotionSkin Tec AG - von GBC AG Einstufung von GBC AG zu EasyMotionSkin Tec AG Unternehmen: EasyMotionSkin Tec AG ISIN: LI1147158318 Anlass der Studie: Research Report (Anno) Empfehlung: Buy Kursziel: 15.50 EUR Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Marcel Schaffer Solid annual result 2022. Cooperations and new sales approaches contribute to the high growth momentum expected in the medium term.   EasyMotionSkin Tec AG has published pro forma annual financial statements for the listed parent company EasyMotionSkin Tec AG and the subsidiary EasyMotionSkin Tec GmbH. There are no comparative figures for the previous year, as EMS GmbH was no longer included due to a purchase reversal. According to the management, external sales of around € 4.7 million were generated in the 2021 financial year. Thus, in the past fiscal year 2022, sales revenues increased by 110.4% to € 9.89 million, of which the largest part of the sales came from the B2C sector. A TV documentary about the 'Power Suit' for astronaut training on the ISS also contributed significantly to an increase in awareness.   The company and also the entire industry were hit by cost increases. The cost increases were primarily caused by inflation and supply chain disruptions during the COVID-19 pandemic. In particular, the shortage of chips led to production bottlenecks and cost increases. The company also continued to invest heavily in marketing to strengthen its brand. Nevertheless, a positive EBITDA of € 0.77 million was achieved and a net result of € 0.35 million.   The company plans to expand its traditional sales strategy to include a rental and subscription model. The transition to a subscription model may lead to a temporary decrease in revenue, but may result in sustainable revenue growth in the long term. We expect overall revenue shifts of one year and forecast revenues of € 10.02 million for 2023, € 22.11 million for 2024, and € 28.0 million for 2025. EasyMotionSkin also plans to address the occupational health management market. We see a lot of potential here, as effective health management can offer many benefits for employees. In addition, a new study has shown that EMS training for back pain can be an effective measure as part of occupational health management.   We expect EBITDA to be € 1.16 million in 2023 and to increase to € 5.07 million by 2025 due to scaling effects. However, the high marketing expenses will impact earnings. We forecast net income of € 0.73 million in 2023, € 2.26 million in 2024, and € 3.25 million in 2025.   We have changed our valuation model and forecasts to EUR (previously: CHF), as the pro forma consolidation was carried out in EUR. Based on the DCF model, we adjust our price target to € 15.50 (previously: CHF 20.00 / € 20.32). The reason for the reduced price target is the increased risk-free interest rate and the adjusted forecast. Against the backdrop of the upside potential, we assign a Buy rating.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26847.pdf Kontakt für Rückfragen 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: 26.04.2023 (11:45) German version: 25.04.2023 (12:15) Date and time of the first disclosure of the study: 26.04.2023 (11:00) German version: 26.04.2023 (12:00) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: NEON EQUITY AG - von GBC AG Einstufung von GBC AG zu NEON EQUITY AG Unternehmen: NEON EQUITY AG ISIN: DE000A3DW408 Anlass der Studie: Research Report (Anno) Empfehlung: BUY Kursziel: 10,76 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Cosmin Filker; Marcel Schaffer - Always positive results achieved since the company was founded - Successful year 2022 with after-tax result of almost 12 million €   NEON EQUITY AG has been listed on the “Primärmarkt” of the Düsseldorf Stock Exchange since 13 January 2023 and has been tradable on Xetra since 1 February 2023. This is a pure listing, without raising any proceeds from the issue. In accordance with its corporate focus, the company plans to participate as a strategic investor in companies with future potential or to establish such companies. This is based on the strategic objective of sustainably increasing the enterprise value of the portfolio companies by implementing a capital market strategy. Within the framework of their investment approach, the portfolio companies are not only provided with capital, the companies can access the extensive industry know-how and the network of NEON EQUITY AG. The investment focus is on small to medium-sized companies operating in the real estate, consulting or technology sectors. In principle, the portfolio candidates should have good development potential and be able to be developed into an IPO candidate in the long term.   Despite its recent stock market debut, the company has a corporate history spanning several years. Since its foundation in 2012, NEON EQUITY AG has acquired various investments and sold some or all of them again. In total, exit transactions amounting to € 645.54 million have been carried out, which have enabled the company to always show positive earnings levels.   This also applies to the past financial year 2022, in which total income of € 17.45 million (previous year: € 11.89 million) was generated. The proceeds from the sale of shares in publity and PREOS played an important role here, as did income from the reduction of individual value adjustments on receivables. In addition, interest income was generated in connection with publity bonds held. Based on the increased income, a higher after-tax result of € 11.98 million (previous year: € 6.72 million) was generated compared to the previous year.   Since profits have always been retained since the company's foundation, NEON EQUITY AG has a high equity capital of € 245.47 million as at 31 December 2022, accompanied by a high equity ratio of 98.9%. The assets side is primarily made up of shares held in publity AG and Preos AG as well as publity bonds held. As NEON EQUITY AG prepares its accounts in accordance with the principles of the German Commercial Code (HGB), the lower of cost or market principle is applied rather than the market value approach.   For the coming financial years, we expect an expansion of the investment portfolio and also assume an increase in advisory mandates. A key aspect of the forecasts is the company's ability to identify and acquire portfolio candidates with development potential and then to develop them in a way that is suitable for the capital market. Then possible exit proceeds can be achieved. In the current financial year, the sale of publity shares should generate notable proceeds, before new investments in the following years should ensure a strong increase in revenues and earnings.   We have determined the fair value of NEON EQUITY AG using a NAV model and a DCF model. On average, the fair value we have determined is € 430.78 million, which corresponds to a fair value of € 10.76 per share. We assign the rating BUY. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26827.pdf Kontakt für Rückfragen 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,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date and time of completion of the study: 19.04.2023 (10:29 am) Date and time of publication of the study: 19.04.2023 (11:30 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: HAEMATO AG - von GBC AG Einstufung von GBC AG zu HAEMATO AG Unternehmen: HAEMATO AG ISIN: DE000A289VV1 Anlass der Studie: Research Comment Empfehlung: BUY Kursziel: 31.70 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Cosmin Filker; Marcel Goldmann Preliminary 2023 figures: Revenue and earnings development in line with expectations; Guidance issued against the backdrop of increased mandatory discounts; Target price: € 31.70; Rating: BUY   According to preliminary figures, HAEMATO AG had to accept a decline in turnover of 12.9% to € 248.2 million (previous year: € 285.0 million) in the past financial year 2022. This development is not surprising, as the record figure for the 2021 financial year was largely due to the sale of a COVID 19 lay test. However, due to an oversupply on the market, HAEMATO's management discontinued sales activities in mid-2021, resulting in a revenue gap for 2022. In the first half of 2021 alone, sales revenues of around € 25 million were generated with the rapid antigen tests. In this respect, a declining revenue development was to be expected. In our forecasts, we had projected sales revenues of € 243.9 million, which were even slightly exceeded.   The development of earnings is also in line with expectations. The preliminary EBIT of € 8.3 million (previous year: € 11.16 million) was within the company's guidance, which had forecast an EBIT in a range of € 8 to € 10 million. On this basis, we had expected an EBIT of € 8.9 million. The decline in EBIT compared to the previous year is also primarily due to the discontinuation of the corona lay tests. However, the focus on higher-margin products in the Specialty Pharma segment and the inclusion of the high-margin Lifestyle & Aesthetics segment has led to a visible improvement in profitability, as shown by the comparison of margins with the 2020 financial year, in which an EBIT margin of only 0.7% was achieved. In 2022, the EBIT margin was 3.3%.   With the publication of the preliminary figures, the HAEMATO management has issued guidance for the current financial year 2023. According to this, consolidated sales of € 220 million to € 250 million and EBIT of € 6 million to € 8 million are expected for 2023. A special aspect of this forecast is the increase in mandatory manufacturer discounts from 7.0% to 12.0% for 2023 as part of the GKV-Finanzstabilisierungsgesetz. For the 'Specialty Pharma' segment of HAEMATO, this means an increase in expenses for the procurement of goods and for transport services, which should be accompanied by a reduction in the recently-increased gross profit. However, part of this effect could be absorbed by the initiated concentration on high-margin products and the ongoing cost efficiency programme.   While declining sales and lower profit margins are to be expected in the Specialty Pharma segment, growth in the Lifestyle & Aesthetics segment, adjusted for corona tests, should continue. Here, sales of aesthetic medicines, medical products and cosmetics are to be further expanded. In addition, the distribution of Botulinum toxin (Botox) products should become an important growth driver in this segment. In this regard, an exclusive supply and licence agreement was concluded with the South Korean company Huons BioPharma for the supply of Botox products. At the end of January 2023, the application to conduct a clinical trial was submitted to the authorities. Assuming a normal course of the trial, the company expects approval in 2025.   We have adjusted our estimates for 2023 to the current guidance and made a forecast reduction for both sales and EBIT. We expect revenues of € 242.10 million (previous forecast: € 269.23 million) and EBIT of € 7.45 million (previous forecast: € 10.57 million). As we do not forecast any write-ups on securities, the after-tax result of € 5.40 million should be significantly below the level of the 2022 financial year. For the coming financial year 2024, we expect a growth in turnover of 10.9% to € 268.54 million and an improvement in the EBIT margin to 4.5%. This is against the backdrop of a disproportionate development of the high-margin 'Lifestyle & Aesthetics' segment as well as the expected reduction of the mandatory manufacturer's discount to 7.0%.   Within the framework of our updated DCF valuation model, we have determined a target price of € 31.70 (previously: € 37.55). Both the forecast adjustments and the increase in the risk-free interest rate contributed to the reduction. We continue to assign the rating BUY.    Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26819.pdf Kontakt für Rückfragen 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,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date (time) Completion: 17.04.23 (12:56 am) Date (time) first transmission: 17.04.23 (2:30 pm) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: First Tin Plc - von GBC AG Einstufung von GBC AG zu First Tin Plc Unternehmen: First Tin Plc ISIN: GB00BNR45554 Anlass der Studie: Research Report (Initial Coverage) Empfehlung: Kaufen Kursziel: 0,57 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Julien Desrosiers, Matthias Greiffenberger Zwei neue Zinnminen mit geringem Investitionsaufwand in Deutschland und Australien.  ESG-konform. Hohes Upside-Potenzial. DFS-Studien bis Ende 2023 geplant. Investitionsentscheidungen bis Q1 2024.   Steigende Nachfrage nach Zinn. Zinn ist ein wichtiger Werkstoff, wenn es um die fortschreitende Elektrifizierung der Welt geht. Gleichzeitig sind die Zinnvorkommen, insbesondere in Europa, begrenzt. Es wird erwartet, dass Zinn in absehbarer Zukunft aufgrund der steigenden Nachfrage zu Verknappungen kommen kann.   Durch die rasche Entwicklung hochwertiger Zinnvorkommen mit geringem Kapitaleinsatz in Deutschland und Australien konzentriert sich das Unternehmen darauf, ein Zinnlieferant in Ländern zu werden, in denen kein Krieg herrscht und das politische Risiko gering ist.   Zwei fortgeschrittene Zinnprojekte, Tellerhäuser und Taronga. Tier-1-Rechtsprechung (Deutschland und Australien), DFS für beide Projekte im Gange.   Starkes ESG-Engagement. Ziel einer abfallfreien Mine. Aufbau einer ethischen und zuverlässigen Zinnversorgung mit kohlenstoffarmer Elektrizität.   Wichtige Meilensteine sollen bald erreicht werden. Die DFS für das Taronga-Projekt sollte bis zum Jahresende 2023 fertiggestellt sein, damit anschließend eine Investitionsentscheidung getroffen werden kann. Die DFS für Tellerhäuser soll im ersten Halbjahr 2024 folgen. Das Unternehmen wurde von der International Tin Association auf den siebten Platz für das Projekt gesetzt, das am wahrscheinlichsten gebaut wird.   Starke Wirtschaftlichkeit. Die PFS für Tellerhäuser geht von 49 Mio. $ Capex und einem IRR von 55% aus. Die PFS für Taronga sieht 76 Mio. $ Capex und einen IRR von 59% bei 30.000 $/t Zinn vor.   Wachstumschancen. Das Unternehmen führt derzeit an beiden Projektstandorten Bohrungen zur Bestätigung, Erweiterung und Exploration durch.   Ein starkes und sehr erfahrenes Team auf dem Zinnmarkt, in der Metallurgie und vom Abbau bis zur Lieferung.   Auf der Grundlage unseres DCF-Modells haben wir ein Kursziel von 0,50 GBP (0,57 €) pro Aktie ermittelt und vergeben das Rating Kaufen.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26809.pdf Kontakt für Rückfragen 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,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Datum und Uhrzeit der Fertigstellung des Research Report: 12.04.2023 18:00 Englische Fassung: 03.04.2023 10:00 Datum und Uhrzeit der ersten Weitergabe des Research Reports: 17.04.2023 12:00 Englische Fassung: 05.04.2023 10:00 -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Cenit AG - von GBC AG Einstufung von GBC AG zu Cenit AG Unternehmen: Cenit AG ISIN: DE0005407100 Anlass der Studie: Research Report (Anno) Empfehlung: BUY Kursziel: 19.75 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann - Clear corporate strategy for further growth in place - Strong increase in sales and earnings expected according to “CENIT 2025” - Slight price target increase   In the past business year 2022, CENIT AG achieved a significant increase in sales of 11.0% to € 162.15 million (previous year: € 146.07 million) and thus almost compensated for the sales dip of the past two business years. ISR Information Products AG, which was acquired on 31 May 2022, made the main contribution to the sales dynamics achieved. Since becoming part of the CENIT Group, ISR had contributed sales of € 13.57 million. Without inorganic effects, CENIT AG would have reported sales revenues of € 148.58 million and thus an organic sales increase of 1.7 %.   Broken down by individual types of revenues, it becomes clear that the growth in revenues was achieved exclusively through the 39.9% increase in consulting and service revenues to € 55.72 million (previous year: € 39.82 million). This includes ISR sales as well as catch-up effects after the corona pandemic which had particularly affected this sales area. In contrast, no growth was achieved in sales of third-party software and CENIT software. It should be emphasised that the company has a high proportion of recurring revenues of € 79.68 million, which account for 49.1% of total revenues.   Despite the significant increase in revenues, EBIT improved only marginally by 1.1% to € 6.31 million (previous year: € 6.23 million). This is due in particular to increased costs in connection with the ISR acquisition, increased travel and vehicle costs, higher project costs for new software and one-off effects from the reorganisation of the company (approx. € 1.3 million). In addition, lower credits were received from tax incentives for R&D in Germany and France, and finally, the discontinuation of the short-time allowance, which was still around € 1.3 million in the previous year, also made itself felt. The EBIT margin in 2022 was 3.9% (previous year: 4.3%).   CENIT AG expects revenues of around € 180 million and an EBIT of more than € 9.5 million for 2023. At the same time, the 'CENIT 2025' agenda was confirmed, in which sales revenues of approximately € 300 million are expected by 2025, accompanied by an increase in the EBIT margin to 8% to 10%. We consider the company's guidance for 2023 to be very realistic, as the first full-year inclusion of ISR and the acquisition of mip in January 2023 can be expected to result in an increase in sales of approximately € 13 million. In addition to the implementation of various organisational and strategic measures, inorganic growth continues to play a very important role in the implementation of 'CENIT 2025'. According to the company's plans, two to three company acquisitions are to be made annually.   Our revenue and earnings estimates up to the 2025 financial year are based on short- and medium-term corporate guidance. For 2023, we expect revenue of €181.61 million, rising to €233.91 million by 2025. We do not include inorganic growth, which explains the revenue gap to the expected €300 million. Therefore, we expect the EBIT margin to reach the lower half of the expected range by 2025, with an improving EBIT margin trend.   Within the framework of our DCF valuation model, we have determined a new target price of € 19.75 (previously: € 18.20). The price target increase is exclusively a consequence of the first-time inclusion of the 2025 estimates in the concrete estimation period, which provides a higher basis for the continuity phase of the DCF valuation model. An even higher target price increase was countered by the increase in the weighted cost of capital to 8.99% (previously: 8.51%) as a result of the higher risk-free interest rate. We continue to assign the BUY rating.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26743.pdf Kontakt für Rückfragen Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date and time of completion of the study: 06.04.2023 (09:58 am) Date and time of first transmission: 06.04.2023 (11:30 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.