Original-Research: Ikonisys SA - von Sphene Capital GmbH Einstufung von Sphene Capital GmbH zu Ikonisys SA Unternehmen: Ikonisys SA ISIN: FR00140048X2 Anlass der Studie: Update Report Empfehlung: Buy seit: 06.02.2024 Kursziel: EUR 6,30 (bisher: EUR 4,50) Kursziel auf Sicht von: 36 Monate Letzte Ratingänderung: - Analyst: Peter Thilo Hasler, CEFA Creating a leading player in cancer diagnostics   Only weeks after Ikonisys entered a strategic partnership with Biocare Medical, the company made the next strategic step in business development by announcing the takeover of Hospitex, an Italian-based cytology company specialising in oncological diagnostics. According to the company, Hospitex has developed a unique ecosystem around a technology called Nephelometric Smart Technology (NST). Central to the ecosystem is CYTOfast Plus, which is claimed to be the most advanced processing solution to produce filter-less, standardized, single-layer liquid based cytology (LBC) diagnostic slides. While competitor technologies were originally designed only for the so-called Pap test, a screening test for cervical cancer, the patent protected NST is the only certified technology for the entire cytology universe and for all target organs, according to the company. We believe that Hospitex could prove a perfect fit to extend Ikonisys’ value chain and should significantly support the company's growth and profitability in the years ahead. After adjusting our financial model to the acquisition and the new number of shares, the intrinsic value derived from our three-stage DCF entity model increases to EUR 6.30 from EUR 4.50 per share (base case scenario). We reiterate our Buy rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28825.pdf Kontakt für Rückfragen Peter Thilo Hasler, CEFA +49 (89) 74443558/ +49 (152) 31764553 peter-thilo.hasler@sphene-capital.de -------------------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: Rubean AG - von NuWays AG Einstufung von NuWays AG zu Rubean AG Unternehmen: Rubean AG ISIN: DE0005120802 Anlass der Studie: Update Empfehlung: BUY seit: 06.02.2024 Kursziel: 8.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow Promising start into 2024 Topic: Yesterday, Rubean announced to have reached more than € 340k of sales only in January. This represents the highest monthly turnover in the company´s history. Rubean has realized more than one-third of previous year´s sales in only one month. According to management, the sales-jump is the result of the sharp increase in user numbers as well as one-offs from contract work that should potentially further expand the capabilities of Rubean´s payment platform. Indeed, no. of user quadrupled to c. 25k in FY23 from 6k in FY22 (eNuW). We hence expect that roughly one-third of January revenues are stemming from recurring license fees, while two-third of the revenues are coming from contract works and have a one-off character. As a result, we anticipate Q1 sales to come in at € 0.5-0.6m (eNuW). Positively, contract works often are initially necessary in order to onboard new customers and hence a precondition for future recurring license fees. This, paired with the recently announced new partnerships with i.e. Correos in Spain and emerchantpay as well as the quadrupling of app users should bode well for Rubean and is seen to become visible in a strongly growing topline. Importantly, with Correos, Rubean is not only earning a monthly license fee per user, but is also participating in every transaction, executed via the software. Note, we consider this highly profitable revenue sharing scheme as blueprint for future partnerships (eNuW). As Rubean´s leading softPOS product is ready for roll-out, further customer wins and partnerships are clearly in the cards for this year, further driving sales growth. Rubean should already be in advanced discussions with several potential partners. We hence expect positive newsflow from new partnerships within the next couple of weeks and months. Rubean runs a scalable Saas business model. With an increasing number of customers (eNuW: several customer wins to come in the short-term), the scalable nature of the group’s set-up should increasingly become visible. While EBIT is still seen to be negative at € -1.6m in FY24e, the operating breakeven is likely to be reached in FY25e. BUY with an unchanged PT of € 8.00, based on our DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28819.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: 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. ++++++++++ -------------------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: S Immo AG - von NuWays AG Einstufung von NuWays AG zu S Immo AG Unternehmen: S Immo AG ISIN: AT0000652250 Anlass der Studie: Update Empfehlung: BUY seit: 06.02.2024 Kursziel: 18.40 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Delisting indications getting stronger; chg. PT On Friday, S IMMO announced that the company will part ways with board member Herwig Teufelsdorfer with immediate effect. At the same time the supervisory board decided to appoint Tomáš Salajka to the board, who is also member of the Board of Directors of CPI Property Group (CPI), S IMMOs majority shareholder. This comes after the company already parted ways with former board member Holger Schmidtmayr in June. Like Mr Teufelsdorfer, Mr Schmidtmayer was replaced with a person closely associated with CPI: Radka Döhring. After Ms Döhring acted as Finance Director at CPI from 2012-2014, she was announced as member of the board at IMMOFINANZ just two months after CPI gained voting rights majority at the company. With this, Radovan Vitek, founder, and majority shareholder (90.3% of voting rights) of CPI, is seemingly implementing full operating control over S IMMO and IMMOFINANZ, after acquiring majority stakes (88.4% in SPI & 77% in IIA) in 2022. Mind you, S IMMO also has 4.44% treasury shares. The cancellation of which would lift CPI above the 90% squeeze-out threshold. Moreover, S IMMO is currently running the second consecutive quarterly share buyback (0.25% of targeted 1% bought back in Q4), hence lowering the number of shares CPI would have to acquire at a higher price in the event of a squeeze out. Although a delisting would be sensible at first glance, considering the current dual listing on the Vienna Stock Exchange (S IMMO & IMMOFINANZ) as well as facilitation with regards to related-party-transactions, the following questions arise: When and why not so far? While the question of when is difficult to answer, one possible answer to the question of why it has not happened yet is that CPI would have to pay a significant premium to the current share price given the NTA of € 25.16 as well as the € 19.50 per share, which IMMOFINANZ paid to acquire a 50% S IMMO stake from CPI in Q4 ‘22. Given CPIs high leverage (>50% LTV) as well as the short attack by hedgefond Muddy Waters it is hence uncertain if the company is currently willing to pay an additional € 100m (eNuW) for the remaining S IMMO share. Yet, this brings us to the crucial point: Despite best-in-class metrics, the incipient recovery of the real estate market and the looming squeeze-out possibility, shares are trading on an NTA-discount similar to the peer group (-41% as of yesterday’s close price), which we regard highly unjustified. The stock hence remains a strong BUY with a new PT of € 18.40 based on NTA and DDM. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28821.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: 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. ++++++++++ -------------------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: Cantourage Group SE - von NuWays AG Einstufung von NuWays AG zu Cantourage Group SE Unternehmen: Cantourage Group SE ISIN: DE000A3DSV01 Anlass der Studie: Long Note Empfehlung: BUY seit: 06.02.2024 Kursziel: 11.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Christian Sandherr Cannabis legalization around the corner Topic: With the approval of the 'Cannabis Act', which is now expected to take place at the beginning of April, Germany is seen to take a big leap forward in regards to legalizing cannabis. This should translate into a significant tailwind for players such as Cantourage. As per consistent and reliable German media reports from ZEIT, dpa and Berliner Morgenpost, the governing coalition of SPD, Greens and FDP has finalized the specifics for the legalization of cannabis. The legislation is scheduled to take effect on April 1st. Once the “Cannabis Act” becomes effective, Germany will not only allow adults to own 25 grams of cannabis, grow up to three plants and establish non-profit cannabis clubs but cannabis will also loose its narcotic drug status. Cantourage should particularly benefit from the latter as it significantly simplifies the process of getting a prescription for medical cannabis. In fact, it should get as easy as getting one for ibuprofen 600. With this, the number of patients should remain on a stellar growth path at the expense of the black market (~4m cannabis users as of 2021) and in favour of established players such as Cantourage. In Canada, the number of medial cannabis patients grew from 24k in 2015 to 330k in 2018, the year of the full legalization. Thanks to its broad global supplier network with more than 60 grower partners, its own recently launched telemedicine platform, telecan°, and a growing distribution network across Europe, we regard Cantourage as well positioned to benefit from this change. In fact, the company looks set to grow sales at a 59% CAGR (2022-25e) while at the same time reaching a high single-digit EBITDA margins thanks to the resulting operating leverage. Ending FY23e on a high note. Following 9M results with € 17.2m sales (+85% yoy) and EBITDA of € -0.4m, the forth quarter looks set to remain on a strong growth trajectory: sales +54% yoy to € 7.5m and EBITDA of € 0.6m. Above all, this should be carried by the ongoing ramp-up, i.e. a gradually increasing number of fully onboarded cultivators having a product deployed at pharmacies. We confirm our BUY rating with an unchanged € 11 PT, based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28823.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: 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. ++++++++++ -------------------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: Havila Kystruten AS - von Montega AG Einstufung von Montega AG zu Havila Kystruten AS Unternehmen: Havila Kystruten AS ISIN: NO0011045429 Anlass der Studie: Initiation of Coverage Empfehlung: Buy seit: 05.02.2024 Kursziel: 2.80 NOK Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: - Analyst: Tim Kruse, CFA Back on course after the perfect storm Havila Kystruten AS is a cruise line operator from Norway. Founded in 2017, it is the only company besides the incumbent Hurtigruten Group AS mandated by the Norwegian government to serve the 130 year old post ship service from Bergen to Kirkenes. Next to the port-to-port service for locals, their four vessels offer all the amenities and activities of a modern cruise ship tailored for tourists visiting the Norwegian coast. Shortly after winning the contract and placing a shipbuilding order with two shipyards in 2019, Havila was hit by the perfect storm with one of the shipyards going bankrupt,COVID-19, and their Russian fleet financier GTLK falling under sanctions. This brought the company to the brink of bankruptcy. Consequently, shareholders have had a rough voyage so far with depressed sales and earnings development due to substantially delayed delivery of the ships. Also, the company had to refinance under unfavourable conditions leading to a massive dilution for shareholders and high interest rates. That said, the market for cruises in general, and the Coastal Express in particular, has seen increasing demand in the past decade, with yearly passenger numbers rising in the high single digits up until 2019. COVID hit the industry severely, but cruises have come back strongly, with passenger numbers set to surpass 2019 levels this year and growth rates expected to be in the mid to high single digits going forward. The rising popularity of the coastal route, combined with the government's support, has enabled the incumbent, Hurtigruten Group AS, to achieve solid EBITDA margins in excess of 25% for this part of their business. However, due to Havila's brand-new and identical ships, which enable significantly leaner operations, as well as a more consistent and tailored customer experience, we see Havila in an excellent position to outperform its competitor. Additionally, the much better environmental footprint of its fleet not only attracts a more eco-friendly and younger target group, but will also serve as a strong differentiator if emission regulation is imposed for parts of the route as proposed. Due to the high investment backlog of Hurtigruten (average fleet age ~ 30years) in combination with its already crushing leverage (Net debt/EBITDA 9.6), we see Havila well positioned to not only prolong their current contract ending in 2030 but also to win additional capacity from their main rival. 2024 will be the first full year with all ships in operation, which will lead to another jump in revenue of which 50% has already been pre-sold. and a disproportionate increase in EBITDA due to the strong operating leverage exhibited by the cruise line industry. Thereafter, rising occupancy levels from increasing word-of-mouth effects and streamlined operations should further improve margins. Furthermore, the expected refinancing closer to industry spreads will be an additional driver for FCF development. Conclusions: The disadvantageous news flow Havila had to endure so far has led to a significant mispricing of Havila's shares with a discount of 75% to our estimate of fair value indicated by all valuation models (DCF scenarios, peer group, net asset value). However, the ramp-up in operations will not only lead to a strong uptake in free cashflow, but should also pave the way for a more favourable refinancing, which should be the main catalysts for a re-rating. We therefore see current levels as a unique opportunity to invest in a profitable niche market safeguarded by monopolistic revenuestreams and initiate with a 'Buy' rating and a price target of 2.80 NOK per share. +++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Bitte lesen Sie unseren RISIKOHINWEIS / HAFTUNGSAUSSCHLUSS unter http://www.montega.de +++ Über Montega: Die Montega AG ist eines der führenden bankenunabhängigen Researchhäuser mit klarem Fokus auf den deutschen Mittelstand. Das Coverage-Universum umfasst Titel aus dem MDAX, TecDAX, SDAX sowie ausgewählte Nebenwerte und wird durch erfolgreiches Stock-Picking stetig erweitert. Montega versteht sich als ausgelagerter Researchanbieter für institutionelle Investoren und fokussiert sich auf die Erstellung von Research-Publikationen sowie die Veranstaltung von Roadshows, Fieldtrips und Konferenzen. Zu den Kunden zählen langfristig orientierte Value-Investoren, Vermögensverwalter und Family Offices primär aus Deutschland, der Schweiz und Luxemburg. Die Analysten von Montega zeichnen sich dabei durch exzellente Kontakte zum Top-Management, profunde Marktkenntnisse und langjährige Erfahrung in der Analyse von deutschen Small- und MidCap-Unternehmen aus. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28815.pdf Kontakt für Rückfragen Montega AG - Equity Research Tel.: +49 (0)40 41111 37-80 Web: www.montega.de E-Mail: research@montega.de LinkedIn: https://www.linkedin.com/company/montega-ag -------------------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: CLIQ Digital AG - von NuWays AG Einstufung von NuWays AG zu CLIQ Digital AG Unternehmen: CLIQ Digital AG ISIN: DE000A35JS40 Anlass der Studie: Update Empfehlung: BUY seit: 05.02.2024 Kursziel: 75.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Marie-Thérèse Grübner Solid FY prelims & strong cash generation; est. & PT chg. This week, CLIQ released solid preliminary FY'23 results, marked by a slightly softer-than-expected top and bottom line, but strong cash generation: Sales: FY'23 sales were up 18.2% yoy to € 326.4m (eNuW: € 331m), albeit below expectations due to a slower-than-expected revenue ramp-up, but solid overall, considering the rather demanding comps from FY'22, in which sales had grown 84% yoy to € 276m. Top line development was mainly driven by online advertising campaigns aimed at increasing the quality of the membership base. As a result, the company significantly increased the LTV per customer by 17% yoy to € 85, likely due to a heightened focus on bundled content. EBITDA: FY'23 EBITDA came in slightly lower than expected at € 50.3m (eNuW: € 53m) with the margin contracting by c. 40bps yoy to 15.4% (eNuW: 15.9%), largely driven by higher customer acquisition and marketing costs (higher ad prices) amounting to € 135m (+21% yoy) as well as one-off other operating expenses in Q4'23. Free cash flow: Operating free cash flow amounted to € 18.6m, up 21% yoy, building up the already formidable net cash position by 60% yoy to c. € 16m (eNuW: € 17m), roughly in line with our expectations. CLIQ’s debtfree balance sheet and strong FCF generation should support its 40% payout ratio and ~10% dividend yield. Growth drivers and 2024e outlook. Although sales are likely to be affected by a continued muted consumer sentiment, leading us to slightly adjust our FY24e sales estimates to c. € 401.5m (eNuW old: € 407.5m), EBITDA is still seen to come in at c. € 63m (eNuW old: € 63.4m) for the full year. Three drivers should contribute to this development: (1) The quality of the membership base is continuously improving with an LTV at € ~90 due to selling bundled content as opposed to single content, (2) further geographic expansion (e.g. Latin America and Asia), and (3) exploring B2B partnerships and intensifying affiliate marketing with trusted partners to position CLIQ as a unique D2C brand. CLIQ remains a BUY with a changed PT of € 75.00 based on FCFY 24e. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28807.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: 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. ++++++++++ -------------------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: Rosenbauer International AG - von NuWays AG Einstufung von NuWays AG zu Rosenbauer International AG Unternehmen: Rosenbauer International AG ISIN: AT0000922554 Anlass der Studie: Empfehlung: BUY seit: 01.02.2024 Kursziel: 54.00 Kursziel auf Sicht von: 12 Monate Letzte Ratingänderung: Analyst: Christian Sandherr Topic: Oshkosh, Rosenbauer’s largest competitor in North America, published its FY23 numbers on Tuesday, providing a positive cross read. Here are the key takeaways: The conglomerate Oshkosh Corporation is the dominant player for firefighting trucks in North America, followed by REV Group and Rosenbauer. Oshkosh reported strong FY23 revenues for its firefighting segment coupled with a significant margin increase. Revenues rose 9.3% yoy to $ 1.2bn, while order intake grew to $ 4.6bn, indicating a continued strong demand in the firefighting business. The operating margin improved due to an enhanced supply chain and substantial price increases. Rosenbauer’s competitors were in a similarly difficult situation during FY22 and the first quarter of FY23, struggling with substantially longer chassis lead times and raw material cost inflation. However, as other firetruck manufacturers start to get back to a more normal environment, it gives us confidence for the upcoming Q4 numbers. Rosenbauer already showed a successive improvement in its profitability during FY23. The EBIT margin in Q1 came in at -2.6% and climbed to 2.1% in Q2 and 4.4% in Q3. With Q4 being usually the strongest quarter, responsible for c. one third of total sales and the restructuring program kicking in, we expect the operating margin further to improve in Q4 FY23e (eNuW: 6.8%). In August 2022, Rosenbauer launched its new efficiency program “Refocus, Restart”, which is based on four different pillars and is increasingly bearing fruit. The first pillar is price negotiations with customers on existing frame orders and is responsible for c. € 4-5m out of the € 31m savings target. Furthermore, Rosenbauer is simplifying its products without sacrificing the quality with the purpose of reducing production costs. This pillar takes the longest time to materialize and should show its full effect in FY24. The third important lever is to increase production efficiency, which is clearly possible due to the improved supply chains since last year. The last endeavor is the price negotiation with suppliers. Compared to FY22, raw material prices came down substantially, for example Rosenbauer experienced a price reduction of c. 27% for aluminum sheets within FY23. We expect Rosenbauer to continue its turnaround in FY24e with a 4.9% increase in sales and EBIT margins of 4.5% (+1.0 pp). As the supply chain situation further improves and with a record high in order backlog, shares look poised for a re-rating. Reiterate BUY with an unchanged € 54.00 PT based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28791.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: 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. ++++++++++ -------------------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: Marley Spoon Group SE - von NuWays AG Einstufung von NuWays AG zu Marley Spoon Group SE Unternehmen: Marley Spoon Group SE ISIN: LU2380748603 Anlass der Studie: Empfehlung: BUY seit: 01.02.2024 Kursziel: 8.60 Kursziel auf Sicht von: 12 Monate Letzte Ratingänderung: Analyst: Mark-Hendrik Schüssler Yesterday, Marley Spoon Group ('MSG') released Q4 and preliminary FY'23 results that were in line with our expectations. Q4 sales came in at € 73.5m (-18% yoy; eNuW: € 73.1m), implying revenues of € 328.5m for the full year (-18% yoy; eNuW: € 328.1m), which was mainly driven by a smaller active subscriber base of c. 193k (-22% yoy; eNuW: 189k) and lower order frequency per subscriber on account of a very challenging macroeconomic environment and pronounced consumer budget concerns throughout 2023. While macroeconomic uncertainties persist, MSG has made operational and non-operational progress on several fronts and thus looks set to disproportionately benefit from an eventual return of consumer confidence and a less hawkish monetary policy: Removing operational roadblocks. Operationally, MSG continued to expand its industry-leading contribution margins for Q4 and the full year to 32.6% and 31.7% (+290bps yoy, eNuW: 31.5%), respectively, through operational efficiencies in fulfilment (180bps yoy fulfilment costs) and marginbased menu planning (+120bps in gross margin). Notably, MSG was able to translate a higher contribution margin into a strong operating EBITDA margin of 4% for Q4 (eNuW: 3.4%) and 0.8% for the full year (+140bps yoy, eNuW: -1%). This healthy margin development was aided by (1) rectifying a previously changed voucher strategy, allowing the company to increase marketing efficiency and early cohort retention rates in H2'23 and into Q1'24 as well as a more stabilized order frequency and enhanced subscriber quality; and (2) a more streamlined G&A setup (-11% yoy to c. € 69m, excluding one-off costs) as cost-reduction measures from automation, business service centralization, the closure of underutilized operations, and cost synergies from its Chefgood integration began to kick in. Progress in ending dual-listed status. In Q4’23, the Group closed its tender offer to the remaining shareholders of Marley Spoon SE (listed on the ASX). The results indicated that it successfully acquired 10.4% of the total issued capital of Marley Spoon SE, increasing the stake to 95% (see illustration on page 2) and further paving the way to delist Marley Spoon SE from the ASX in H1 2024e (eNuW). In our view, this should benefit liquidity for MSG shares and help reduce investment complexity stemming from its current dual-listed status. Additionally, each share of MSG now owns 10ppts. more of Marley Spoon SE, which is reflected in our raised PT. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28789.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: 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. ++++++++++ -------------------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: elumeo SE - von NuWays AG Einstufung von NuWays AG zu elumeo SE Unternehmen: elumeo SE ISIN: DE000A11Q059 Anlass der Studie: Empfehlung: BUY seit: 02.02.2024 Kursziel: 5.00 Kursziel auf Sicht von: 12 Monate Letzte Ratingänderung: Analyst: Mark-Hendrik Schüssler Progress & outlook on jooli. Launched in the Indian market to capitalize on both lower customer acquisition costs and and a trove of data needed to enhance the app's algorithm, jooli has already witnessed a considerable boost in order volume (+560% in December vs. the previous month), aided by jooliPay. While first KPIs are promising, they are not yet meaningful, and hence we do not expect material top or bottom line contributions from jooli before 2026e, leading us to adjust our estimates accordingly. FY'23e preview & long-term growth. As we expect Q4 sales to be burdened by the muted consumer sentiment witnessed over the last quarters, and hence softer-than-expected revenues from the holiday season, we trimmed our estimates: Q4 sales are now seen to come in at c. € 11.3m (flat yoy), implying sales of € 44.7m for the full year (-3% yoy; eNuW old: € 45.3m), largely driven by a lower average sales price of € 67 (-7% yoy) as customers postpone big ticket items sales, and only partial recovery of items sold to 168k (+7% yoy). While the weaker-than-expected top line will likely be affected by a weaker-thanexpected top line, the company's cost cutting program should continue to bear fruit and thus partially offset a lacking fixed cost coverage. EBIT should hence run to c. € -0.13m for Q4'23 (+89% yoy) and c. € -1.2m for the full year (+17% yoy; eNuW old: € -0.8m). Convertible bond financing. In Q4'23, elumeo was able to secure a favorable 5-year convertible debt financing of c. € 1.2m at a 3.8% interest rate from selected suppliers of the company. The out-of-themoney strike price (€ 4.50) along with the belowthe-market interest rate provide elumeo with a cash infusion that should give elumeo room to maneuver and to focus on its long-term growth initiative #juwelo100. The outlook for the long term remains bright. As the company prepares jooli for a successful roll-out in its European markets, elumeo's core business is well-positioned to capitalize on an eventual recovery of the jewelry and overall e-commerce market, with sales prices and items sold likely to recover to their historical means. Overall, elumeo looks set to grow sales by 7% CAGR to c. € 55m by FY'26e along with reaching a healthy EBIT margin of c. 3% in FY'26e (eNuW), supported by scale efficiencies. Mind you, that positive effects stemming from the jooli roll-out are not reflected in our estimates. BUY with a changed PT of € 5.00 based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28785.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: 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. ++++++++++ -------------------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: 123fahrschule SE - von NuWays AG Einstufung von NuWays AG zu 123fahrschule SE Unternehmen: 123fahrschule SE ISIN: DE000A2P4HL9 Anlass der Studie: Empfehlung: BUY seit: 02.02.2024 Kursziel: 8.70 Kursziel auf Sicht von: 12 Monate Letzte Ratingänderung: Analyst: Philipp Sennewald Topic: 123fahrschule looks set to report a decent set of FY ’23 figures in Q1. Here is what investors can expect from the release: After a strong first nine months, we expect the company to keep up the momentum and report an increase in total sales by 21% yoy to € 20.2m (eNuW; eCons: € 20.9m), driven by strong growth of the Private Customer segment to € 15.9m (+18% yoy) as well as the Professional Drivers Education segment, which is seen to more than double yoy to € 2.2m. The Education segment however is seen to provide a muted development and come in at € 2.2m (+1% yoy), although we expect a sequential improvement in Q4 (flat yoy vs -14% in Q3). Despite a neutral EBITDA at 9M ‘23, the company is seen to report a FY EBITDA of € -0.7m as profitability is seasonally weak in Q4 due to (1) students' general reluctance to take driving lessons during Christmas and (2) higher other OpEx based on the built up of provisions, especially vacation accruals, which happens almost entirely at YE. Still, this will be a significant improvement compared to a negative € 2.7m EBITDA in FY ’22, thanks to the successful implementation of cost-cutting measures leading to efficiency gains. What to expect for FY '24e: 123fahrschule looks set to remain on its growth path, as sales is seen to increase by 13% to € 22.9m (eNuW; eCons: € 24.7m), which should be largely driven by the Private Customer segment (+12% yoy to € 17.8m) based on increased capacity of driving instructor FTEs (+22% yoy at YE ‘24e). Mind you, 123fahrschule is seen to cope well with the general shortage of driving instructors thanks to its own driving instructor training centers. Moreover, we expect another strong growth contribution from the Professional Driver Education segment (+20% yoy to € 2.6m), as an increased focus on corporate clients (i.e. logistics, retail, agriculture) is seen to offset a possible negative effect of the current government budget crisis on the awarding of education vouchers. Against this backdrop, EBITDA is seen to further improve to a neutral level (eNuW; eCons: € 2.1m) before turning positive in FY ‘25e (eNuW: € 2.2m; eCons: € 3.5m). Keep in mind, that the likely return of online theory in 2025 is seen to allow for higher capacities and improved constructor utilization, thus supporting growth and profitability at 123fahrschule. Valuation looks undemanding at 0.6 EV/Sales ‘23e. Reiterate BUY, € 8.70 PT based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28783.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: 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. ++++++++++ -------------------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: Westwing Group AG - von NuWays AG Einstufung von NuWays AG zu Westwing Group AG Unternehmen: Westwing Group AG ISIN: DE000A2N4H07 Anlass der Studie: Review Empfehlung: BUY seit: 31.01.2024 Kursziel: € 19,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Mark-Hendrik Schüssler Q4 prelims: Upper end of FY guidance reached; est. chg. Westwing released solid preliminary Q4’23 results, indicating that Q4 GMV was up 4% yoy to € 147m (+37.4% qoq), implying a robust FY’23 GMV of € 481m (flat yoy). As in the past, revenue development will be slightly below GMV development and should increase by 0.4% yoy to € 129m for Q4’23 and slightly decrease (-1% yoy) to € 427m for FY’23 (eNuW: € 438m, eCons: € 433m). Importantly, for the second consecutive quarter, the number of active customers has grown: +1% qoq to 1.28m with a healthy average GMV per customer of € 377 (+4% yoy) for the full year. The company is on track to deliver its fifth profitable quarter in a row as management expects to have reached the upper end of the already raised adj. EBITDA guidance of € 13m to € 19m (eNuW: € 20m, eCons: € 14.2m. Above all, this should have been carried by the continued strong expansion of its private label share: +6pps yoy to 47% of GMV The adjusted EBITDA margin is seen to have risen by 4-5.5pps to 3-4.5%, respectively (eNuW: 4.7%, eCons: 3.3%). Aided by a strong adj. EBITDA development as well as lower inventory levels, Westwing is on track to generate positive free cash flow in both Q4’23 and FY’23, further increasing its considerable net cash position to € ~75m (eNuW), which should protect the stock’s downside. Importantly, this preliminary release underpins that the company has been able to return to sustainable top and bottom line growth in H2‘23 despite a very challenging macroeconomic environment for the Home & Living market. Moreover, the continued growth in the number of active customers and a healthy basket size development indicate that a positive inflection point has been reached. Given that efficiency measures have been successfully implemented along with a rising private label share, the company is not only seen to deliver its full year 2023 guidance, but also offers a compelling mix of growth and value as we head into 2024, in our view. Trading at only ~0.2x EV/Sales FY23e (~60% discount to e-commerce peers), we reiterate our BUY rating with an unchanged PT € 19.00, based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28769.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: 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. ++++++++++ -------------------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: Avemio AG - von GBC AG Einstufung von GBC AG zu Avemio AG Unternehmen: Avemio AG ISIN: DE000A2LQ1P6 Anlass der Studie: Research Comment Empfehlung: BUY Kursziel: 32.00 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Cosmin Filker; Niklas Ripplinger Sales and earnings for 2023 below expectations, forecasts and price target reduced, BUY rating confirmed   According to preliminary figures for the past financial year, Avemio AG suffered a decline in sales to around € 103 million (previous year: € 108.7 million), contrary to previously communicated expectations. The company had previously expected sales of € 120 million. The expected recovery in demand in the second half of the year failed to materialise, primarily due to the persistently weak economy. The trading companies VDH Video Data Handels GmbH and BPM Broadcast & Professional Media GmbH were particularly affected by this, while the trading company Teltec AG recorded a robust sales trend. In addition to lower demand from consumers (VDH) and for high-priced equipment (BPM), the decline in sales was also due to a lack of innovation in the area of professional film and television technology. In addition, many customers had made investments during the coronavirus pandemic, which led to certain pull-forward effects for previous years. Despite these difficulties, sales exceeded the € 100 million mark for the third time in a row, although sales were significantly below our previous expectations (old GBC forecast: € 127.50 million).   According to the company, the decline in sales was compounded by pressure on margins due to market prices, which led to a fall in the gross margin. The preliminary EBITDA of around € 0.8 million (previous year: € 4.4 million) is therefore significantly below the previous guidance and our forecasts. The company had previously forecast EBITDA of € 5.0 million, on the basis of which we had forecast EBITDA of € 5.6 million. EBITDA of € 1.0 million in the first half of the year is therefore offset by negative EBITDA of € -0.2 million in the second half of the year.   In the corporate news of 22 January 2014, Avemio's management emphasised the company's continued solid capital base. With equity of € 12.5 million (30.06.23: € 13.0 million) and an equity ratio of 35% (30.06.23: 37%), the company has cash and cash equivalents of € 5.8 million. In addition, credit lines totalling € 2.6 million can be utilised and there is a commitment from the state of Hesse for mezzanine financing in the amount of € 5 million. This capitalisation is intended to further drive M&A growth as one of the company's most important strategic pillars. A further company acquisition could be announced in the first half of 2024.   We are adjusting our original forecast for the past financial year in line with the preliminary figures. Based on EBITDA of € 0.8 million, we expect negative earnings after taxes of around € -0.5 million. Due to the lower starting position, we are also reducing our estimates for the two financial years 2024 and 2025. Our estimates still do not include organic growth, which is, however, an important part of the corporate strategy. Based on the forecast reduction, we have set a new target price of €32.00. We continue to assign a BUY rating.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28767.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Disclosure of potential conflicts of interest pursuant to Section 85 WpHG and Art. 20 MAR The company analysed above has the following potential conflict of interest: (5a,11); A catalogue of potential conflicts of interest can be found at https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 29/01/24 (9:33 am) Date (time) first distribution: 29/01/24 (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: PNE AG - von First Berlin Equity Research GmbH Einstufung von First Berlin Equity Research GmbH zu PNE AG Unternehmen: PNE AG ISIN: DE000A0JBPG2 Anlass der Studie: Update Empfehlung: Buy seit: 25.01.2024 Kursziel: 22,00 Euro Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: 02.02.2023: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein Research Update zu PNE AG (ISIN: DE000A0JBPG2) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 22,00. Zusammenfassung: PNE hat zum Jahreswechsel zwei deutsche Windparks mit einer Gesamtleistung von 22 MW in Betrieb genommen. Damit erweitert sich PNEs Portfoliokapazität auf 370 MW. Weitere elf Windparks mit einer Gesamtleistung von ca. 281 MW befinden sich im Bau und werden nach Inbetriebnahme ebenfalls in das Portfolio übernommen. Damit erhöht sich die Portfoliokapazität auf 651 MW. Dies ist ein wichtiger Schritt in Richtung des von PNE bis 2027 angestrebten Ökostromportfolios von bis zu 1,5 GW/GWp. Im Dezember verkaufte PNE PV-Projekte in Rumänien und Italien (insgesamt: 176 MWp). Wir glauben, dass diese Projektverkäufe und die guten Windverhältnisse im vierten Quartal ausreichen, um die EBITDA-Prognose für 2023 von €30 Mio. bis €40 Mio. (FBe: €34,8 Mio.) zu erreichen. Im Jahr 2024 wird ein sich verbessernder deutscher Windmarkt die Wachstumsstrategie von PNE unterstützen. Mit einer starken Projektpipeline, einem wachsenden Servicegeschäft und dem weiteren Ausbau des Stromerzeugungsportfolios sehen wir PNE auf einem guten Weg, sein mittelfristiges Ziel von >€150 Mio. EBITDA bis 2027 zu erreichen. Wir bestätigen unsere Kauf-Empfehlung und das Kursziel von €22. First Berlin Equity Research has published a research update on PNE AG (ISIN: DE000A0JBPG2). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 22.00 price target. PNE commissioned two German wind farms with a total capacity of 22 MW at the turn of the year. This expands PNE’s portfolio capacity to 370 MW. A further eleven wind farms with a total output of ca. 281 MW are under construction and will be transferred to the portfolio after commissioning. This will increase portfolio capacity to 651 MW and be an important step towards PNE’s 1.5 GW/GWp green power portfolio target by 2027. In December, PNE sold PV projects in Romania and Italy (in total: 176 MWp). We believe that these project sales and strong wind conditions in Q4 will have enabled PNE to reach 2023 EBITDA guidance of €30m - €40m (FBe: €34.8m). In 2024, an improving German wind market will support PNE’s growth strategy. With a strong project pipeline, an increasing service business and the ongoing expansion of the power generation portfolio, we see PNE on track to reach its medium-term target of >€150m EBITDA by 2027. We confirm our Buy rating and €22 price target. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28755.pdf Kontakt für Rückfragen First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------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: q.beyond AG - von NuWays AG Einstufung von NuWays AG zu q.beyond AG Unternehmen: q.beyond AG ISIN: DE0005137004 Anlass der Studie: Update Empfehlung: BUY seit: 25.01.2024 Kursziel: 1.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald One q.beyond to drive margins in 2024e In light of the ongoing restructuring process as well as macro-headwinds, we observed a rather uninspiring operating performance, especially on the bottom-line, as of 9M ‘23. Despite that, q.beyond is seen to achieve its FY ’23 guidance: €185-191m sales, € 5-7m EBITDA and > € -4m FCF. While the lower end of the sales guidance should be reached (eNuW: € 186m) and FCF generation should even be positive (eNuW: € 1.4m), meeting the EBITDA outlook (eNuW: € 5.1m) still depends on a decision by the tax authorities concerning the Plusnet sale in 2019. The group's operating EBITDA looks set to come in at only € 0.3m (eNuW). That said, the company is seen to publish preliminary FY figures in early March, (final: March 30th) as well as an initial FY ’24 guidance. As management aims to reap the fruits of the imposed efficiency measures in connection with the 2025 Strategy, investors should expect an outlook, targeting sales growth in the mid-to-high-single-digit range (eNuW: +7%; eCons: +5.4%), positive FCF generation (eNuW: € 5.3m; eCons: € 3.7m) as well as EBITDA of € 6-9m (eNuW: € 6.1m; eCons: € 8.1m). As a reminder, with the 2025 Strategy, management set itself three strategic priorities: (1) Ongoing focus on key verticals (retail, logistics & manufacturing) coupled with an expansion of the consulting and development business, (2) effective go-to-market with an increased emphasis on the indirect sales channels (35% of Q3 order intake) as well as (3) the continuous implementation of One q.beyond, which is the company’s current efficiency program. Here, the focus is on streamlined processes via the elimination of duplicate structures, an optimized order-to-cash process and an increased near-/offshoring share (target: >20% vs c. 10% currently). While some of those measures, such as the improved receivables management, already took effect (improved FCF guidance (old: > € 8m), the implementation of One q.beyond is seen to fully unfold from 2024e onwards, thus allowing for expanding margins. We hence turn cautiously optimistic but keep our PT unchanged at € 1.00. While the stock should have downside protection thanks to the € 37m net cash position as well as a land plot in Hamburg (€ 17m book value), an upbeat FY guidance in March as well as a strong start into the year (Q1 to be released on May 8th) could serve as re-rating catalysts. Remains a BUY. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28751.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: 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. ++++++++++ -------------------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: MLP SE - von NuWays AG Einstufung von NuWays AG zu MLP SE Unternehmen: MLP SE ISIN: DE0006569908 Anlass der Studie: 5-Pager Empfehlung: BUY seit: 25.01.2024 Kursziel: 11.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Henry Wendisch Low risk, high reward - added to NuWays' Alpha List At current levels, MLP’s stock offers a strong upside potential while potential downside risks seem priced in and should not impact bottom line significantly. Here is our take: (1) Strong diversification of negatively correlated business segments protects MLP against changing macroeconomic environments. Currently, the downturn in real estate and the absence of performance fees due to burdened capital markets, are overcompensated by a strong banking business. (2) Solid visibility on profitability: For FY’24e, we expect EBIT to improve by € 11m to € 90m (+13% yoy), mainly supported by the strong banking business (55% of EBIT), but also by easing OPEX inflation compared to FY’23e, all the while top-line growth remains intact (+4% yoy). (3) Tailwinds from new interest rate era: Due to recent interest rate hikes as well as a favourable customer deposit mix, MLP can rely on comfortable interest spreads in its banking business. As significant interest rate cuts seem unlikely at the moment, we expect this effect to carry on throughout 204 and beyond. This should yield an interest result of € 54m for FY'24e (eNuW), which has an incremental EBIT margin of close to 100%. (4) Positive upside potential from highly profitable performance fees around the corner: FERI’s largest fund “Optoflex” recently exceeded its threshold to receive highly profitable performance fees. Should capital markets continue to develop favourably, an additional EBIT contribution of c. € 10-30m for FY'24e could serve as a cherry on top, as these are not reflected in our estimates. (5) Further downside from real estate unlikely: With Germany's RE transaction market slightly picking up again and no major rate cuts in sight, a worsening of MLP's real estate business seems unlikely. With only a 3% sales share, the impact of RE on the group is also limited. Current valuation is unjustified: Underlying profitability nearly quadrupled over the last years, but the stock has not performed accordingly, now trading at historically cheap multiples, a 21% FCFY’24e, a 58% discount to its fair SOTP value and a 5% dividend yield. Given this superb value for money profile, MLP shares look set for a re-rating. As a result, we add MLP to our NuWays' Alpha List 2024 and strongly recommend to BUY with unchanged PT of € 11.00, based on FCFY’24e and SOTP. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28753.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: 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. ++++++++++ -------------------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: VOQUZ Labs AG - von NuWays AG Einstufung von NuWays AG zu VOQUZ Labs AG Unternehmen: VOQUZ Labs AG ISIN: DE000A3CSTW4 Anlass der Studie: Update Empfehlung: BUY seit: 24.01.2024 Kursziel: 20.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Reassuring order intake and strong trading momentum Yesterday, VOQUZ published reassuring 2023 order intake figures, pointing towards improved operations in the second half of the year. Total order intake increased by 11.5% yoy to € 5.5m with recurring orders accounting for a solid 58% (€ 3.2m). The share of product related sales slightly declined to 73% (-6.1pp yoy), while the proportion of orders from SAP license management stood at 85% (-4.3pp yoy) stemming from samQ (eNuW: 75%) and the company´s new product visoryQ (eNuW: 10%). Overall, this indicates sequential improvements in H2´23 after a rather lackluster operating performance in H1´23 with only 3% sales growth and negative EBTIDA (€ -0.5m). In fact, we expect an acceleration in top-line growth to 6% on a FY basis as well as a containment of the EBTIDA loss to only € -0.2m. Given the compelling order intake, these estimates could even serve as conservative in the end. That said, we expect management to put out preliminary FY23 figures in the course of Q1. While 2023 has to be seen as a transition year, VOQUZ’ compelling mid-term prospects remain fully intact: On the one hand, the still lagging SAP S/4HANA transition - only 1/3 of customer adapted the new ERP software so far - should provide tailwinds going forward. Mind you, SAP-ERP customers must switch from ECC to S/4HANA until 2027 when the mainstream maintenance fades out, which should in turn lead to exponentially increasing adoption rates in the coming quarters. Even though capacities are not unlimited, VOQUZ looks set to be one of the main beneficiaries, especially thanks to its new software visoryQ, which helps clients to set up an efficient ERP strategy. According to management, the new product is perceived well by the market, allowing for significant cross-selling with the company's legacy software samQ, which gets visible in a continuously strong current trading. Against this backdrop, the company should be well positioned to return to double-digit top-line growth (eNuW: +14.5% yoy), positive EBITDA (€ 0.6m) as well as FCF generation (€ 0.5m) in 2024e. Given the recent weakness as well as the strong underlying mid-term trends combined with the scalability of the capital-light business model, valuation continues to look undemanding with shares trading at only 1.3x EV/Sales ‘23e. We hence reiterate BUY with an unchanged PT of € 20.00 based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28731.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: 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. ++++++++++ -------------------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: NFON AG - von NuWays AG Einstufung von NuWays AG zu NFON AG Unternehmen: NFON AG ISIN: DE000A0N4N52 Anlass der Studie: 5-Pager Empfehlung: BUY seit: 24.01.2024 Kursziel: 11.70 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Operational turnaround in full swing – Added to Alpha List; chg. While the company has not been on the radar of most investors due to rather underwhelming operating performances in recent years, efficiency measures, which have been imposed lately as well as the reorganization of the topand C-level management are starting to bear fruit, thus making NFON a clear BUY with 92% upside. Between 2018 and 2022, the German market leader of integrated business communication was not able to translate its strong technological edge into a profitable business. While in the first years after the IPO, profitability was subordinated to market share gains and sales growth (24% CAGR ’17’ 20), operational inefficiencies paired with supply bottlenecks (hardware) as well as an inflated cost base on the marketing and personnel level prevented expanding margins since. However, not only since the arrival of Patrik Heider as new CEO in May ’23 things have changed and NFON is on track to become profitable on the EBIT line and deliver positive FCF for the first time in 2024e on a FY basis. This is mainly due to: (1) A structurally growing and historically underpenetrated market: NFON finds itself amid a dynamic European market cloud-PBX, which is set for double-digit growth rates in the mid-term (13% CAGR ’22‘ 26e). Especially the final fading out of ISDN by telecom carriers (end of ’22) should be seen as an inflection point as businesses are forced to switch to VoIP based solutions such as multi-tenant cloud-PBX. Hence, the generell market penetration is seen to sharply increase, especially in historically underpenetrated markets like Germany (H1 '23: 14% penetration; 2027e: 43%). (2) Efficiency measures bearing fruit: Since H2 ’22, NFON implemented strict cost saving/efficiency measures, which are already visible in the personnel expense ratio (-4.6pp yoy at 9M’23) as well as with other OpEx (-9.2pp yoy, especially related to marketing). Against this backdrop, NFON should be on track to further improve EBIT margins (>8%), ROICs (>11%) and FCF generation (>€ 3m) going forward. Despite operational and structural tailwinds which are set to support mid-term sales and margin expansion, valuation continues to look attractive. After shares declined 11% YTD, NFON is now trading on a mere 1.1x EV/Sales, marking a significant discount compared to the historical average of 2.3x. We thus confirm our BUY recommendation with an increased PT of € 11.70 based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28733.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: 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. ++++++++++ -------------------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: Westwing Group AG - von NuWays AG Einstufung von NuWays AG zu Westwing Group AG Unternehmen: Westwing Group AG ISIN: DE000A2N4H07 Anlass der Studie: 5 Pager Empfehlung: BUY seit: 23.01.2024 Kursziel: 19.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Mark-Hendrik Schüssler Storytelling-based value and growth play for 2024 With its storytelling-based retail approach and inspiration-driven revenue generation, Westwing is a unique play on the growing online penetration in the home and living segment. The latter still stands at 25% for fashion or >35% for electronics. Its focus on curated home furnishings along with strong app engagement in 11 European countries helped the company generate € 431m in FY'22 revenues and reach 1.3m, mostly female customers with an impressive >80% retention rate, and a superb mobile share rate of 80%. Westwing’s strong gross margins of c. 50% are carried by a high share of private labels (48% in Q3’23). As sales look set to grow at a 8.3% CAGR 23e-27e, scalability should allow for profitability improvement especially in G&A (c. 21% of sales vs 7-10% industry average) such that the EBIT margin is seen to reach break-even in 2024e. Notably, after several quarters of decline in the number of active customers and order frequency normalization following the pandemic boom, Westwing was able to return to growth both in active customers and GMV per customer in Q3 2023, indicating that the company seems to have passed the trough. Hence, structural drivers are back to the fore and the company is on track to continue top and bottom line growth into 2024 thanks to fruitful efforts to improve customer experience, product offering and a growing share of the higher-margin private label. Westwing's market cap stands at only c. € 151m. Having a healthy balance sheet with a current net cash position of € 69m (or € 3.30 per share or >45% of the current share price), an investor acquires the entire operating business for only € 3.90 per share. With FCF LTM of € 23.8m and trading at only c. 0.2x EV/Sales FY23e (~60% discount to e-commerce peers), Westwing provides both a strong downside protection and a bargain opportunity to disproportionately profit from an eventual recovery of the Home & Living market and possibly a less hawkish monetary policy. Regarding the stock as a compelling mix of growth and value, we remain our BUY rating with an unchanged PT € 19.00, based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28725.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: 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. ++++++++++ -------------------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: LION E-Mobility AG - von NuWays AG Einstufung von NuWays AG zu LION E-Mobility AG Unternehmen: LION E-Mobility AG ISIN: CH0560888270 Anlass der Studie: Update Empfehlung: BUY seit: 22.01.2024 Kursziel: 10.50 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Christian Sandherr A new CEO to kick off the year Topic: LION announced to have a singed a highly qualified successor for the current CEO, which is leaving at the end of January. Following LION‘s major transformation last year, the company looks poised for strong growth. At the end of November, LION announced the departure of its CEO Winfried Buss end of January due to personal reasons. The company has already been able to find a successor, namely Dr. Joachim Damasky. Dr. Damasky has recently worked as Senior Advisor to BMW and ran the German Automotive Association. Until 2015, he was part of Webasto’s Management Board. This bolsters well with hire of Dr. Urlich Eichhorn, former CTO of Volkswagen, as Chairman of its newly established Global Technical Advisory Committee at the beginning of November. Both hires, alongside an increased salesforce should allow for a continuation of the positive trends witnessed in Q4. Mind you, during the Q3 earnings call in December, management highlighted € 25m of sales (vs. 9M of € 29m) from battery packs out of its own production in Q4 alone. With that, LION produced roughly 4.5k battery packs during FY23, significantly below the factory’s annual capacity of 45k. Over the next few years, we expect the utilization to gradually increase, partially carried by the introduction of its gen 2 battery packs during the second half of this year. Thanks to the partnership with SVOLT, the company will produce higher energy density (20% more vs currently used cells) NMC and LFP battery packs. Especially the latter is set to turn into a notable tailwind as it should allow LION to fully break into the thriving energy storage market, which prefers LFP over NMC cells. Energy storage customers already account for roughly 50% of sales. Coupled with customer wins in the mobility segment, the company looks set to strongly grow sales in the short- to mid-term (33% 2022-25e CAGR). During the same time, the EBITDA margin is seen to significantly increase to 4.6% by 2025e as the plant‘s operating leverage should kick in. Valuation remains attractive. While LION has gone through a full transformation during 2023, the company should now be ready to reap the rewards of the hard work. Yet, this is still under-appreciated by the share price, which implies a valuation of only 0.6x/0.4x EV/sales FY2023/24e. LION remains a BUY with an unchanged € 10.50 PT based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28719.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: 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. ++++++++++ -------------------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 Inc - von First Berlin Equity Research GmbH Einstufung von First Berlin Equity Research GmbH zu Cardiol Therapeutics Inc Unternehmen: Cardiol Therapeutics Inc ISIN: CA14161Y2006 Anlass der Studie: Update Empfehlung: Buy seit: 19.01.2024 Kursziel: USD 3.60 Kursziel auf Sicht von: 12 months Letzte Ratingänderung: Analyst: Christian Orquera First Berlin Equity Research has published a research update on Cardiol Therapeutics Inc. (ISIN: CA14161Y2006). Analyst Christian Orquera reiterated his BUY rating and maintained his USD 3.60 price target. Abstract: Cardiol Therapeutics (Cardiol) has completed >50% of patient recruitment for CardiolRx's two lead indications, acute myocarditis (AM) and recurrent pericarditis (RP). Enrolment of the planned 100 patients for the ongoing international phase II trial in AM is progressing rapidly. Enrolment of the planned 25 patients for the ongoing phase II pilot study in RP has taken some time to gain traction. However, we now expect enrolment to progress faster leading to 100% completion within the next few weeks. We anticipate the company will report headline results in early Q2 2024 and meet with the FDA shortly thereafter to obtain approval for immediate initiation of a phase III trial. The announcement of this data would be a major near-term catalyst for the stock. We continue to see Cardiol as an attractive investment opportunity. We reiterate our Buy recommendation and price target of USD 3.60 (€3.30). First Berlin Equity Research hat ein Research Update zu Cardiol Therapeutics Inc. (ISIN: CA14161Y2006) veröffentlicht. Analyst Christian Orquera bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von USD 3,60. Zusammenfassung: Cardiol Therapeutics (Cardiol) hat mehr als 50 % der Patientenrekrutierung für die beiden Hauptindikationen von CardiolRx, akute Myokarditis (AM) und rezidivierende Perikarditis (RP), abgeschlossen. Die Rekrutierung der geplanten 100 Patienten für die laufende internationale Phase-II-Studie in AM schreitet zügig voran. Die Rekrutierung der geplanten 25 Patienten für die laufende Phase-II-Pilotstudie in RP hat einige Zeit in Anspruch genommen. Wir gehen jedoch davon aus, dass die Rekrutierung nun schneller voranschreitet und in den nächsten Wochen zu 100% abgeschlossen sein wird. Wir erwarten, dass das Unternehmen Anfang des zweiten Quartals 2024 die wichtigsten Ergebnisse vorlegen und kurz darauf mit der FDA zusammentreffen wird, um die Genehmigung für den sofortigen Beginn einer Phase-III-Studie zu erhalten. Die Bekanntgabe dieser Daten wäre ein wichtiger kurzfristiger Katalysator für die Aktie. Wir halten Cardiol weiterhin für eine attraktive Anlagemöglichkeit. Wir bekräftigen unsere Kaufempfehlung und unser Kursziel von USD 3,60 (€3,30). Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28715.pdf Kontakt für Rückfragen First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------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.