Original-Research: NFON AG - from NuWays AG 22.11.2024 / 09:05 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to NFON AG Company Name: NFON AG ISIN: DE000A0N4N52   Reason for the research: Update Recommendation: Buy from: 22.11.2024 Target price: EUR 11.70 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Strongly improved Q3 beats profitability estimates; chg. Q3 sales came in at € 21.7m (eNuW: € 21.6m), implying a 5.9% yoy increase. This was mainly based on an improved seat base of 666k (+3.1% yoy) as well as up-selling effects leading to an improved blended ARPU (ex SIP trunk) of € 9.88 (vs € 9.73 in 9M ’23). Further, we saw a first improvement of nonrecurring hardware sales, which increased 6.1% yoy to € 1.2m (vs -12.1% in H1 ’24). Recurring sales increased by 5.9% yoy to € 20.5m, implying a recurring revenue ratio of 94.9%. Q3 adj. EBITDA improved disproportionately to € 3.5m (+35% yoy; eNuW: € 2.9m), implying a margin of 16.3% (+3.6pp yoy). This should have been partly driven by the improved gross margin (+1.1pp yoy to 85.6%) as well as the imposed efficiency measures in personnel (cost ratio -1.4pp yoy) and other OpEx (-0.6pp yoy). Unadjusted EBITDA came in at € 3.1m, up from € 2.3m in the same period last year. Despite this, FCF came in weaker than expected at € 0.7m, which was mainly caused by an unfavorable WC swing in Q3. Yet FCF at 9M significantly improved yoy to € 2.7m (vs € 0.8m at 9M ’23). Against this backdrop management confirmed the FY guidance of mid-to-upper SD-% recurring revenue growth, although specifying it to the lower end (eNuW: +5.2% yoy), adjusted EBITDA of € 10-12m (eNuW: € 12.0m) as well as a recurring revenue ratio of 90+%, which should be easily achieved given the 9M ratio of 94.3%. Our recurring revenue estimate hereby implies 6.1% growth in Q4 as well as an adjusted EBITDA of € 2.9m, which should be in the cards given the strong Q3 figure. Mind you, the guidance does not include the acquisition of botario, which was closed at the end of Q3. Speaking of which, management provided more detail on the deal, disclosing a purchase price of € 18.1m implying a 34x EV/EBITDA, whereby € 10.9m were paid at closing with the remainder being subject to earn-outs. While this does not look cheap at first glance, mind you that botario is projected to achieve 40+% top-line growth with EBITDA margins north of 30% going forward. Moreover, it significantly enhances NFON’s AI capabilities and creates valuable cross-selling opportunities. We therefore regard the deal as strategically highly reasonable. Valuation continues to be attractive given that shares are trading at 7.1x EV/adj. EBITDA '24e (5.1x '25e) and an adj. FCFY25e of 13.7%. We hence reiterate BUY with an unchanged € 11.70 PT based on DCF and confirm the stock as one of our top-picks in our NuWays Alpha List. You can download the research here: http://www.more-ir.de/d/31415.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2036127  22.11.2024 CET/CEST

Original-Research: Nabaltec AG - from NuWays AG 22.11.2024 / 09:01 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to Nabaltec AG Company Name: Nabaltec AG ISIN: DE000A0KPPR7   Reason for the research: Update Recommendation: Buy from: 22.11.2024 Target price: EUR 25.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Continued solid performance, margins further improving; chg. Q3 sales came in at € 49.8m (eNuW: € 50.4m), largely flat yoy; 9M sales +1.5% yoy to € 158.2m. 8% higher volumes compensated for declining prices. Worth highlighting, demand for ATH used in data centers and renewable energy solutions and viscosity optimized hydroxides remained high, while boehmite continued to suffer from a supply/demand imbalance (related sales -46% yoy). More importantly, Q3 EBIT increased strongly by 30.4% yoy to € 6.0m with an implied margin of 11.8% (+2.6pp yoy); 9M EBIT of € 16.8m, a 10.6% margin. This was despite the particularly weak boehmite business and the continuously weak Specialty Alumina Segment (1.4% margin) as the company benefitted from generally higher utilization rates but also positive mix effects within Functional Fillers (segment margin +4.4pp yoy to 16.2%). The strong operational performance coupled with working capital normalizations lead to a 9M operating cash flow of € 32.2m (€ 8m in Q3), FCF amounted to € 10.8m due to planned CAPEX (€ 20.8m during 9M) into boehmite and gap filler capacities. The balance sheet remained strong with € 93.7m cash (€ 2.4m net cash). This and next year‘s op. cash flow should be sufficient to cover the company‘s current capex program with € 50-55m until the end of 2025. Upper end of FY EBIT margin guidance in reach. Management confirmed its FY24 guidance of 2-4% yoy sales growth and an 8-10% EBIT margin. While we expect the lower end of the sales guidance to be reached (eNuW: 1.7% yoy sales growth), the upper end of the margin guidance should be in reach. Our current 9.3% margin estimate would imply only a 4.9% margin in Q4 (10.6% after 9M). We confirm our BUY rating with an unchanged € 25 PT based on FCFY 2025e; Nabaltec remains on our Alpha List as we regard it as „too cheap to ignore“. At € 14 per share, Nabaltec trades roughly 18% below its book value of € 17, while offering 11.6% adj. FCFY, a strong balance sheet and significant midto long-term potential. Following the current investment program, Nabaltec should be able (once fully utilized) to generate some € 300m sales, € 55m EBITDA and € 40m FCF (eNuW). You can download the research here: http://www.more-ir.de/d/31417.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2036131  22.11.2024 CET/CEST

Original-Research: mVISE AG - from NuWays AG 22.11.2024 / 09:01 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to mVISE AG Company Name: mVISE AG ISIN: DE0006204589   Reason for the research: Initiation Recommendation: Buy from: 22.11.2024 Target price: EUR 1.40 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Transformation fully on track – Initiate with BUY Following the appointment of Ralf Thomas as CEO in 2022, mVISE performed a remarkable transformation, in which the company restructured into a manufactory with a focus on software development while significantly reducing workforce to improve utilization and thus efficiency. Here, management has implemented a one-stop-shop experience for customers, catering the entire value chain from the initial development until the operation of the software. On top of this, mVISE acquired Workforce Management (WFM) expert opcyc GmbH in late 2023, a company with a staggering 60% EBITDA margin and 90+% recurring revenue ratio. The general beauty of the transformation lies in the positive impact on visibility and profitability (EBITDA margin +20.7pp from 2023’-27) as both the development business as well as the WFM software are yielding scalable and recurring revenues (70% by FY ‘27e) thanks to long-term contracts with customers. In our view, the secret of success going forward lies in the company’s holistic development approach, offering numerous advantages for customers as it focusses on the entire software lifecycle, allowing for a more efficient, user-oriented and flexible process, ultimately improving quality and thus driving customers value. In addition, mVISE has a proven sector expertise, especially in the telecommunication and industrial segment, which marks a competitive edge compared to larger, more sector-agnostic peers, in our view. Going forward, mVISE is further seen to benefit from several structural growth trends regarding both software development and WFM. Here, especially the ongoing digitalization of German SMEs as well as the increasing cloudification should enhance the prospects of custom software developers like mVISE.Moreover, the intensifying labour shortage as well as flexible work models are seen to drive demand for WFM solutions. Thanks to probably the most configurable tool in the market, opcyc should be able to even compete with larger peers, in our view. Along with several growth opportunities and operating a highly scalable business model, the stock looks undervalued trading at 5.8x EV/EBITDA 2024e (4.1x ‘26e). We hence initiate with BUY and a € 1.40 PT based on DCF. You can download the research here: http://www.more-ir.de/d/31419.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2036139  22.11.2024 CET/CEST

Original-Research: INDUS Holding AG - from NuWays AG 19.11.2024 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to INDUS Holding AG Company Name: INDUS Holding AG ISIN: DE0006200108   Reason for the research: Update Recommendation: Buy from: 19.11.2024 Target price: EUR 34.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr RT feedback: Strong FCF and well filled M&A pipeline Topic: On Monday we hosted a digital roundtable with INDUS, here are our key takeaways. M&A pipeline well filled: INDUS expects to see another deal to sign within the Infrastructure segment this year. However, the purchase price is likely not to be paid until FY25e. Further, INDUS has in prospect to spend around € 50-70m on M&A next year. Considering the recent decline in acquisition multiples for German SME’s, it is now a good time for INDUS to expand its portfolio in our view. Infrastructure shows a solid development in FY24 (10.2% EBIT margin in 9M, +1.9ppts yoy), which is expected to continue for FY25e. In addition, the Engineering segment should improve at least slightly next year. As communicated by management in the Q2 CC, product mix in H2’24e is much more favorable than in H1. Consequently, the operating margin in Q3 already improved considerably compared to H1’24 (9.0% vs. 5.2% in H1). In our view H2’24e should be a better reference point for FY25e than the muted H1. On the other hand, Materials should be more challenging next year. While the medical companies show resilience, companies in the metal production and processing sectors are more affected by the current difficult macro environment. In addition, order backlog in Materials decreased over the last year, which puts further pressure on the top-line (€ 120m backlog in 9M’24 vs. € 153m end of FY23). Strong Free Cashflows: INDUS continues to expect above € 110m in FCF this year (eNuW: € 115m), delivering a strong FCFY’24e of c. 10% (eNuW). Beyond that, a further reduction in working capital for FY25e looks plausible, which is however dependent on the sales development next year. This should support free cashflows in FY25e. Already in 9M, working capital decreased c. € 33m yoy to € 506m (vs. € 538m end of 9M’23; € 618m end of 9M’22), thanks to an ease of supply chains, muted sales growth and an active working capital management. We continue to like the stock and confirm INDUS as one of NuWays’ Alpha Picks. Reiterate BUY with an unchanged PT of € 34, based in FCFY’24e. You can download the research here: http://www.more-ir.de/d/31361.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2032767  19.11.2024 CET/CEST

Original-Research: Rosenbauer International AG - from NuWays AG 18.11.2024 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to Rosenbauer International AG Company Name: Rosenbauer International AG ISIN: AT0000922554   Reason for the research: Update Recommendation: Buy from: 18.11.2024 Target price: EUR 50.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Strong Q3 results // guidance confirmed; chg. est. Topic: Last Friday, Rosenbauer released strong Q3 results with top- and bottom-line above our estimates. Further, the company confirmed its FY24e guidance, which looks achievable for us. Q3 sales increased 28.6% yoy to € 307m, clearly above our estimates (eNuW: € 271m) thanks to a higher volume of vehicle deliveries (9M: +22.6% yoy), significant price increases and restored supply chains. While sales in the Customer Service, Equipment and Preventive Fire Protection segments improved only modestly or even declined in Q3 (+7.5% yoy; +3.9% yoy; -33.9% yoy), Vehicle revenues increased by 38.4% yoy to € 234m. Q3 EBIT came in at € 15.0m, a 43.6% yoy disproportional increase and above our estimates (eNuW: € 14.1m). EBIT margin improved 0.5ppts yoy to a solid 4.9% mainly due to operating leverage and price increases. Order intake continued to be strong and came in at € 489m, 35.3% above last year, leading to a new record high order backlog of € 2.2bn. As a result of the strong demand and the challenging supply chain situation in recent years, the order backlog was already at an elevated level. Rosenbauer intends now to reduce the book-to-bill to a level of 1.0x (1.60x in Q3’24) to decrease lead times and with that the implied risk in the order book of increases on the cost side like in FY21 & FY22. Capital increase: the capital increase (company news: 20 June) is still conditional to competition and merger control approval. Nevertheless, management expects the deal to close in 2024. Guidance specified: Rosenbauer specified its FY24e outlook to sales above € 1.2bn (previously: around € 1.2bn) and an EBIT margin of 5%. € 1.2bn sales are well in reach, given that Rosenbauer achieved already 70% of its target and Q4, which is by far the strongest quarter, is not in the books yet. In the past five years, Q4 was responsible for 31.6%-37.2% of FY sales. In consideration of the fact that Rosenbauer (1) has a strong order backlog, (2) price increases are successively reflected in sales and (3) supply chains improved over the course of the year, we estimate FY24e sales of € 1,25m with an EBIT margin of 5.0%.   We reiterate BUY with an unchanged PT of € 50 based on DCF. You can download the research here: http://www.more-ir.de/d/31341.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2031657  18.11.2024 CET/CEST

Original-Research: Multitude SE - from NuWays AG 15.11.2024 / 09:06 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to Multitude SE Company Name: Multitude SE ISIN: MT0002810100   Reason for the research: Update Recommendation: Buy from: 15.11.2024 Target price: EUR 12.00 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow Q3 with improved profitability // FY24 guidance confirmed; chg Topic: Multitude reported a strong set of Q3 figures with improved bottom-line and confirmed its FY24 EBIT guidance. Further, the company announced to continue with a new CEO from FY25 onwards and provided a guidance for FY25. In detail: Interest income increased to € 65.1m (11% yoy, 1% qoq vs eNuW: € 68.3m), thanks to strong growth in the SME banking to € 8.6m (4% qoq, 46% yoy, vs eNuW: € 8.3m) and in the Wholesale Banking to € 3.5m (25% qoq, 152% yoy, vs eNuW: € 2.8m). Consumer Banking topline improved only slightly by 4% yoy to € 52.9m. The net loan book (NAR – including debt investments of € 101m) grew to € 726m (4% qoq, 24% yoy, vs eNuW: € 720m). EBIT jumped to € 18.9m (13% qoq, 57% yoy), mainly driven by credit losses that decreased further to only € 21.5m (-10% qoq, 3% yoy, vs eNuW: € 26.6m) or 33% of sales, while S&M, personnel and other operating expenses remained stable. With interested expenses raising to € 12.8m (12% qoq, 99% yoy, eNuW: € 9.6m), we should have seen the peak here for the moment, expecting lower relative levels going forward. Still, EBT of € 6.2m (15% qoq, -2% yoy) is in line with expectations (eNuW: € 6.6m), carried by the lower credit losses. Overall, Multitude delivered another strong quarter thanks to further significant improvements in the risk management, visible in declining credit losses paired with ongoing tight cost control stabilizing OPEX. On the back of the 1) strong NAR over all segments, 2) credit losses to remain on moderate levels and 3) ongoing tight cost control, we see further meaningful EBIT improvements. Hence, the confirmed EBIT guidance of € 67.5m looks achievable. As interest expenses should have peaked in Q3, the newly introduced net profit guidance for FY25 of 23m looks achievable as well (eNuW: € 24.5m). Further, CEO and founder Jorma Jokela decided to step down as CEO of the Group at year end to focus i.e. on M&A and hand over to Antti Kuplainen (currently CEO of Multitude Bank) – a sensible move in our view. For a growing, highly profitable, resilient and dividend paying company 4.6x PE´25 looks dirt cheap. Consequently, we reiterate BUY with an unchanged PT of € 12, based on our residual income model. Multitude remains a NuWays Alpha pick. You can download the research here: http://www.more-ir.de/d/31319.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2030703  15.11.2024 CET/CEST

Original-Research: Einhell Germany AG - from NuWays AG 15.11.2024 / 09:05 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to Einhell Germany AG Company Name: Einhell Germany AG ISIN: DE000A40ESU3   Reason for the research: Update Recommendation: Buy from: 15.11.2024 Target price: EUR 86.00 Target price on sight of: 12 months Last rating change: Analyst: Konstantin Völk Final Q3 results out & guidance confirmed; chg. est. Topic: Einhell released strong final Q3 numbers in line with preliminary results. Further, Einhell confirmed its previously increased FY24e guidance (company news 10 October). Q3 sales increased 14.5% yoy to € 263m thanks to the ongoing strong demand for the company’s Power X-Change products (9M’24: 50% PXC share; +5ppts yoy). Q3 sales in Western Europe incl. DACH increased 24.7% to € 146m, still making up the bulk of overall revenue with c. 55% of Group sales. Sales in Eastern Europe came in at € 29.8m, a 7.6% increase yoy supported by a strong demand from Turkey despite the difficult local economic environment. Overseas and Other Countries showed a flat yoy sales development at € 72.8m, driven by a solid performance of Einhell Australia but offset by top-line challenges in Einhell Canada and South Africa. EBT for Q3’24 increased disproportionately by 22.5% to € 22.6m with an EBT margin of 8.6% (+0.6ppts yoy) mainly due to a decreased material cost ratio and operating leverage leading to a decreased personnel cost ratio. The ratio of material cost declined 2.1ppts yoy to 58.2% thanks to the increasing share of PXC products, which tend to deliver higher gross margins. While personnel costs rose 8.5% yoy to € 36.4m due to wage inflation and higher variable compensation, headcount decreased 2.5% yoy predominantly due to reductions in Thailand and the sale of Einhell Colombia on 31 May 2024. However, despite the absolute increase in personnel costs, the expense ratio decreased 0.8ppts yoy thanks to a higher turnover. On the other hand, other operating expenses increased disproportionately by 19.5% to € 45.3m (17.2% of sales; +0.7ppts yoy) mainly due to higher advertising costs. Einhell confirmed its FY24e guidance of € 1,070m sales and an EBT margin in the range of 8.0-8.5%. In our view, the new guidance looks still plausible thanks to the strong demand for Einhell’s Power XChange products and the favorable top-line development in 9M. Further, we expect a 0.4ppts yoy increase in EBT margin to 8.2% as an increasing PXC share and operating leverage is kicking in. Going forward, we expect the positive momentum to continue during FY25e (eNuW sales: € 1,145m). Reiterate BUY with an unchanged PT of € 86 based on DCF. You can download the research here: http://www.more-ir.de/d/31321.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2030709  15.11.2024 CET/CEST

Original-Research: Flughafen Wien AG - from NuWays AG 15.11.2024 / 09:01 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to Flughafen Wien AG Company Name: Flughafen Wien AG ISIN: AT00000VIE62   Reason for the research: Update Recommendation: Hold from: 15.11.2024 Target price: EUR 61.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Q3 review: strong FCF despite CAPEX cycle Topic: FWAG released solid Q3 results, in line with our estimates. Moreover, FCF remained upbeat despite the current CAPEX cycle kicked-off at the end of last year, highlighting the company's strong operative cash generation. In detail: Q3 sales arrived at € 304m, +12% yoy (eNuW: € 306m; eCons: € 305m), particularly on the back of risen passenger numbers (+6% yoy) leading to an increase in airport charges by 11% yoy to € 130m (+43% of sales). Moreover, the Retail and Properties segment benefited disproportionately to passenger growth and expanded sales by 13% yoy to € 58m (19% of sales), followed also by a 13% increase to € 49m in Handling & Security (16% of sales). Elsewhere, the segment Malta also showed a strong passenger growth of 12% yoy which materialized in sales growth of 14% yoy to € 43m (14% of sales). Q3 EBITDA came in 5% higher than last year at € 163m (eNuW: € 160m; eCons: € 165m), however at a slightly lower, but still very comfortable margin of 53.7%, -3.4pp yoy (9M: 46.5% margin, -1.0pp). In particular, the risen personnel expenses (+ 17% yoy to € 92m), but also other OPEX of € 46m (+43% yoy) contributed to the EBITDA expansion below sales growth. The key highlight was a strong FCF. It increased by 77% yoy to € 99m (eNuW: € 42m; 9M: € 198m, -12% yoy), despite substantially higher CAPEX of € 45m, up 40% yoy (eNuW: € 75m). This stems from a superb CFO expansion by 63% yoy to € 144m (eNuW: € 117m; 9M: € 322m, up 13% yoy), which in turn was positively affected by € 40m reversals of provisions. Consequently, net cash expanded by 46% yoy to € 435m (eNuW: € 390m) and should keep on building into FY'25e. Mind you, the company keeps on storing cash until a final decision on the 3rd runway is reached (eNuW: end of ’25 until mid ’26). Moreover, October passenger numbers of 3.8m (+8% yoy) arrived in line with our expectation of 3.8m and show a solid start into Q4. In sum, FWAG remains fully on track to deliver another record year. We regard the company as a highly stable dividend payer, but on the other hand, the shares seem to be valued accordingly, which is why we reiterate our HOLD recommendation with unchangend PT of € 61.00, based on DCF. You can download the research here: http://www.more-ir.de/d/31327.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2030715  15.11.2024 CET/CEST

Original-Research: MLP SE - from NuWays AG 15.11.2024 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to MLP SE Company Name: MLP SE ISIN: DE0006569908   Reason for the research: Update Recommendation: Buy from: 15.11.2024 Target price: EUR 12.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Q3 in line, guidance at top end or above achievable Q3 sales increased by 19% yoy to € 245m (eNuW: € 242m; 9M: € 746m, +12% yoy), driven by a € 17m sales effect of performance fees (vs. Q3’23: € 0.1m) but also a solid underlying development (sales ex performance +11% yoy). The competence field Wealth drove sales by 36% yoy to € 140m (eNuW: € 128m; € 123m sales ex performance fees, up 19% yoy), whereas Life & Health sales also increased by 2% yoy to € 68m (eNuW: € 70m) followed by P&C sales of € 35m, up 2% yoy (eNuW: € 35m). Noteworthy, the RE business saw a two-faced development, where RE brokerage rose by 191% yoy and 17% qoq to € 10m (eNuW: € 8m) but RE development remained nonexistent at € 0m sales (eNuW: € 1m). EBIT expanded sharply by 128% yoy to € 17.8m (eNuW: € 18.2m), benefiting from a € 11m performance fee EBIT contribution (eNuW; c. 65% incremental margin). On the other hand, underlying profitability (EBIT ex perf. fee effect) decreased by 13% yoy due to higher OPEX (+15% yoy). Guidance confirmed: FY’24 guidance (EBIT: € 85-95m) confirmed: Based on a € 66m EBIT per 9M, the guidance implies a Q4 EBIT in the range of € 19-29m (eNuW: € 28m, not including significant performance fees). This also compares well to previous periods’ EBIT of € 23m (Q4'22, no perf. fees) and € 25m (Q4'23, no perf. fees), which were both burdened by goodwill impairments in the RE segment (€ 3m in Q4'22; € 4m in Q4'23). Consequently, we are positioned at the top end of the guidance (eNuW: € 95m). Moreover, should capital markets continue to perform well until Y/E'24e, performance fees could be in the cards and the guidance could be overachieved. For next year, MLP's midterm targets (EBIT € 100-110m; eNuW: € 102m) will become the FY'25e guidance and new mid-term targets are to be published with FY'24 results in March '25. Dividend increase after 3 years likely: Based on MLP's targeted pay-out ratio of 50-70% (eNuW: 60%) and EPS estimate of € 0.64, the FY'24e dividend should amount to € 0.36 per share, implying a 20% yoy increase and a current yield of 6%. Mind you, that the dividend is tax free according to § 27 KStG. All in all, MLP remains fully on track to achieve this and next year's targets this year and should continue to show improvements going forward thanks to its well diversified business model with a large share of recurring revenues. Therefore, we keep MLP in our NuWays' Alpha List and reiterate our BUY recommendation with unchanged PT of € 12.00, based on FCFY'24e. You can download the research here: http://www.more-ir.de/d/31331.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2030719  15.11.2024 CET/CEST

Original-Research: Singulus Technologies AG - from NuWays AG 14.11.2024 / 09:25 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to Singulus Technologies AG Company Name: Singulus Technologies AG ISIN: DE000A1681X5   Reason for the research: Update Recommendation: Hold from: 14.11.2024 Target price: EUR 1.60 Target price on sight of: 12 months Last rating change: Analyst: Konstantin Völk Final Q3 results out in line with prelims; chg. est. Topic: Singulus released solid Q3 numbers in line with preliminary results (published on 7 November). To recap: Sales increased 44% to € 20.3m from a low comparable base due to project postponements in FY23 and supported by a solid order backlog. Sales were particularly driven by the Life Science Segment with € 9.2m sales in Q3 (+131% yoy) and the Semiconductor segment (€ 5.6m; +87% yoy). On the other hand, Solar declined by 23% to € 5.5m due to project postponements. In addition, decreasing solar module prices due to competitive pricing from China, impacts the competitiveness of European producers materially. EBIT came in at € 0.6m, considerably above last year's numbers (€ -4.9m in Q3’23) thanks to a favorable product mix towards the more profitable Semiconductor Segment. Already since the start of the year, Semiconductor has shown a strong uptick in demand, contributing € 31.6m in order intake during 9M’24 (45% of total order intake). In addition, the company has several cost saving measures in place: Already in 2022 Singulus closed the Fürstenfeldbruck site, which saves the company c. € 2m in OPEX (as stated in the Q1’23 CC). For instance, R&D expenses decreased to € 3.6m in 9M’24 (vs. € 4.9m in 9M’23) and general administration costs decreased to € 6.1m (vs. € 6.4m in 9M’23). Order intake increased 126% yoy to € 18.5m from a muted comparable base, leading to a solid order backlog of € 69m (vs. € 61m in Q3’23), driven by a strong demand in the Semiconductor segment. Although Singulus’ operating business is moving in the right direction, the company is still operating subscale and needs above € 95m sales (eNuW) to achieve profitability for net income on a sustainable basis. Furthermore, Singulus has an equity deficit of € -44.8m and its financing structure is heavily dependent on its largest shareholder (17%) and customer CNBM. Although the collaboration with the Chinese partner worked out well yet, it is still a major risk which deserves consideration before investing in the stock. We reiterate HOLD with an unchanged PT of € 1.6 based on DCF. You can download the research here: http://www.more-ir.de/d/31305.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2030105  14.11.2024 CET/CEST

Original-Research: Nynomic AG - from NuWays AG 13.11.2024 / 09:05 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to Nynomic AG Company Name: Nynomic AG ISIN: DE000A0MSN11   Reason for the research: Update Recommendation: Buy from: 13.11.2024 Target price: EUR 44.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Muted prel. Q3 in line with expectations // guidance confirmed Preliminary Q3 sales stood at € 24.3m, a roughly 21% yoy decline (9M: down 14% yoy) as expected and in line with previous quarters. The key drivers behind this were delayed product call-offs and certain budget-related project postponements into FY25e. This is the case for all three segments, the first time in several years. For instance, within Green Tech, end customers are reluctant to purchase high-end vehicles (e.g. combine harvesters) and systems. Within Clean Tech, customers in traditional silicon-based sectors are experiencing delays in new projects, as well as upgrades to existing systems, due to changes in the AI and memory markets. Order intake in the third quarter came in at € 19.4m, largely flat yoy, which brings the company’s order book to € 54.6m at the end of September. With this, preliminary Q3 EBIT decreased sharply (76% yoy) to only € 0.9m, delivering a 3.7% margin (9M € 5.1m, 7.1% margin), reflecting the lower fixed cost coverage. Confirmed FY24e guidance (€ 100-110m sales and 7-9% EBIT margin) implies a strong Q4. As previously communicated, management expects a disproportionally strong Q4 due to confirmed call- off dates of formerly delayed orders. Hence, the mid points of the guidance imply € 33m sales (-4% yoy) and a 11% EBIT margin (-9.7pp yoy). Nynomic's resilience amid current challenges is evident, with no order cancellations and steady demand, signaling these issues are likely temporary. Some € 11m in orders originally expected for H2 are now set for recognition in 2025. Beyond FY24e, Nynomic is positioned for strong growth throughout the next few years. By FY26e, we expect € 141m sales and an EBIT margin exceeding 15%, which is driven by several factors: deferred revenue from postponed orders, recent product launches (such as TactiScan, LabScanner Plus, and FETTE’s tablet press), and a recovery in core markets like semiconductors, medical devices, and pharmaceuticals. Management reaffirms its mid-term growth targets, which were set last year, and expects sustained growth in the 3-5 year horizon. The company is targeting € 200m in sales and an EBIT margin of 16-19%, supported by a mix of organic expansion and strategic acquisitions. This focus on both internal innovation and complementary acquisitions positions Nynomic well to capitalize on growing industry demand, making it an appealing investment as it heads into a promising phase of growth. Conclusion: Although Nynomic faces short-term challenges, leading to a second transition year, its underlying strength and growth path remains attractive. Investors should consider the expected recovery in 2025, driven by the realization of postponed orders and a robust lineup of new projects. We hence confirm our BUY rating with an unchanged € 44 PT based on DCF. You can download the research here: http://www.more-ir.de/d/31295.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2028581  13.11.2024 CET/CEST

Original-Research: NFON AG - from NuWays AG 13.11.2024 / 09:01 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to NFON AG Company Name: NFON AG ISIN: DE000A0N4N52   Reason for the research: Update Recommendation: Buy from: 13.11.2024 Target price: EUR 11.70 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Q3e: Further improving top-line & profitability, chg. NFON will release Q3 figures on 21st November. Overall, we expect a solid release including further sequential improvements on top- and bottom-line. In detail: Q3 sales are seen to increase 5.4% yoy to € 21.6m on the back of imposed prices increases as well as continuous seat growth. Again, we expect an increasing share of recurring revenues of 94.6%, implying recurring revenues of € 20.4m. On the other hand, non-recurring hardware sales are seen to remain muted in Q3 with € 1.2m. With this, we expect the ARPU to come in at a solid level of € 9.94. Yet, we expect a further ARPU improvement going forward, driven by (1) the up-selling of premium solutions as well as (2) the consolidation of botario effective with Q4. On this basis, Q3 adj. EBITDA is expected to come in at € 2.9m (+10.3% yoy), implying a 13.3% margin. This should be partly driven by an improved gross margin but mainly by the imposed efficiency measures in personnel (eNuW: cost ratio down 1.9pp vs FY ’23) and especially sales & marketing (eNuW: other OpEx -1.7pp vs FY ’23). Also, FCF should again come in strong with € 1.5m (eNuW). Against this backdrop, management should confirm the FY ’24 guidance, targeting recurring revenue growth in the mid- to upper single-digit range (eNuW: +5.3% yoy), adj. EBITDA of € 10-12m (eNuW: € 11.3m) as well as a recurring revenue ratio of 90+% (eNuW: 94.3%). This should be easily achieved, in our view, given 9M ‘24e adj. EBITDA of € 8.5m as well as sequentially improving recurring revenue growth so far in 2024. Going forward, we expect the integration of DTS to offer further upside as well as the consolidation of newly acquired AI-subsidiary botario. Here, we also expect strong synergies to arise in the form of cross- and up-selling. Overall, the company remains excellently positioned to grasp the highly promising opportunities in the European market for integrated business communication, in our view. As valuation remains attractive at 8.4x EV/EBITDA ‘24e (5.5x ‘25e), wer reiterate BUY with an unchanged PT of € 11.70 based on DCF. NFON also remains one of our top-picks as part of the NuWays Alphalist. You can download the research here: http://www.more-ir.de/d/31297.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2028591  13.11.2024 CET/CEST

Original-Research: INDUS Holding AG - from NuWays AG 13.11.2024 / 09:01 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to INDUS Holding AG Company Name: INDUS Holding AG ISIN: DE0006200108   Reason for the research: Update Recommendation: Buy from: 13.11.2024 Target price: EUR 34.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Final Q3 results out // 2nd buyback offer announced; chg. est. Topic: INDUS released its final Q3 numbers in line with preliminary results. Even more importantly, the company announced a public buyback offer in the period from 12-25 November 2024 up to € 15.2m. To recap: Q3 sales decreased slightly by 3.6% to € 443m due to a challenging macro environment and low order backlog. Reported EBIT remained roughly unchanged yoy at a solid € 31.8m with a 7.2% EBIT margin. However, adjusted for impairments of € 6.7m in Q3’24 and € 17.6m in Q3’23, EBIT decreased by 22%. Personnel costs increased slightly by 0.6% yoy to € 129.4m despite a lower headcount (-1.6% yoy of continuing operations) due to a notable rise in wages and salaries. Cost of materials increased 1.4% yoy to € 195m with a 1.3pp increase in the cost ratio from a low comparable base. Order intake remained unchanged yoy at € 392m (€ 391 in Q3’23) but on a low level due to a weak economic situation in the metal production and processing sectors. This leads to an order backlog of € 678m (vs. € 711m end of FY23). While the demand situation stopped declining and consolidated now on a low level (€ 1,220m order intake 9M’24 vs. € 1,230m in 9M’23), the book to bill ratio is still slightly below 1.00 (0.95 in 9M’24). However, we estimate that INDUS has already overcome the low point, and we should see successive improvements for FY25e. Buyback offer announced: already in February, INDUS acquired 1.1m shares at a price of € 23 per share in a public buyback offer, amounting to 4.1% of its share capital, which are still held as treasury shares. The company announced now a second buyback offer at € 21.65 per share for 0.7m shares in the period from 12-25 November. In addition, INDUS intends to buy for up to € 5m, but no more than 0.2m shares on the open market between 2 December 2024 at the earliest and until 16 May 2025 at the latest. If both programs are conducted successfully, INDUS would hold up to 7.4% in treasury shares. According to management, shares from the second tender offer and the open market transaction will be cancelled. This is positive news, as the stock is clearly undervalued in our view and hence repurchasing shares offers an attractive return on invested capital compared to other capital allocation choices. Strong FCF: management confirmed the FCF outlook for FY24e of above € 110m. INDUS achieved € 71.9m FCF in 9M’24, € 34.2m lower than last year but still on a solid level. Further, FCF in 9M’23 includes a positive one-time effect of € 14.4m from a property sale. The FY target of € 110m looks plausible in our view (eNuW: € 115m), as working capital tends to come down in Q4 due to seasonal effects. With that, INDUS should deliver a strong FCFY’24e of c. 10%. 2025 outlook: According to management, the geopolitical and macroeconomic challenges should continue to exist in FY25e. However, compared to Q1’24, the situation has already visible improved. Thus, we expect to see a moderate top-line improvement for FY25e of 5.4% to € 1810m, of which € 40-50m should be contributed from M&A acquisitions in FY24e and FY25e as stated by management. Further, we expect EBIT to improve disproportionately to € 150m in FY25e (eNuW) due to less expected impairments and macroeconomic improvements. Nevertheless, INDUS has shown resilience even in an adverse business environment. On top of that, INDUS is trading at only 8x forward P/E (eNuW), offers an expected dividend yield of 5.8% (eNuW FY24e: € 1.2 per share), and delivers a strong FCFY24e of c. 10% (eNuW). Hence, we keep INDUS as one of NuWays’ Alpha Picks and reiterate BUY with an unchanged PT of € 34, based on FCFY’24e. You can download the research here: http://www.more-ir.de/d/31299.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2028595  13.11.2024 CET/CEST

Original-Research: q.beyond AG - from NuWays AG 12.11.2024 / 09:02 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to q.beyond AG Company Name: q.beyond AG ISIN: DE0005137004   Reason for the research: Update Recommendation: Buy from: 12.11.2024 Target price: EUR 1.10 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Q3 in line with est.; consulting on the road to recovery Topic: QBY released Q3 results that were largely in line with our estimates on the top- and bottom-line. Especially profitability remains on a strongly improved level compared to the previous year. In detail: Q3 sales increased 3.5% yoy to € 47.0m (eNuW: € 47.3m; eCons: € 47.4m), again driven by the managed service segment but also a sequential improvement of the consulting segment. Managed service sales increased 6.2% yoy to € 32.9m (eNuW: € 32.8m) and achieved an improved segment gross margin of 79.9% (+1pp yoy). On the other hand, the consulting segment saw a further decline, as sales were down 2.6% yoy to € 14.1m (eNuW: € 14.5m). Yet, we saw a sequential improvement of 4.2% qoq, which is pointing towards a recovery, in our view, as the segment gross margin also improved slightly by 0.4pp qoq to 7.1%. Mind you, management targets to substantially increase the consulting margin going forward, driven by an increased utilization as well as a higher near- and off-shoring ratio (target: 20%; 13% at Q3 ‘24). Overall gross profit came in at € 7.6m (eNuW: € 7.8m; eCons: € 8.4m, implying a margin of 16.2% (+0.9pp yoy). Against this backdrop, Q3 EBITDA improved significantly to € 2.2m (vs. € -0.1m in Q3 '23; eNuW: € 2.2m; eCons: € 2.3m), implying a 4.6% margin. The drivers behind the improvement were significant reductions in sales & marketing (-14% yoy) as well as G&A expenses (-12% yoy) following the successful implementation of the One q.beyond strategy. On this basis, management confirmed the FY guidance of € 192-198m (eNuW: € 193m; eCons: € 193m), EBITDA of € 8-10m (eNuW: € 9.3m; eCons: € 9.2m) as well as positive FCF (eNuW: € 5.6m; eCons: € 4.4m). In our view, the guidance looks absolutely achievable, especially given the seasonally strong Q4 ahead. At 9M, FCF arrived at € 4.7m, which compares to € 2.6m in the same period last year. Overall, the release fully underpins the case in accordance with management’s Strategy 2025, targeting an EBTIDA margin of 7-8% (eNuW: 7.1%; eCons: 6.8%) as well as sustained positive net income (eNuW: € 2.1m; eCons: € 1.4m). Reiterate BUY with an unchanged € 1.10 PT based on DCF. You can download the research here: http://www.more-ir.de/d/31277.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2027519  12.11.2024 CET/CEST

Original-Research: DEMIRE AG - from NuWays AG 12.11.2024 / 09:01 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to DEMIRE AG Company Name: DEMIRE AG ISIN: DE000A0XFSF0   Reason for the research: Update Recommendation: Buy from: 12.11.2024 Target price: EUR 1.50 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Refinancing finalized – Full focus on operations Yesterday, DMRE announced that the company had successfully the terms and maturity of its corporate bond in a procedure under the German Bond Act. This comes after in the beginning of September, bondholders representing more than 90% of the aggregate outstanding principal amount of the bond agreed to the amendment and extension of the bond. The technical implementation has now taken place and the bond under the new conditions is already tradeable again on the Luxembourg Stock Exchange. As agreed upon, DMRE repaid € 49.9m (10% of outstanding amount) at par on 22nd October. Further, the company repaid € 4.6m below par as part of a tender offer process. In addition to this, € 190.8 were also repurchased below par (76.25%) and cancelled following the communicated backstop agreement. On top of this, management aims to repurchase a further amount of € 1.3m on the basis of the backstop agreement soon. With this, DMRE already redeemed € 245.3m, reducing the outstanding volume to € 254m. In the process, the company made use of a shareholder loan by Apollo to the tune of € 92.9m. Mind you, the maturity of the bond was extended to 2027 at an increased interest rate of 5%. Yet, management is incentivized to reduce the volume further going forward, given penalty fees of 3% if the bond is not reduced by another € 50m until YE ’25 as well as 2% if it has not been reduced by € 50m until YE ‘26. Moreover, a PIK interest of 3% will kick in starting FY ’27. On this basis, we expect DMRE to dispose further assets in order to shore up liquidity. Management is confident to close 3 deals until YE ’24 und dispose overall € 50m until FY ‘25e. Besides this, the company received positive news regarding the rating of its bond, which Moody’s upgraded to Caa2 while changing the outlook to stable. The stock remains undervalued given the significant and, in our view, unjustified NAV discount of 73%. Hence, we reiterate BUY with an unchanged PT of € 1.50 based on NAV. +++ For further information on the company’s strategy following the refinancing, there will be a roundtable discussion with CFO Tim Brückner on Wednesday at 11:00 a.m. (LINK) +++ You can download the research here: http://www.more-ir.de/d/31279.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2027521  12.11.2024 CET/CEST

Original-Research: MLP SE - from NuWays AG 11.11.2024 / 09:07 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to MLP SE Company Name: MLP SE ISIN: DE0006569908   Reason for the research: Update Recommendation: Buy from: 11.11.2024 Target price: EUR 12.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Q3 preview: Solid release ahead and easy to achieve guidance Topic: On Thursday, Nov. 14th, MLP will releas Q3 results, after previously having released an ad-hoc with Q3 EBIT to come in 'significantly above previous year's Q3 due to a € 17m performance fee collection and consequently raising the FY'24e EBIT guidance (see update from Oct. 8th). Here's what we expect in detail: Q3 total sales should arrive elevated at € 242m (+15% yoy) driven by a mix of (1) the aforementioned performance fees (€ 17m vs. 0.1m in Q3'23) and (2) a solid underlying development with sales ex performance fees to be up 7% yoy. For the latter, we expect the segments FERI (+41% yoy to € 75m, +9% yoy ex perf. fees), Banking (+14% yoy to € 54m), Finanzberatung (+7% yoy to € 95m) and from low levels also the RE segment Deutschland.Immobilien (+58% yoy to € 9m) to have contributed most to the growth. Q3 EBIT should mainly profit from the performance fee contribution (eNuW: € 11m EBIT effect, c. 65% incremental margin) and thus grow by 133% yoy to € 18m. Adjusting for performance fees, underlying EBIT should arrive at € 7m, down only slightly (-8% yoy), as we expect a constant yoy net interest income of € 12.5m due to recent interest rate declines. Based on our estimates (€ 67m EBIT per 9M), the FY'24e guidance of € 85-95m EBIT would only require a Q4 EBIT of € 18-28m (eNuW: € 28m), which compares well to previous periods of € 23m (Q4'22) and € 25m (Q4'23). Mind you, that both previous Q4s recorded no significant collection of performance fees and were burdened by goodwill impairments in the RE segment (€ 3m in Q4'22; € 4m in Q4'23). As current capital market performance bodes well for potential performance fees, while also the market recovery in RE poses less risk for another goodwill impairment in Q4, the chances are that the guidance could be outperformed. Despite us not assuming significant performance fees for Q4, we are positioned at the top end of the guidance (eNuW: € 95m). Against this backdrop, we expect a solid Q3 release, also with record high AuMs of € 61bn, +9% yoy. Therefore, we confirm MLP in our NuWays Alpha List and reiterate our BUY recommendation with an unchanged PT of € 12.00, based on FCFY'24e. You can download the research here: http://www.more-ir.de/d/31249.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2026355  11.11.2024 CET/CEST

Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AG 11.11.2024 / 09:05 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to Borussia Dortmund GmbH & Co KGaA Company Name: Borussia Dortmund GmbH & Co KGaA ISIN: DE0005493092   Reason for the research: Update Recommendation: Buy from: 11.11.2024 Target price: EUR 5.50 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Q1p: Improved top-line but reduced transfer income; chg. Q1 sales increased by 4.9% to € 107m (eNuW: 104m), which was predominantly driven by advertising (+16% to € 39.2m; eNuW: € 34.1m) as well as TV Marketing (+4% to € 39.2m; eNuW: € 38.6m). Moreover, sales from match operations increased by 5% to € 8.1m, in line with our estimates, while conference, catering and others was significantly ahead of our forecast with € 14.1m (eNuW: € 10.8m). On the other hand, merchandising sales declined in Q1 by 36% to € 10.0m (eNuW: € 12.4m), after the strong previous year's quarter was mainly boosted by the sale of 90k special jerseys. Despite the increased top-line, Q1 EBITDA declined to € 25.7m (eNuW: € 32.0m), implying a margin of 24.0%. The previous year’s EBITDA of 79.4m was mainly pushed by a stronger transfer income following the transfer of Jude Bellingham to Real Madrid (€ 103m fee). This summer, only Niclas Füllkrug’s transfer to West Ham (eNuW: € 27m) was of significance, which is explaining the gap, as transfer income declined by 77% to € 19.3m. With its FY ‘23/24 report, management also put out a new guidance, targeting sales of € 503m (eNuWnew: € 502m), an EBITDA of € 110-120m (eNuW: € 120m) and a FCF of € 21m (eNuW: € 20.4m). On the sporting side, BVB had a rough start into the new Bundesliga season. Although the club won every single home game, including an important win against UCL side Leipzig, the team did not manage to win an away game so far resulting in only 16 points and 7th place in the standings. If the team does not overcome its weakness on the road, it could become difficult to qualify for the UCL at the end of the season. In contrast to this, BVB is again looking sharp in this years UCL campaign, having won 3 out of 4 games with the only loss coming from the away game at Real Madrid. With four games to go, the team is now in a very good position to gain a Top-8 spot, which would guarantee qualification for the round of 16. According to sports data provider opta, 17 points are sufficient in 100% of cases (50k simulations), while 16 points is enough in 98% and 15 points in 73% of cases. The necessary 7 points to get to 16 should be achievable given remaining opponents like Zagreb (A), Barcelona (H), Bologna (A) and Donetsk (H). Reiterate BUY with an unchanged PT of € 5.50 based on DCF. You can download the research here: http://www.more-ir.de/d/31251.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2026359  11.11.2024 CET/CEST

Original-Research: DEMIRE AG - from NuWays AG 08.11.2024 / 09:07 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to DEMIRE AG Company Name: DEMIRE AG ISIN: DE000A0XFSF0   Reason for the research: Update Recommendation: Buy from: 08.11.2024 Target price: EUR 1.50 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Rental income decreased due to smaller property portfolio, chg. Q3 rental income declined 20% yoy to € 15.2m (eNuW: € 16.0m), caused by the lower asset base following larger disposals as well as the deconsolidation of the Limes portfolio in July (eNuW: € 8.4m annual rental income). Despite a strong letting performance in the first nine months (+121% yoy) we also saw a decreasing like-for-like contractual rental income (-3.2%), which was mainly case by the increased vacancy rate of 14.7% (vs 13.1% at YE ’23) following the insolvency of Mein Real in Querfurt. This was only partly offset by indexation effects concerning existing rental agreements. Yet, we also already saw a sequential improvement in the vacancy rate of 0.8pp in Q3. We regard the strong letting performance as a sign of operational strength as we observe a continuous weakness of the letting markets. On this basis, we also saw a 12% yoy FFO decrease to € 7.5m (eNuW: € 7.3m), driven by negative operating leverage which was only slightly offset by an improved rental margin. Yet, an improved FFO margin of 50% shows that DMRE is able to display strong operating performances despite the significantly lowered asset base. Against this backdrop, management confirmed the FY guidance targeting sales of € 64-66m (eNuWnew: € 66.1m) as well as a yoy decline in FFO (eNuWnew: € 28.4m vs € 36.7m in FY ’23). Limes update. Following the insolvency of the Limes subsidiaries, management reiterated during the CC that it expects the assets to remain stable in value (eNuW: € 140m with 57% LTV). Hence, there could be upside to our estimates as we conservatively included a total loss for the company in our model. Disposal engine running. Following two larger disposals in Ulm and Leipzig, management confirmed in the CC that it expects 3 additional smaller deals to be closed until YE ‘24e as well as several assets do be disposed in FY ‘25e. Although it is hard to get a grip on the exact volume, management was confident to dispose assets with a volume of up to € 50m until YE ‘25e, which is however below our current estimate of € 99m (GAV). The stock remains undervalued given the significant and, in our view, unjustified NAV discount of 73%. Hence, we reiterate BUY with an unchanged PT of € 1.50 based on NAV. You can download the research here: http://www.more-ir.de/d/31227.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2025451  08.11.2024 CET/CEST

Original-Research: Rosenbauer International AG - from NuWays AG 08.11.2024 / 09:06 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to Rosenbauer International AG Company Name: Rosenbauer International AG ISIN: AT0000922554   Reason for the research: Update Recommendation: Buy from: 08.11.2024 Target price: EUR 50.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Solid Q3 preview and positive cross read; chg. est. Topic: Rosenbauer will release its Q3 report on November 15. We expect the positive development after a strong H1 to continue. Revenues are seen increasing 13.6% yoy to € 271m (eNuW) driven by (1) largely restored supply chains, and (2) substantial price increases, which are successively reflected in sales. This should also lead to a 0.8ppts increase in EBIT margin up to a healthy 5.2% (eNuW) and an EBIT of € 14.1m (+35% yoy). We expect this positive trend to continue for Q4’24e and thus a further improvement in profitability for FY24e after the transition year FY23 (eNuW EBIT margin FY24e: 5.2%; FY23: 3.5%; FY22: -1.1%). Price increases should be a major growth driver: vehicle sales increased 14.8% yoy in H1, which includes a yoy price increase of c. 6%. We expect to see a similar magnitude of price increases in Q3. Once Rosenbauer lifts its vehicle prices, it takes usually 6-12 months to be reflected in the order intake. Hence, the price increases in FY23 are now cooked into the order book and should have a positive impact well into FY25e. Remind you, the order book end of Q1’24 had a 20% higher average price per firetruck than in the previous year. Consequently, price increases should be a major contributor to sales growth in the coming quarters, even if we don’t expect Rosenbauer to raise its prices in the near term. Demand expected to remain strong: in addition to price increases, further growth should be supported by a strong demand that shows up in a solid order intake (H1’24: € 744m; +12% yoy) and is driven by structural trends such as increasing extreme weather events caused by climate change and the electrification of fire trucks. With a record high in order backlog of € 2.02bn, Rosenbauer is set for continuous growth in the coming quarters. Positive cross read: Rosenbauer’s largest competitor Pierce which belongs to the American conglomerate Oshkosh, released last week its Q3 numbers. Revenue within the “Fire apparatus” segment came in at $ 340m, a 13% increase yoy thanks to restored supply chains as well as price increases. Operating income in Vocational came in at $ 100m (+90% yoy) with a solid margin increase of 4.7ppts yoy due to improved price/cost dynamics. The positive development of Oshkosh Pierce gives us additional confidence for Rosenbauer’s Q3 figures next week. We reiterate BUY with an unchanged € 50.00 PT based on DCF. You can download the research here: http://www.more-ir.de/d/31229.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2025455  08.11.2024 CET/CEST

Original-Research: LION E-Mobility AG - from NuWays AG 08.11.2024 / 09:01 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to LION E-Mobility AG Company Name: LION E-Mobility AG ISIN: CH0560888270   Reason for the research: Update Recommendation: Buy from: 08.11.2024 Target price: EUR 3.60 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr LIGHT battery closer to commercialization // TÜV SÜD stake sold LION E-Mobility announced the successful completion of high-temperature tests for its LION LIGHT battery, which includes advanced immersion cooling technology, in collaboration with a German premium OEM. The battery exceeded test standards, demonstrating robust performance under extreme conditions and making it unique in the market for meeting the OEM's requirements. This is a significant milestone, as it validates the product and puts LION closer to commercialization. Here are the expected next steps: Once final testing is completed (in our view only a matter of form), LION should receive a request for quotation from the premium OEM. With this, the company is seen to put serial production plans into terms. In our view, the most likely situation would be a production JV with a Tier 1 supplier. Importantly, no exclusivity agreement has been signed with the OEM currently testing the battery. We hence expect LION to also be in early talks with additional potential customers.As the commercial aspects and concrete timeline until the fist serial production could be live are still difficult to grasp, we have not yet included the LIGHT battery in our estimates. What's more, LION announced the divestment of its 30% stake in TÜV SÜD Battery Testing to boost liquidity, as mentioned in its H1 report. In FY23, TÜV SÜD Battery Testing achieved € 16m in sales (+ 41% yoy) with an 18.9% EBIT margin, driven by a strong, ongoing demand for battery testing services. While the company has so far not announced a price, we expect the buyer (the joint venture partner TÜV SÜD AG) to pay roughly the book value recorded in the FY23 annual report of € 5.6. The proceedes will mainly be used to repay outstanding liabilities. Operations remain burdened during the short-term. As reflected by the FY24 guidance, which was cut with H1 figures, demand for battery pack solutions is seen to remain lackluster during H2, despite significantly improving vs. the first half of the year. FY24e sales are seen to decrease by 41% to € 33m (eNuW). In our view, this should to a large extent be driven by strongly falling battery prices and the resulting “wait and see” mentality of customers. This is not expected to change until H2 2025, in our view. While we expect FY25e to show a strong yoy sales increase, our figures are still below the reported numbers from FY22/23. Yet, this should be sufficient to get close to op. cash flow break even. LION E-Mobility remains a BUY with an unchanged € 3.6 PT based on SOTP. You can download the research here: http://www.more-ir.de/d/31231.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2025457  08.11.2024 CET/CEST