Original-Research: Aspermont Limited - von GBC AG Einstufung von GBC AG zu Aspermont Limited Unternehmen: Aspermont Limited ISIN: AU000000ASP3 Anlass der Studie: Research Update Empfehlung: BUY Kursziel: 0,09 AUD Kursziel auf Sicht von: 31.12.2022 Letzte Ratingänderung: Analyst: Julien Desrosiers; Felix Haugg Impressive revenue growth and notable raise in gross profit Aspermont's performance demonstrates the company's ability to grow at a fast rate. When compared to Q4-2020, the company's revenues increased in all sectors in Q4-2021. Currently, we can only look at partial numbers due to Australian stock market regulatory laws. These figures show a clear increase in all revenue sectors. Their XaaS and service sectors grew by 20% and 17%, respectively, and now account for over 85% of total revenue. Their new data sector grew at a rate of 162%. Because this division is less developed, faster growth is expected. Nonetheless, it demonstrates how much potential management saw in this opportunity. The increase in revenue did not result in a proportional increase in gross profits margin. The quarter-on-quarter increase was only 12%, half of the total revenue increase of 24%. This is unsurprising, as we believe Aspermont needed to invest more money to maintain its current level of growth and develop the new Data sector, as evidenced by their Q4-2021 OPEX increase. Direct OPEX costs increased by 33%, owing to investments in new businesses and increased operational capacity to support long-term growth. All new investments are adequately funded by internal cash flow. However, reaching a gross margin of 65% is a significant achievement. We believe that the key to their new development strategy was to generate higher margins and use the extra cash flow to fuel growth. This appears to be working for the company at the moment, and we are eagerly awaiting the full Q4-2021 and FY-2021 results, which should be released very soon, to confirm our position. In the fourth quarter, Aspermont experienced two significant events. The company announced the establishment of a new fintech joint venture as well as the launch of their first-generation capital raising platform. Aspermont's current product offering in the mining sector will be enhanced by the new partnership with Spark Plus and IPC. Spark Plus is a corporate advisory firm that specializes in Asian roadshows for Asian companies. IPC is a Sydney-based licensed securities dealer. Across Asia and Australia, they provide Wealth Management and Corporate Advisory services to wholesale and sophisticated investors. The importance of the capital raising sector cannot be overstated. This is a fiercely competitive industry that is undergoing a complete transformation. Traditional banks and institutions continue to dominate the market, but new entrants are gaining traction. We believe that Aspermont unique position in the mining sector can pave the way for important financing activities and the timing of the company could not be better as the commodities have now entered in a super cycle. The association with both Spark Plus, and IPC could generate substantial cash flow within the next few years. We believe the gross profits to be very healthy and the growth to be in line with our expectations. We therefore confirm our buy rating with a 0.09 AUD target price. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/23119.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 this research: 19.11.2021 (05:58 pm) Date and time of first distribution: 19.11.2021 (08:00 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: Cardiol Therapeutics - von GBC AG Einstufung von GBC AG zu Cardiol Therapeutics Unternehmen: Cardiol Therapeutics ISIN: CA14161Y2006 Anlass der Studie: Research Update Empfehlung: BUY Kursziel: 17,49 CAD Kursziel auf Sicht von: 31.12.2022 Letzte Ratingänderung: Analyst: Julien Desrosiers; Felix Haugg GBC AG to present an investor round table conference call with Cardiol Therapeutics and will present latest development. With the completion of the Public Offering, the company will have raised more than $ 52.4 million in cash. Included is $ 2.4 million from the warrants' accelerated expiration date of June 4, 2020. On November 2nd, the company filed a preliminary prospectus, and on November 3rd, the company announced the pricing. Cardiol Therapeutics announced the closing of its $50 million public offering less than 24 hours later. This demonstrates the American markets' appetite for Cardiol Therapeutics and the significance of their NASDAQ listing. The holder of each share of the offering received a half warrant for $3.75 until November 5, 2024. With higher costs due to the expansion of recruitment for their LANCER study in Brazil, Mexico and Canada, this new influx of cash can allow the company to run full steam ahead without compromising R&D. As discussed in our initial coverage report (June 2021), http://www.moreir. de/d/22609.pdf, we believe that the LANCER study could produce its first results in the fourth quarter of 2021 or the first quarter of 2022. The inclusion of new markets for patients recruitment indicates that the company is on track to meet their timeline. We believe that with the additional funds raised, the company could also increase the number of participants. Cardiol Therapeutics also received approval from Health Canada for its CardiolRxTM for Acute Myocarditis Phase II Clinical Trial. The approval comes after the U.S. Food and Drug Administration (FDA) granted clearance to proceed with Cardiol Therapeutics' Investigational New Drug (IND) application to begin this trial, as announced by the company on August 24th, 2021. The trial's primary endpoints will be left ventricular function (ejection fraction and longitudinal strain) and myocardial edema (extracellular volume), both of which have been shown to predict long-term prognosis in patients with acute myocarditis after 12 weeks of double-blind therapy. The resurgence of the COVID-19 crisis in Europe has boosted the projected demand for their treatments in development. Finally, because of their strong cash position, we believe the capital increase has resulted in a lower company risk. Based on this we reduced BETA in our model, considered the cash inflow but adjusted for dilution. The different effects balance each other out. As a result, we maintain our current rating and price target. Upcoming Event: GBC AG to present Cardiol Therapeutics Investors round table In light of the above new developments, we are organizing an online investor presentation on 24.11.2021 15.00h (UTC+1). Here, the CEO of the company will present the latest developments and be available for questions via chat function. Investors and press can register for the call with following link https://us06web.zoom.us/webinar/register/WN_uGcldjqxQua5TozjaPCXJA Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/23089.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 +++++++++++++++ Date and time of completion of this research: 15/11/2021 (06:00 pm) Date and time of first distribution: 16/11/2021 (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: MagForce AG - von GBC AG Einstufung von GBC AG zu MagForce AG Unternehmen: MagForce AG ISIN: DE000A0HGQF5 Anlass der Studie: Research Note Empfehlung: Buy Kursziel: 11.00 EUR Kursziel auf Sicht von: 31.12.2022 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann 1st HY 2021: FDA approval for final pivotal study received, forecasts and price target confirmed, rating: BUY In the context of the research study (Anno) of 20.07.2021, we had already postulated our expectations that MagForce AG would probably report low treatment figures overall in Europe (indication area: glioblastoma) in the first half of 2021. This is due in particular to the pandemic-related closure measures, which led to low patient enquiries in both the first and second quarters. In our previous research study, we had only expected an increase in commercial treatments and thus in revenues for the second half of 2021. Consequently, sales revenues of EUR 0.19 million (previous year: EUR 0.38 million) were still below the previous year's value. Due to the unchanged low level of sales, there is still no cost coverage, so that negative values are reported both at the EBIT level and at the level of the after-tax result. In mid-October 2021, MagForce AG received the conditions for approval of the final clinical protocol for the Phase 2b trial from the FDA. After the company submitted the required documents to the regulatory authority, the FDA approved the final study protocol and the start of Stage 2b on 5 November 2021. This means that this Stage 2b, in which up to 100 patients are enrolled, can begin promptly. According to the company's applications, targeted biopsies can be used as desired to assess efficacy. The trial will demonstrate that the Mag-Force technology can be used to treat prostate patients in a targeted manner with minimal side effects. The first results are to be delivered to the FDA after 15 and after 30 treated patients in order to provide an early first indication of the study objective, while patient treatments continue. In the current company announcement, the summer of 2022 was confirmed as the expected approval date. This confirms our previous assumption (see Comment of 18.10.2021), according to which we expected commercialisation to start in the second half of 2022. A rapid start of commercial treatments is possible primarily because the treatment centres and personnel required for commercialisation are already in place for the conduct of the pivotal trial. Accordingly, there is no need to build up the infrastructure. However, it is likely that further centres will be added to the current MagForce treatment centres in Texas, Washington and Florida as early as the 2022 financial year, thus enabling broader regional coverage. Our assumptions for glioblastoma treatment in Europe have also been confirmed with the publication of the half-year report and the cooperation now in place in Spain. We expect that the current portfolio of four NanoActivator devices, in addition to Spain, will be expanded in Italy, Austria and Germany, so that eight treatment centres will be in operation in 2022. In addition, reimbursement will remain a focus. In Spain, for example, an Investigator-Initiated Trial (IIT) is to be carried out at the Carlos Haya Malaga University Hospital, on the basis of which reimbursement is to take place. The treatments in Poland are also to form the basis for reimbursement within the framework of an IIT. With the expansion of the treatment offer, a noticeable increase in commercial treatments is to be achieved in Europe. Parallel to this, with the expected approval in the USA, commercialisation activities for prostate treatment are also to begin from 2022. While the current financial year 2021 should still be characterised by low sales revenues, the company should achieve a visible jump in sales from the coming financial year 2022. As early as the coming 2022 financial year, MagForce AG should be in a position to break even for the first time and at all earnings levels. As we consequently maintain our previous revenue and earnings estimates unchanged, we confirm our previous price target of EUR 11.00 per share. We continue to assign a BUY rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/23079.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: 15/11/2021 (08:30 am) Date (Time) first distribution: 15/11/2021 (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: CENIT AG - von GBC AG Einstufung von GBC AG zu CENIT AG Unternehmen: CENIT AG ISIN: DE0005407100 Anlass der Studie: Research Comment Empfehlung: BUY Kursziel: 18.80 EUR Kursziel auf Sicht von: 31.12.2022 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann 9M 2021: Constant revenue development, noticeable improvement in earnings; forecasts and target price confirmed; rating: BUY From the perspective of the first nine months of 2021, CENIT AG achieved an overall constant sales development with a slight decline in sales of -0.4%. After the first quarter was still strongly affected by the pandemic containment measures (Q1 2021: -7.7%), a clear catch-up trend became apparent in the second quarter (Q2 2021: +6.3%). In the third quarter (Q3 2021: +0.8%), the development of turnover remained constant compared to the same period of the previous year. Separated according to the individual revenue groups, it is evident that only the somewhat higher-margin revenues from proprietary software increased by +2.8%. In contrast, sales of third-party software remained at the previous year's level (+0.4%) and consulting sales were, as expected, still below the previous year's level (-2.7%). The consulting business was affected by project postponements and budget cuts, particularly in the context of the closure measures and thus at the beginning of the business year. However, there is a tendency to catch up here, because in each of the last two quarters an increase in consulting revenues of just over 10% was achieved. Against the background of the constant sales development, the noticeable EBIT jump to EUR 2.44 million (previous year: EUR 1.67 million) should be emphasised. In addition to the increase in software sales, CENIT AG benefited in particular from a significant increase in their particularly high-margin licence sales. Non-recurring sales of software licences increased by 34.4% to EUR 12.53 million (previous year: EUR 9.33 million), whereas SaaS sales decreased by 3.7% to EUR 68.35 million (previous year: EUR 70.95 million). According to CENIT's management, the strong increase in licence sales is on the one hand due to catch-up effects and on the other hand, an expression of the customers' overall increased willingness to invest. The positive cash flow development should also be emphasised after nine months of 2021. The operating cash flow of EUR 8.38 million (previous year: EUR 12.32 million) was again significantly above EBIT. Even adjusted for the decline in working capital, CENIT AG would have reported an operating cash flow of EUR 4.75 million (previous year: EUR 6.28 million). With the publication of the nine-month figures, the company has confirmed the forecast for the current 2021 financial year. Revenues of EUR 152.00 million and an EBIT of EUR 4.90 million are still expected. This means that in the fourth quarter, which is traditionally strong during the year, revenues of around EUR 42.8 million and an EBIT of around EUR 2.5 million should be generated. The last time such figures were achieved in a fourth quarter was before the start of the corona pandemic. In discussions with the CENIT management we got the impression that the guidance confirmed by the company is a realistic assumption. This is especially true since there are basically positive signals from customers. Even against the background of the current delivery difficulties, a positive demand trend can be observed both from the automotive sector and from the mechanical engineering industry. Airbus, one of CENIT's most important customers, is also giving a positive outlook in view of increasing air travel and the weakness of its competitor Boeing. Furthermore, a total of 600 deliveries are expected by the end of 2021. Finally, the recovery trend that has begun should also continue in the consulting segment. In both Q2 and Q3 2021, consultancy revenues increased by slightly more than 10.0% as a result of the normalisation of the order situation. This should also continue in the fourth quarter of 2021. In view of the overall promising signals, we are maintaining our previous revenue and earnings forecasts (see research study dated 06.08.2021). Although our revenue and earnings forecast for the current financial year is slightly above the company's guidance, we are still confident that it is well within reach. Due to the expected noticeably higher sales revenues in the coming business years, CENIT AG should successively improve its profitability. An increasing share of proprietary software sales should be an important factor in this. As we also leave the DCF valuation model unchanged, we confirm our price target of EUR 18.80 and continue to assign a BUY rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/23066.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: 11/11/2021 (9:25 am) Date (Time) first distribution: 11/11/2021 (10:30 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: SYZYGY AG - von GBC AG Einstufung von GBC AG zu SYZYGY AG Unternehmen: SYZYGY AG ISIN: DE0005104806 Anlass der Studie: Research Note Empfehlung: BUY Kursziel: 10.20 EUR Kursziel auf Sicht von: 31.12.2022 Letzte Ratingänderung: Analyst: Cosmin Filker; Marcel Goldmann 9 months 2021: Turnaround successful; revenue and earnings development 'in line'; forecasts, estimates and target price confirmed Based on the first nine months of 2021, Syzygy AG's sales revenues of EUR 44.66 million (previous year: EUR 40.69 million) were 9.8 % above the previous year's level and thus in line with our expectations. Although the gap in turnover caused by the Corona pandemic in the previous business year could not yet be completely closed, a new nine-month record was achieved at the EBIT level. In the previous business years, only the German companies had made a positive contribution to the result. After completion of the restructuring measures and the associated implementation of cost savings at the foreign companies, a positive contribution to earnings was also generated here for the first time in two years. The fact that a new record was achieved with a Group EBIT of EUR 4.62 million (previous year: EUR 2.61 million) is also due to the cost savings implemented in the context of the Corona pandemic. As a result, sales and marketing costs as well as administrative costs, for example, are significantly below the pre-Corona level. Although it can be assumed that marketing costs will rise again in the future, Syzygy AG has a sustainably leaner cost structure overall. Syzygy's management has confirmed its guidance with the publication of the nine-month report. The outlook remains unchanged for sales growth of around 10.0% and an EBIT margin of around 10.0%. Both geographic segments are expected to contribute equally to this. In view of the figures achieved in the first nine months of 2021, namely revenue growth of 9.8 % and an EBIT margin of 10.3 %, the company guidance is a very realistic scenario. The foreign companies are likely to show higher growth dynamics, also on a full-year basis. In the last research study, we had already anticipated that the growth momentum of sales generated abroad would flatten out somewhat after an unusually strong performance in the first two quarters. This has occurred as expected, but we continue to assume that the budget increases from existing customers as well as the new customers acquired provide a good basis for a sustainable increase in turnover. Parallel to this, the more stable business in Germany should benefit from an expansion of the business with existing clients as well as from the new clients already acquired. Worth mentioning here is the expansion of the mandate with Mazda Motors Germany, for which Syzygy is developing and implementing the communication strategy. New clients such as the Erwin Hymer Group, the Frankfurt Book Fair and Miles & More support the assumption of expected sales growth. For Miles & More, Syzygy AG is responsible for digital brand management, the further development of the Miles & More platform and shop management. In addition, the company is likely to benefit from the increasing digitisation needs of clients in the area of business consultancy. With the combination of consulting and technical implementation expertise, the company should be able to win new customers in this area as well. Based on the reported revenue and earnings development as well as the confirmed corporate guidance, we also confirm our previous forecasts. For 2021, we continue to expect revenue growth of 10.0% and an EBIT margin of 10.3%. These are exactly the values that were already achieved after nine months. For the coming financial years, we assume that the growth dynamic will remain unchanged and, conservatively, we initially expect only slight improvements in the EBIT margin. We have made slight forecast adjustments at the level of the after-tax result. For 2021, we now assume a tax rate of 25.0% (previously: 28.3%), after no deferred taxes were recognised for the foreign companies in 2020. For 2022 and 2023, however, we increase this to 30.0% (previously: 28.3%). The changes in the tax rate and thus the slight change in the after-tax forecasts have only a minor impact on the DCF model. Therefore, we confirm our price target of EUR 10.20 and, at a current price of EUR 6.12, continue to assign a BUY rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/23053.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) completion german version: 05.11.21 (1:54 pm) Date (time) first transmission german version: 08.11.21 (9:30 am) Date (time) completion english version: 09.11.21 (10:29 pm) Date (time) first transmission english version: 09.11.21 (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: 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 (Initial Coverage) Empfehlung: BUY Kursziel: 120.00 EUR Kursziel auf Sicht von: 31.12.2022 Letzte Ratingänderung: - Analyst: Matthias Greiffenberger, Felix Haugg Highly profitable trading platform for cryptocurrency exceeds 1 million customers and continues to grow. The business model is relatively independent of the crypto price. Bitcoin Group SE, as the holding company, primarily operates the crypto trading site bitcoin.de. The trading platform is highly profitable and is experiencing dynamic growth. Furthermore, according to management, the company holds crypto stocks of EUR 234 million as of 24.10.2021, which corresponds to net crypto stocks of EUR 172.93 million according to our approximation. With a market cap of EUR 250,00 million and enterprise value of EUR 49.80 million (market cap less crypto and cash holdings), we currently view the company as highly undervalued. In our opinion, the extensive net cash could also lead to a share buyback program. Significant revenue and earnings growth were recorded in the past financial year 2020. This was due to the significant increase in trading volumes on the bitcoin.de trading platform and the steadily rising number of registered users. The resulting commissions also led to a significant increase in the company's own cryptocurrency holdings. The highly favorable development continued in the first half of 2021. The increase in sales in the 2020 financial year by 138.7% to EUR 15.03 million (PY: EUR 6.30 million) can be explained on the one hand by the relatively low base of the previous year and, on the other hand, by the high trading volume in 2020. The strong interest in cryptocurrencies has continued in 2021 and sales increased by 184.2% to EUR 17.70 million (PY: EUR 6.23 million) as of 30.06.2021. Due to the high scalability of the business model, EBITDA increased to EUR 10.55 million (previous year: EUR 2.59 million), which corresponds to an improvement in the margin from 41.2% to 70.1%. Operating costs rose by 24.0% to EUR 4.70 million (previous year: EUR 3.79 million), with a large part of the increase being due to the full consolidation of futurum bank AG, which has higher personnel expenses. Overall, net income for the year thus increased to EUR 9.52 million (previous year: EUR 2.15 million). On the earnings side, the company improved even more in the first half of 2021, with EBITDA rising by 245.8% to EUR 14.44 million (PY: EUR 4.18 million). The net result for the first half of 2021 also increased disproportionately by 190.0% to EUR 10.17 million (previous year: EUR 3.51 million). This means that the full-year result for 2020 was already exceeded in the first half of 2021. In balance sheet terms, the company is in a very good position, with equity as of 31.12.2020 of EUR 80.15 million (31.12.2019: EUR 30.42 million) and an equity ratio of 73.7% (PY: 77.0%). The increase in equity is due on the one hand to the net profit for the year and on the other hand to the strongly positive development of the cryptocurrencies held in the amount of EUR 90.31 million less the potentially incurred taxes in the amount of EUR 23.66 million. As of 30.06.2021, equity improved again to EUR 115.25 million due to the high net result, which corresponds to a high equity ratio of 73.7%. The guidance was confirmed for the first half of 2021. The company expects moderate to strong revenue growth and EBITDA in the low to mid double-digit million range. Our current forecast is based, among other things, on the stock-to-flow model, which currently has the most accurate bitcoin price predictions. We believe revenues should increase 59.6% to EUR 24,00 million in the current fiscal year, followed by EUR 25.92 million in fiscal 2022. Due to the high scalability of the business model, we also expect margins to improve as revenues increase and anticipate EBITDA of EUR 18.31 million in 2021 and EUR 20.05 million in 2022. Net income should grow accordingly to EUR12.40 million in 2021 and EUR 13.63 million in 2022. The company is highly profitable and comparatively independent of the cryptocurrency price trend. Nevertheless, the share price is still strongly oriented towards the bitcoin price. Based on our DCF model, we have determined a fair value of EUR 120.00 per share and assign a BUY rating due to the very high upside potential. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/23029.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: 02.11.2021 (09:00) – German version: 28.10.2021 (09:00) Date and time of the first disclosure of the study: 09.11.2021 (10:00) – German version: 02.11.2021 (10:00) Validity of the target price: until 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: The NAGA Group AG - von GBC AG Einstufung von GBC AG zu The NAGA Group AG Unternehmen: The NAGA Group AG ISIN: DE000A161NR7 Anlass der Studie: Research Comment Empfehlung: BUY Kursziel: 11.70 EUR Kursziel auf Sicht von: 31.12.2022 Letzte Ratingänderung: Analyst: Cosmin Filker Stronger focus on customer growth, financial flexibility through capital increase, forecasts raised, target price: EUR11.70 As expected, The NAGA Group AG (NAGA for short) has been able to continue its impressive growth course in 2021. This is evident from both the published half-year report 2021 and the preliminary figures for the third quarter 2021 published at the same time. After nine months of 2021, the company reports a doubling of sales revenues to around EUR 40.5 million (9M 2020: EUR 20.0 million). On the one hand, NA-GA is benefiting from a market environment characterised by high volatility. In addition, NAGA's management has made significant investments to increase brand and product awareness, which is reflected in continued customer growth. In the first three quarters, 218,000 new users were added, surpassing the 1.0 million registered account mark. In the first six months, marketing expenses climbed significantly to EUR 10.75 million (H1 2020: EUR 2.88 million). Despite visibly expanded marketing activities, EBITDA improved to around EUR 8.6 million in the first nine months (9M 2020: EUR 5.8 million) and is thus even significantly above the EBITDA generated in the full year 2020 (2020: EUR 6.57 million). Accordingly, NAGA's management continues to expect an increase in revenues to up to EUR52 million (achievement level after nine months: 77.9%) and EBITDA to up to EUR15 million (achievement level after nine months: 57.3%) in 2021. First and foremost, NAGA will continue to keep marketing activities high in order to accelerate the growth rate of new customers. For the full year, marketing expenses (including main sponsorship of Sevilla FC) are expected to amount to approximately EUR 22.0 million (2020: EUR 6.6 million). Following the largest capital increase in the company's history, the growth-oriented corporate strategy has a substantial financial cushion in this respect. In September 2021, growth capital of EUR 22.7 million was raised in a capital increase. Further growth drivers are likely to be the product launches that have already taken place and others that are in the pipeline. With NAGA Pay, for example, a new payment platform has been introduced to the market. NAGA Pay combines an IBAN account, a Visa debit card, a share deposit account and physical crypto-wallets (licensing for crypto-wallets is still pending). With this app, customers should be more integrated into the NAGA product world. In addition, NAGA customers have been able to trade physical shares at a very competitive price of EUR 0.99 per trade since October 2021. Finally, an expansion of the business base is also to take place through geographical expansion. The focus is on Australia, South Africa and the United Arab Emirates. In our view, once the product range is largely developed, NAGA will focus even more on customer growth and thus expand its marketing activities even more than we expect. While we are only making a small forecast adjustment for the current 2020 financial year with estimated sales of EUR 54.06 million (previous estimate: EUR 51.00 million), we expect significantly higher growth rates for the coming financial years. For 2022, we expect revenues of EUR 81.10 million (previously: EUR 66.30 million) and for 2023 of EUR 113.53 million (previously: EUR 66.30 million). In view of higher marketing expenses, the EBITDA margin should be below our previous estimates. In absolute terms, however, EBITDA should increase significantly from 2023 onwards. The significant adjustment of our revenue estimates and, from 2023, the higher EBITDA estimate, which at the same time forms the basis for the continuity phase of our DCF valuation model, have led to an overall increase in the fair value of the company. Even taking into account the extensive capital increase, we are raising our price target to EUR11.70 (previously: EUR 9.10). We thus continue to give the rating BUY. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/23047.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) Completion: 08/11/21 (08:28 am) Date (time) first transmission: 08/11/21 (10:30 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.