Original-Research: Coreo AG - von GBC AG Einstufung von GBC AG zu Coreo AG Unternehmen: Coreo AG ISIN: DE000A0B9VV6 Anlass der Studie: Research Note Empfehlung: BUY Kursziel: 1.85 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann H1 2022: Half-year figures in line with expectations; Lower new investments forecast; Target price reduced to € 1.85 (previously: € 2.15); Rating: BUY   In the first six months of 2022, Coreo AG's earnings development was largely in line with our expectations. This applies in particular to rental income, which increased significantly by 45.9% to €2.82 million (previous year: €1.93 million). This increase primarily reflects the expansion of their property portfolio in connection with the acquisitions made the previous year. In July 2021, two production sites and the administrative headquarters of a listed German automotive supplier were acquired, resulting in annual rental income of €0.70 million. In addition, Coreo AG acquired a logistics property in Delmenhorst in September 2021, which contributes annual rental income of € 0.50 million.   We had also anticipated a decline in the disposal result in advance. Following Coreo AG's extensive disposals in the 2021 financial year, a small number of properties from the Mannheim and Göttingen portfolios were sold in the reporting period. As the proceeds from the sales were at book value level, the sales proceeds amounted to € 0.00 million (previous year: € 0.31 million). In the run-up to the transactions, the book values of their properties in their Mannheim portfolio, which has now been completely sold, were adjusted to the low sales price and a corresponding reduction in value of € -0.53 million (previous year: € 0.40 million) was recognised in profit or loss.   The lack of gains from disposals and the significantly lower valuation result than in the previous year were mainly responsible for the decline in EBIT to €-0.61 million (previous year: €0.50 million). The increase in operating costs to €3.04 million (previous year: €2.64 million), which is particularly related to the capital increase carried out in May 2022, also contributed to the decline in EBIT.   With the publication of the half-year figures, the Coreo management confirmed the previous guidance, according to which rental income of € 3.8 million is to be generated on a full-year basis. The guidance issued in the annual report, according to which the portfolio volume should increase to well over € 100 million by the end of the year, was not addressed in the half-year report. Until now, the target property volume communicated by the company as of 31 December 2022 took into account the addition of the largest property portfolio in the company's history. In July 2021, Coreo AG reported on the intended acquisition of a portfolio with a total property portfolio of 1,341 flats and 15 commercial units. It can be assumed that the portfolio will not be added in the current financial year.    With a view to the level of rental income, the guidance should be easily achievable after gross rental income of € 2.82 million (net cold rent: € 2.23 million) was already achieved in the first half of the year. For the second half of 2022, we do not assume any significant sales activities and therefore assume a balanced sales result for the full year 2022. However, we expect a significant improvement in the valuation result, which amounted to € -0.53 million in the first half of 2022 due to the valuation adjustment of the sold Mannheim portfolio. This is due to the successful transfer of properties to new tenants and the implemented rent increases.   Based on the current liquidity of € 12.50 million, the company could acquire new properties with a total volume of around € 20 million at an LTV of 60% to 65%. In our updated forecasts, we assume the addition of new properties with a volume of € 20 million by the financial year 2023, which, in addition to the expected addition of the already agreed large portfolio, should lead to a visible increase in rental income. For the 2024 financial year, we expect new investments of € 30 million, which is below our previous assumptions, in which we had assumed new investments totalling € 80 million for the period 2022 to 2024. This explains the lower rental income forecasts for the coming financial years.   Within the framework of our adjusted DCF valuation model, we have determined a new price target of € 1.85 (previously: € 2.15). On the one hand, the reduction of our forecasts led to a lower target price. In addition, the increase in the WACC as a result of the higher risk-free interest rate also had the effect of reducing the target price. We continue to assign the BUY rating.     Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25713.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion: 26.10.22 (08:31 am) Date and time first distribution: 26.10.22 (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: Cogia AG - von GBC AG Einstufung von GBC AG zu Cogia AG Unternehmen: Cogia AG ISIN: DE000A3H2226 Anlass der Studie: Research Report (Anno) Empfehlung: BUY Kursziel: 3.23 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: - Analyst: Matthias Greiffenberger, Marcel Schaffer Focus on organic and dynamic growth. Global cooperations show international demand for Cogia products. Cogia AG is a provider of AI-based semantic solutions in the field of big data analytics and media monitoring technology with a focus on customer experience in very dynamic markets. The management plans strong organic and inorganic growth. Due to the acquisition of elastic.io, revenues increased by 207.1% to EUR 1.28 million (PY: EUR 0.42 million) in the past fiscal year 2021. EBITDA was improved disproportionately to sales by 347.7% to EUR 0.59 million (PY: EUR 0.13 million), which corresponds to a margin increase from 31.7% (FY 2020) to 46.2% (FY 2021). Due to the high scheduled depreciation on companies of elastic.io (around EUR 1.25 million annualized), EBIT decreased to - EUR 0.81 million (PY: EUR -0.28 million). The net result also amounted to -EUR 0.81 million (previous year: EUR -0.32 million). The company concludes numerous international contracts and cooperations and, in our opinion, should continue to grow dynamically in the future. For example, Cogia AG was able to win two customers from Sierra Leone - an oil company and a diamond company. In addition, a leading manufacturer of medical products from Brazil is now one of Cogia AG's customers. A strategic partnership has also been entered into with CPIA GmbH, which developed the Openpack platform that connects corrugated cardboard factories, suppliers, software manufacturers, etc. Furthermore, Cogia recently launched Socializer Messenger, a unique communication tool for corporate and government use that meets the highest security requirements. In addition, Cogia was accepted into 500 Global's Accelerate Aichi Landing Pad program through a multi-stage selection process. Through the program, Cogia should be able to achieve good contacts and, possibly, sales success in Japan. To further develop the technology, Cogia GmbH cooperates with Professor Dr. Johannes Busse, an expert in data science, ontology, AI and text mining at the University of Applied Sciences Landshut (HAW Landshut). Overall, Cogia is very active internationally in acquiring new customers. We expect dynamic revenue growth and forecast revenues of EUR 1.96 million in the current fiscal year 2022, followed by EUR 3.63 million in 2023. Due to the focus on recurring revenues, the business model of Cogia AG should be very scalable. We assume significant margin increases and expect EBITDA of EUR 0.2 million for the current fiscal year 2022 and EUR 0.96 million for 2023. Due to the high goodwill amortization, our EBIT forecast is significantly below EBITDA at EUR -1.02 million for 2022 and EUR -0.26 million for 2023. On a net level, we forecast EUR -1.35 million for the current fiscal year 2022 and EUR -0.6 million for 2023. Due to the increased risk-free interest rate and the slightly reduced growth expectation, we have reduced our price target based on the DCF model to EUR 3.23 (previously: EUR 3.72) per share. There is still a high upside potential and we assign a Buy rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25537.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: 29.09.2022 (9:50) German version: 26.09.2022 (15:00) Date and time of the first distribution of the research report: 29.09.2022 (12:00) German version: 28.09.2022 (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: HAEMATO AG - von GBC AG Einstufung von GBC AG zu HAEMATO AG Unternehmen: HAEMATO AG ISIN: DE000A289VV1 Anlass der Studie: Research Note Empfehlung: BUY Kursziel: 37.55 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Cosmin Filker; Marcel Goldmann 1st HY 2022: Declining sales and earnings development as expected due to discontinuation of sales with corona rapid tests, earnings forecast confirmed, price target reduced to EUR 37.55 (previously: EUR 49.00) after increase of risk-free interest rate; rating: BUY As expected, HAEMATO AG showed an overall decline in business development in the first half of 2022 with a decrease in sales revenues by 20.2% to EUR 120.97 million (PY: EUR 151.53 million). The main reason for this is the loss of revenue from the sale of COVID-19 lay tests, which had led to an extraordinary increase in revenue, particularly in the first half of 2021. Due to the oversupply on the market, HAEMATO's managecment had discontinued the sale of rapid antigen tests in the middle of the last business year. According to the company, this generated sales revenues of around EUR 25 million in the same period of the previous year, leaving only a 4.4% decline in adjusted sales. The decline in earnings in connection with the discontinuation of corona self-tests had led to an overall decline in EBIT to EUR 4.39 million (previous year: EUR 7.23 million). However, the fact that HAEMATO AG, with the acquisition of M1 Aesthetics GmbH and the concentration on highermargin products in the Specialty Pharma segment, has a noticeably higher level of profitability is evident by comparison with the previous halfyears. In the first half of 2020, significantly lower values were achieved with an EBIT of EUR 1.23 million and an EBIT margin of 1.1 %. With the publication of the half-year report, the management of HAEMATO AG has confirmed the guidance published in the 2021 annual report. At least at EBIT level, the Executive Board expects to be able to achieve an unchanged range of EUR 8 million to EUR 10 million. The revenue guidance, which was announced in the 2021 annual report at a range of EUR 250 million to EUR 280 million, was no longer specifically mentioned in the current half-year report. The development of the first half of 2022 can be summarised as follows: even though we had expected a declining sales development, sales revenues were slightly below our expectations, but at the EBITDA and EBIT level our expectations were met. In particular, the high gross profit of the Speciality Pharma segment and generally low operating costs had increased profit margins more than expected. To reflect this development, we are reducing our revenue forecast for the current financial year 2022 to EUR243.86 million (PY: EUR264.36 million) but leaving our operating profit estimates almost unchanged, implying an improvement in profit margins. Taking into account the higher depreciation on financial assets, we reduce our after-tax earnings estimate to EUR 5.00 million (GBC estimate previously: EUR 6.51 million). Based on the lower revenue level, we are also adjusting our forecasts for the coming financial years. In doing so, we are taking into account the further deterioration of the consumer climate in Germany, which could have a negative impact on the self-pay segment 'Lifestyle & Aesthetics' in particular. In addition, the GKV-Finanzstabilisierungsgesetz is a new draft law to stabilise the financial situation of statutory health insurance funds. One component of this law is the planned increase in the discount for patent-protected medicines by 5.0% from 2023, which could also have a negative impact on the 'Specialty Pharma' segment. Despite the reduction of our sales forecasts for the financial years 2023 and 2024, we assume that the company will be able to increase their higher profitability level more than expected. Here we have taken into account the stronger growth of the high-margin 'Lifestyle & Aesthetics' segment, which is in the strategic focus of the company. In addition, the portfolio adjustment in the 'Specialty Pharma' segment has borne fruit faster than expected. Within the framework of our DCF valuation model, we have determined a new target price of EUR 37.55 (previously: EUR 49.00). The reduction in the target price is due to the increase in the risk-free interest rate and thus in the discount rate as well as to our forecast reduction. We continue to assign the rating BUY. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25449.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (4,5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date (time) Completion: 13.09.22 (7:10 am) Date (time) first transmission: 13.09.22 (2:30 pm) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: EPTI AB - von GBC AG Einstufung von GBC AG zu EPTI AB Unternehmen: EPTI AB ISIN: SE0013774668 Anlass der Studie: Research Report (Note) Empfehlung: BUY Kursziel: 9.16 SEK Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: - Analyst: Matthias Greiffenberger, Cosmin Filker Adjustment of NAV due to market conditions; Still very high upside potential; Very promising investment Apotekamo executes financing round and significantly increases valuation; Target price SEK 9.16 / EUR 0.85; Rating: Buy In the first half of 2022, consolidated sales increased by 489.6% to SEK 101.46 million (PY: SEK 17.21 million). With its own work capitalized and the low level of other operating income, total operating performance increased by 348.7% to SEK 117.19 million (PY: SEK 26.12 million). However, EBITDA decreased to SEK -11.46 million (PY: SEK -0.66 million) due to the Talnox Group AB acquisition. This investment contributes a high share of sales, but has comparatively lower margins. In total, operating costs increased to SEK 128.65 million (PY: SEK 26.78 million). Depreciation, amortization and impairment losses from the reverse acquisition reduced EBIT to SEK -54.24 million (PY: SEK -3.53 million). Write-downs on investments amounting to SEK -6.2 million (PY: 0) were also made. As a result, net income amounted to SEK -62.87 million (previous year: SEK -3.55 million) and was, thus, significantly below the previous year's figure. The second quarter, viewed in isolation, already shows a significantly more positive picture again with a positive EBITDA. In the second quarter, total operating performance increased to 349.8% to SEK 54.6 million (PY: SEK 12.14 million) and EBITDA increased to SEK 0.55 million (PY: SEK -2.77 million). On the one hand, the improvement in earnings is due to the fact that it is no longer necessary to consolidate the investments in Bruger, Workamo, Apotekamo and D1: these investments are growing strongly, but also require high marketing budgets. On the other hand, EPTI Services achieved significant improvements in earnings. According to our revaluation of EPTI Services and Apotekamo as well as the warrants, we have determined a positive valuation discrepancy (hidden reserves) amounting to SEK 226.67 million. The valuation discrepancy, in addition to the NAV of SEK 726 million determined after June 30, 2022, results in a total NAV, according to the GBC approach, of SEK 952.67 million. This corresponds to a NAV per share of SEK 9.16 or EUR 0.85. At the current price of EUR 0.23 (Xetra, 02.09.22 17:38), this means a significant upside potential of 269.6% and therefore we assign a BUY rating. Even if we only consider the NAV on a K3 basis of SEK 726 million, this would result in a NAV per share of SEK 6.98, or EUR 0.65 per share, which also represents an enormous upside potential to the current share price of 182.6%. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25415.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de +++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion of the study: 09.09.2022 (12:30) Date and time of the first disclosure of the study: 12.09.2022 (10:00 a.m.) Validity of the target price: 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: 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: MT0000580101 Anlass der Studie: Research Note Empfehlung: BUY Kursziel: 5.75 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker H1 2022: Continuation of dynamic revenue growth despite more challenging market environment; solid financial performance through platform-based business model; GBC estimates and target price maintained after confirmation of corporate guidance Business development in the HY1 2022 Media and Games (MGI) announced its half-year figures for the current financial year on 31 August 2022. According to these figures, the ad-tech platform group was able to continue its dynamic growth course in the first six months of the current financial year despite challenging general conditions that have led to a slowdown in the growth of the advertising industry. Compared to the same period of the previous year, digital group revenues increased significantly by 32.0% to EUR 143.93 million (HY1 2021: EUR 109.05 million). This was due to strong organic growth effects in both advertising segments (Demand Side Platforms - DSP, Supply Side Platforms - SSP). In addition, inorganic growth effects as a result of the M&As carried out (especially AxesInMotion and Smaato) also contributed significantly to the positive revenue trend. The growth achieved was also reflected in a significant expansion of the software client base (so-called Total Software Clients with an annual turnover of more than USD 100,000), which had risen to more than 500 software clients by the end of the second quarter (31/12/2021: 400 software clients). In the second quarter alone, 34 new software clients were acquired for the ad-tech platform. In parallel to their positive revenue development, the consolidated operating result (EBITDA) also increased significantly by 38.6% to EUR 36.91 million (HY1 2021: EUR 26.63 million) compared to the same period of the previous year. Adjusted for special effects (e.g. M&A costs), adjusted EBITDA (Adj. EBITDA) for the first half of 2022 amounted to EUR 38.60 million, which increased by around 34.5% compared to the same period of the previous year (HY1 2021: EUR 28.70 million). In terms of profitability, the adjusted EBITDA margin thus improved to 26.8% (HY1 2021: 26.3%). At the net level, MGI confirmed the high level of the previous year in the first six months of the current financial year with a net result (after minorities) of EUR 5.59 million (HY1 2021: EUR 5.64 million). An even more positive development of the result was offset by significantly higher depreciation (especially PPA depreciation) and interest expenses from bonds issued. Business development in Q2 2022 The steady dynamic growth of the technology company is also particularly evident in the quarterly view. After a pleasing first quarter, MGI continued on its growth path with high growth momentum in the second quarter of the current financial year, with a 36.7% increase in consolidated sales to EUR 78.06 million (Q2 2021: EUR 57.12 million). About half of the increase in turnover was the result of organic growth effects, despite a weaker market environment that became apparent in the course of the second quarter. According to the company, both business segments contributed to the dynamic increase in Group turnover with high revenue growth. For example, the previously smaller Demand Side Segment (DSP), with a year-on-year revenue increase of 104.0%, significantly drove the growth of the business segment. Organic revenue growth accounted for 76.0% of this, driven by scaling software clients with innovative advertising products such as ATOM and Moments A. I. was achieved. The Supply Side segment also achieved strong quarterly revenue growth with a year-on-year increase of 32.0%. 14.0% of this growth was organic and resulted from more than 25 additional publishers/software customers and content updates in the games portfolio. The remaining growth effects were based on inorganic growth as a result of the acquisitions of Smaato and AxesInMotion. At the operating result level, significant increases were also achieved in line with the positive development of turnover. Compared to the same quarter of the previous year, EBITDA grew significantly by 37.8% to EUR 20.04 million (Q2 2021: EUR 14.54 million) and thus slightly stronger than the development of turnover. In parallel, the EBITDA margin improved slightly to 25.7% (Q2 2021: 25.5%). Group EBITDA adjusted for special effects (e.g. M&A costs) also increased significantly by 37.9% to EUR 21.10 million (Q2 2021: EUR 15.30 million) compared to the same quarter of the previous year. In the same step, the adjusted EBITDA margin increased to 27.0% (Q2 2021: 26.8%). Against the background of the positive company performance and the good positioning of the technology group, MGI's management has decided to confirm the guidance previously raised with the AxesInMotion acquisition. MGI therefore continues to expect consolidated revenues in a range of EUR 295.0 million to EUR 315.0 million and adjusted EBITDA (Adj. EBITDA) in a range of EUR 83.0 million to EUR 93.0 million for the current financial year 2022. All in all, the development of turnover and results in the first half of 2022 was satisfactory. Despite the more difficult general conditions, the company managed to keep up the pace of growth. A solid performance was achieved in terms of earnings development. Forecast and evaluation In view of their convincing half-year development, the promising growth strategy of the Group and the confirmed corporate guidance, we have also maintained our previous forecasts for the current financial year and the following years. Overall, we continue to see the MGI Group well positioned to grow dynamically with its ad-tech platform and its own first-party data from games content. Here, the technology company should be able to benefit from its strong positioning as a programmatic digital advertising platform with a focus on the (stable) digital entertainment and games sector, especially in a more difficult environment. In addition, the innovative advertising products, such as ATOM and Moments A.I., and the Dataseat acquisition should enable the company to take advantage of the opportunities arising from changes in the advertising industry (disappearance of identifiers, etc.) and thus further expand its market position. In addition, we expect that the increased integration of the most recent M&As (Dataseat, AxesInMotion) will generate significant synergy effects within the Group and thus also boost future revenue and earnings development. Against the background of our unchanged sales and earnings forecasts, we hereby confirm our previous price target of EUR 5.75 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/25351.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: 06/09/2022 (17:01) Date (time) of first distribution: 07/09/2022 (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: Aspermont Limited - von GBC AG Einstufung von GBC AG zu Aspermont Limited Unternehmen: Aspermont Limited ISIN: AU000000ASP3 Anlass der Studie: Research Report (Note) Empfehlung: BUY Kursziel: 0.11 AUD Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: - Analyst: Julien Desrosiers; Matthias Greiffenberger Record HY results 2022 - 65% Gross Profit Margin - Entering their 4th growth phase Continuing their fast growth rate. The company's long-term strategy implemented a few years ago has delivered as promised. Revenues are up 28% YoY, reaching $9.3M AUD. Strong HY cash position. The company has over $6.6M cash on hand. Highest HY gross margin. The company's gross margin continues to grow, reaching 67% for the HY 2022. Technological full leverage. The company is currently in a strong position with cash, revenues, and margins to fully leverage their technological platforms, create new products, grow their audience and provide investors with significant upside. Accountable. The company's guidance is detailed, with precise KPIs to achieve. This allows investors to clearly understand management views and renders management accountable for succeeding in reaching these metrics or for failing to do so. Scalable Model. The company's scalable XaaS models deliver high margin and recurring revenue stream, scalable to different sectors, geographies and languages. Operational Agility Decentralised structure and scalable human resources for rapid launch or products while controlling investment risk. Based on our DCF model, we maintain our price target to 0.11 AUD (0.08 EUR) per share. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25315.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de +++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion of this research: 05.09.2022 (13.45 pm) Date and time of first distribution: 05.09.2022 (3.00 pm) 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: EasyMotionSkin Tec AG - von GBC AG Einstufung von GBC AG zu EasyMotionSkin Tec AG Unternehmen: EasyMotionSkin Tec AG ISIN: LI1147158318 Anlass der Studie: Research Report (Anno) Empfehlung: BUY Kursziel: 20.00 CHF Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: - Analyst: Matthias Greiffenberger, Marcel Schaffer Numerous cooperations should offer further growth opportunities. Continued high growth momentum expected. EasyMotionSkin Tec AG was able to establish numerous cooperations and partnerships and we expect significant operational improvements for the following years. In the past fiscal year 2021, the company, similar to the entire fitness market, was affected by the challenges of the COVID-19 pandemic as well as supply bottlenecks from Asia. According to management, external sales across all companies amounted to approximately EUR 4.7 million. The company has not yet published consolidated financial statements. Consolidated financial statements are planned for the first time for the fiscal year 2023. As there are internal settlements between the companies EasyMotionSkin Tec AG, EasyMotionSkin Tec GmbH and EMS GmbH, the sales and results cannot be totaled. At EasyMotionSkin Tec AG, net sales fell by 38.8% to CHF 2.52 million (previous year: CHF 4.11 million), although a large proportion of this is attributable to non-EMS business units in the previous year. In contrast, the sales of EasyMotionSkin Tec GmbH increased by 9.3% to EUR 4.37 million (previous year: EUR 4 million). At EUR1.76 million (previous year: EUR1.79 million), sales at EMS GmbH remained at the previous year's level. EasyMotionSkin Tec AG's EBITDA decreased to CHF -0.35 million (PY: CHF 2.25 million) due to significantly lower sales. Because of their conversion of shareholder loans, a net result of CHF 4.28 million had been achieved in the previous year; in the past financial year 2021, the net result amounted to CHF -0.4 million. At EasyMotionSkin Tec GmbH, EBITDA fell to EUR -0.35 million (previous year: EUR 0.05 million) and the net result to EUR -0.53 million (previous year: EUR 0.04 million). At EMS GmbH, EBITDA increased by 112% to EUR 0.44 million (previous year: EUR 0.21 million), despite sales remaining at the previous year's level. A net result of EUR 0.19 million (previous year: EUR -0.10 million) was achieved through interest discounts. We expect significant sales increases in the coming years. We expect sales to increase to EUR 10.1 million (2022), EUR 24.7 million (2023) and EUR 32 million (2024). Important growth impulses are expected to come from the new managing director of EasyMotionSkin Tec GmbH (Michael Spitznagel). In addition, a cooperation agreement could be concluded with an internationally active automobile manufacturer to test research and installation in cars. Further use of the suits in ESA space missions could also be used, which should further strengthen the brand. In addition, ACISO plans to open numerous 'YOUR HEALTH CLUBs' in Europe; here, a supply and marketing cooperation was concluded with EasyMotionSkin. Furthermore, cooperations have been concluded in the beauty and medical sectors. Thus, numerous growth fields have been opened, which should pay off over the next few years. On the earnings side, we expect EBITDA of CHF 0.25 million for the current fiscal year 2022, followed by CHF 4.49 million for 2023 and CHF 6.02 million for 2024. Due to scaling effects, there should be successive margin improvements. In total, we expect a net result of CHF -0.46 million for the current fiscal year, followed by CHF 2.66 million in 2023 and CHF 3.74 million in 2024. Due to the slightly reduced forecasts and the increased risk-free interest rate, we have adjusted our price target to CHF 20.00 / EUR 20.32 (previously: CHF 21.00 / EUR 19.28) and confirm our Buy rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25221.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date and time of completion of the study: 30.08.2022 (12:30 a.m.) German version: 22.08.2022 (09:00 a.m.) Date and time of the first dissemination of the study: 30.08.2022 (10:25 a.m.) German version:22.08.2022 (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: 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 study (Initial Coverage) Empfehlung: Buy Kursziel: 0.98 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker The specialist for alternative fuels and hydrogen/biogas infrastructures; Leading market positioning in alternative fuel systems and gas and hydrogen infrastructures; Strong market trend towards biomethane and hydrogen ensures high growth potential in gas/hydrogen mobility and infrastructure business of the technology group; Promising growth strategy should enable dynamic growth in revenue and earnings; Target price: 0.98 EUR; Rating: Buy Revenue and earnings development 2021 The Landi Renzo Group's past financial year was characterised by significant growth, the first-time consolidation of the SAFE & CEC joint venture and the Metatron acquisition, as well as the ongoing corona pandemic. In the past financial year, the Landi Renzo Group was able to continue on its growth path with a dynamic increase in Group revenue of 69.9% to EUR 241.99 million (PY: EUR 142.46 million). In particular, the first-time consolidation of the SAFE & CEC Group (infrastructure business; with revenue contribution through consolidation of EUR 69.08 million), after Landi Renzo had previously gained control over the joint venture (51.0% stake), led to this leap in growth. Adjusted for the consolidation effects of SAFE & CEC and the Metatron acquisition (revenue contribution through consolidation: EUR 6.10 million), there was a significant increase in revenue for the core business (Green Transportation), also on a comparable basis to the previous year, increasing by 17.1% to EUR 166.82 million. In terms of the regional distribution of revenues, the Landi Renzo Group generated 55.5% of its consolidated revenues of EUR 241.99 million in Europe in the past financial year. The remaining revenues were generated in North and South America (15.9%) and Asia and the rest of the world (28.6%). Through the acquisition of Metatron in the summer of 2021, Landi Renzo has significantly strengthened its Green Transportation segment in the area of gas and hydrogen technologies for the propulsion of medium and heavy-duty commercial vehicles (Mid & Heavy Duty) and at the same time significantly expanded its geographical presence and customer base in this business segment. Significant increases were also achieved at the operating result level. EBITDA (Adj. EBITDA) adjusted for special and non-recurring costs rose significantly by 82.3% to EUR 14.61 million (previous year: EUR 8.02 million) compared to the previous year. The same applies to the reported EBITDA, which jumped by 89.8% to EUR 12.62 million (previous year: EUR 6.65 million). The adjusted EBITDA margin (Adj. EBITDA margin) increased by slightly to 6.0% (previous year: 5.6%). An even more positive margin development was countered by negative effects, mainly in the form of high material price inflation and supply chain problems, from the ongoing corona pandemic. The earnings contribution from the first-time full consolidation of the infrastructure business of SAFE & CEC (Adj. EBITDA contribution: EUR 7.40 million) had a particularly positive effect on the operating result. Taking into account depreciation, financing and tax effects, the net result (after minority interests) for the past financial year was EUR -0.98 million, which is a significant improvement over the previous year (PY: EUR -7.66 million). The net result was positively influenced by a positive consolidation gain from the fair value valuation of SAFE & CEC (EUR 8.80 million). The company also announced that on a pro forma basis (i.e. assuming full consolidation of Metatron, SAFE & CEC, and the Indian JV for a full 12 months), it would have achieved consolidated sales of EUR 297.8 million and adjusted EBITDA (Adj. EBITDA) of EUR 22.3 million in the past financial year. The Clean Tech Solutions business segment accounted for more than 30.0% of this revenue. Furthermore, in August of this year, the company announced the successful completion of their subscription period (subscribed volume: EUR 57.1 million) for its initiated capital measure with a volume of up to EUR 60.0 million. With the help of this cash inflow, the company refinanced acquisitions (Metatron, Idro Meccanica) and, at the same time, strengthened its capital structure in order to advance the further growth-oriented development of the company. In the course of this capital increase, a new strategic shareholder, Itaca/Tamburi, was added to the shareholder base to support the majority shareholder, the Landi family, in the long-term development of the company. The current CEO, Christiano Musi, also participated in the capital increase as a co-investor. Overall, the Landi Renzo Group succeeded in returning to its growth path last year and benefited from significant recovery effects in its core business. The first-time consolidation of their infrastructure business clearly boosted their revenue and earnings situation. The negative influences of the still ongoing corona pandemic has stood in the way of an even more positive operational development. On a strategic level, the company has also significantly expanded its product portfolio with gas and hydrogen solutions through the targeted acquisitions of Metatron and Idro Meccanica, thereby substantially strengthening its market position. In addition, the previously installed base of gas compressors (>6,000) was increased by around 150 hydrogen compressors as part of their inorganic growth. Revenues and earnings forecasts The Landi Renzo Group generally pursues a growth-oriented corporate strategy. Key elements of this strategy are the further expansion of the two divisions 'Green Transportation' and 'Clean Tech Solutions'. In the core business 'Green Transportation' (components and systems for gas and hydrogen mobility), growth is to be driven forward with the help of an increased focus on emerging markets, such as India with strong growth in gas mobility in this region and new markets. In addition, the Group intends to strongly expand segment growth by expanding its business in the field of gas and hydrogen mobility for medium and heavy trucks (the so-called Mid & Heavy Duty segment). Market experts see a high growth potential for gas and hydrogen technologies in this niche in particular, as gas-related technologies in this area represent the only practicable alternative to traditional diesel-powered trucks to date. In the second division, 'Clean Tech Solutions' (compressor solutions for infrastructures), the company aims to further expand its infrastructure business with a focus on natural gas, biogas and hydrogen infrastructures (including biogas and hydrogen filling stations, etc.). The expansion of the compressor installation base associated with the compressor business should also significantly increase the related high-margin maintenance and service revenues and thus lead to lucrative recurring after-sales revenues. M&As are also an important factor in the company's strategy. The company always keeps the option open to expand or strengthen its technological competence and customer base as well as its geographical presence through targeted transactions. For the current business year, Landi Renzo expects improvements in consolidated sales and earnings compared to the previous year. Despite this merely qualitative outlook for the current business period, the technology company has published a long-term sales and earnings plan (new Business Plan 2022 to 2025). According to this, the technology group expects average annual revenue growth of 15.0% (CAGR) and double-digit EBITDA growth of 25.0% (CAGR) until 2025, whereby inorganic growth effects are not included in this planning. In Q1 2022, the company already achieved significant growth in revenue (+100.1% to EUR 66.90 million) and EBITDA (+350.0% to EUR 1.80 million) and thus already achieved a positive opening quarter. According to our estimates, the order backlog in the Clean Tech Solutions segment amounted to around EUR 85.0 million at the end of the first quarter and thus provided a good starting point for further growth. Against the background of this good positioning, the high innovative strength and the promising growth strategy of the company, we also expect dynamic sales development in the coming years. Both the 'Green Transportation' segment and the 'Clean Tech Solutions' business field should be able to record significant sales growth in the future due to their strong market positions. Accordingly, we expect an increase in revenue to EUR 287.74 million (previous year: EUR 241.99 million) for the current financial year. For the following financial years 2023 and 2024, we expect a further increase in revenue to EUR 323.88 million and EUR 357.17 million respectively. Parallel to their dynamic growth in revenue, we expect significant improvements in earnings in the coming years. Significant earnings growth should be achieved primarily through the increased expansion of the components and systems business for medium and heavy trucks and the expansion of their infrastructure business (primarily thanks to the highmargin after-sales business) since these business areas generally have significantly higher margins than the previous core business (improved revenue mix). In addition, we assume that the high scalability of the business model and expected volume effects will lead to a disproportionate increase in future earnings at all earnings levels. In addition, we expect significant synergy effects from the integration of the companies acquired in the past and from the even closer integration of the complementary business areas, which should also significantly boost future earnings development. According to its own information, Landi Renzo expects annual savings of EUR 6.00 to 7.00 million from the group integration of the acquired companies. Furthermore, expected price adjustments due to higher procurement prices should also positively influence their future margin development. Specifically, we calculate an EBITDA of EUR 16.77 million for the current financial year. In the following financial years 2024 and 2025, a further increase in earnings to EUR 30.61 million and EUR 38.50 million respectively should be possible due to the onset of economies of scale/ volume effects, synergies and a further improvement in the revenue mix. In parallel, we expect a gradual increase in the EBITDA margin from 5.2% in 2021 to 10.8% in 2024. Overall, we believe that the Landi Renzo Group is well positioned in both business segments to benefit from the growth area of 'Green Mobility' and the increased investments in gas and hydrogen infrastructures (due to the biogas and hydrogen boom). This should enable the company to dynamically continue on its growth path and achieve a disproportionately high development of earnings. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25205.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: 29/08/2022 (10:08 am) Date (time) of first distribution: 29/08/2022 (11:00 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: UmweltBank AG - von GBC AG Einstufung von GBC AG zu UmweltBank AG Unternehmen: UmweltBank AG ISIN: DE0005570808 Anlass der Studie: Research Note Empfehlung: Hold Kursziel: 16.30 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann 1.HY 2022: Lower earnings due to difficult market environment; earnings burdened by one-off expenses; price target reduced to EUR16.30 (previously: EUR17.20); rating HOLD confirmed With the presentation of the 2022 half-year figures, it is clear at first glance that UmweltBank AG was able to expand its business volume even in the face of the current challenging economic situation. Compared to the end of the financial year 2021, their business volume increased by EUR 285 million or 4.4%. New customer business of EUR 325 million contributed to this, which remains at a high level and was in line with the company's expectations. Despite this development, which was in line with expectations, UmweltBank AG reported a significant decline in the net interest, financial and valuation result by -13.1 % to EUR 29.69 million (previous year: EUR 34.16 million). In particular, the interest result is likely to have declined due to the expiry of special corona conditions for the origin of funds (GLGR funds) and thus due to an increase in interest expenses. Although this had been expected in advance, the amount of the decline was greater than we had assumed. Accompanying the overall lower-than-expected total income, total costs climbed by EUR 4.29 million or 26.4% to EUR 20.56 million (previous year: EUR 16.27 million). This development is partly due to the expansion of the workforce. As of 30 June 2022, the number of employees was 314, a significant increase over the previous year's figure of 278. In addition, a new core banking system is currently being introduced, which is expected to result in extraordinary expenses of EUR 3 million in the current financial year. In addition to these expected cost increases, the bank had to increase the bank levy for deposit protection to EUR 2.57 million (previous year: EUR 1.54 million). The sum of the effects described above led to a significantly reduced pretax result of EUR 14.01 million (previous year: EUR 21.66 million) compared to the previous year. The profit for the period after tax was also significantly below the previous year's level at EUR9.07 million (previous year: EUR14.40 million). In view of the lower than expected development of earnings, the UmweltBank management had already made a forecast adjustment before the publication of the half-year figures. For the current financial year 2022, a pre-tax result of approximately EUR 34 million is expected, after a result at the level of the previous year (EUR 38.10 million) had previously been anticipated. We take into account the lower than expected development of the net interest, financial and valuation result in the first half of 2022 and reduce our forecast to EUR 60.62 million (GBC forecast previously: EUR 63.06 million). In parallel, we leave the estimates for net commission income and net trading income, which increased by 29.7% in the first half of 2022, unchanged. We continue to assume an expansion of the investment, securities and fund business. This is characterised by the issue of two new funds in the UmweltSpektrum -family, which will expand the basis for commission income. Similarly, we have raised our cost estimates taking into account the increased provisioning for operational risks as well as the one-off expenses for deposit insurance. The resulting expected pre-tax result of EUR 34.01 million (GBC previously forecast EUR 38.10 million) is thus within the updated corporate guidance. The UmweltBank management has also announced the planned sale of a stake in a wind farm. The transaction is expected to be completed in the second half of 2022 and, if successful, the management board anticipates an extraordinary contribution to earnings in the low double-digit million range. This possible positive effect on earnings is neither included in the company guidance nor in our estimates. As soon as the sale has taken place, we will make a corresponding adjustment. The sum of the discounted residual income results in a value of EUR 577.44 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 EUR 16.30 (previously: EUR 17.20) is calculated. Although the forecast adjustment for the current 2022 financial year resulted in a slight price target reduction, the increase in the cost of equity to 3.95 % (previously: 3.50 %) was mainly responsible for this. Based on the current price level of EUR15.05, we continue to assign a HOLD rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25099.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: 19.08.22 (10:50am) Date (time) first publication: 22.08.22 (09:30am) -------------------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 Report (Anno) Empfehlung: BUY Kursziel: 80.00 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: - Analyst: Matthias Greiffenberger, Felix Haugg Continued highly profitable trading platform, despite the difficult market environment. Sustainable dividend and share buybacks planned. Bitcoin Group SE has completed a record financial year with revenue of EUR 25.39 million (previous year: EUR 15.03 million) and EBITDA of EUR 19.75 million (previous year: EUR 10.55 million). The disproportionate improvement in earnings was reflected in net income of EUR 13.37 million (previous year: EUR 9.52 million). This excellent operating performance is primarily due to the high trading volume of the crypto trading platform Bitcoin.de in the first half of 2022. The crypto markets developed very dynamically at the end of 2020 and until the middle of 2022 and numerous institutional investors and companies invested in this asset class. At the same time, crypto ETFs were launched and El Salvador recognized Bitcoin as a means of payment. Driven by this media focus, new highs were steadily reached. Starting in the winter of 2021, many cryptocurrencies lost value and media attention shifted. As a result of the very good operating performance, cash and cash equivalents increased to EUR 20.28 million (PY: EUR 12.01 million) and net crypto equity to EUR 132.43 million as of December 31, 2021. Crypto markets have lost about 50% in value since the beginning of the year, in parallel with traditional capital markets. Therefore, we estimate the current net crypto equity holdings to be around EUR 65 million. With a market capitalization of currently around EUR 125 million and cash and cash equivalents of around EUR 85 million, the enterprise value is around EUR 40 million. This means that the company's operating business, which generated net income of EUR 19.75 million in the past fiscal year 2021, is valued at only EUR 40 million. In our view, the company remains significantly undervalued. This view is also shared by the management and a share buyback program and a dividend of EUR 0.10 per share were approved at the Annual General Meeting on July 1, 2022. The financial markets are currently under pressure due to general concerns about rising inflation, geopolitical tensions, especially the Ukraine conflict, and the possibility of a tighter monetary policy by the U.S. Federal Reserve. This development is also reflected in the crypto markets. Therefore, our forecasts, as well as guidance, are below the previous year's level. We expect revenues of EUR 14.57 million in the current fiscal year (PY: EUR 25.39 million) and EBITDA of EUR 9.25 million (PY: EUR 19.75 million), followed by EUR 18.94 million in revenues in 2023 and EBITDA of EUR 13.17 million. In our opinion, 2023 should develop much more dynamically with crises overcome by then and a pending Bitcoin halving. A Bitcoin halving means a halving of Bitcoin inflation, which usually leads directly to price increases. The consensus for Bitcoin is still a value of at least EUR 100,000, but the time frames of many estimates differ significantly. Based on our DCF model, we have determined a fair value of EUR 80.00 (previously EUR 120.00) and assign a BUY rating. The background to the reduced price target is, on the one hand, the lower forecast for the current fiscal year 2022 and, on the other hand, the increased risk-free interest rate. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25017.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion of the study: 11.08.2022 4:00 p.m. - German version: 10.08.2022 (11:00 a.m.) Date and time of the first disclosure of the study: 12.08.2022 10:00 a.m. - German version: 11.08.2022 (10:00 a.m.) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: CENIT AG - von GBC AG Einstufung von GBC AG zu CENIT AG Unternehmen: CENIT AG ISIN: DE0005407100 Anlass der Studie: Research Comment Empfehlung: Buy Kursziel: 19.00 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann 1HY 2022: Sales growth of 6.1% and EBIT increase of 19.6% achieved; due to later ISR consolidation we adjust our forecasts slightly; Target price: EUR19.00; Rating: BUY In the first six months of 2022, CENIT AG was able to increase sales revenues by 6.1% to EUR 73.91 million (previous year: EUR 69.63 million). It should be taken into account that part of the sales growth is related to the first-time consolidation of the acquired ISR Information Products AG (ISR for short), which contributed sales revenues of EUR 2.03 million for the month of June 2022. Without this inorganic effect, CENIT AG would have reported an increase in sales of 3.2%. In parallel to the increase in sales, CENIT AG reported a 19.6% increase in EBIT to EUR 1.12 million (previous year: EUR 0.94 million). The EBIT margin improved to 1.5 % (previous year: 1.3%). Both turnover and the resulting operating result are subject to seasonal fluctuations. This can be seen in the EBIT development of the first two quarters of 2022. While a negative EBIT of EUR -0.39 million was reported in the first quarter, this increased significantly to EUR 1.51 million in the second quarter of 2022. With the first-time full consolidation of ISR (74.9% of the shares), the minority interests climbed visibly and thus, despite the increase in EBIT, the after-tax result was marginally below the previous year's value at EUR 0.39 million (previous year: EUR 0.40 million). The full consolidation of ISR also resulted in a noticeable increase in the balance sheet total to EUR 117.72 million (31.12.21: EUR 92.81 million). On the one hand, fixed assets climbed to EUR 35.55 million (31.12.21: EUR 10.27 million) and, on the other hand, long-term liabilities rose to EUR 34.25 million (31.12.21: EUR 10.08 million) due to the assumption of bank liabilities. Part of the purchase price (EUR 27.93 million) was covered by new bank loans (EUR 23.00 million). Subject to the proviso that the economic and industry-specific framework conditions do not deteriorate significantly, the CENIT management has confirmed the guidance for the current business year. The company continues to expect consolidated sales of around EUR 170 million and a consolidated EBIT of around EUR 9.0 million. Excluding inorganic effects, this is de facto equivalent to an increase in guidance, as the company's previous estimate has included full consolidation of ISR since 1 January 2022. With the publication of the half-year report, however, it has become clear that ISR will only be included in the CENIT Group for seven months (consolidation date: 30 May 2022) in the current financial year 2022. Accordingly, the CENIT management assumes that it will be able to compensate for the shortfall of around EUR 10 million through organic growth. In our previous estimates, in which we also assumed the first-time consolidation of ISR as of 1 January 2022, we were somewhat more optimistic than the CENIT management. We are adjusting our estimate to the management's expectation and now anticipate slightly higher organic growth, which, however, should not compensate for the missing ISR sales in January - May. We are therefore reducing our revenue forecast for 2022 to EUR 168.53m (previously: EUR 175.53m) and, analogously, our EBIT estimate to EUR 9.13m (previously: EUR10.15m). We are maintaining our previous forecasts unchanged for the coming financial years. Within the framework of the adjusted DCF valuation model, we have determined a new target price of EUR 19.00 (previously: EUR 20.05). Although the slight reduction in the target price is slightly due to the lowering of the 2022 forecasts, the main reason for this is the further increase in the risk-free interest rate to 1.25% (previously: 0.40%). We continue to assign the BUY rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/24747.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date (time) of completion: 04/08/2022 (11:10 am) Date (Time) first distribution: 04/08/2022 (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: 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: MT0000580101 Anlass der Studie: Research study (Anno) Empfehlung: BUY Kursziel: 5.75 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker 2021 financial year with significant revenue and earnings increases completed; Significant increase in revenue and earnings also expected for the current financial year 2022; The successful growth strategy and the very scalable business model should lead to a disproportionately earnings development; Target price: EUR 5.75 (previously: EUR 9.40); Rating: BUY According to published business figures, Media and Games Invest SE (MGI) achieved a new record in the past financial year 2021 with growth of around 80.0% to EUR 252.17 million (PY: EUR 140.22 million). The strong growth in the fourth quarter in particular contributed to their high revenue growth (Q4 2021: EUR 80.2 million vs. revenue Q4 2020: EUR 48.70 million), which was also the strongest quarter in terms of revenue and earnings in the company's history to date. The main growth driver has been the advertising software platform business on the supply side which, in recent years, has built up a strong SDK base with direct integration in over 20,000 apps, many of which come from the premium sector and have a large reach, enabling MGI to reach more than two billion mobile end users, according to its own figures. Accordingly, MGI is now one of the top five providers in the mobile advertising market when it comes to reach and is also the leading provider when it comes to traffic quality, according to Pixalate's Mobile Seller Trust Index. This exceeded the company's guidance (revenue of EUR 234.0 million to EUR 254.0 million) and also our revenue estimate (GBCe: EUR 234.15 million). Even stronger growth was achieved at the earnings level. Compared to the previous year, EBITDA grew very dynamically by around 145.0% to EUR 65.04 million (previous year: EUR 26.55 million). EBITDA, adjusted for one-off effects (e.g. special and restructuring costs from M&As), increased by 144.3% to EUR 71.10 million (previous year: EUR 29.55 million). This means that the company's earnings guidance (adjusted EBITDA: EUR 65.0 million to EUR 70.0 million) and also our earnings estimate (adjusted EBITDA: EUR 65.71 million) were also exceeded. MGI also expects to continue its dynamic growth course in the current financial year 2022. Thus, despite the macroeconomic trends, management expects to significantly increase revenue in a range of EUR 295.0 million to EUR 315.0 million. At the earnings level, adjusted EBITDA (Adj. EBITDA) of between EUR 83.0 million and EUR 93.0 million should be achieved. In our last research report on the MGI Q1 figures, we confirmed our previously raised revenue and earnings forecasts due to the strong first quarter, the promising growth strategy and the unchanged outlook. For the current financial year 2022, we continue to expect revenues of EUR 307.22 million and EBITDA of EUR 87.52 million. For the following financial years 2023 and 2024, we are conservatively adjusting our previous estimates downwards due to the current recessionary trends and the latest news from the advertising market. We now expect revenues of EUR 345.11 million (previously: EUR 377.76 million) and EUR 402.55 million (previously: EUR 473.08 million). With regard to EBITDA, we expect EUR 96.05 million (previously: EUR 116.94 million) and EUR 115.80 million (previously: EUR 147.33 million). Overall, MGI's good market position should enable it to continue to grow very dynamically and highly profitably as an ad tech platform with its own games content. While the company has built up a strong position on the supply side in recent years, with a strong SDK base in the premium mobile app sector, the demand side is to be significantly strengthened in the future. With the recently acquired Contextual Mobile Demand Side Platform 'Dataseat', the company has acquired an important building block for this. As a result of the acquisition, the management would like to concentrate on organic growth for the time being, but does not completely rule out further acquisitions if the right opportunities arise. Due to the high scalability of the business model and the expected efficiency gains tob e achieved through the close interlinking of the business areas, the group's profitability should remain at a high level in the future. In addition, MGI is very well positioned with a liquidity estimated by us at the end of H1 2022 of around EUR 130 million (including credit lines) after the last earn-out payments for KingsIsle and can thus both seize investment opportunities and comfortably cushion a possible recession. The leverage ratio, which we estimate to be around 3.5x due to the cash-out in Q2 2022, should also fall to below 3.0 in the medium term due to the positive cash flow and expected EBITDA growth. In our view, the market should have already priced in the debt, so we see a potential catalyst in a possible reduction in the leverage ratio in the coming 12 months. Within the framework of our DCF valuation model, we have lowered our target price to EUR 5.75 (previously: EUR 9.40) per share due to our reduced forecasts for the 2023 and 2024 financial years and the associated lower starting point for the subsequent estimation periods. Higher capital costs (increase in the risk-free interest rate to 1.25% instead of 0.40%) have also had the effect of reducing the price target. The so-called 'roll-over effect' (price target related to the following financial year 2023 instead of 2022) counteracted an even stronger price target reduction. In view of the current share price level, we continue to issue a 'buy' rating and see significant upside potential. The results of our peer group analysis (see p. 18) also support our assessment of the attractiveness and price potential of the MGI share. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/24719.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: 01/08/2022 (12:42) Date (time) of first distribution: 02/08/2022 (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: MagForce AG - von GBC AG Einstufung von GBC AG zu MagForce AG Unternehmen: MagForce AG ISIN: DE000A0HGQF5 Anlass der Studie: Research Comment Empfehlung: suspended Kursziel: suspended Letzte Ratingänderung: Analyst: Cosmin Filker MagForce AG unexpectedly files for insolvency; price target and rating suspended In an announcement dated 26.07.2022, MagForce AG informed the capital market, to our complete surprise, that it intends to file for insolvency proceedings due to insolvency. According to the company's announcement, this had become necessary after reorganisation measures had not led to the desired cost savings. Even though the company has not yet been able to generate any significant cash inflows from its operating business due to the fact that it has not yet received approval for the treatment of prostate cancer in the USA, the management has so far succeeded in securing external financing. In 2018, a financing agreement was reached with the EIB (European Investment Bank) for an amount of EUR35 million. In addition, there was an agreement with Yorkville Advisors and Apeiron Investment Group Ltd. to issue convertible bonds. After the balance sheet date of 31 December 2021, MagForce AG had issued bearer bonds to Lansdowne Investment Company Cyprus Limited in the amount of EUR 3.5 million. We had assumed that further financing would be raised and had assumed the continued existence of the company in our valuation. In the recently published Annual Report 2021, the company had also pointed out that a financial plan had been drawn up on the basis of the available credit lines, according to which the business activity can be financed for the financial years 2022 and 2023. Therefore, the current insolvency announcement is completely surprising. According to the company's statement, talks are currently being held with investors in order to restructure the operative business and the balance sheet. It is also currently being examined whether insolvency applications need to be filed for the subsidiaries. Due to the surprising insolvency announcement, we are suspending our price target and our rating for the time being until we have further information on the future of MagForce AG. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/24699.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 (german version): 27/07/2022 (2:51 pm) Date (time) of first distribution (german version): 27/07/2022 (3:30 pm) Date (time) of completion (english version): 27/07/2022 (4:33 pm) Date (time) of first distribution (english version): 27/07/2022 (4:50 pm) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Advanced Blockchain AG - von GBC AG Einstufung von GBC AG zu Advanced Blockchain AG Unternehmen: Advanced Blockchain AG ISIN: DE000A0M93V6 Anlass der Studie: Research Report (Initial Coverage) Empfehlung: BUY Kursziel: 10.00 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: - Analyst: Julien Desrosiers, Felix Haugg, Matthias Greiffenberger The Gateway to DeFi, Crypto & Web 3.0. Significant upside potential due to the well diversified portfolio. Successful partial divestments and financing rounds confirm the Group's investment approach. Advanced blockchain AG is a blockchain venture builder focused on investing, developing, and scaling in disruptive technologies including token investments. Their main market is therefore the venture capital market for companies active in blockchain technology, with a particular focus on the decentralized finance (DeFi) sector and infrastructure projects enabling Web 3.0. Advanced Blockchain AG is an innovation center with a diversified portfolio consisting of internal projects, incubations as well as early-stage investments. The venture builder arm of Advanced Blockchain AG acts as a leading incubator of projects such as for Composable Finance. Advanced Blockchain AG is not only incubating highly promising projects, but the company also has a diversified portfolio of investments which will be further expanded. Extensive expertise, resources and networks provide the company with early-stage access to exclusive investment opportunities in projects with significant potential. The company's investment strategy has two objectives: maximizing return on investment and identifying synergies in the ecosystem. Supporting the most promising projects with smart capital enables them to fulfill their mission, which in turn provides the company with a good return on investment. Moreover, the company's synergies enable it to exponentially increase the potential and capabilities of its portfolio companies through shared growth and integration, as illustrated by the example of Composable Finance (an incubation project), which secured the eighth parachain in the Polkadot network by raising more than USD 160 million through a crowd-loan. This resulted in an implied combined valuation of USD 400 million for the LAYR and PICA token, adding nearly USD 20 million to Advanced Blockchain's USD 2 million initial investment alone. Advanced blockchain AG is listed in the Scale segment of Deutsche Börse, as well as in the primary market of Börse Düsseldorf. In total, we have calculated an enterprise value of around EUR 83 million (previously: EUR 88 million) according to NAV. With 3.77 million shares outstanding, this corresponds to a value per share of EUR 21.99 (previously: EUR 23.32). Due to the sharp decline in crypto markets and the current 'crypto winter', we have applied an additional discount to the calculated fair value. We currently calculate this at around 55%. This corresponds to the average decline of the two leading cryptocurrencies Bitcoin and Ethereum since the publication of our initial valuation (21.04.21). Therefore, we calculated the fair value at EUR 37.75 million or EUR 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 in our initial coverage. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/24603.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: 13.07.2022 (10:00) Date and time of the first disclosure of the study: 13.07.2022 (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: MagForce AG - von GBC AG Einstufung von GBC AG zu MagForce AG Unternehmen: MagForce AG ISIN: DE000A0HGQF5 Anlass der Studie: Research Report (Anno) Empfehlung: BUY Kursziel: 9.15 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann - Stage 2b of the trial for approval in the USA is currently ongoing - Billing code by the American Medical Association is available - Break-even expected from 2024 In the past financial year 2021, MagForce AG continued or resumed the planned European roll-out for the treatment of malignant brain tumours (glioblastoma). The four NanoActivator devices currently installed in Germany and Poland are to be supplemented by a further site in Spain. In September 2021, an agreement was signed in this regard with the Spanish clinic Complejo Hospitalario Integral Privado (CHIP). Once all approvals have been obtained, the first commercial treatments are to take place in Spain from the second half of the current financial year 2022. In the past financial year 2021, the treatment of glioblastoma in the four active treatment centres was also affected by the pandemic-related closure measures. The resulting decline in patient enquiries led to a decrease in sales revenue to EUR 0.35 million (previous year: EUR 0.62 million). Due to the unchanged low level of revenues, the earnings picture remains negative. EBIT amounted to EUR -6.74 million (previous year's adjusted EBIT: EUR -6.93 million). Another relevant step towards market approval was achieved in the indication area of prostate cancer. After the successful completion of the penultimate stage 2a of the pivotal study had been announced at the beginning of 2021, the final study protocol was submitted by the FDA in December 2021. This enabled the company to start the final stage of the pivotal US trial-stage 2b. In stage 2b, which is now underway, the results of the previous stage are to be confirmed in up to 100 patients. The trial is currently being conducted at MagForce's own centres in San Antonio, Seattle and Sarasota. Another important step for approval in the USA is the approval of the American Medical Association (AMA) billing code obtained in April 2022. This will provide the basis for Medicare to cover the costs of the clinical trial and for price negotiations with payers after successful approval. Reimbursement approval for study patients has been granted and CPT codes for commercial patients are also in place. This means that MagForce will be reimbursed already whilst treating patients in the study. This guarantees the smooth reimbursement transition from the study to commercial treatments. MagForce expects FDA filing for approval in the USA at the turn of 2022/2023. As the current study is being conducted at MagForce's own centres, a seamless transition to commercialisation can be assumed. For the current financial year 2022, however, we are assuming very low treatment revenues for prostate cancer treatment, which are related to the cost coverage of the clinical trial by Medicare. Only in the coming financial years should the very high revenue potential of this indication area become visible. In the indication area of glioblastoma, we assume a further expansion of the treatment centres and a corresponding increase in the number of treatments in the coming financial years. This should also take place against the background of the expected abolition of the corona restrictions. Within the framework of our forecast model, MagForce AG should be able to break even at all earnings levels from the 2024 financial year onwards. On this basis, we have a target price of EUR9.15 within the framework of our DCF valuation model and we continue to assign a BUY rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/24589.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: 12.07.2022 (4:16 pm) Date and time of the first disclosure of the study: 13.07.2022 (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: UmweltBank AG - von GBC AG Einstufung von GBC AG zu UmweltBank AG Unternehmen: UmweltBank AG ISIN: DE0005570808 Anlass der Studie: Research Report (Anno) Empfehlung: Hold Kursziel: 17.20 EUR Kursziel auf Sicht von: 31.12.2022 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann - Germany's 'greenest' bank with new record figures in 2021 - Solid and stable business model should prove itself in the crisis scenario - Target price reduction as a result of the increased cost of capital due to the rise in interest rates In the past financial year 2021, UmweltBank AG significantly expanded its business activities. With a view to its core business, the granting of loans for ecological purposes, the credit institution achieved a significant expansion of the outstanding loan volume by 10% to EUR 3,072.52 million (31.12.2020: EUR 2,792.66 million). High demand was achieved in all sectors (solar, wind energy, real estate) and relevant market shares were also secured. In the photovoltaic sector, for example, a market share of 20.5% was achieved in the financing of systems (systems larger than 250 kWp). In the financing of wind turbines, the market share was 4.7%. With the expansion of the lending business, interest income was 2.6 % higher than in the previous year at EUR 70.90 million (previous year: EUR 69.08 million). In the past business year, the conditions for borrowers improved further. On the interest expense side, UmweltBank AG also benefited from the low interest rates as well as from the favourable GLRG financing, so that the interest result of EUR 63.24 million (previous year: EUR 52.10 million) was 21.4 % higher than in the previous year. In addition to the core business, net commission income and net trading income also increased significantly to EUR9.42 million (previous year: EUR5.15 million). Both the fund business and the investment business contributed to this. Against this backdrop, the fact that the pre-tax result (before allocation to the fund for general banking risks) of EUR 38.09 million (previous year: EUR 37.85 million) was only a slight increase on the previous year's figure is due to the rise in operating costs. General administrative expenses climbed to EUR 33.67 million (previous year: EUR 27.07 million), on the one hand due to the further increase in personnel and, on the other hand, due to a higher allocation to deposit protection after the insolvency of the Greensill Group. The insolvency of the Greensill Group reduced the deposit insurance portfolio by around EUR 3.5 billion The constant development of results is also due to the discontinuation of special income which, in 2020, had led to extraordinarily high other income in the amount of EUR 6.35 million stemming from the termination of a legal dispute. In the 2021 financial year, other income in the amount of EUR 0.21 million was reported. In balance sheet terms, UmweltBank AG has an above-average equity base compared to the rest of the sector. Following the successful capital increase of EUR 73.08 million in October 2021, equity improved visibly to EUR 245.12 million (31.12.2020: EUR 162.89 million). The regulatory equity ratio climbed to 16.6% (31.12.2020: 14.6%) and is thus significantly above the minimum requirement of 12.0%. According to corporate guidance, a stable development of the interest margin is expected for the current financial year 2022, but the absolute net interest income should decrease moderately due to the expiry of special corona conditions for GLRG funds. Personnel expenses and the introduction of a new core banking system are expected to increase operating expenses, so that a pre-tax result at the level of the previous year is again anticipated. We concur with the company's guidance and expect continued high levels of new client activity. With regard to the company's core sectors, demand remains high, even though the real estate sector, for example, is currently characterised by a high degree of uncertainty. However, shifts in project financing could be countered by an increase in lending rates, so that an increase in interest income could still be achieved. Apart from the war and pandemic-related burdens, both the real estate sector and especially the wind energy and solar sectors should benefit from a positive market environment. With the increase in the ECB's key interest rate since July 2022 and the generally visible rise in lending rates, it is clear that the turnaround in interest rates has already begun, even though the general interest rate level remains at a low level. UmweltBank AG is already passing on interest rate increases in new business and in the refinancing of existing loans to customers. Parallel to this, however, the liabilities side is also likely to become more expensive. In this context, the UmweltBank Board of Managing Directors expects a constant development of the interest margin. In an environment of rising interest rates, the interest margin is expected to increase in the future. Even if new business remains below expectations, the existing loan portfolio provides the basis for at least a stable income development. The loans, which are usually secured, have a long-term maturity, which means that the majority of future interest income is already secured. In addition, these are project financings, so that the counterparty default risk is comparatively low. Against this background, we expect net interest income to decline to EUR 60.26 million (EUR 63.24 million) in the current financial year 2022. In the coming financial years, the return to growth should be successful and we expect net interest income of EUR 62.19 million (2023e) and EUR 62.90 million (2024e). This should be accompanied by a significant increase in income from the securities, investment and fund business. At the end of the day, we expect a pre-tax result at the level of the 2021 financial year, in line with the corporate guidance. Slight increases should be achieved in the coming financial years against the backdrop of an expansion of the core business and the gradual phasing out of expenses for the introduction of the core banking system. We have determined the fair value of UmweltBank AG within the framework of a residual income model. Due to the market-related increase in the riskfree interest rate to 0.80% (previously: 0.25%), the cost of equity has risen to 3.50% (previously: 2.96%), which has a price target-reducing effect. The new price target of EUR 17.20 (previously: EUR 19.05) is therefore below the previous valuation result. We assign the rating HOLD (previously: BUY). Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/24521.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 and time of completion of the study: 04.07.2022 (04:03 pm) Date and time of the first dissemination of the study: 05.07.2022 (11:00 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: EAMD European AeroMarine Drones AG - von GBC AG Einstufung von GBC AG zu EAMD European AeroMarine Drones AG Unternehmen: EAMD European AeroMarine Drones AG ISIN: DE0006611957 Anlass der Studie: Research Report (Initial Coverage) Empfehlung: BUY Kursziel: 80.00 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: - Analyst: Matthias Greiffenberger, Marcel Schaffer Innovative drone-based close and remote monitoring with efficiency and cost advantages. First order for 5 drones already secured until 2024. First revenues expected in 2023. Speculative investment with high future potential. In the medium term, the management of EAMD European AeroMarine Drones AG (EAMD) plans to build up a portfolio of high-tech SMEs in the aviation sector with a focus on close and remote surveillance. To develop new prototypes, SMEs often lack access to capital and the distribution strength to sell fleets to large customers. EAMD plans to fund SME prototype development in exchange for pre-sales rights or exclusivity of product distribution. Currently, the first cooperation exists with Reiner Stemme Aero GmbH (RS.Aero). RS.Aero has two drones in development, which can be used manned and unmanned. As part of their cooperation, a sister company of RS.Aero, Reiner Stemme Red Eagle AG (RS Red Eagle), is to be contributed to EAMD in the near future by way of a capital increase in kind. RS.Aero has two drones in development, the EAMD Whisper, which is expected to reach market maturity in 2023, and a larger model, the Geo-Explorer, which is expected to reach market maturity in 2024. EAMD, through Red Eagle, will receive a pre-sale right to the production of the Whisper and the Geo-Explorer from RS.Aero. For the successful sale, EAMD will receive a sales commission of 15% from RS.Aero. There is currently no operational development in EAMD, so the balance sheet is very lean with insignificant sales and a low net result. Red Eagle also has a very lean balance sheet and should, in the case of a contribution in kind of around EUR 20 million, create goodwill as well as equity for the most part. Management assumes a very dynamic development of Whisper and Geo-Explorer sales, with revenues of EUR 3.75 million in 2023, EUR 15 million in 2024, EUR 28.5 million in 2025 and EUR 48.75 million in 2026. With sales figures totaling 5 (2023), 16 (2024), 28 (2025) and 47 (2026). In our opinion, the expected development of the EAMD management is subject to certain uncertainties. Against the backdrop of the still outstanding non-cash capital increase and the high level of planning uncertainty, we have assumed probabilities of occurrence for revenues in the coming years. The probability of occurrence is 100% for the year 2022, followed by 75% for the year 2023 and 50% for the years 2024 and 2025. Thus, in accordance with the probability of occurrence, we plan revenues of EUR 0.00 million for the fiscal year 2022, followed by EUR 2.81 million in 2023 and EUR 7.13 million in 2024 and EUR 14.25 million in 2025. As there is no production at EAMD, but only sales, very high EBITDA margins can be achieved. We therefore expect EBITDA of EUR -0.5 million in 2022, followed by EUR 1.43 million in 2023 and EUR 4.57 million in 2024, and EUR 9.9 million in 2025. Based on our DCF model, we have determined a fair enterprise value of EUR 27.06 million. Based on an outstanding number of shares of 0.34 million, this corresponds to a target price of EUR 80.00. The share of EAMD European AeroMarine Drones AG represents a speculative investment and has a very high price potential in case of success. We assign a Buy Rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/24491.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: German Version: 24.06.2022 (11:10 a.m.) English Version: 28.06.2022 (5:30 p.m.) Date and time of the first disclosure of the study: German Version: 27.06.2022 (11:00 a.m.) English Version: 29.06.2022 (9:00 a.m.) -------------------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: wallstreet:online AG - von GBC AG Einstufung von GBC AG zu wallstreet:online AG Unternehmen: wallstreet:online AG ISIN: DE000A2GS609 Anlass der Studie: Research study (Anno) Empfehlung: BUY Kursziel: 37.55 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker FY 2021 closed with significant revenue growth from booming transaction and portal business; Dynamic revenue growth also for the current FY 2022 due to the strong expansion and optimisation of the Brokerage business expected; The continuation of the successful growth strategy should ensure dynamic sales and earnings growth in the future; Target price: EUR 37.55 (previously: EUR 38.60); Rating: Buy According to published business figures, wallstreet:online achieved a new record in the past financial year 2021 on a pro forma basis with revenue growth of 82.2% to EUR 51.40 million (previous year: EUR 28.21 million). The transaction business (Smartbroker) proved to be the main growth driver. This exceeded the company's guidance (EUR 45.00 million to EUR 50.00 million). Our revenue estimate was also reached or almost reached on a pro forma basis as well as on the level of reported consolidated revenues (EUR 48.20 million) (GBC forecast: EUR 49.10 million). At the earnings level, EBITDA adjusted for one-time effects and new customer acquisition costs for the Smartbroker of EUR 13.1 million increased dynamically by 45.0% to EUR 17.50 million (previous year: EUR 12.50 million). Due to considerable investments in the expansion and development of the brokerage business, which, in addition to development costs incurred, primarily affected the marketing and personnel areas, the EBITDA after customer acquisition costs fell to EUR 3.90 million (previous year: EUR 7.50 million) compared to the previous year. It should be noted that the EBITDA of the previous year was positively influenced by a special effect based on extraordinary income (EUR 3.01 million) from the sale of an investment. The company thus also met its earnings guidance (adjusted EBITDA before customer acquisition costs: EUR 17.50 million). Our earnings estimate was not reached due to higher costs for the development and expansion of their transaction business. For the current financial year 2022, wallstreet:online also expects a continuation of their dynamic growth course. The management expects a significant increase in consolidated revenues of around 25.0% to between EUR 62.0 million and EUR 67.0 million compared to the previous year. At the earnings level, adjusted EBITDA (operating EBITDA) after customer acquisition costs is expected to be in a range of EUR 10.00 million to EUR 12.00 million. With regard to customer acquisition costs (Smartbroker), the company expects marketing costs of EUR 6.00 million for the current financial period and thus an adjusted EBITDA before customer acquisition costs of EUR 16.00 million to EUR 18.00 million. We also expect that the company will be able to continue its successful growth course dynamically in the current financial year and in the years to come. The transaction business and the Smartbroker should continue to be the main growth drivers in the future. Specifically, we expect consolidated revenue of EUR 62.33 million for the current financial year. In the following years 2023 and 2024, these should increase further to EUR 84.02 million and EUR 98.57 million respectively. Parallel to our revenue estimates, we also expect significant growth in earnings. For the current financial year 2022, we calculate an EBITDA of EUR 10.04 million. Based on expected economies of scale in both business units, we expect a disproportionate increase in EBITDA to EUR 14.05 million and EUR 28.73 million for the coming financial years 2023 and 2024, respectively. At the same time, the expected EBITDA margin should jump from 16.1% (2022) to 29.1% (2024). Overall, we remain convinced that the wallstreet:online group will succeed in significantly expanding its market positions in their two complementary business segments and thus continue its dynamic growth course. Their significant investments in the Smartbroker should be increasingly reflected in their earnings and profitability figures in the future, in particular due to expected economies of scale and an improved cost structure. In addition, we expect that the increased dovetailing of the synergetic media and brokerage business activities will additionally boost the growth course and profitability of the group. Within the framework of our DCF valuation model, we have determined a target price of EUR 38.60 per share based on our estimates, which were previously adjusted in our research report (based on the preliminary business figures). Due to higher capital costs (the increase in the riskfree interest rate to 0.40% instead of the previous 0.25%) compared to the previous study (as of 30 March 2022), we have slightly lowered our previous price target to EUR 37.55 per share. We have left our previous revenue and earnings estimates unchanged. In view of the current share price level, we continue to give the rating 'Buy' and see significant upside potential. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/24433.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: 20.06.2022 (9:31 Uhr) Datum und Zeitpunkt der ersten Weitergabe: 20.06.2022 (10:00 Uhr) Gültigkeit des Kursziels: bis max. 31.12.2022 -------------------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: MT0000580101 Anlass der Studie: Research Comment Empfehlung: BUY Kursziel: 9.40 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker Q1 2022: MGI continues to grow strongly; Significant earnings increase due to scale, efficiency and M&A effects; Continuation of dynamic sales growth expected; GBC estimates and target price confirmed Business development Q1 2022 Media and Games Invest SE (MGI) published its Q1 business figures on 31 May 2022. According to these figures, the Group again achieved a significant increase in revenue in the first quarter of the year compared to the same quarter of the previous year by around 27.0% to EUR 65.87 million (Q1 2021: EUR 51.93 million) and was thus able to continue its dynamic growth course. In addition to inorganic growth impulses (e.g. through the Smaato acquisition), the growth was primarily driven by organic growth effects (+18.0%) within the MGI Demand Side and Supply Side business segments. In addition, the Group announced that the number of software customers increased significantly by 26.0% in the first quarter compared to the previous quarter (Q4 2021). MGI has thus established a good basis for further growth, as the business customers acquired typically increase their business volume with the Group gradually over time. In addition, the business volume with existing software customers with an annual turnover of more than USD 100,000 was also significantly expanded in the first quarter, which was also reflected in an increased business expansion rate (so-called 'net dollar expansion rate') of 125.0%. Key success factors for this included an extensive team, (first-party) games content and a high level of expertise in the area of cross-channel advertising campaigns for brands. At the adjusted EBITDA level (Adj. EBITDA), the MGI Group achieved an increase in earnings of around 30.0% to EUR 17.55 million (Q1 2021: EUR 13.48 million) compared to the same quarter of the previous year, despite considerable personnel investments, and thus increased its profitability slightly disproportionately. This is mainly due to economies of scale, synergies and efficiency gains. In addition, positive earnings effects from previously completed M&As also boosted Group profitability. Significant increases were also achieved in terms of cash flow development. Compared to the same quarter of the previous year, the operating cash flow (after working capital changes) increased significantly by 44.8% to EUR 16.30 million (Q1 2021: EUR 11.26 million). In terms of value, there is only a slight difference between adjusted EBITDA and operating cash flow, which is an indication of the good quality of the company's results. Forecasts and target price In view of the very positive business performance in the first quarter and the positive expectations for the rest of the year, MGI's management has confirmed the corporate guidance (dated 28 April 2022) for the current financial period, which was previously raised as a result of the AxesInMotion acquisition. The company continues to expect consolidated revenues in a range of EUR 295.00 to EUR 315.00 million and adjusted EBITDA between EUR 83.00 to EUR 93.00 million. Based on this, the company expects year-on-year revenue growth of between 17.0% and 25.0% and EBITDA growth of between 17.0% and 31.0%. Against this background of the strong company performance, the promising growth strategy and the maintained company guidance, we confirm our previous sales and earnings forecasts as well as our previous price target of EUR 9.40 per share. Based on the current share price level, we continue to give the rating 'Buy' and see significant upside potential. Overall, we continue to see the MGI Group well positioned to grow very dynamically and highly profitably in the future as an ad software platform with its own games content. Through the even stronger transformation into an ad-tech company, the company should succeed in continuing to 'keep up' the current growth rate and additionally increase profitability. In addition, MGI's extensive liquid funds (including credit lines), which most recently amounted to around EUR 170.0 million (as of 31 March 2022), offer the possibility of setting additional growth impulses through M&A transactions at any time and further advancing the group's profitability. It should be mentioned here that M&As are an important component of the company's growth strategy. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/24377.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: 07/06/2022 (8:44 am) Date (time) of first distribution: 07/06/2022 (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: Saturn Oil & Gas Inc. - von GBC AG Einstufung von GBC AG zu Saturn Oil & Gas Inc. Unternehmen: Saturn Oil & Gas Inc. ISIN: CA80412L8832 Anlass der Studie: Empfehlung: International Investment Forum Letzte Ratingänderung: Analyst: Julien Desrosiers; Felix Haugg Upcoming Investor Event: Aspermont to present at digital International Investment Forum (IIF) On May 19, the IIF International Investment Forum will take place. At this forum, Saturn Oil & Gas will also present its business model and current business development. Presentation slot: Saturn Oil & Gas Inc. (ISIN: CA80412L8832) 01.20 pm EST (New York, Toronto time) 07.20 pm CEST (Frankfurt, Paris time) 01.20 am HKT (Hong Kong, Perth, Singapore time) Speaker: John Jeffrey, CEO The International Investment Forum (IIF) is a live, digital-only event that provides access to publicly traded companies from the small- and mid-cap segments around the world. Speakers on May 19, 2022 will be board members of publicly traded companies from the technology, commodities, security, medical, logistics and aerospace sectors. The program with schedule can be found at the following link: https://ii-forum.com/timetable-all-events/ The registration for this event is available at the following link: https://bit.ly/3MpOJ8o Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/24183.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de +++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ -------------------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.