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: BUY Kursziel: 0.50 GBP Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Julien Desrosiers, Matthias Greiffenberger Two new low capex tin mines in Germany and Australia. ESG compliant. High valuation upside. DFS studies by the end of 2023. Investment decisions by Q1 2024.   Increasing demand for tin. Tin is an important material when it comes to the ongoing electrification of the world. At the same time, tin deposits are limited, especially in Europe. Tin is anticipated to endure continuous deficit markets for the foreseeable future due to rising demand and shortages.   Through the quick development of high-value, low-capex tin assets in Germany and Australia, the company is concentrating on becoming a tin supplier in jurisdictions free from war and with low political risk.   Two advanced tin projects, Tellerhäuser and Taranga. Tier 1 jurisdiction (Germany and Australia), DFS underway for both projects.   Strong ESG commitment. Mine to market in Germany. Zero-waste mine objective. Building an ethical and reliable tin supply with low-carbon electricity.   Major milestones to be achieved soon. DFS should be ready for Taronga project by 2023 Year End to be followed by an investment decision. DFS for Tellerhäuser should follow during the first half year of 2024. The company ranked seventh for the project most likely to be built by the International Tin Association.   Strong economics. PFS for Tellerhäuser states a $49m capex and an IRR of 55%. PFS for Taranga states a $76m capex with an IRR of 59% @$30,000/t tin.   Growth opportunity. The company is currently drilling at both project locations for confirmation, extension, and exploration.   Strong and extensively experienced team in the tin market, metallurgical work, and mine-to-supply business model.   Based on our DCF model, we have determined a price target of 0.50 GBP per share and a BUY rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26707.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: 03.04.2023 10:00 Date and time of the first disclosure of the research report: 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: First Tin Plc - von GBC AG Einstufung von GBC AG zu First Tin Plc Unternehmen: First Tin Plc ISIN: GB00BNR45554 Anlass der Studie: Managementinterview Empfehlung: Managementinterview Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Julien Desrosiers “Both projects have demonstrated robust economics at conservative tin prices.”   First Tin is a company dedicated to ethical, reliable, and sustainable tin development, featuring cutting-edge, low capex projects located in Germany and Australia. It is spearheaded by a team of distinguished tin experts, and is committed to establishing itself as a conflict-free tin supplier in areas of low political risk. The company's primary objective is to quickly develop high-value, low capex tin assets in Germany and Australia.   GBC AG: Hello Mr. Buenger, you were the COO/CTO of Aurubis AG, a leading global provider of non-ferrous metals and one of the largest copper recyclers worldwide. What is your experience with tin and mining?   Thomas Buenger: I am a base metal, copper, PGM, recycling and semiconductor industry specialist. As a former Head of Aurubis Primary Copper division, I visited and managed a lot of copper mines around the world. When Aurubis acquired Metallos Group in 2018, I integrated all the Metallos sites into the smelter network of Aurubis, therefore enabling Aurubis to become the largest tin producer.   GBC AG: Tin is used in all electronics. Can you tell us about the upcoming gap between demand and supply?   Thomas Buenger: Tin is a critical metal for a future economy focused on decarbonising and electrifying. It is a vital component of semiconductors, electric vehicles, and other renewable technologies. The International Tin Association (ITA) conducted analysis to forecast tin demand until 2030. The result of this, the was that there will be demand for an additional 100,000 t of tin annually. On the supply side there are 11 projects identified that are mature enough to enter into production until 2030 which can deliver 50,000 tonnes of tin annually, and much of this comes from countries which are experiencing conflict or which have low sustainability thresholds. This tells as that there will still be an insufficient supply of tin to meet the increased demand.   GBC AG: With 97% of the world tin supply comes from emerging and developing economies. Is it time for ethically and sustainably produced tin?   Thomas Buenger: There is a significantly increased demand for an ethical and reliable tin supply to create a more sustainable world. This is driven by legislation – the tin industry is now obliged to disclose their raw material supply chain to prove provenance of tin supply. Additionally, manufacturers are under increased pressure, or are required to demonstrate their scope 1, 2 and 3 emissions, which is creating significant scrutiny over supply chains.   GBC AG: How important for Germany to rely on an inland source of Tin? What is the response you are having from the German industrials company?   Thomas Buenger: There is interest in Germany to set up raw material source within Germany and Europe. The industry follows all mining projects and recently there have been several large German industrial players announcing that they have secured their raw material with long term contracts.   GBC AG: In 2021, an Optimised Scoping Study was completed for your two main assets. Why is it important to do a Definitive Feasibility Study (DFS)?   Thomas Buenger: The DFS provides all figures and data required for the technical realisation and the profitability calculation for the project. The DFS results provide the base and the input for the project financing.   GBC AG: You are focusing on mature and low capex assets. What does low Capex mean in terms of money and how the mature nature of your assets impacts the timeline of your projects compared to usual junior mining companies?   Thomas Buenger: The competent persons report provided end of 2021 for Taronga a pre-production Capex of 76m US$ and for Tellerhäuser a Capex of 46m US$. Both projects have demonstrated robust economics at conservative tin prices. We are aiming to bring both assets into production until end of 2025/beginning 2026, making them perfectly placed to provide critical supply at a time of deficit.   GBC AG: For Tellerhäuser, you currently have an active Mining Licence already in place until 30 June 2070 for the extraction of mineral resources. Are there any additional permits you require before production? And when do you expect to receive them?   Thomas Buenger: There are some further permitting steps required to construct and commission our Tellerhäuser mine. I expect that we will have all our relevant permits for this asset approved in the next 12 months.   GBC AG: There is currently a 24,000m ongoing drilling program. What will this help you achieve? When can we start expecting results?   Thomas Buenger: There are drilling and data mining programs ongoing at both our Taronga and Tellerhäuser assets. For Taronga I expect a resource update during Q2/2023 and for Tellerhäuser I expect a resource update during July/August 2023.   GBC AG: As of June 30th, 2022, you had 21.90M in cash, are you fully funded for the DFS completion for both projects?   Thomas Buenger: First tin still has a very healthy cash position which will be sufficient to complete the DFS at our Taronga asset. As recently announced in an operational update released to the market on 13th March, drilling delays at our Tellerhäuser asset have unfortunately resulted in a delay to this DFS until 2024. However we will still be significantly advancing our Tellerhäuser asset towards completion with the available funds we have.   GBC AG: Can you give us an idea when do you expect an investment decision to be made for the Tellerhäuser mine project?   Thomas Buenger: That decision will depend on the result of the DFS, in addition to the overall market conditions for tin. Notably, the project has demonstrated robust economics even at US$25,000 per tonne pricing.   GBC AG: In the best-case scenario, when could the asset be producing its first tin concentrate?   Thomas Buenger: Our Tellerhäuser mine is expected to produce its first tin concentrate end 2025/beginning 2026.   GBC AG: We cannot emphasis enough of the importance of sustainability focus for a mining project in Germany. Can you discuss your ESG priorities and your current ESG ranking?   Thomas Buenger: First Tin Plc achieved a BB rating for its inaugural ESG rating by DigBee. Despite our short history, ESG has been a central focus from day one and our vision to leave no trace remains a key priority. The Digbee ESG assessment is a further demonstration of our commitment to transparent reporting of our performance and progress as we work to achieve the highest levels of ESG compliance and practice across our operations. We also plan to establish a benchmark mine for ESG conformity and minimal footprint with our Tellerhäuser project.   GBC AG: Finally, can you share your longer-term outlook? Where will First Tin PLC be in 3 to 5 years’ time?   Thomas Buenger: In 3 to 5 years First Tin Plc aims to be a leading tin concentrate producer both our assets in Germany and Australia in operation and producing a total output of around 6000 tonnes of tin annually.   GBC AG: Thomas Buenger, thank you very much for the interview.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26651.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) of completion: 27.03.2023, 17:15 Date (time) first distribution: 29.03.2023, 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: Smartbroker Holding AG - von GBC AG Einstufung von GBC AG zu Smartbroker Holding AG Unternehmen: Smartbroker Holding AG ISIN: DE000A2GS609 Anlass der Studie: Research study (Anno) Empfehlung: BUY Kursziel: 17.70 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker FY 2022 closed with robust business performance and realignment of fintech business; Smartbroker relaunch should provide significant revenue and earnings growth going forward; forecasts and target price lowered; Buy rating maintained   Business development in the past financial year 2022   On 16 March 2022, Smartbroker Holding AG (Smartbroker) announced its preliminary business figures for the past financial year 2022. According to these figures, the group was able to close the past financial year with an increase in HGB turnover of 9.5% to € 52.80 million (previous year: € 48.20 million) despite a difficult market environment. Compared to the pro forma revenue (pro forma consolidation of Smartbroker AG, formerly wallstreet:online capital AG, as of 1 January 2022, instead of regular HGB consolidation as of 1 August 2022) of the previous year in the amount of € 56.80 million, however, there was a moderate decline in revenue.   At the earnings level, EBITDA adjusted for new customer acquisition costs for Smartbroker of around € 4.00 million (previous year: € 13.10 million) was € 13.10 million (previous year: € 17.10 million), which fell by 25.1% compared to the previous year.   Despite the continued high investments in the development and expansion of the brokerage business, which, in addition to development costs incurred, primarily related to marketing and personnel and the completed realignment of the fintech division, EBITDA after customer acquisition costs rose significantly to € 9.10 million (previous year: € 3.90 million). This significant increase in earnings was mainly due to the decline in customer acquisition costs relating to the Smartbroker (approx. € 4.0 million in 2022 vs. € 13.1 million in 2021).   All in all, the company fell slightly short of the target corridor of the guidance adjusted in August 2022 (revenue € 54.0 million to € 57.0 million, operating EBITDA € 10.0 million to € 12.0 million). Our revenue (€ 62.33 million) and earnings (EBITDA of € 10.04 million) forecast was not achieved, in particular due to the postponement of the Smartbroker relaunch. Our estimates were still made on the basis of a Smartbroker 2.0 market launch in 2022.   The moderate decline in Group revenue resulted in particular from a declining business volume in the transaction business. In this business area, segment revenues fell by 12.0% to € 18.70 million (previous year: € 21.30 million) compared to the previous year, mainly due to a decline in trading activity (18 trades in 2022 vs. 29 trades in 2021 per customer) of brokerage customers.   On the other hand, despite a reduced marketing budget and historically difficult capital market conditions, the company was again able to increase the number of securities accounts managed to 267,000 by the end of 2022 (previous year: 246,000 accounts). In the same period, the assets under custody grew to € 9.20 billion (previous year: € 8.80 billion).   Furthermore, in the traditional business (media/portal business), segment revenues of € 34.10 million were almost stable compared to the previous year (PY: € 35.50 million). In our opinion, long-term contracts with financial institutions, advertising agencies and the B2B software business (ARIVA.DE AG) contributed to this robust development. In addition, according to the company, the precise targeting of the portals on above-average attractive readers also led to a stable business development.   Smartbroker Group outlook for the 2023 financial year   The Smartbroker management is positive about the current 2023 financial year. The company expects a consolidated turnover of between € 51.0 million and € 56.0 million and an EBITDA (operating EBITDA) adjusted for new customer acquisition costs of between € 1.0 million and € 4.0 million. An even better operating earnings outlook is countered by the extensive costs expected by the management for the development of the Smartbroker 2.0 and additional migration costs (planned for the second half of 2023).   At the end of 2022, Smartbroker announced that it would cooperate with Baader Bank for the transaction processing and the custody account management for Smartbroker 2.0 going forward. In addition, the development work for Smartbroker 2.0 has progressed according to plan in recent months. The company expects further investments of around € 6.0 million in the current year in order to complete the Smartbroker 2.0 project, which is currently being implemented, and is fully financed for this purpose. Gross cash holdings amounted to more than € 27.0 million at the end of 2022.   The relaunch of the Smartbroker is planned for mid-2023. After the scheduled reduction of marketing expenses for the current year 2023 (planned marketing expenses of € 2.0 million), the Group intends to ramp up new customer marketing again afterwards. The migration of existing Smartbroker customers to the new infrastructure is scheduled to begin shortly after the product launch in summer 2023. According to the company, the realignment of the transaction business should contribute to the Smartbroker becoming the group's main profitable growth driver from 2024.   GBC assessment and evaluation   Based on the postponement of the Smartbroker 2.0 introduction and the realignment of the brokerage business (change of partner bank, etc.), we are adjusting our previous estimates for the current financial year and also doing so for the following years. Against the background of the current difficult market environment, we have deliberately chosen our new estimates conservative.   For the current financial year 2023, we now expect revenues of € 52.70 million (previously: € 84.02 million) and an EBITDA of € 1.04 million (previously: € 14.05 million) and are thus at the lower end of the forecast range communicated by the company. For the following financial year 2024, we calculate revenues of € 66.75 million (previously: € 98.57 million) and EBITDA of € 13.97 million (previously: € 28.73 million). In the 2025 financial year, which we have included in our detailed estimation period for the first time, revenue and EBITDA should continue to increase to € 76.30 million and € 20.68 million respectively.   Overall, we continue to see the Smartbroker Group well positioned to expand its market position in both business segments (Portal Business, Brokerage Business). The planned introduction of Smartbroker 2.0 (including apps and product enhancements) should significantly increase the company's future growth momentum from the 2024 financial year onwards. Due to the high scalability of the brokerage business model, the expected growth in earnings should also lead to a disproportionate increase in Group profitability.   Based on our lowered estimates, we have also lowered our previous target price to € 17.70 (previously: € 37.55 per share) within the framework of our DCF valuation model. In addition to the reduced forecasts, the rise in the cost of capital as a result of the increase in the risk-free interest rate (from 0.40% to now 1.50%) has led to a price target reduction. In view of the current share price level, we thus continue to assign a 'Buy' rating and see significant share price potential.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26641.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,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Datum und Zeitpunkt der Fertigstellung der Studie: 27.03.2023 (9:00 Uhr) Datum und Zeitpunkt der ersten Weitergabe: 27.03.2023 (10:30 Uhr) Gültigkeit des Kursziels: bis max. 31.12.2023 -------------------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: Management Interview Empfehlung: BUY Kursziel: 20.00 CHF Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Marcel Schaffer There is a lot of movement at EasyMotionSkin Tec AG - a sales expansion, expansion of the management team and a possible company acquisition. We talked about the details with Jürgen Baltes, President of the Board of Directors and Managing Director, of EasyMotionSkin Tec AG.   EasyMotionSkin offers a sophisticated EMS training system known as the 'world's smallest gym', accessible to beginners and athletes alike. The EMS suit is equipped with patented dry electrodes that stimulate up to 90% of the body's muscles with low-frequency electrical pulses. This leads to increased oxygen uptake, performance enhancement, optimal training effects and regeneration.     GBC AG: Before we discuss the latest developments, perhaps a brief introduction of the products for investors and readers who are not yet familiar with EasyMotionSkin. What products does EasyMotionSkin offer and what advantages do the EMS training systems offer users compared to conventional training equipment? How does the EasyMotionSkin solution differ from other EMS providers?   Jürgen Baltes: EasyMotionSkin offers an innovative EMS training system that is ideal for both training and regeneration. As a tech company, we also offer an easy-to-use app that allows users to choose from different programmes. Whether fat burning, endurance or recovery - the body muscles are highly effectively stimulated with low-frequency current pulses in our high-tech training suit. Our product range is aimed at everyone who wants to lead a healthier and fitter life. Studies prove the positive effects, which include muscle building, a purified body, better body tension, optimised recovery and generally more vitality and performance. We see ourselves as a premium brand, are Made in Germany and address customers in both the B2C and B2B sectors with our EMS training system - primarily in the DACH region, but also globally.   GBC AG: Most recently EasyMotionSkin published that market expectations are being met. So the strategy seems to be working. Now a change in strategy has also been published. In addition to the classic one-time sale, a subscription and rental model is to be offered. How did the strategy change come about and which customers are to be addressed? Jürgen Baltes: It is not so much a change as a sales expansion, an extension. Up to now, we have mainly relied on classic one-off sales, but now we are adding subscription and rental variants to the range.   The new subscription and rental models can now be used - in addition to fitness studios, physio and health facilities - by businesses from the hotel, tourism, beauty and cosmetics sectors. Subscription and rental solutions are customer-friendly offers that are well received in the B2B segment. They are easy to calculate and can be integrated effortlessly into one's own business. Our customers can thus create an uncomplicated entry into new or additional business and generate regular income without tying up capital. We as a company will profit from the recurring revenues.   GBC AG: In addition to the adjusted strategy, a personnel change was also published. How is the management team changing?   Jürgen Baltes: The strategic expansion was accompanied by a personnel change on 01 March 2023. Christian Keck (54), an internationally experienced sales professional and entrepreneur with responsibility for sales and marketing, was recruited to take on the role of Board of Directors of the public limited company and Managing Director of the GmbH. The previous member of the board of directors, Michael Spitznagel, will now devote himself exclusively to the expansion of the franchise concept as managing director of BodyClub24 GmbH.   GBC AG: The EasyMotionSkin solution is an exciting opportunity for companies to provide occupational health management. How could this concept be designed and what advantages does this offer companies?   Jürgen Baltes: With the EasyMotionSkin training system, companies can offer their employees state-of-the-art possibilities for fitness training and health promotion within the framework of company health management. Only recently, a study was published by the Sana Heart Centre in Cottbus that shows our EMS training to be a highly effective measure within the framework of occupational health management and clearly confirms the positive effects, such as more muscle strength, significantly less back pain, an improvement in performance and generally a (re-)entry into a healthier, more active lifestyle.   We are noticing growing interest in this area on the part of companies. Fewer days of absence, high-performing employees and ultimately also the positioning as an innovative and attractive employer are just some of the advantages of this fiscally interesting measure for companies.   GBC AG: A highlight last year was that the EasyMotionSkin suit was also part of the ISS space mission 'Cosmic Kiss'. Will there be a follow-up mission and what was the result of the last space mission?   Jürgen Baltes: Participation in the ESA space mission 'Cosmic Kiss' was certainly an accolade for our EMS training system. The German astronaut Matthias Maurer - under the scientific direction of the Charité Berlin - successfully trained on the ISS with EasyMotionSkin against muscle atrophy and bone loss. Fortunately, there are currently talks concerning future space projects. I am not allowed to say more at this point.   GBC AG: EasyMotionSkin is currently looking into the acquisition of BodyClub 24 GmbH. How did this come about and what exactly does BodyClub 24 do? What added value can be achieved through the takeover?   Jürgen Baltes: The BodyClub offers attractive EMS training with the BodyClub app, which enables synchronised training - that is, training exercises and impulses are optimally coordinated. Potential operators are offered a ready-to-use and future-oriented franchise concept that offers entrepreneurs, investors, career changers as well as founders a promising business with an established premium brand in the upscale fitness market.   Integrating the BodyClub into EasyMotionSkin Tec AG is a sensible measure from which both sides can benefit in the long term. With its own franchise model in the company, EasyMotionSkin will of course remain a system supplier in the future, obtain additional point of sale locations in the core market and will generate new sales potential through scaling effects. Our product will be expanded with first-class video content to animated trainings and thus we address a new target group that particularly values this offer.   The 'EasyMotionSkin BodyClub' in turn - that would be the future name - should be happy about additional manpower, resources and infrastructure - and thus about more marketing effects, reputation and efficiency in product and system development.   GBC AG: Finally, a brief outlook. Where do you see the company in 5 years?   Jürgen Baltes: The company will continue on its chosen path. We are focusing on a strong expansion in the B2B area - especially through strategic partnerships with strong players in the market who want to enter into synergies with our premium brand and offer or transport our highly effective training technology. This will open up new target groups and market segments for us.   With the expansion of the sales strategy, we are anchoring ourselves more strongly in existing and new market segments. Marketing measures such as those as sponsor of the German Hockey Association and the bobsleigh team around Hansi Lochner ensure broad-based awareness. Scientific research results such as the successful participation in the ESA space mission 'Cosmic Kiss' or the Sana Heart Centre study prove the effectiveness and tangibly ensure acceptance and appreciation.   GBC AG: Thank you very much for the interview.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26551.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 +++++++++++++++ Datum (Uhrzeit) der Fertigstellung: 14.03.2023 (09:30 Uhr) Datum (Uhrzeit) der ersten Veröffentlichung: 15.03.2023 (12:00 Uhr) -------------------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 Note Empfehlung: BUY Kursziel: 5.40 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker FY 2022 closed with positive operating performance; Strong new customer acquisition enabled high growth; Positioning as a fully integrated ad tech platform should ensure further dynamic growth; Price target slightly lowered; Buy rating confirmed   Turnover and earnings development 2022   On 28 February 2023, Media and Games Invest SE published its preliminary business figures for the past financial year 2022. According to these figures, the technology group with its advertising software platform (so-called Ad-Tech platform) continued its dynamic growth course in the past financial year with an increase in turnover of 28.7% to € 324.44 million (previous year: € 252.17 million). Despite difficult general conditions and the market situation (budget cuts, declining CPM, etc.), the company succeeded in maintaining its growth rate and gaining market share. The significant increase in turnover was based on both organic and inorganic turnover effects (18.0% organic growth & 11.0% inorganic growth).   The significant increase in Group revenues was primarily driven by the continued growth in digital advertising revenues (ad software revenues) of the Group. In the past financial year, ad software revenues increased significantly by 49.2% to € 259.55 million (previous year: € 174.00 million) and thus accounted for around 80.0% of Group revenues.   The strong acquisition of new customers proved to be a significant growth driver of this digital advertising business. In the past financial year, 133 new software customers were added to the customer portfolio, which currently consists of 551 customers (end of 2021: 418). In addition, the ad tech business also benefited from the clearly positive effects of M&A measures (e.g. AxesInMotion, DataSeat, etc.).   Parallel to the positive development of turnover, significant increases were also achieved at the operating result level. Compared to the previous year, EBITDA increased significantly by 30.3% to € 84.75 million (previous year: € 65.04 million). EBITDA, adjusted for one-off effects (e.g. special and restructuring costs from M&A transactions), also increased significantly by 31.1% to € 93.20 million (previous year: € 71.10 million).   As a result, the adjusted EBITDA margin increased slightly to 28.7% (previous year: 28.2%). At the net level, a negative consolidated result of € -20.41 million (previous year: € 16.06 million) had to be accepted due to a one-time depreciation effect (one-time PPA depreciation on intangible assets) and higher tax and interest charges. This one-off depreciation effect resulted from an adjustment of the corporate strategy and a related withdrawal from business activities with small MMO games. Adjusted for the non-recurring and regular PPA amortisation of € 41.49 million, the adjusted group result was € 21.09 million.   The most recent corporate guidance issued by MGI management was thus achieved at the upper end of the target range. Our turnover estimate (turnover: € 307.22 million) and adjusted EBITDA forecast (adjusted EBITDA: € 91.72 million) were exceeded. However, due to the PPA amortisation, which we did not anticipate in this amount, the net result was significantly below our expectations.   Forecasts and evaluation   With the publication of the preliminary figures, MGI has confirmed the previously published medium-term guidance (revenue CAGR: 25.0% - 30.0%; Adj. EBITDA margin: 25.0% - 30.0%). In addition, the technology company plans to announce a concrete company forecast for the current financial year 2023 with the publication of the Q1 business figures or hereafter.   Based on the current company performance, we have slightly reduced our revenue and EBITDA estimates for the current 2023 financial year from a conservative perspective and now expect revenue of € 340.12 million (previously: € 345.11 million) and EBITDA of € 89.44 million (previously: € 96.05 million). For the coming financial year 2024, we are leaving our previous operating estimates unchanged. In addition, we have included the 2025 financial year in our detailed estimates for the first time.   Against the background that we expect significantly higher interest and tax expenses in the future than was previously the case, we have significantly lowered our net forecasts for the 2023 and 2024 financial years.   Overall, we continue to see MGI well-positioned to further expand its market position with its leading ad tech platform with proprietary games content, innovative contextual customer solutions and multi-channel platform approach. Even in a difficult advertising market, this technology group should succeed in continuing its successful course with its promising focus on digital programmatic advertising. In doing so, the company should be able to benefit in particular from the increased customer demand for efficient (digital) advertising solutions.   Within the framework of our DCF valuation model, we have slightly reduced our target price to € 5.40 (previously: € 5.75 per share) due to our adjusted estimates and the increased cost of capital. The resulting lowering of the target price was offset by the first-time inclusion of FY 2025 in our detailed estimation period and the associated higher starting point for the subsequent estimation periods. In view of the current price level, we continue to give the share a 'Buy' rating and see signi-ficant upside potential.         Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26523.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,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 07/03/2023 (10:57) Date (time) of first distribution: 08/03/2023 (10:30) -------------------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: UmweltBank AG - von GBC AG Einstufung von GBC AG zu UmweltBank AG Unternehmen: UmweltBank AG ISIN: DE0005570808 Anlass der Studie: Research Note Empfehlung: BUY Kursziel: 14.65 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann Preliminary figures 2022: Successful closing in 2022 as expected; financial years 2023 and 2024 are to be seen as transformation years; initially significant decline in earnings expected; target price reduced to €14.65; Rating: BUY   According to preliminary figures, UmweltBank AG succeeded in continuing its growth course in a generally challenging market environment. The further increase in the balance sheet total by 1.0 % to € 6.00 billion (31.12.21: € 5.93 billion), which was supported on the assets side by an increase in environmental loans issued and on the liabilities side by an increase in customer deposits, is striking.   In the preliminary figures, the interest result is not shown separately. However, despite the increase in the loan portfolio, we expect a decline in net interest income. This is due in particular to the continued decline in the interest margin to 0.93 % (previous year: 1.21 %). After the expiry of the Corona special conditions for the origin of funds, the general increase in the interest rate level played an important role in this development. This is because the interest rate increases in the loan portfolio only take place after the fixed-interest periods have expired or in the case of new loans. On the other hand, on the liabilities side, customer deposits have short maturities and thus react more quickly to interest rate increases. The fact that the net interest, financial and valuation result nevertheless increased significantly to € 74.09 million (previous year: € 63.20 million) is probably primarily due to the net proceeds of approximately € 20 million from the successful sale of a wind farm.    The second revenue stream communicated in the context of the preliminary figures, the commission and trading result, was slightly below the previous year's value at € 9.35 million (previous year: € 9.42 million). The tense stock market situation of the past financial year is particularly visible here.   Despite the significant increase in earnings, the pre-tax result of € 39.19 million (previous year: € 38.09 million) is 'only' 2.9 % above the previous year's value. In October 2022, following the sale of the wind farm, UmweltBank's management had forecast EBT of approximately € 40 million, which can be considered largely fulfilled. The disproportionately low development of earnings is, on the one hand, a consequence of the 15.9 % increase in personnel expenses to € 19.88 million (previous year: € 17.15 million). This reflects an increase in the workforce on the one hand and general wage adjustments on the other. In addition, general administrative expenses, plus other expenses, also rose sharply by 40.1% to € 24.36 million (previous year: € 17.39 million). The introduction of the new core banking system (migration process), which is currently being implemented, alone resulted in expenses of around € 3.60 million in the past financial year. The migration process is also accompanied by a higher level of personnel commitment, which also explains part of the higher personnel expenses.   Shortly before the publication of the preliminary figures, UmweltBank AG published its forecast for the current financial year 2023 on 10 February 2023. Accordingly, the anagement Board expects a pre-tax result of approximately € 20 million for the current financial year and thus anticipates a significant decline in earnings. The reasons for this are an expected decline in net interest income, which is likely to be influenced by the general rise in interest rates and the deterioration of conditions in refinancing transactions with the Bundesbank. In addition, customers are expected to be cautious in the securities business, which is likely to have a negative impact on the commission and trading result. Finally, declining income will be offset by rising expenses from the introduction of the new core banking system.   The resulting decline in income is offset by expected further cost increases. These are related to the planned further investments in personnel, i.e. a continuation of the expansion of the workforce, although less dynamic growth is to be expected here. However, the expenses in connection with the introduction of the core banking system are likely to increase particularly strongly. In the 2022 financial year, these amounted to around € 4 million. An increase to around € 10 million is expected for 2023, before a decline to around € 4 million is anticipated in the coming 2024 financial year. In addition to these costs, the migration process also ties up personnel capacities. With Atruvia's new system, UmweltBank AG will offer its customers an improved customer experience, develop new products and improve internal workflows and processes.   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 achieved, also against the background of the then increasing interest margin.   We have taken this development into account in our estimates and made an adjustment to the company guidance for the current financial year 2023. We have also reduced the estimates for 2024 and now take into account a sideways development of the interest margin. Furthermore, we conservatively assume that securities customers will continue to be cautious. We have taken into account a significant improvement in revenue and earnings expected from 2025 onwards in the terminal value of our residual income model.    The sum of the discounted residual income results in a value amounting to € 536.69 million. In view of an outstanding number of shares of 35.66 million, this results in a fair enterprise value per share of € 14.65 (previously: € 16.00). The reduction in the target price is a consequence of the significantly adjusted estimates for the specific estimation period 2023 and 2024. Based on the current share price of € 12.30 per share, we continue to assign a BUY rating.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26471.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: 24.02.23 (1:18 pm) Date (time) first publication: 27.02.23 (10:00 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: Aspermont Ltd - von GBC AG Einstufung von GBC AG zu Aspermont Ltd Unternehmen: Aspermont Ltd ISIN: AU000000ASP3 Anlass der Studie: Research Report (Anno) Empfehlung: Buy Kursziel: 0.10 AUD Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Julien Desrosiers, Matthias Greiffenberger XaaS powerhouse in the making. 64% Gross Profit Margin. Record FY2022 results.   FY net results impacted by one-time event. The company has posted their highest EBITDA results with 2.1M AUD but ended the financial year with a net loss of (0.31M AUD) due to a 700k write-off of the Blue Horseshoe investment.   Strong cash position. The company has over AUD 6.6M cash on hand.   High gross margin maintained. The company has maintained a 64% gross margin for the FY 2022 compared to 65% for FY 2021.   Stronger EBITDA margin. The company increased their EBITDA margin from 10% for the FY2021 to 12% for the FY2022.   Increase in recurring revenues. Aspermont grew their recurring revenues base from 70% to 75% YoY for 2022.   Continued growth. The company is growing at a double-digit rate across the XaaS KPIs board. Most importantly, their subscribers' ARPU has increased by 28% to a record $1538.   Delivering on promises:  The company has exceeded all their FY2022 guidance.   25 consecutive quarters of growth. The CaaS model is still growing, such as total revenues and earnings.   Based on our DCF model, with an updated market risk premium, we reviewed our price target to 0.10 AUD / 0.07 EUR (previously: 0.11 AUD / 0.08 EUR) per share. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26465.pdf Kontakt für Rückfragen 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: 24.02.2023 11:00 Date and time of first distribution: 24.02.2023 12:00 Target price valid until: max. 31.12.2023 -------------------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: 18.20 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann First acquisition of 2023 strengthens EIM segment; price target and rating unchanged   On 30 January 2023, CENIT AG announced the acquisition of 100% of the Munich-based mip Management Informations Partner GmbH (mip for short). The acquisition of mip, which will be retroactively consolidated into the CENIT Group as of 1 January 2023, will further strengthen CENIT's Enterprise Information Management business segment. The software and consulting company, which was founded in 1988 and has now been acquired, is a specialist in the field of data management and analysis, software development and the operation of IT infrastructure and applications, with a strong industry focus on automotive, trade and insurance. Similar to ISR Information Products AG (ISR for short), which was acquired in the last financial year 2022, mip is one of IBM's leading partners in Germany. From a technical point of view, mip completes the portfolio of CENIT AG, especially in the EIM area.   No further information on the purchase price or on mip's key operating figures is currently available. In view of the number of employees at mip, which is around 30, this is likely to be a comparatively small acquisition. According to data from the “Bundesanzeiger”, mip generated an annual surplus of € 0.33 million in the 2021 financial year (2020: € 0.14 million). Assuming that the company shows a return on sales of 5-10%, which is customary in the industry, the sales level should be in the mid-single-digit million range. We estimate the purchase price to be in the single-digit million range.   The mip acquisition should be seen as a further step in CENIT's growth strategy. Inorganic growth is an essential component within the growth strategy 'CENIT 2025', according to which group sales of approximately € 300 million and an EBIT margin of 8-10% are to be achieved by business year 2025. Within the framework of this strategy, all five business segments are to grow organically and inorganically. In the EIM segment, the current turnover level (including ISR) is to be expanded from around € 40 million to € 50 million according to plans. The acquisition of mip would already cover half of the planned growth.   Under the management of Peter Schneck, CENIT AG is thus continuing its inorganic growth course. The EIM segment was already significantly expanded in the last business year 2022 with the acquisition of ISR. With around 200 employees, ISR had achieved sales revenues of € 22.8 million and an EBIT of € 3.2 million in 2021. In addition, the outstanding 49% shares in the SAP PLM specialist Coristo GmbH were acquired. Finally, the Dassault reseller Magic Engineering SRL, which operates in Romania, was acquired in an asset deal. If this pace is maintained, further acquisitions can be expected for the current business year.   Despite the mip acquisition, we are maintaining our forecasts, which were last adjusted on 28 November 2022. This is due in particular to the low revenue and earnings contribution of mip. We confirm the price target of € 18.20 and continue to assign a BUY rating.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26355.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: 06/02/2023 (08:13 am) Date (Time) first distribution: 06/02/2023 (10:00 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: The NAGA Group AG - von GBC AG Einstufung von GBC AG zu The NAGA Group AG Unternehmen: The NAGA Group AG ISIN: DE000A161NR7 Anlass der Studie: Research FactSheet Empfehlung: BUY Kursziel: 3.60 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Cosmin Filker First positive effects from initiated restructuring visible; Break-even expected in the current financial year; Target price: € 3.60; Rating: BUY   Communication with the financial market of NAGA Group AG (NAGA for short) in the past 2022 financial year was characterised by the postponement of the 2021 annual report. Part of the delay was related to the clarification of valuation issues. In the opinion of the auditors, the cryptocurrency holdings now had to be accounted for at acquisition cost and part of the customer acquisition costs could no longer be capitalised. Although the company was in a position to continue on its previous growth path with an increase in total revenues of 117.1% to € 52.88 million (previous year: € 24.35 million), the changes in the balance sheet led to a significant decline in EBIT to € -9.55 million (previous year: € 0.94 million).   Due to the delayed publication of the annual report, the 2022 half-year report was also published late on 30 December 2022. In this report, the NAGA management paints a picture of a turbulent first half of 2022, characterised in particular by the collapse of the crypto markets, a decline in turnover resulting from their withdrawal from the UK and the overall decline in transaction activity on the capital markets in the wake of the war in Ukraine. However, due to the still high level of customer acquisition activities, turnover continued to grow dynamically by 50.1% to € 35.02 million (previous year: € 23.22 million), but EBIT was significantly below the previous year's level at € -18.63 million (previous year: € -1.95 million). Among other things, the necessary valuation adjustments of the crypto assets held in the amount of around € -12.00 million were a significant factor in the sharp decline in earnings.    The NAGA Board of Directors has taken the development of the first half of 2022 as an opportunity to initiate a complete change in strategy and a restructuring since July 2022. On the basis of the product areas that have now been expanded and introduced to the market (NAGA Trader; NAGAX; NAGA Pay), the focus has been shifted away from strong customer and revenue growth towards reaching the break-even point. This is to be exceeded sustainably from the second quarter of 2023.   Their focus on their trading business and on reducing their operating cost base and acquisition costs is already bearing fruit, according to the company. With the improvement in marketing costs, staff reductions and their cut in R&D expenses, the cost base was reduced to €14 million in the second quarter of 2022 and further to €12 million in the fourth quarter of 2022. In the first quarter of 2022, this was still at €20 million. This reduction is partly driven by an improvement in customer acquisition costs. In Q3, these were € 816, a significant reduction compared to the first two quarters (Q1: € 1,343; Q2: € 1,609). In Q4 2022, these fell further to € 613. At the same time, an increase in revenue per customer is to be achieved through geographical diversification.   These measures should only become clearly visible in the current financial year 2023, but will only have a full impact in 2024. The past financial year 2022 should still be characterised by a clearly negative result.   The expected high negative operating cash flow should be partly offset by a positive investment cash flow. This is primarily related to the sale of money market funds in which NAGA had temporarily parked the liquid funds raised from the capital increases. A free cash flow of € -3.22 million was reported at the end of the first half of 2022.   A key aspect of the company's further development is likely to be their planned strategic transaction with a multinational brokerage company. As reported by NAGA on 19 January 2023, discussions are currently taking place with an unnamed brokerage company with the aim of merging the two companies. The transaction should be completed by the fourth quarter of 2023, subject to a positive due diligence review and other approvals. In our view, NAGA would be taken over in this case, but their independent stock exchange listing would be maintained. Obviously, the current valuation of NAGA is considered low and, on the other hand, the now fully developed NAGA product range is considered attractive. In the event of an acquisition, NAGA could benefit from the existing licences of the brokerage company, which would allow it to enter new markets without having to first obtain a time-consuming licence.   The current financial year 2023 will be characterised by a focus on improving the key earnings figures, as described above. In addition, the company plans to re-enter the UK, where the largest traded volume was in 2021, by Q2 2023. The reactivation of the former customer base (180,000 leads) is to be carried out at lower profit costs, which would have an immediate effect on earnings. In addition, the company plans to grow more strongly outside Europe. In this respect, the recently granted licence in the Seychelles is of great importance. Finally, the introduction of the NAGA Institutional Desk, planned for the beginning of 2023, is intended to address volume traders more strongly.   After an expected negative EBIT of € -29.77 million for the past financial year, with sales revenues of € 52.08 million, in particular due to the losses in value of cryptocurrencies held, the break-even point should be reached in the current financial year. With a 30% increase in turnover to € 67.42m, we expect EBIT to improve to € 0.79m. The effects of the UK re-entry and the further regional expansion should be fully reflected positively in the coming 2024 financial year. We expect revenue growth of 25% to € 84.27 million in 2024 and consider EBIT of € 10.46 million to be realistic.   Within the framework of our DCF valuation model, we have determined a target price of € 3.60 (previously: € 12.75). The significant lowering of the target price is a consequence of the significantly reduced forecasts for the concrete estimation period (2022e - 2024e), which provides a lower basis for the continuity phase of our valuation model. On the other hand, we take into account the market-related increase in the risk-free interest rate and thus visibly raise the weighted average cost of capital (WACC) to 10.34% (previously: 9.33%). Based on the current share price of € 1.84, we assign the rating BUY.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26351.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: 03/02/23 (08:24 pm) Date (time) first transmission: 03/02/23 (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: Cryptology Asset Group PLC - von GBC AG Einstufung von GBC AG zu Cryptology Asset Group PLC Unternehmen: Cryptology Asset Group PLC ISIN: MT0001770107 Anlass der Studie: Research report (Anno) Empfehlung: Buy Kursziel: 7.12 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Julien Desrosiers High NAV upside potential despite crypto winter. Investment opportunity in one of the leading European Crypto investment companies.   The Cryptology Asset Group is one of the leading European holding companies for Bitcoin and Blockchain related business models. According to the latest shareholder letter, the strategy is to be adjusted and €100 million will not be invested in crypto funds as planned. Instead, the company wants to focus on its own investments.   Currently, we are in a 'crypto winter.' Bitcoin (BTC), the lead currency for the broader crypto market, is currently hovering around $17,000, down 75% from its November 2021 peak. Bitcoin is not the only crypto under downward pressure. Ethereum (ETH) and other leading altcoins such as Cardano (ADA) and Polygon (MATIC) have lost more than 70% so far this year. This trend is also reflected in Cryptology Asset Group's portfolio. In our opinion, however, the share price currently reflects this development too pessimistically. Thus, the market capitalization (€ 142.22 million as of 01.12.2022) was also significantly below the balance sheet equity of € 295.31 million, with an equity ratio of 98.4%.   The company is currently trading at € 2.49 (01.12.2022 17:35 Xetra) per share and has published a NAV of € 4.79 per share (30.11.2022) according to IFRS principles. We have reviewed the individual holdings of the portfolio and have determined a NAV of € 7.12 per share according to the GBC valuation. Thus, the company is currently trading significantly below NAV and we assign a Buy rating in view of the high upside potential. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26173.pdf Kontakt für Rückfragen 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.htm +++++++++++++++ Datum (Uhrzeit) der Fertigstellung: 13.12.2022 (14:45 Uhr) Datum (Uhrzeit) der ersten Veröffentlichung: 14.12.2022 (10:00 Uhr) -------------------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: Epti AB - von GBC AG Einstufung von GBC AG zu Epti AB Unternehmen: Epti AB ISIN: SE0013774668 Anlass der Studie: Research Comment Empfehlung: Buy Kursziel: 0.80 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Cosmin Filker Significant growth with strong earnings improvements in the 3rd quarter   In the third quarter of 2022, EPTI AB increased sales by 134.7% to SEK 53.74 M (PY: SEK 22.90 M). Consequently, sales in the first nine months of 2022 almost quadrupled year-on-year by 286.9% to SEK 155.2 million (PY: SEK 40.11 million). Of the nine-month revenue, SEK 125.69 million was attributable to EPTI Service AB and SEK 48.72 million to EPTI Invest AB. Total output increased by 51.4% to SEK 57.23 million (PY: SEK 37.79 million) in the third quarter of 2022, which corresponds to an increase of 172.9% to SEK 174.41 million (PY: SEK 63.91 million) on a nine-month basis. EPTI Invest AB accounted for SEK 8.34 million (PY: SEK 18.46 million) of the total operating performance and EPTI Service AB for SEK 48.89 million (PY: SEK 19.34 million). The reason for the decrease in EPTI Invest's total operating performance is due to the lower number of consolidated investments. Thus, the investments are recorded as associated companies and are no longer consolidated.   EBITDA amounted to SEK 4.78 million in the third quarter of 2022 (PY: € 12.41 million). The year-on-year reduction is attributable to highly positive one-off effects from the previous year. In a nine-month view, EBITDA decreased to SEK -6.68 million (PY: SEK 11.75 million). EPTI Service AB contributed EBITDA of € 27.44 million, while the EPTI Invest's EBITDA was SEK -11.00 million and that of the Group's parent company was SEK -23.12 million.   Depreciation and amortization increased to SEK 10.48 million (PY: SEK 3.12 million), of which SEK 9.68 million was attributable to goodwill amortization. The reason for this is the amortization of goodwill acquired as part of the reverse IPO. The non-consolidated companies resulted in negative financial expenses of SEK -4.16 million (PY: SEK 0.92 million). Consequently, the total net result was SEK -73.25 million (PY: SEK 3.36 million).   According to our revaluation of EPTI Services and Apotekamo as well as the warrants, we have determined a positive valuation discrepancy (hidden reserves) in the amount of SEK 226.52 million. The valuation discrepancy in addition to the NAV of SEK 715.59 million determined as of September 30, 2022, results in a total NAV according to the GBC valuation approach of SEK 942.12 million (previously: SEK 952.67 million).   At the current price of € 0.21 (Xetra, 17.11.22 17:35), this means a significant upside potential of 281% and therefore we assign a BUY rating.   Even if we only consider the NAV on a K3 basis of SEK 715.59 million, this would result in a NAV per share of SEK 6.70 or € 0.61 per share, which also represents an enormous upside potential to the current share price of 190.5%.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26167.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,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Datum (Uhrzeit) der Fertigstellung: 12.12.2022 (13:50 Uhr) Datum (Uhrzeit) der ersten Veröffentlichung: 13.12.2022 (10:00 Uhr) -------------------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: Management Interview Empfehlung: BUY Kursziel: 20.00 CHF Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Marcel Schaffer The 'world's smallest gym' presented itself very well at the Munich Capital Markets Conference, investors can now also test the training system on site    EasyMotionSkin Tec AG presented itself very well with its 'smallest gym in the world' at the Munich Capital Markets Conference on November 15, 2022. For example, the company presented its EMS training suit with its patented dry electrode system to investors. By stimulating the body's muscles with low-frequency electrical impulses, oxygen uptake can be increased and an increase in performance as well as optimal training effects and regeneration can be achieved. After the conference, the company will offer investors the opportunity to see the technology product for themselves in person at the company's premises.   Matthias Greiffenberger, an analyst for GBC AG, took the opportunity at the MKK to conduct an interview with the head of sales, Michael Spitznagel, and the head of finance, Werner Murr, about the product, the company and the outlook going forward.   GBC AG: The MKK was the first capital market conference of EasyMotionSkin Tec AG after the IPO. How was your experience?   Michael Spitznagel / Werner Murr: For us as EasyMotionSkin Tec AG, it was very positive that numerous interested parties were present at our presentation. The MKK is a great opportunity for a company to present itself extensively to the capital market, the press and potential investors.   GBC AG: The past year was characterized by supply chain problems and the corona crisis. In your view, have these problems been completely resolved?   Michael Spitznagel / Werner Murr: Completely resolved is too much to say. But we are on the right track. Delivery times for various parts are still affected and gym operations are also suffering from the after-effects of corona. Despite these obstacles, we will succeed in significantly increasing our sales this year. We have used the recent past to optimize our product range and our distribution channels.   GBC AG: How would you imagine the optimization of sales?   Michael Spitznagel: As a company, we have to constantly evolve and consider new avenues. In this day and age, online sales are state of the art and we will also test this at EasyMotionSkin. In addition to our partner sales model, we will also address our customers directly in the future.   GBC AG: At the MKK, you also addressed the issue of rental/subscription models. How does this affect the figures and the future of the company?   Michael Spitznagel: We can't say at the moment what the impact will be, we have only just started with it. The creation of recurring revenues is important for us, as we then have cash flows that can be planned well. Due to the attractiveness of the rental conditions, this model could be scaled upwards as desired.   GBC AG: Will there be a change in the business model due to rental/abandonment models?   Michael Spitznagel: In the current status of the company, we will not radically change our business model, but will gradually adapt it and initially also operate it in parallel in some form.    GBC AG: How has your business developed in the current year?   Michael Spitznagel: The year has gone well so far. We have published current figures for MKK in the form of interim financial statements as of October 31, 2022. According to this, we generated sales of around CHF 8.6 million by the end of October. We estimate that we will have generated additional sales of around CHF 1.5 million by the end of the year, so that we will end up with around CHF 10 million. Thus, we should more than double our sales in the current year compared to the previous year.   GBC AG: When we talk about EMS, the question arises as to how a customer can imagine this feeling?   Michael Spitznagel: Theoretically, our product can be explained very well, but it is important to get to know EasyMotionSkin in practice. The experience is outstanding, the rate of positive purchase decisions is extremely high at over 75%.    GBC AG: You mentioned that it is very important in the EMS industry that customers experience the stimulation for themselves once. How and where can customers try out the EasyMotionSkin system?   Michael Spitznagel: To experience the full experience, we cordially invite anyone and everyone interested to our DOME in Seefeld. Alternatively, there is the possibility to do a test training with one of our numerous consultants—also privately at home. For this, please contact us via ir@ems.ag or directly via our contact form at: https://easymotionskin.com/de/interest   GBC AG: Thank you very much for the interview.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26161.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,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Datum (Uhrzeit) der Fertigstellung: 08.12.2022 (09:20 Uhr) Datum (Uhrzeit) der ersten Veröffentlichung: 08.12.2022 (12:00 Uhr) -------------------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: Bitcoin Group SE - von GBC AG Einstufung von GBC AG zu Bitcoin Group SE Unternehmen: Bitcoin Group SE ISIN: DE000A1TNV91 Anlass der Studie: Research Note Empfehlung: BUY Kursziel: 50.00 EUR Letzte Ratingänderung: 31.12.2023 Analyst: Matthias Greiffenberger, Cosmin Filker Foundation laid for a dividend stock.   Due to the significantly clouded capital and crypto markets, the company has adjusted its guidance. Thus, the management of Bitcoin Group SE now expects sharply declining revenues and an EBITDA in the lower single-digit million range. Previously, the guidance was for slightly declining revenues and EBITDA in the upper single-digit million range. We also assume that there will be no short-term recovery on the capital markets in the current fiscal year and have adjusted our forecast. We expect revenues of € 7.0 million for the current fiscal year 2022 (previously: € 14.57 million), followed by € 12.0 million (previously: €18.94 million) for the following fiscal year 2023.   We assume that the business model of Bitcoin Group SE is promising in the medium and long term and only marginally adjust our margin assumptions in the DCF model. The company is uniquely positioned in the German market in particular and was the first German provider to offer crypto-to-crypto trading opportunities on its platform. In addition, with its German headquarters and BaFin regulations with a banking license, it offers the greatest possible regulatory security and transparency from the customer's perspective. With rising crypto markets and high media attention, Bitcoin Group has always been able to benefit disproportionately from these trends. We expect that with an improvement of the market development, Bitcoin Group SE will also be able to participate disproportionately in this development again.   Furthermore, the company could grow further via M&A transactions. A company announcement was published on October 20, 2022, stating that the company is in takeover negotiations with potential targets, including Bankhaus von der Heydt.   In addition, the recent decision at the Annual General Meeting on July 1, 2022 has laid the foundation for a dividend stock. A sustainable dividend policy is to be pursued and an initial dividend of € 0.10 per share paid.   The revenue development should also be reflected in the results and we expect EBITDA of € 1.68 million in the current fiscal year 2022 (previously: € 9.25 million), followed by € 5.27 million (previously: € 13.17 million) in 2023. For the coming fiscal year, we assume that there will be no further impairments of the crypto equity and expect a net result in the current fiscal year 2022 of € -3.5 million (previously: € -0.63 million), followed by € 5.1 million (previously: € 8.81 million) in fiscal year 2023.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26163.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: 08.12.22 (09:45) (German version: 06.12.2022 (17:26)) Date and time of the first distribution of the study: 08.12.22 (11:00) (German version: 07.12.2022 (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: Landi Renzo S.p.A. - von GBC AG Einstufung von GBC AG zu Landi Renzo S.p.A. Unternehmen: Landi Renzo S.p.A. ISIN: IT0004210289 Anlass der Studie: Research Note Empfehlung: Buy Kursziel: 0.98 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker 9-month 2022: Landi Renzo continues on a clear growth path despite difficult environment; positive operating earnings development; GBC estimates and price target confirmed after reaffirmation of corporate guidance   Business development 9-month 2022   Landi Renzo S.p.A. published its nine-month figures for the current business year at the end of November. According to these figures, the technology group continued its growth course in the first three business quarters despite a challenging environment (Ukraine war, COVID aftermath, supply chain problems, etc.). Compared to the same period of the previous year, consolidated revenues increased significantly by 33.1% to € 216.35 million (9M 2021: € 162.56 million).   The dynamic increase in group turnover was due to significant (organic) growth effects from an increased business volume in both business fields - Green Transportation and Clean Tech Solutions. The technology company benefited in particular from increased investments in gas and hydrogen infrastructures (infrastructure business) and robust after-market demand (automotive retrofit business). In addition, inorganic growth effects from acquisitions (Metatron Group and Ido Meccanica) also contributed significantly to the positive sales trend.   The Group's revenues were primarily driven by the core business area of Green Transportation. In this Group division, the revenue generated increased significantly by 17.9% to € 141.24 million (9M 2021: € 119.83 million), mainly due to the recovery effects in the aftermarket business in Latin America and Europe as well as increased orders from leading OEM customers. The Metatron Group, which was acquired last summer, contributed € 10.41 million to the increase in segment revenue.   The Clean Tech Solutions business field (SAFE & CEC, consolidation of the investment from May 2021) was also able to increase its segment revenue (excluding the revenue of Idro Meccanica S.r.l. of € 3.68 million acquired at the beginning of 2022) by 7.80% to € 71.44 million (pro forma revenue without Idro Meccanica 9M 2021: € 66.30 million). The significant increase in revenue reflects the increased interest of numerous countries in gas mobility, which are expanding their gas-based distribution networks (gas filling stations, etc.) as part of this. It should be noted here that the business development of the division was also negatively affected by difficulties on the procurement markets (unstable supply chains, etc.), and thus stood in the way of an even more positive business development.   With regard to the order situation of the infrastructure business, the Landi Renzo Group announced that the division continues to be in 'growth mode' and has an order backlog covering the first half of the 2023 financial year.   Parallel to the positive group revenue development, the operating result (EBITDA) of the technology company also increased significantly by 18.8% to € 7.07 million (9M 2021: € 5.95 million) compared to the same period of the previous year. Adjusted for one-off costs (e.g. M&A costs), adjusted EBITDA (Adj. EBITDA) for the first nine months of the current financial year amounted to € 8.70 million, which was 15.1% higher than in the same period of the previous year (9M 2021: € 7.56 million).   The Green Transportation segment accounted for € 4.42 million of the adjusted EBITDA (9M 2021: € 2.80 million) and the Clean Tech Solutions segment for € 4.32 million (9M 2021: € 5.37 million). Both segments thus contributed almost equally to the Group's operating result. In terms of operating profitability, the adjusted EBITDA margin of 4.0% almost confirmed the operating margin level of the same period of the previous year (9M 2021: 4.6%).   At the after-tax level, on the other hand, Landi Renzo posted a negative net result (after minorities) of € -10.12 million, a deterioration compared to the same period last year (9M 2021: € -1.90 million). It should be noted, however, that the net result of the same period of the previous year was very strongly influenced by a consolidation gain (€ 8.80 million) from a fair value measurement of SAFE & CEC.   Based on the signs of recovery in some core markets and the order book at SAFE & CEC, management has confirmed its previously issued guidance for the 2022 financial year and continues to expect improved Group results compared to the previous year.   Business development in Q3 2022   The quarterly view also reflects well the steady growth of the Landi Renzo Group. After a high-growth second quarter (Q2 growth of 23.6% to € 77.53 million), the technology company was also able to continue its previous growth series in the third quarter with significant revenue increases of 8.0% to € 71.91 million (Q3 2021: € 66.60 million).   Growth in the third quarter was primarily driven by significant growth impulses in the Green Transportation business field, which increased its segment revenue significantly by 10.5% to € 47.39 million (Comparable Q3 revenue 2021: € 42.89 million). The Clean Tech Solutions division also continued to expand its infrastructure business with moderate revenue growth of 3.4% to € 24.52 million (Comparable Q3 revenue 2021: € 23.71 million).   On the operating result level, contrary to the positive revenue trend, a decline in adjusted EBITDA by 29.9% to € 2.16 million (Q3 2021: € 3.08 million) had to be accepted due to a less favourable revenue mix (higher OEM revenue share) and higher raw material costs. In parallel, the adjusted EBITDA margin decreased to 3.0% (Q3 2021: 4.60%).   Forecast and evaluation   Against the backdrop of their solid nine-month performance, confirmed corporate guidance and successful growth strategy, we have maintained our previous estimates for the current financial year 2022 and subsequent financial years.   In view of our unchanged sales and earnings forecasts, we hereby confirm our previous price target of € 0.98 per share. With regard to the current price level, we continue to give the Landi Renzo share a 'buy' rating and see significant upside potential.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26155.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: (6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 07/12/2022 (15:01 pm) Date (time) of first distribution: 08/12/2022 (10:00 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: Aspermont Ltd - von GBC AG Einstufung von GBC AG zu Aspermont Ltd Unternehmen: Aspermont Ltd ISIN: AU000000ASP3 Anlass der Studie: Research Update Empfehlung: Kaufen Kursziel: 0.11 AUD Kursziel auf Sicht von: 30.09.2023 Letzte Ratingänderung: Analyst: Julien Desrosiers, Matthias Greiffenberger FY-2022 preliminary report shows increased growth   The following are some of the company's highlights: -Total revenue +17% at $18.7m -Gross profit +15% at $12m, with gross margins of 64% -EBITDA +40% at $2.3m with margin of 12% -Ana Gyorkos joined Aspermont as the Group Content Director -Soochow CSSD Capital Markets retained as corporate adviser   The company has drastically improved their growth rate compared to historical results.   The growth rate has reached pre-COVID levels with revenues of over 18.7m. At the current cumulated rate, the company could grow at an accelerated 20% growth rate for FY2023e.   The company has also noticeably improved their recurring revenues to 75% up from 70%.   The company has now accumulated 25 consecutive growth quarters and generated positive return for shareholders over the past five years.   Most importantly, the company is increasing their internal investments directly out of their cash flow and cash reserves. The company remains very strong financially with cash on hand of $6.6m and long-term debt free.   We will be updating our valuation when the company publishes their FY financials in the next few weeks. We are therefore maintaining our BUY rating and our target price of 0.11 AUD / 0.08 EUR.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26135.pdf Kontakt für Rückfragen 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: 06.12.2022 (17:30 am) Date (time) first transmission: 07.12.2022 (12.00 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: UmweltBank AG - von GBC AG Einstufung von GBC AG zu UmweltBank AG Unternehmen: UmweltBank AG ISIN: DE0005570808 Anlass der Studie: Research Note Empfehlung: Buy Kursziel: 16.00 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann Extraordinary proceeds after sale of wind farm; EBT guidance raised to € 40 million; price target reduced to € 16.00 (previously: € 16.30) after raising cost of equity; Rating: BUY   In an announcement dated 28 October 2022, UmweltBank’s management announced the successful sale of a wind farm investment. The net proceeds of approximately € 20 million correspond to the order of magnitude communicated in advance, which had held out the prospect of an extraordinary contribution to earnings in the low double-digit million range. Including the extraordinary contribution to earnings, the company is adjusting the forecast for the current 2022 financial year. Earnings before taxes of approximately € 40 million are now expected, compared to the previous forecast, which had held out the prospect of EBT of € 34 million.   This means that not all of the net proceeds will be reflected in the after-tax result. On the one hand, the management of UmweltBank AG will make higher provisions in response to the current challenging business environment and the weaker business outlook in the securities business. Although this has an effect on earnings, the provision increases the regulatory equity capital and could thus be regarded as an anticipated retention of earnings. On the other hand, the extraordinary income is used to take into account currently visible burdens from the valuation of fixed-income securities in their own portfolio in advance in the current 2022 financial year. In total, the resulting burden on earnings is likely to amount to around € 14 million, although it is not clear from the company's announcement which portion is attributable to the higher provisioning and which portion to the valuation adjustment of fixed-interest securities.   However, since the fixed-interest securities are usually held by UmweltBank AG until final maturity, the nominal amount should flow back in the event of a trouble-free repayment of the bonds affected by the devaluation. In this case, there would then be a reversal of the devaluation previously made, which would be accompanied by a special income.   Basically, the current market environment presents a mixed picture with regard to the business prospects of UmweltBank AG. On the one hand, the interest rate turnaround is accompanied by an increase in the interest margin, although positive effects are only likely to become visible in the coming periods. In the period from January 2022 to September 2022, for example, construction interest rates have risen significantly from 1.0 % to around 3.5 %.   The picture for new lending business is also mixed. While, according to the company, demand for financing in the renewable energy sector remains high, demand for real estate financing is, as expected, subdued. As of 31 December 2021, real estate loans accounted for a total of 35% of UmweltBank AG's total loan volume.   Demand for investment funds is also below management expectations due to market conditions. In total, the three funds of the UmweltSpektrum family have a fund volume of around € 120 million. In their first press briefing in 2022, the UmweltBank management announced € 230 million as their target fund volume by the end of the current financial year.   We are adjusting our forecasts for the current financial year 2022 to the newly issued guidance and now expect a pre-tax result of € 40.01 million (previously: € 34.01 million) with unchanged sales. Accordingly, the after-tax result should rise to € 27.21 million (previous year: € 23.13 million). Our forecasts for the coming financial years remain unchanged.   The sum of the discounted residual income results in a value of € 566.92 million on a target price basis of 31 December 2023. In view of an outstanding number of shares of 35.44 million, a fair enterprise value per share of € 16.00 (previously: € 16.30) is calculated. On the one hand, the forecast increase made after the sale of the wind farm has resulted in a higher fair value. However, the increase in the cost of equity to 4.20 % (previously: 3.95 %), resulting from the increase in the risk-free interest rate to 1.50 % (previously: 1.25 %), is accompanied by a reduction in the target price. Following the sharp decline in the UmweltBank share price, we now assign a rating of BUY (previously: HOLD).   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25881.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: 08.11.22 (3:04 pm) Date (time) first publication: 09.11.22 (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: Landi Renzo S.p.A. - von GBC AG Einstufung von GBC AG zu Landi Renzo S.p.A. Unternehmen: Landi Renzo S.p.A. ISIN: IT0004210289 Anlass der Studie: Research Note Empfehlung: Buy Kursziel: 0.98 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker HY1 2022: Continuation of dynamic revenue growth despite more challenging market environment; significant earnings improvements; GBC estimates and target price maintained after confirmation of corporate guidance   Business development in HY1 2022   Landi Renzo S.p.A. announced its half-year figures for the current business year in mid-September. According to these figures, the technology company was able to continue its dynamic growth course in the first six months despite difficult general conditions (the Ukraine conflict, after-effects of the COVID-19 pandemic, etc.), which had a negative impact on turnover and results. Compared to the same period of the previous year, Group revenues increased significantly by 50.0% to € 144.45 million (first half of 2021: € 95.96 million).   This was due to strong (organic) growth effects from an increased business volume in both business fields - Green Transportation and Clean Tech Solutions. In addition, inorganic growth effects resulting from the acquisitions (Metatron Group and Idro Meccanica) also contributed significantly to the positive turnover trend.   The Group's sales revenues were primarily generated by the core business field of Green Transportation. In this segment, revenue increased significantly by 22.0% to € 93.85 million (first half of 2021: € 76.94 million), mainly due to business growth in the aftermarket sector (especially in Europe and Turkey) and the M&HD sector. The Metatron Group, which was acquired in the summer of 2021, contributed € 6.68 million to the segment's revenue increase.   The Clean Tech Solutions business field (SAFE & CEC, consolidation of the investment from May 2021) was also able to increase its segment revenues dynamically by 160.0% to € 50.60 million (first half of 2021: € 19.02 million), of which € 2.72 million is attributable to Idro Meccanica S.r.l., which was acquired at the beginning of the year. With its compressor systems, the business unit benefited in particular from increased demand for natural gas and biogas infrastructures (CNG business growth: +14.0%; RNG growth: +127.0%). In addition, the company also observed increased demand for hydrogen compressor solutions and accordingly also achieved an increased business volume in this area.   On a pro forma basis, segment revenues increased by 18.8% to € 50.60 million compared to the same period of the previous year (pro forma revenues including SAFE & CEC revenues from January to June 2021: HY1 2021: € 42.60 million). With regard to the order situation, the Landi Renzo Group announced that the order backlog at the end of the half-year was significantly above the previous year's level. This means that this business field has a good starting point to continue the growth course of the segment.   All in all, the sales growth achieved showed that the Group portfolio and the technologies it offers were in strong demand from the various customer groups.   In parallel to the positive development of turnover, the Group's operating profit (EBITDA) rose significantly by 49.2% to € 5.31 million (first half of 2021: € 3.56 million) compared to the same period of the previous year. Adjusted for one-off costs (e.g. M&A costs), adjusted EBITDA (Adj. EBITDA) for the first half of 2022 amounted to € 6.54 million, which was around 46.0% higher than in the same period of the previous year (first half of 2021: € 4.48 million).   With € 3.32 million adjusted EBITDA in the Green Transportation segment (first half of 2021: € 1.74 million) and € 3.23 million adjusted EBITDA in the Clean Tech Solutions segment (first half of 2021: € 2.74 million), around half of the Group operating result was attributable to the respective business segment. In terms of Group profitability, the adjusted EBITDA margin of 4.53% confirmed the operating margin level of the previous year's period (first half of 2021: 4.67%).   On a net level, the technology group had to accept a negative annual result (after minorities) of € -6.83 million in the first six months of the current financial year. However, it should be taken into account that the net result of the same period of the previous year was very strongly positively influenced by a consolidation gain from a fair value measurement of SAFE & CEC amounting to € 8.80 million. Accordingly, the net result on a comparable basis has also improved noticeably after deducting this special effect, which was not operationally related.    Business development in Q2 2022   The steady dynamic growth of the technology group is also particularly evident in the quarterly analysis. After a high-growth first quarter (+101.2% increase in revenue compared to Q1 2021), Landi Renzo continued on its growth path with high growth momentum in the second quarter of the current financial year with a 23.6% increase in consolidated revenue to € 77.53 million (Q2 2021: € 62.70 million).   The infrastructure business, which is represented by the SAFE & CEC Group, proved to be the main growth driver. In this business field, revenue increased significantly by 57.6% to € 29.98 million (Q2 2021: € 19.02 million) compared to the same quarter of the previous year. The core business field Green Transportation also recorded significant growth in the past second quarter and increased its segment revenues by 8.90% to € 47.55 million (Q2 2021: € 43.68 million).   At the operating result level, EBITDA increased significantly by 8.4% to € 3.48 million (Q2 2021: € 3.21 million) in line with their positive business development. In parallel, the EBITDA margin decreased slightly to 4.49% (Q2 2021: 5.11%). In contrast, Group EBITDA adjusted for one-off costs (e.g. M&A costs) decreased only slightly by 2.5% to € 3.87 million (Q2 2021: € 3.97 million) compared to the same quarter of the previous year. In the same step, the adjusted EBITDA margin decreased to 5.00% (Q2 2021: 6.33%). This still reflects the ongoing pressure on margins due to high cost inflation in the procurement markets.   Overall, the development of turnover in the first half of 2022 was satisfactory. Despite the challenging general conditions, we succeeded in continuing on our growth path with momentum. Landi Renzo's earnings performance was in line with our expectations.   Forecast and evaluation   Against the backdrop of the solid half-year performance, the promising growth strategy and the confirmed corporate guidance, we have also maintained our previous forecasts for the current financial year and the following years.   Overall, we believe that the Landi Renzo Group, with its strategy and positioning, is still well positioned to continue dynamically on its growth path. Parallel to this, it should be possible to achieve significant improvements in results.   Based on our unchanged revenue and earnings estimates, we hereby confirm our previous price target of € 0.98 per share. In view of the current price level, we continue to give the share a 'buy' rating and see significant upside potential.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25835.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: (6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 07/11/2022 (16:22 pm) Date (time) of first distribution: 08/11/2022 (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: Advanced Blockchain AG - von GBC AG Einstufung von GBC AG zu Advanced Blockchain AG Unternehmen: Advanced Blockchain AG ISIN: DE000A0M93V6 Anlass der Studie: Research Update Empfehlung: BUY Kursziel: 10.00 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Julien Desrosies, Matthias Greiffenberger The Gateway to DeFi, Crypto & Web 3.0. HY 2022 as expected. Price Target confirmed. In the past half year 2022, the Advanced Blockchain AG Group generated revenues of € 23.40 million. (HY 2021 €2.12 million). EBITDA of € 0.88 million was achieved, which corresponds to an EBITDA margin of 3.8%. (HY 2021 € 1.56 million; EBITDA margin 73.8%). The largest cost item was the cost of materials at € 21.49 million. Other operating expenses amounted to € 2.38 million. Personnel expenses were very low and amounted to € 0.28 million. Overall, net income of € -0.54 million was achieved, resulting in a net margin of -2.3%. The company has a very lean balance sheet. Equity in the group amounted to € 12.97 million, which corresponds to an equity ratio of 57.6%. Liquid funds were € 3.53 million. Their crypto investments were recognized at cost and are included in other assets. The item receivables and other assets amounted to € 18.09 million. Many of the portfolio positions are still at the beginning and have a great potential to develop dynamically. In addition, according to our assessment, there are still unpublished portfolio positions, which can also have a value-enhancing effect. According to the management, the annual holding costs are just below € 2 million, which we deduct from our portfolio valuation according to the NAV approach. In total, we confirm our calculated enterprise value of around € 83 million according to NAV. With 3.79 million shares outstanding, this corresponds to a value per share of € 21.99. Due to difficult crypto markets and the ongoing 'crypto winter', we have applied an additional market discount to the calculated fair value. We currently calculate this at around 55%. Therefore, we see the fair value at € 37.75 million or € 10.00 per share. Thus, our price target of EUR 10.00 is currently significantly below the calculated fair intrinsic value. With a calming of the crypto markets and a 'crypto spring', we will then also reduce our 'market discount' accordingly.  Against the background of the high upside potential, we assign a BUY rating. Outlook 2022 Despite the loss in the first half of 2022, Advanced Blockchain AG's management is aiming to end fiscal 2022 profitably, which is 'very realistic due to profitable incubation efforts, as well as the successful partial sale of tokens.' Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25769.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: 03.11.2022 (16:20) Date and time of the first disclosure of the study: 07.11.2022 (10:30) -------------------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: publity AG - von GBC AG Einstufung von GBC AG zu publity AG Unternehmen: publity AG ISIN: DE0006972508 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 Highly profitable asset manager with proprietary research tool and above-average transaction speed. PREOS shareholding to be reduced in the medium term from 93.1% to around 20%.   publity AG is an asset manager that mainly generates revenues through commissions for finding (finder's fee), managing (basic fee) and selling (exit fee) properties. Managing here refers to the so-called manage-to-core strategy, in which the focus is on improving the rental situation and rental yields. Extensive information on the approximately 9,500 relevant properties in Germany is tracked, maintained and analyzed using a proprietary research tool. The standardized and formalized processes enable very rapid transactions, which represents an important competitive advantage. The company's current focus is on commercial properties in A-locations in the metropolitan areas of the top seven cities (excluding Berlin). The main customer is PREOS Global Office Real Estate & Technology AG (PREOS) in which publity holds a 93.1% stake. PREOS is an active real estate investor whose management acts autonomously and largely independently of publity.   In the past fiscal year 2021, revenues increased by 79.6% to €28.75 million (previous year: €16.01 million). The increase in revenue is mainly due to finder's fees and basic fees, as well as the procurement of a new major investor for PREOS. Earnings improved disproportionately and EBIT rose by 140.9% to €14.15 million (previous year: €5.87 million). The reason for this is the absence of special costs from the previous year and cost optimization measures. Impairment losses on financial assets, in particular on the PREOS shares held, amounting to €27.47 million, resulted in a clearly negative financial result of €-24.83 million (previous year: €6.17 million). The impairments did not reduce liquidity and are attributable to the general market trend. As a result, the net result for the year was €-15.43 million (previous year: €12.08 million).   In the first half of 2022, revenues decreased slightly by 14.1% to €9.95 million (PY: €11.59 million). According to the management, revenue mainly consisted of inventory fees and finder's fees. In contrast to the revenue development, EBIT increased by 26.5% to €6.35 million (previous year: €5.02 million). The background to this development was cost optimization. However, additional costs will be incurred in the second half of 2022, e.g. due to the Annual General Meeting and consulting costs in the course of the bond issue. Overall, the result for the period increased by 13.9% to €5.23 million (previous year: €4.59 million).    The guidance for the current fiscal year is for revenues moderately above the previous year's level, with EBIT of between €11 million and €15 million and net income of €6 million to €10 million. We expect revenues of €23.2 million in the current fiscal year 2022, followed by €25.52 million in 2023. The commercial real estate sector in A-locations should be well positioned and less affected by the interest rate turnaround and rising energy prices than the rest of the real estate sector. In the medium term, we expect broader client diversification with additional mandates outside PREOS. It is also possible that a joint venture with an American hedge fund could be entered into again. It would also be conceivable to acquire further asset managers or to expand the NPL portfolio. It would also be possible to set up a vehicle of our own to make smaller real estate investments. In our opinion, the company has numerous growth opportunities even in the current phase of the interest rate turnaround. With the continuation of the lean management approach, it should also be possible to further increase earnings and we expect EBIT of €12.65 million in the current fiscal year 2022, followed by €13.56 million in 2023. With the issue of the further bond, the interest burden should increase significantly and we forecast net income of €9.91 million in 2022, followed by €5.64 million in 2023.   publity AG plans to issue a further bond (2022/2027) with a volume of up to €100 million. The coupon is expected to be 6.25%. The proceeds from the issue are to be used to finance further growth and to acquire real estate and equity investments.  The terms and conditions of the existing 2020/2025 bond have been adjusted so that the maturity date also falls on December 19, 2027 and the coupon will also be raised from 5.5% to 6.25% from June 19, 2023.    Furthermore, an extensive transaction is planned in which PREOS will receive a new major shareholder and publity's stake will be reduced from initially 51% to ultimately 20%. For this purpose, capital increases in kind are to be carried out in the PREOS subsidiary GORE and then the new shares of GORE are to be contributed to PREOS. A non-cash capital increase of €480 million and another of €1.75 billion are planned. The capital increase in kind in GORE is to be carried out at €3.00 per share each and the contribution of the GORE shares to PREOS is to be carried out at €5.20 per share each. Extraordinary shareholders' meetings have already been held for the first capital increase in kind and the contribution, but actions for annulment and rescission are still pending. However, this should only slightly delay the schedule. In our forecasts, we still assume the current corporate structure, in which publity holds 93.1% of the PREOS shares.   We have valued the company using a DCF model and attributed the investments in affiliated companies and the loans to affiliated companies to net financial assets. This primarily includes the PREOS investment. The net financial assets of €576.86 million as of June 30, 2022 would result in a fair value of €38.78 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 €46.50 per share and, against the backdrop of the high upside potential, assign a Buy rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25797.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: 04.11.2022 (15:15) German version: 04.11.2022 (09:55) Date and time of the first distribution of the study: 07.11.2022 (10:00) German version: 07.11.2022 (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 Comment Empfehlung: BUY Kursziel: 18,70 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann 9M 2022: Growth course continued; Earnings increase despite special effects; GBC earnings estimates slightly adjusted; Target price: €18.70 (previously: €19.00); BUY rating   In the past third quarter of 2022, CENIT AG achieved a significant increase in sales revenues of 31.0 % to € 41.95 million (PY: € 32.04 million), thus significantly accelerating the growth dynamics of the first two quarters of the year. However, a significant part of the growth has an inorganic origin. This is because the acquired ISR Information Products AG (ISR for short) has been contributing to the group's revenues since June 2022. In the third quarter, the inorganic sales contribution amounted to € 5.94 million, which means that CENIT AG achieved organic sales growth of 12.4%. Over the first nine months, the increase in sales was 11.5% to € 115.86 million (previous year: € 103.96 million). Adjusted for ISR sales totalling € 7.97 million, organic growth was 3.8%.   Separated according to the individual revenue segments, the disproportionate increase in consulting revenues (+35.4%) is again evident, while proprietary software revenues (+6.5%) and third-party software revenues (+1.7%) show a significantly lower growth dynamic. Since the business of the newly acquired ISR consists largely of consulting services, the inorganic effect can be found in particular in the consulting revenues. In this sales segment, CENIT AG is also benefiting from high demand from the aerospace sector and, in principle, from catch-up effects after consulting and service sales had each declined sharply during the corona pandemic.   Total revenues of € 69.52 million (previous year: € 68.35 million) for the first nine months of 2022 consist of recurring revenues, which account for 60.0% of the total. There is therefore good planning predictability for the subsequent reporting periods.   Compared to the 11.5% increase in sales, CENIT AG reports a disproportionately low increase in EBIT of 6.0% to € 2.58 million (previous year: € 2.44 million) and thus a slightly lower EBIT margin of 2.2% (previous year: 2.3%). Although the newly acquired ISR contributed € 1.00 million to the group EBIT, this was offset by ancillary acquisition costs of € 0.16 million. In addition, CENIT AG had received short-time working benefits of around € 1.3 million in the previous year, which led to a corresponding reduction in personnel expenses. Finally, research allowances were reduced by around € 0.50 million compared to the previous year. Against the background of the above-mentioned effects, their EBIT development can be considered a success.   CENIT's management has confirmed its guidance for the current business year, subject to the express proviso that the economic and industry-specific conditions do not deteriorate significantly. The company continues to expect consolidated sales of around € 170 million and a consolidated EBIT of around € 9.0 million. Based on this, the company would have to generate revenues of around € 54 million and an EBIT of around € 6.4 million in the fourth quarter of 2022, which would be equivalent to a significant increase in revenues and earnings compared to the final quarter of the previous year.   However, the Executive Board is confident that it will be able to achieve what it has forecast. On the one hand, the inorganic contributions to turnover and earnings should contribute significantly to the expansion of the key operating figures expected for the fourth quarter. On the other hand, foreseeable new customers could already lead to an increase in proprietary software sales, which should be particularly relevant for the expected increase in earnings.  In our previous forecasts (see study of 04.08.2022) we were slightly above the company's guidance, especially on the earnings side. We are taking the current business development as an opportunity to reduce our earnings forecasts for the current financial year only. We now expect an EBIT of € 8.70 million (previously: € 9.42 million). Our forecasts for the coming financial years remain unchanged.   Within the framework of the adjusted DCF valuation model, we have determined a new target price of € 18.70 (previously: € 19.00). Although the slight reduction in the target price is slightly due to the lowering of the 2022 earnings forecasts, the main reason for this is the further increase in the risk-free interest rate to 1.50% (previously: 1.25%). We continue to assign a rating of BUY.     Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25805.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: 07/11/2022 (08:07 am) Date (Time) first distribution: 07/11/2022 (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.