Original-Research: Netfonds AG - von NuWays AG Einstufung von NuWays AG zu Netfonds AG Unternehmen: Netfonds AG ISIN: DE000A1MME74 Anlass der Studie: Update Empfehlung: BUY seit: 19.01.2024 Kursziel: 71.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow Strategic acquisition to improve profitability; chg Yesterday, Netfonds announced to have acquired a majority stake in “Meine Finanzkanzlei GmbH” (“MFK”) through its fully owned subsidiary NVS Netfonds Versicherungsservice AG. In detail: We assume that Netfonds has acquired a stake of 65-85% (eNuW) at a low to mid, single digit EV/EBITDA multiple (eNuW). As the network of advisors from MFK has already been cooperating with NVS for many years, we do not expect a significant increase of gross sales. Stand alone, MFK should generate gross sales of c. € 1.5-2.0m (eNuW). Due to synergy effects, we expect a positive EBITDA effect of some € 0.3-0.5m (eNuW). Importantly, MFK is actively supporting NVS in customer advice for banks that are affiliated with NVS. These services are increasingly important for banks, hence providing a significant growth potential for Netfonds going forward. Overall, we consider the acquisition as highly value accretive. While the price should have been absolutely reasonable, MFK is seen to strengthen the insurance division of Netfonds and contributing to its profitability. More positive newsflow comes from IGBCE Bonusagentur, which extended its cooperation agreement with NVS in connection with the acquisition of MFK. With that, NVS keeps its access to more than 3m potential CareFlex customers. As a strategic partner of IGBCE, MFK should support NVS in the distribution of CareFlex by advising selected private and corporate customers. Apart from the value accretive acquisition, Netfonds proprietary, 360° finfire platform, which enables onboarded advisors to offer a wide range of investment, insurance, financing and banking solutions to its customers via one holistic platform, remains the company´s key mid- to long-term growth and scalability driver and should start to lift off in FY24. That, paired with 1) Netfonds market leading position in an oligopolistic market with high entry barriers and long-term structural growth drivers (growing AuM´s and number of advisors, ongoing digitization of the financial sector, stricter regulation), 2) the likely guidance beat in FY23 and 3) the promising mid-term guidance makes the stock a clear BUY with a new PT of € 71.00, based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28709.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: MAX Automation SE - von NuWays AG Einstufung von NuWays AG zu MAX Automation SE Unternehmen: MAX Automation SE ISIN: DE000A2DA588 Anlass der Studie: Update Empfehlung: BUY seit: 18.01.2024 Kursziel: 8.20 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Konstantin Völk MAX lays the foundation for outperformance in 2024 Topic: MAX Automation has another promising year in front of it. We expect the company to grow its topline by 7% in 2024e while sustaining last year’s profitability (eNuW). Topline growth ahead: With several structural trends kicking in, MAX should be able to grow its revenue in the current fiscal year at a mid-single-digit growth rate. Around 35% of the growth is expected to come alone from MAX’s crown jewel bdtronic (eNuW). With c. 80% of bdtronic’s revenue coming from dispensing solutions mainly in the automotive sector, bdtronic largely profits from an increasing number of electric components inside and outside the vehicles. Different dispensing applications are used to protect electric control units from overheating, vibration during driving and environmental influences such as salt or dirt. MAX largest holding, Vecoplan, is expected to grow by 6% in 2024e (eNuW), outpacing the slow growing recycling market, due to its strong competitive quality. Vecoplan is an expert in producing machines and plants for shredding, conveying, and processing of primary and secondary raw materials, such as wood or plastic. Consistent profitability: We expect MAX to deliver an EBITDA margin of 9.8% in 2024e, which is roughly in line with 2023e (eNuW). Going forward, margins should further improve to > 10% by 2025e due to economies of scale but more importantly due to an improving product mix from bdtronic. Despite labour cost pressure, the company has not only strong growth potential but can also improve margins in a tough market due to its technological leadership. In addition to the improving operating performance, a successful divestment of the subsidiary MA micro (company news 08.09.2023) should be a notable share price catalyst, revealing that the value of the “parts” clearly exceeds the current Enterprise Value of the MAX Automation group, in our view. A strategic buyer should be willing to pay at least 10x EBITDA for this highly profitable and return-rich specialty business, implying a purchase price of above € 100m (eNuW). Importantly, even after a divestment, MAX would own hidden Mittelstand champions such as bdtronic and Vecoplan, amongst other, whose combined value alone would well exceed the remaining (theoretical) € 200m EV of the group ex MA micro (eNuW), underpinning the undervaluation of the stock. Hence, we reiterate our BUY rating with an unchanged € 8.20 PT based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28703.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: INDUS Holding AG - von NuWays AG Einstufung von NuWays AG zu INDUS Holding AG Unternehmen: INDUS Holding AG ISIN: DE0006200108 Anlass der Studie: Update Empfehlung: BUY seit: 17.01.2024 Kursziel: 34.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Christian Sandherr Another promising year for INDUS Topic: While INDUS should experience some margin pressure in 2024e, the EBIT margin is still seen to come in at 8.0%, which is the highest operating margin since 2017. With an appealing dividend yield of 5.5% (eNuW) and an attractive valuation of only 4.6x EV/EBITDA, the stock remains a buy. Normalizing margins: In FY23, INDUS benefited from lower material prices, especially in the Materials segment, which is seen to lead to a FY23e EBIT margin of 8.6%. On group level, the material cost ratio declined by 1.6pp to 46.8%. However, this positive price effect should revert in FY24e, as customers are starting to renegotiate in light of the deflating price levels. In addition, wage inflation remains an issue for FY24e. After the personnel expense ratio rose by 1.1pp yoy to 28.5% at FY23e, further wage increases are in the books as unions are increasing the pressure. Hence, we expect the EBIT margin in FY24e to decrease by 0.3pp (eNuW FY23: 8.3%), which is still the highest margin since 2017. Supply-chain issues solved: After the start of the Covid19 pandemic, global supply-chains were significantly dislocated, jeopardizing normal operations. This also affected the portfolio companies of INDUS during the previous fiscal years. However, at the end of FY23, supply-chain issues were largely solved and not a single portfolio company was materially affected. Portfolio realignment completed: As part of its ‘PARKOUR’ efficiency program, INDUS decided to discontinue the majority of its highly loss-making automotive-related business. While SMA filed for insolvency in Oct.’22, management sold SCHÄFER economically effective on July 31, 2023, and SELZER on August 31, 2023. SELZER alone is seen to rake up a € 22m loss while generating € 65m in sales during FY23e. Appealing dividend yield: Caused by the weak performance of the automotive-related companies SELZER and SCHÄFER, dividends for the last two years came in rather low compared to previous years. Due to the divestment of the automotive business and a successful operating performance in FY23, we expect a dividend of € 1.2 (eNuW) per share for the recent fiscal year (FY22: € 0.8). Based on yesterday’s closing price, this would lead to an appealing dividend yield of 5.5% (FY22: 3.6%). INDUS remains attractively priced trading at only 4.6x EV/EBITDA 2023e, which is 34% below its historical average. We reiterate our BUY rating with an unchanged PT of € 34 based on FCFY 2024e. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28691.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: Cenit AG - von GBC AG Einstufung von GBC AG zu Cenit AG Unternehmen: Cenit AG ISIN: DE0005407100 Anlass der Studie: Research Comment Empfehlung: BUY Kursziel: 20.90 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann First acquisition of 2024 strengthens the 3DS Solutions division; forecasts and target price unchanged   As expected, CENIT AG is continuing the high level of acquisition activity implemented since the 2022 financial year in the 2024 financial year. As the company announced in the second calendar week of the still young year, CCE b:digital GmbH & Co. KG (CCE for short) was acquired with effect from 1 January 2024. CCE offers consulting, implementation and software development in the business areas of Digital Services, PLM Services and Application Services. Similar to CENIT's '3DS Solutions' business segment, CCE's offering is based on Dassault Systèmes solutions, with a particular focus on the CATIA products and the 3DEXPERIENCE PLM platform. This shows a high degree of congruence with the PLM business field of CENIT AG.   CENIT AG emphasises that CCE has special expertise in the migration and introduction of Dassault standard software. For this purpose, concepts have been developed that are specially tailored to medium-sized and smaller customers. In addition, the acquisition of CCE will expand the local presence in the Ostwestfalen Lippe region. Finally, company acquisitions have proven to be an effective strategy for expanding the Group's workforce against the backdrop of challenging personnel recruitment. The acquisition of CCE will expand the CENIT team by 16 employees. In addition, CENIT's position as one of Dassault Systèmes' most important Platinum Partners worldwide will be further strengthened. This is already a declared goal of CENIT AG.   No further details on the size of CCE or the purchase price are known. The Federal Gazette only contains a balance sheet as of 31 December 2021, which shows that the company is relatively small at this point in time. With total assets of € 1.72 million, CCE had equity of € 0.19 million and cash and cash equivalents of € 1.15 million. Based on this information, we assume a purchase price in the low single-digit million range.   The CCE acquisition should be seen as a further step towards achieving the medium-term goals of CENIT AG. The aim is to achieve sales of € 300 million and an EBIT margin of 8-10% by the end of the 2025 financial year. As part of this strategy, all five business divisions are expected to grow organically and inorganically. In the 3DS Solutions division, sales are to be increased from the current level of around € 100 million to € 150 million.   Due to what we consider to be the low impact on the CENIT Group's sales and earnings, we are maintaining our estimates compared to our last research study (see study dated 03 November 2023). We therefore confirm our price target of € 20.90 and continue to rate the share as BUY.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28671.pdf Kontakt für Rückfragen Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date (time) of completion: 16/01/24 (08:04 am) Date (Time) first distribution: 16/01/24 (10:00 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Eloro Resources Ltd. - von Sphene Capital GmbH Einstufung von Sphene Capital GmbH zu Eloro Resources Ltd. Unternehmen: Eloro Resources Ltd. ISIN: CA2899003008 Anlass der Studie: Update Report Empfehlung: Buy seit: 15.01.2024 Kursziel: CAD 12,70 (unverändert) Kursziel auf Sicht von: 24 Monate Letzte Ratingänderung: - Analyst: Peter Thilo Hasler New intersections highlight potential for extraordinary grades   Eloro Resources intersected the highest-grade silver sample at Iska Iska so far, confirming the strategy adopted by the Board of Directors to expand and upgrade the high-grade area of the Santa Barbara Breccia Pipe in particular. With mineralised intercepts of up to 118.86 g Ag eq/t over 81.28 m (including a high-grade sample of 5,080 g Ag eq/t over 1.46 m), the silver equivalent results from recent definition drilling are significantly higher than the results from the Iska Iska Project's maiden Mineral Resource Estimate ('MRE'). In particular, these higher silver equivalent results are the result of higher tin recoveries of up to 152.29 g Ag eq/t over 81.28 m (including 4,746.46 g Ag aq/t over 1.46 m). The high tin and silver values found could in turn be the result of high temperature sulphidation centres identified as feeders within the open pit area. According to the company, the geophysical information and deep drilling indicate that the tin-silver mineralisation could extend to a depth of more than 1 km, which is not uncommon in the southern Bolivian Tin Belt, with the Cerro Rico de Potosi, Animas-Siete Suyos-Chocaya and Tatasi deposits located in the same geological setting as Iska Iska. Our valuation is based on the shallow higher-grade resource in the polymetallic domain of 132 million tonnes at 1.11% Zn, 0.50% Pb, and 24.3 g Ag/t, as shown in the MRE. It does not take into account that an upcoming PEA could increase this initial resource and that current metal prices are now significantly higher than the three-year averages used in the MRE. Applying a P/NAV discount of 70%, which we feel reasonable these days, we calculate a net asset value driven price target of CAD 12.70 per share. We therefore reiterate our Buy rating for the shares of Eloro Resources. We highlight that our price target could rise further after the recently reported higher tin and silver grades are included in a next MRE. The current pullback in the company’s share price is an interesting entry point for long-term investors, in our view. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28669.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: 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: 15.01.2024 Kursziel: 17.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Appealing risk/reward profile makes S IMMO a clear BUY It seems like management shares this view, as the company announced yet another share buy-back program after having already bought back shares worth € 2.4m in Q4. In detail: Last week, the management of S IMMO resolved another repurchase program of up to 365,340 shares (c. 0.5% of share capital; € 5.1m given an avg. price of € 14 per share). Shares are going to be bought back over the stock exchange at a maximum 15% premium to the 10-day VWAP while the price must not exceed € 15 per share. The program starts today and will run until March 31st. Although the scope of the program is rather small, it is a reasonable step which points towards the undemanding valuation of the shares. In fact, S IMMO is offering one of the most appealing risk/reward profile in the industry: - Loan-to-value: As of Q3’23 S IMMO is providing an LTV ratio of 38.1% which compares to our peer group’s average of > 40% (e.g.: Vonovia: 46.8%; LEG: 46.8%; Aroundtown: 41.3%). - Equity ratio: A similar picture emerges when looking at the equity ratio which stood at 46.0% at S IMMO as of Q3’23 (e.g.: Vonovia: 32.8%; LEG: 40.4%; Aroundtown: 46.6%). Furthermore, S IMMO continues to create shareholder value by scaling up its engagement in the high yielding CEE region. Just recently the company acquired another portfolio with a 6% yield (€ 29m annual rental income) in the Czech Republic. To fund the expansion in CEE, S IMMO continuously disposes a significant portion of its residential portfolio in Germany. While € 621m have been already sold here, another € 400m are still in the pipeline (€ 250m in Germany). The ongoing rebalancing of the portfolio (e.g selling in Germany & buying in CEE) is seen to significantly increase rental income (eNuW: +26% in ‘24e) and FFO (+16% in ’24). Despite best-in-class metrics and a strong YTD performance, S IMMO is yet trading on an NTA-discount similar to the peer group (-43% as of Friday’s close price). Stock hence remains a strong BUY with an unchanged PT of € 17.00 based on NTA and DDM. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28659.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: USU Software AG - von NuWays AG Einstufung von NuWays AG zu USU Software AG Unternehmen: USU Software AG ISIN: DE000A0BVU28 Anlass der Studie: Update Empfehlung: BUY seit: 12.01.2024 Kursziel: 30 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Strong order intake to start transitionary 2024e This week, USU announced to have won two public sector framework contracts to start the year on a positive note: (1) Germany’s Federal Employment Agency (BA) commissioned USU for its TEBIT (Technical Inventory Management System IT) project. The TEBIT system of the BA is based on the USU Valuemation software and has been in productive use since 2016. To ensure a continuous stable operation, USU is now carrying out an update to the latest USU Service Management (former Valuemation) software. The deal comprises the delivery of the software licenses as well as a service package over 4 years. While the total volume was not disclosed, we estimate it to be in the lower single-digit million range. (2) A large system house from the public sector has commissioned USU to supply and implement a solution for end-to-end monitoring (E2E) in order to enable the customer to proactively monitor their applications and document the availability and performance of IT services. The total volume of the framework is in the high 6-digit range. With this, the company is kicking off a year in style, which is likely going to be another transitionary period. Mind you, USU is currently amid a SaaS transformation, which is seen to cause temporarily declining margins, due to the subscription-nature of SaaS contracts which come with lower initial margins compared to perpetual license deals where full payment is incurred at closing (+annual maintenance). However, as the annual subscription payments are seen to equal perpetual license sales including maintenance after c. 3 years and SaaS sales showing strong growth (25% CAGR ’21‘-25e), margins are seen to strongly expand from 2025 onwards. That said, we expect sales to grow 10% in 2024e to € 146m (eCons: € 146m) based on a strong order backlog (eNuW: € 81m at YE’23e), continuously increasing SaaS order intake as well as a stabilization of license sales (eNuW: -60% yoy in 2023e). Against this backdrop, adj. EBITDA is seen to return to growth (eNuW: € 18.6m). Yet, due to the aforementioned effects in relation to the SaaS transition, margins are seen slightly below ’21 & ’22 levels with 12.5%. Despite another transition year likely laying ahead, current valuation is looking undemanding and should offer an attractive entry opportunity given a 14x EV/EBIT ‘24e which compares to the historic average of 20x. BUY with an unchanged PT of € 30.00 based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28645.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: Rosenbauer International AG - von NuWays AG Einstufung von NuWays AG zu Rosenbauer International AG Unternehmen: Rosenbauer International AG ISIN: AT0000922554 Anlass der Studie: 5-pager Empfehlung: BUY seit: 12.01.2024 Kursziel: EUR 54.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Christian Sandherr Rosenbauer is back on track with a record high in order intake Caused by supply chain issues and raw material price inflation, Rosenbauer’s operating result turned negative during FY’22. However, Rosenbauer successfully managed the operating turnaround and delivers positive results again since Q2 2023. Thanks to Rosenbauer having done its homework and structural trends kicking in, we expect this turnaround to continue in 2024. Until 2025e, Rosenbauer should be able to grow sales by 6.9% p.a. (2022-25e CAGR) to € 1.2bn with EBIT margins north of 5% (eNuW 2025: 5.4%) thanks to: Supply chain improvements: During FY’22 chassis lead times of OEMs deteriorated significantly. Although lead times are still not back at pre-crisis levels, the situation is noticeable better than in FY’22. For example, the average MAN chassis lead time decreased from over 18 months in FY’22 to 10-12 months in FY’23. However there is no further material improvement of delivery times expected at MAN and Daimler in 2024, while Volvo and Scania should approach pre-crisis levels. Significant price increases: Rosenbauer raised its vehicle prices substantially during FY’23, to account for a higher cost base. The average price per fire truck in 9M 2023 increased by 9.8% yoy and the average price per vehicle body increased by 22.7% yoy. Old unprofitable customer contracts not reflecting the higher cost base are successively leaving the order book and giving room for a further margin improvement. Structural growth drivers: Global warming for instance causes a severe rise in natural disasters such as wildfires, storms, and floods which elevates the demand for firefighting equipment and trucks. Another growth driver is the electrification of firefighting trucks, supporting the demand for Rosenbauer’s high margin electric models RT (Revolutionary Technology) and the PANTHER electric. As the supply chain situation further improves and with a record high in order backlog (9M 2023: € 1758m) in the hand, shares look poised for a re-rating. Furthermore, Rosenbauer is currently examining the issuance of a hybrid bond to strengthen its balance sheet. A successful issuance could work as a catalyst, bringing the shares back to its intrinsic value. Hence, we reiterate our BUY rating with an unchanged € 54.00 PT based on DCF. -continued- Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28647.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: Borussia Dortmund GmbH & Co KGaA - von NuWays AG Einstufung von NuWays AG zu Borussia Dortmund GmbH & Co KGaA Unternehmen: Borussia Dortmund GmbH & Co KGaA ISIN: DE0005493092 Anlass der Studie: Update Empfehlung: BUY seit: 09.01.2024 Kursziel: 5.50 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Watzke to step down in 2025 / crucial months ahead Yesterday, BVB published an ad-hoc stating that CEO Hans-Joachim Watzke will not extend his contract and will step down from management in the fall of 2025, when his contract expires. Watzke was appointed as CEO in February 2005 when the club was in a financially precarious situation. After the turn of the millennium, an inflated cost base paired with a lack of sporting success brought the club to the brink of bankruptcy. Watzke is regarded as the man who turned matters around for the BVB at a creditors' meeting in March 2005. From then on, the club continuously reduced its debt while at the same time developing into a European top club under Watzke’s leadership, winning two Bundesliga titles, three DFB Cups and reaching the final of the Champions League in 2013. Watzke's departure is therefore certainly a bitter blow for the club as he is likely not replaceable on a one-to-one basis. However, as there are almost two years left until his departure, we are convinced that a suitable successor will be found in cooperation with the current CEO. That said, it is also worthwhile looking at the current sporting performance of BVB, which is kind of a mixed bag. Although reaching the knock-out stage of the Champions League (CL), the club is only sitting in 5th place in the Bundesliga, six points behind Leipzig in 4th after failing to win a match in Decembre. However, thanks to the depth and experience of the squad and the fact that Stuttgart (3rd, +7 points) will have to withdraw several key players for the Africa Cup and the Asian games in Q1, BVB should still have a valid opportunity to secure 4th place, which is crucial to qualify for the newly formatted 2024/25 CL under which participants overall price money will increase by a third. Moreover, 5th place might also be sufficient should Germany remain 2nd in the UEFA clubs coefficient which however appears unlikely given the strength of the clubs from Spain and England as well as the slim advantage of only 0.017 points (see p. 2 for more detail). Hence, while there is upside to this years estimate given a feasible opponent in the CL round of sixteen (Eindhoven), our 24/25e could serve as too bullish should the club not participate in the CL at all (eNuW: round of sixteen). Despite the recent performance dip, valuation remains undemanding, in our view, as BVB shares are trading at only 1.0x EV/Sales 2023/24, which marks a notable discount to its peers Juventus (2.1x), OL (2.5x) and Manchester United (4.6x). We reiterate BUY with an unchanged PT of € 5.50 based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28617.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: Rubean AG - von NuWays AG Einstufung von NuWays AG zu Rubean AG Unternehmen: Rubean AG ISIN: DE0005120802 Anlass der Studie: Update Empfehlung: BUY seit: 09.01.2024 Kursziel: 8.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow FY23 sales in line with estimates // POS rollout has started; chg Topic: Yesterday, Rubean announced to have reached more than € 1.0m in sales (prelims) and quadrupled number of app users to c. 25k vs 6k at the end of 2022 (eNuW). With > € 1.0m, Rubean increased sales by >20% yoy, which is slightly better than expected (eNuW old: € 0.98m; 17% yoy). Still, we consider 2023 as a transition year that was characterized by a delayed product roll-out resulting in a negative EBIT to the tune of € 3.6m (eNuW). Positively, the recently announced new partnerships with i.e. Correos in Spain and emerchantpay as well as the quadrupling of app users is seen to bode well for Rubean and should start to materialize this year. Importantly, with Correos (12k devices already in use, further 15k should follow this month), Rubean is not only earning a monthly license fee per user, but is also participating in every transaction, executed via the software. Indeed, we consider this highly profitable revenue sharing scheme as a blueprint for future partnerships. As Rubean´s leading softPOS product is ready for rollout, further new customer wins and partnerships are clearly in the cards for this year allowing for a continued dynamic top-line development. As Rubean should already be in advanced discussions with several potential partners, we expect positive newsflow from several new partnerships within the next couple of weeks and months that should further ramp-up sales and EBIT going forward. In detail, we expect sales of € 2.9m and an EBIT of € -1.6m for FY24e. Mind you, that these estimates can be seen as rather conservative, as we have only considered growing sales with already signed customers. Thanks to the SaaS model, scalability should kick-in quickly. Operating break-even should be hence reached already within next year. As said, considering a high likelihood of additional customer-wins, the break-even could be achieved even earlier. In order to reflect the ramp-up potential stemming from the product roll-out and new partnerships, we reiterate 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/28621.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: ZEAL Network SE - von NuWays AG Einstufung von NuWays AG zu ZEAL Network SE Unternehmen: ZEAL Network SE ISIN: DE000ZEAL241 Anlass der Studie: Update Empfehlung: BUY seit: 05.01.2024 Kursziel: 51 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Henry Wendisch Online transformation with ongoing momentum Topic: Yesterday, the state lottery operator DLTB released its 2023 lottery data, revealing a continuous and strong outperformance of the online distribution channel. Online transformation in full swing: In total, lottery players played for c. € 2bn via online channels, marking a solid 10.4% growth and 25% online penetration in 2023. While brick-and-mortar lottery still accounted for 75% of overall lottery stakes, it could only grow by 0.7% yoy. Hence, the online transformation remains in full swing and still offers plenty of growth potential for ZEAL's lottery business, as online penetration still stands at a mere 25% (vs. 23% in 2022). Going forward, we expect this trend to continue and catch up to penetration rates of other industries (online banking: 50%; online music: 80%; online holiday booking: 66%) and other European countries such as Sweden (48% online penetration and +11% yoy growth of online in 2022). Slight outperformance against main competitor: Out of the € 2.04bn online billings, ZEAL should make up a market share of 41.2% in 2023 (vs. 41% in 2022), based on our estimate of € 841m billings in FY23e. This implies a growth rate of 11% yoy, slightly outgrowing the state lottery's landing page Lotto.de and the federal states' online presences (€ 1.2bn in billings, +10% yoy). Strong current trading due to peaking jackpots. Currently, the jackpots of both major lottery products are close to record levels resulting in an increasing user activity. We hence expect solid Q4'23e figures that should reflect the higher activity levels. Even better, the EuroJackpot currently peaks at € 120m and the Lotto 6aus49 reached its highest jackpot in history of € 48m (€ 50m maximum jackpot, before Nov' 23: € 45m) indicating a strong start into Q1'24e. Mind you that this is the time, when ZEAL acquires most of its new users and hence increases marketing activities. Games roll-out to drive top line in FY'24e: Following the better than expected first full quarter (Q3'23) of the new Games business, we expect an improved Q4'23e as well as continous expansion of the rollout throughout the year, In sum, we expect some additional revenue from Games of € 10m, that comes on top of the intact growth of the lottery business (eNuW: € 119m, +12% yoy) for FY'24e. All in all, ZEAL continues to drive the online transformation while the Games roll-out should serve as a cherry on top. BUY with unchanged PT of € 51.00, based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28613.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: Landi Renzo S.p.A. - von GBC AG Einstufung von GBC AG zu Landi Renzo S.p.A. Unternehmen: Landi Renzo S.p.A. ISIN: IT0004210289 Anlass der Studie: Research study (Note) Empfehlung: Buy Kursziel: 0.60 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker Nine-months 2023: Landi Renzo continues to grow thanks to strong OEM business; unfavourable sales mix weighs on profitability; operating margin recovery continues in Q3; GBC estimates and price target adjusted; Buy rating confirmed   Business performance 9M 2023   The Landi Renzo Group announced its nine-month figures for the current 2023 financial year in mid-November. Based on these figures, the technology group continued its growth streak in the first three quarters of the financial year despite difficult conditions (war in Ukraine, inflationary pressure, higher interest rates, etc.). Group sales increased moderately by 2.2% to € 221.14 million compared to the same period of the previous year (9M 2022: € 216.35 million).   The strong expansion of business in the main business area of 'Green Transportation' proved to be a key growth driver. This enabled the company to benefit significantly from the increased demand from leading car manufacturers for technological solutions for more climate-friendly mobility and more environmentally-friendly drive systems in the volume sector (mass car market).   The consolidated sales revenue generated was primarily driven by the core business segment 'Green Transportation' (share of sales: 70.1%). In this business segment, sales revenue increased significantly by 9.8% to € 155.01 million (9M 2022: € 141.24 million), mainly thanks to stronger OEM business.   The increased growth in the OEM sales channel (9M 2023: +33.2% to € 98.70 million) was driven by a sharp rise in orders for bi-fuel engines and increased sales of components in the OEM Mid & Heavy Duty segment. Due to weaker sales in some Latin American and Eastern European markets, the After-Market sales channel recorded a significant decline in revenue to € 56.30 million (9M 2022: € 67.10 million).   In contrast to the core business ('Green Transportation'), the 'Clean Tech Solutions' business division recorded a significant decline in segment sales to € 66.13 million (9M 2022: € 75.12 million). The main reason for this decline in sales was not only the reduced production, which particularly affected the third quarter, but also the postponement of some major orders planned for 2023 to the following financial year 2024.   In contrast to the positive Group sales trend, Landi Renzo suffered a significant decline in operating earnings (EBITDA) to € -1.12 million (9M 2022: € 7.07 million). This was mainly due to an unfavourable sales mix in the 'Green Transportation' business segment (lower-margin OEM car sales share), a lower business volume in the 'Clean Tech Solutions' segment and higher fixed costs incurred to strengthen the company's operating structure. As a result, the EBITDA margin also fell compared to the same period of the previous year and even slipped into negative territory at - 0.5% (9M 2022: 3.3%).   This decline in consolidated operating profit was only partially offset by an agreed list price change with a major customer of the Landi Renzo Group in the OEM distribution channel in the second half of the half-year and a price increase in the OEM Mid & Heavy Duty business area in the final months of the financial year.   Adjusted for special costs and one-off costs (e.g. M&A costs or restructuring costs), adjusted EBITDA (Adj. EBITDA) of € 4.57 million was achieved in the past three quarters, which was significantly below the earnings level of the same period in the previous year (9M 2022: € 8.70 million). The adjusted EBITDA margin (Adj. EBITDA margin) also fell accordingly to 2.1% (9M 2022: 4.0%). The (adjusted) Group EBITDA of € 3.25 million (9M 2022: € 4.28 million) was primarily attributable to the Clean Tech Solutions segment. Meanwhile, the core business segment 'Green Transportation' contributed € 1.33 million (9M 2022: € 4.42 million) to the Group result.   At the after-tax level, the technology group recorded a negative consolidated net result (after minority interests) of € -27.73 million compared to the same period of the previous year and thus had to accept a significant decline in net earnings compared to the same period of the previous year (9M 2022: € -10.12 million). In addition to the weaker operating performance and high one-off extraordinary costs, significant write-downs on a portion of the deferred tax assets recognised in the previous year for tax losses also had a significant negative impact on the earnings trend. In addition, significantly higher (incurred) tax expenses of € 5.62 million (9M 2022: € 1.02 million) also had a negative impact on earnings.   Business performance in Q3 2023   At a quarterly level, the Landi Renzo Group recorded a 3.6% decline in consolidated sales to € 69.33 million (Q3 2022: € 71.91 million) compared to the same quarter of the previous year due to weaker business development in its infrastructure business segment. Segment sales in the Clean Tech Solutions division fell by 24.2% to € 18.58 million at the end of the third quarter (Q3 2022: € 24.52 million), mainly due to a lower production volume. The decline in production volume was primarily the result of orders being postponed to the following financial year 2024.   By contrast, the core business area 'Green Transportation' developed in the opposite direction. Thanks to increased OEM customer demand for technological solutions for bi-fuel engines in particular, segment revenue in this division increased significantly by 7.1% to € 50.75 million (Q3 2022: € 47.39 million).   At Group operating result level, adjusted EBITDA (Adj. EBITDA) fell by 30.1% to € 0.65 million (Q3 2022: € 2.16 million), primarily due to the decline in sales and earnings in the Clean Tech Solutions division. At the same time, the adjusted EBITDA margin fell to 1.00% (Q3 2022: 3.0%).   Forecast and evaluation   With the publication of its nine-month and Q3 figures, the Landi Renzo Group has confirmed its most recently adjusted corporate guidance for the 2023 financial year in the form of the outlook for the two business segments 'Green Transportation' (sales growth and lower profitability compared to the previous year, but margin improvement in H2 2023) and 'Clean Tech Solutions“ (sales at the previous year's level, but with an improvement in profitability on an Adj. EBITDA basis).   In this context, the technology group specifically expects a slight increase in sales in the core segment 'Green Transportation' for the fourth quarter of the current financial year, which has already begun, compared to the previous third quarter, which should result in particular from increased sales in the OEM sales channel. Due to the increase in profitability achieved in this segment in the previous third quarter, Landi Renzo expects a (further) improvement in adjusted EBITDA for the fourth quarter compared to the previous nine months. After the 'Clean Tech Solutions' segment suffered from postponed orders in the third quarter, the technology company is nevertheless anticipating an increase in sales and profitability for the current fourth quarter compared to the previous quarter.   In view of the company's performance falling short of our expectations, the significant slowdown in growth momentum and the persistently difficult general conditions, we have adjusted our previous sales and earnings estimates downwards. For the current 2023 financial year, we are now forecasting sales of € 307.14 million (previously: € 323.88 million) and EBITDA of € 0.64 million (previously: € 9.58 million). Our significantly reduced operating earnings forecast is the result of a lower expected business volume as well as significantly higher expected one-off costs and special costs (e.g. restructuring costs).   For the following financial year 2024, we expect sales of € 316.86 million (previously: € 357.17 million) and EBITDA of € 13.31 million (previously: € 24.76 million). In the following year 2025, sales and EBITDA should increase again to € 345.89 million (previously: € 379.73 million) and € 21.10 million (previously: € 37.94 million) respectively.   Our forecast for the Landi Renzo Group's future margin recovery is based on rather conservative assumptions, i.e. the expected improvement in Group profitability may be significantly stronger if, for example, the after-market business and infrastructure business recover more quickly.   Overall, despite their temporary weakness, we believe that the Landi Renzo Group is in a good starting position to return to a significant growth trajectory from the coming 2024 financial year. The expected recovery of the high-margin after-market business and the increased expansion of the infrastructure and MHD business (mid- and heavy-duty business) should prove to be key growth drivers. Landi Renzo has recently gained significant momentum, particularly in the expansion of their high-margin MHD business (LNG & CNG trucks), and should also be able to continue their growth streak in this niche. Thanks to an expected improved sales mix in the 'Green Transportation segment' (higher share of the lucrative after-market business and MHD business) and the forecast recovery of their profitable infrastructure business, this technology company should be able to significantly improve its earnings situation from the coming financial year.   The measures initiated by the management to optimise and strengthen their business model and corporate structure should also help the technology group to continue its growth trajectory in the area of sustainable mobility, particularly in mid and heavy-duty vehicles, as well as in the area of natural gas, biomethane and hydrogen infrastructures. At the same time, the acceleration of growth and the optimisation of their business model should also lead to a significant improvement in future profitability.   We assume that Landi Renzo's management will publish new corporate guidance in the first quarter of the coming 2024 financial year.   In light of our lowered sales and earnings forecasts for the current financial year and subsequent years, we have lowered our previous price target to € 0.60 (previously: € 0.70) per share. In view of the current share price level, we therefore assign a 'BUY' rating and see significant upside potential in the Landi Renzo share.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28597.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 21/12/2023 (7:21 am) Date (time) of first distribution: 21/12/2023 (10:00 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Diversified Energy PLC - von First Berlin Equity Research GmbH Einstufung von First Berlin Equity Research GmbH zu Diversified Energy PLC Unternehmen: Diversified Energy PLC ISIN: GB00BYX7JT74 Anlass der Studie: Update Empfehlung: Buy seit: 19.12.2023 Kursziel: GBp3,600 Kursziel auf Sicht von: 12 months Letzte Ratingänderung: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Diversified Energy PLC (ISIN: GB00BYX7JT74). Analyst Simon Scholes reiterated his BUY rating and maintained his GBp 3600.00 price target. Abstract: Production from DEC's existing wells declines at 10% annually. DEC makes acquisitions to replace declining production as drilling wells is not part of its business model. Interest rate volatility has hampered acquisition activity since February this year. The hiatus in acquisitions, coupled with the 13% lower average hedge price for DEC's natural gas in 2024 vs 2023 has prompted concerns that the company's dividend (currently equating to a 21% yield) is under threat. We think these worries are exaggerated. As acquisitions are an indispensable part of DEC's business model, we expect one or more transactions over the next twelve months, especially as the interest rate environment appears to be becoming more benign. However, our 2024 forecast does not include acquisitions. We forecast 2024 hedged adjusted EBITDA of USD365m (in line with consensus) before asset disposals, which becomes free cashflow of ca. USD320m after interest, tax and CAPEX. In every reporting period to date, acquisition-related debt financing has meant that new debt has exceeded debt repayments. This will not be the case in 2024 under a no-acquisition scenario. Scheduled 2024 debt repayments are USD200m, we expect interest costs of USD120m, and holding the current dividend will cost USD168m. These numbers imply a financing requirement of ca. USD170m if the dividend is held. We do not expect an equity raise at the current low share price. DEC could raise the USD170m from existing liquidity (USD135m as of mid-November), the disposal of undeveloped/partially developed acreage worth >USD200m, and liquidity release through further refinancing of the reserve-based credit facility with asset-backed securitised lending. Furthermore, following the U.S. Environmental Protection Agency's recently announced final rule on methane emissions reduction, we note that with its commitment to Scope 1 and 2 net zero greenhouse gas emissions by 2040, DEC is still ahead of the regulatory curve. We think DEC will hold its dividend and that the share price will appreciate once concerns in this regard subside. We maintain our Buy recommendation and price target of GBp3,600. First Berlin Equity Research hat ein Research Update zu Diversified Energy PLC (ISIN: GB00BYX7JT74) veröffentlicht. Analyst Simon Scholes bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von GBp 3600,00. Zusammenfassung: Die Produktion aus den bestehenden Bohrlöchern von DEC geht jährlich um 10 % zurück. DEC tätigt Übernahmen, um die rückläufige Produktion zu ersetzen, da das Bohren von Bohrlöchern nicht zu ihrem Geschäftsmodell gehört. Die Volatilität der Zinssätze hat die Akquisitionstätigkeit seit Februar dieses Jahres gebremst. Die Pause bei den Akquisitionen in Verbindung mit dem um 13 % niedrigeren durchschnittlichen Hedge-Preis für DEC-Erdgas im Jahr 2024 gegenüber 2023 hat zu Bedenken geführt, dass die Dividende des Unternehmens (die derzeit einer Rendite von 21 % entspricht) in Gefahr ist. Wir halten diese Befürchtungen für übertrieben. Da Akquisitionen ein unverzichtbarer Bestandteil des Geschäftsmodells von DEC sind, rechnen wir in den nächsten zwölf Monaten mit einer oder mehreren Transaktionen, zumal sich das Zinsumfeld zu entspannen scheint. In unserer Prognose für 2024 sind jedoch keine Akquisitionen enthalten. Wir prognostizieren für 2024 ein abgesichertes bereinigtes EBITDA von USD365 Mio. (im Einklang mit dem Konsens) vor Veräußerungen von Vermögenswerten, was zu einem freien Cashflow von ca. USD320 Mio. nach Zinsen, Steuern und CAPEX führt. In allen bisherigen Berichtszeiträumen hat die akquisitionsbedingte Fremdfinanzierung dazu geführt, dass die Neuverschuldung die Schuldentilgung überstieg. Bei einem Szenario ohne Akquisitionen wird dies 2024 nicht mehr der Fall sein. Die für 2024 geplanten Schuldentilgungen belaufen sich auf USD200 Mio., wir erwarten Zinskosten in Höhe von USD120 Mio., und die Beibehaltung der aktuellen Dividende wird USD168 Mio. kosten. Diese Zahlen implizieren einen Finanzierungsbedarf von ca. USD170 Mio., wenn die Dividende beibehalten wird. Bei dem derzeit niedrigen Aktienkurs rechnen wir nicht mit einer Kapitalerhöhung. DEC könnte die USD170 Mio. aus der vorhandenen Liquidität (USD135 Mio. per Mitte November), der Veräußerung von unerschlossenen/teilerschlossenen Flächen im Wert von mehr als USD200 Mio. und der Freisetzung von Liquidität durch die weitere Refinanzierung der Reserve-basierten Kreditfazilität mit verbrieften Krediten auf Basis von Vermögenswerten aufbringen. Darüber hinaus stellen wir nach der kürzlich angekündigten endgültigen Regelung der U.S. Environmental Protection Agency zur Reduzierung von Methanemissionen fest, dass DEC mit ihrer Verpflichtung zu Scope 1 und 2 Netto-Null-Treibhausgasemissionen bis 2040 der regulatorischen Kurve immer noch voraus ist. Wir sind der Meinung, dass DEC ihre Dividende beibehalten wird und dass der Aktienkurs ansteigen wird, sobald sich die diesbezüglichen Bedenken legen. Wir halten an unserer Kaufempfehlung und unserem Kursziel von GBp3.600 fest. 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/28573.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: 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: 19.12.2023 Kursziel: € 10,50 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Christian Sandherr Preparing for growth following 2023 as transition year Topcic: LION published its solid 9M figures, which should be followed by a 2024 marked by strong growth and op. improvements. The recent share price weakness provides a good risk/reward opportunity, in our view. Solid 9M performance amid significant operational changes. Throughout H1 '23, LION was moving a highly automatized production for EV battery packs (purchased from BMW) to its new site. With completion at the end of Q2, the company has begun selling packs produced on this line on top of remaining inventory to bride the moving time for customers. 9M sales came in at € 29.8m (Q3: € 10.5m). Positively, and despite significant ramp-up costs, the 9M EBITDA came in positive at € 0.1m. Further, the 9M op. cashflow came in at € 1.1m as the company sold down pre produced battery packs. Strong Q4 in the books. With two weeks remaining in Q4, LION recorded Q4 sales of € 20m with another at least € 5m to be booked in the remaining two weeks. With around € 25m of sales, the fourth quarter will show significant sequential and yoy growth underpinning the plant’s revenue potential. With this, the FY '23 sales guidance of more than € 55m remains unchanged and in reach, eNuW. SVOLT partnership to unlock energy storage growth. Thanks to the partnership with SVOLT, the company will produce higher energy density (20% more vs currently used cells) NMC and LFP battery packs from H2 '24 onwards. 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. LIGHT Battery project progressing. A LIGHT Battery prototype (immersion cooled battery pack for ultra- fast charging and discharging) has been delivered to an OEM and is going through a so far successful testing phase. Following 2023, a major transition year, one should expect FY '24e to be marked by (1) strong sales growth (eNuW: 44% yoy) thanks to a running production and an increased sales force, (2) LION turning at least EBITDA breakeven thanks to operating leverage, (3) the launch of LFP battery packs and (4) further progress on the LIGHT battery. With shares trading at a mere 0.4x EV/sales 2024e, this is not adequately reflected in the current share price. BUY with an unchanged € 10.5 PT based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28567.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: Energiekontor AG - von First Berlin Equity Research GmbH Einstufung von First Berlin Equity Research GmbH zu Energiekontor AG Unternehmen: Energiekontor AG ISIN: DE0005313506 Anlass der Studie: Empfehlung: Buy seit: 18.12.2023 Kursziel: 134,00 Euro Kursziel auf Sicht von: 12 Monate Letzte Ratingänderung: 18.10.2022: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein Research Update zu Energiekontor AG (ISIN: DE0005313506) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 116,00 auf EUR 134,00. Zusammenfassung: Energiekontor (EKT) hat ein großes schottisches Windparkprojekt verkauft und die EBT-Prognose für 2023 auf €80 Mio. bis €100 Mio. angehoben (bisher: ca. €69 Mio. bis €75 Mio.). Das bedeutet, dass EKT das letztjährige Rekord-EBT von €62,9 Mio. um ca. 30% - 60% übertreffen und für dieses Jahr wieder ein Rekordergebnis präsentieren wird. Wir haben unsere Prognose für 2023 angehoben. Eine aktualisierte Sum-of-the-Parts-Bewertung führt zu einem neuen Kursziel von €134 (bisher: €116). Angesichts der Wachstumsaussichten und der hohen Profitabilität von EKT ist das Unternehmen attraktiv bewertet. Wir bestätigen unser Kaufen-Rating. First Berlin Equity Research has published a research update on Energiekontor AG (ISIN: DE0005313506). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and increased the price target from EUR 116.00 to EUR 134.00. Abstract: Energiekontor (EKT) has sold a large Scottish wind farm project and raised 2023 EBT guidance to €80m - €100m (previously: ca. €69m - €75m). This means that EKT will top last year's record EBT of €62.9m by ca. 30% - 60% and present another record result this year. We have raised our 2023 forecast. An updated sum-of-the-parts valuation yields a new price target of €134 (previously: €116). Given EKT's growth prospects and high profitability, the company is attractively valued. We confirm our Buy rating. 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/28559.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: Rubean AG - von NuWays AG Einstufung von NuWays AG zu Rubean AG Unternehmen: Rubean AG ISIN: DE0005120802 Anlass der Studie: Update Empfehlung: BUY seit: 18.12.2023 Kursziel: € 8,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow PhonePOS rollout is starting right now; chg Topic: After Rubean 1) solved its liquidity issues, 2) finally published its FY22 figures that were in line with expectations and 3) announced several promising partnerships, we are more optimistic that the rollout of POS is starting right now and should have the potential to ramp-up sales. Liquidity issues off the table for now. Several capital increases throughout 2023 that amount to an aggregated € 3.7m, as well as an increased debt position of € 4.9m (eNuW) should secure the liquidity for the short term. Yet, as the company's equity remains negative at € -3.6m, we would expect additional capital increases to be in the cards. FY22 sales came in at € 0.8m (+26% yoy) with EBIT of € -4.0m (vs. € -4.1m in FY21). While sales was bang in line with estimates (eNuW: € 0.8m) EBIT was slightly better than anticipated (eNuW: € -4.3m), thanks to lower personnel and other operating costs. Promising customer wins. While we consider FY23e as a transition year that was mainly characterized by the delayed product rollout, which should result in sales of only c. € 1.0m (eNuW +17% yoy) and a negative EBIT to the tune of € 3.6m, promising recently announced partnerships with i.e. Correos in Spain and emerchantspay, should ramp-up sales in FY24e and beyond. Importantly, with Correos (12k devices already in use, further 15k should follow in January), Rubean is not only earning a monthly license fee per user, but is also participating in every transaction, executed via the software. POS roll-out to ramp-up sales. In numbers, we expect sales of € 2.9m and an EBIT of € -1.6m for FY24e. Mind you, that these estimates can be seen as rather conservative, as we have only considered growing sales with signed customers. As Rubean´s leading softPOS product is ready for rollout, further new customer wins and partnerships are in the cards and could further lift sales. Thanks to the SaaS model, scalability should kick-in quickly. Operating break-even should be hence reached within FY25. As said, with new customer-wins that are likely, the break-even could be achieved even earlier. To reflect delays of the rollout, we cut FY23e and beyond. As the product rollout is in full swing, we expect the hypergrowth to start right now. Positive surprises to our rather conservative estimates are likely. We reiterate BUY with a reduced PT of € 8.00, based on our DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28553.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: Nynomic AG - von NuWays AG Einstufung von NuWays AG zu Nynomic AG Unternehmen: Nynomic AG ISIN: DE000A0MSN11 Anlass der Studie: Update Empfehlung: BUY seit: 18.12.2023 Kursziel: € 54 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Christian Sandherr Bolt-on acquisition with high synergy potential; chg. Topic: Nynomic announced the 100% acquisition of art photonic (13th pillar of the Nynomic group), which should be highly value accretive during the coming years thanks to significant synergy potential. In detail, art photonic is a Berlin-based expert in the development and production of highly specialized fiber optic cables used for optical measurement technology with a focus on mid-infrared (MIR) wavelength, making it highly compatible with the the recently acquired NLIR (early Oct.). Its products enable ultra-fast transmission of light to the measurement point and back to the sensor to process the received data. Both acquisitions support Nynomic's strategy to bring MIR in a scalable way into production processes integrated into stationary machines, production plants, commercial vehicles and similar, thus expanding Nynomic's future solution portfolio. In 2023e, art photonics is seen to generate some € 4m sales with an EBIT margin of roughly 10% (eNuW). Thanks to significant cross-selling opportunities across Nynomic’s broad customer base, we expect art photonic’s annual sales growth potential to be at around 20% for the next three to four years. The resulting positive operating leverage should quickly enable EBIT margins of >15%, in our view. While the purchase price was not disclosed, we expect it to be in line with Nynomic’s recent acquisitions, i.e. ~1x EV/sales, or € 4m in the case of art photonics, making it a clearly value accretive deal. Additional acquisitions to follow in H1 2024e. Carried by its inherently cash flow generating business model, the € 18.9m capital increase in May and in line with its buy and build strategy, Nynomic looks set to acquire 1-2, potentially also larger targets with up to € 20m sales during FY 2024e. Further positive newsflow to stem from a strong Q4 and a continued strong momentum throughout 2024e. Following solid 9M results with € 83m sales and a 10% EBIT margin, Nynomic looks set to report a disproportionally strong Q4 due to confirmed call-off dates of formerly delayed orders, several new projects within structurally growing markets. Q4 sales should come in at € 37.6m (+14% yoy, eNuW) with an EBIT margin of 19.7% (eNuW). With several products (e.g. Spectral Engines) beginning to gain traction and structurally growing demand for existing solutions, organic sales growth during the next years should exceed 10% (eNuW). BUY with an unchanged € 54 PT based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28555.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: Update Empfehlung: BUY seit: 15.12.2023 Kursziel: € 11,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Henry Wendisch Prepared for the future - Analyst meeting feedback Topic: MLP recently hosted its annual analyst meeting and gave insights into strategic developments: Advanced digitalization: On group level as well as for all MLP consultants, the company has invested heavily into its digitalization. For example, AI enabled robotic process automations significantly reduced the time spent on daily and repetitive tasks for MLP consultants, increasing operating efficiency and giving the consultants more time for valuable sales activities. On the customer side, the newly launched web- and mobile app 'Financial Home' gives customers a full overview of all their assets, including third party insurance contracts, brokerage- and bank accounts. This should mitigate potential churn to insurtechs as well as create lock in effects and a better user experience for MLP customers. Managing demography: MLP's new 'trainee program' started in July '23 and aims to attract the new generation of MLP consultants. With a meaningful part of consultants aged above 55 years, the constant and reliable inflow of new consultants is a major priority in the coming years in order to find well-suited successors if old consultants retire. This is especially important, as clients are more prone to churn if their consultant retires without a suitable successor due to the personal relationship. Hence, MLP plans to attract more than 500 new consultants in the mid-term, which seems achievable given c. 100 new hires in FY' 23e and c. 200 planned for FY '24e. M&A strategy: With RVM already in the group, MLP aims to expand its reach into industrial insurance brokerage segment. with the goal to lift notable synergies across the group. However, this is a highly fragmented but strongly consolidating market which is why valuations are still too high to acquire targets at reasonable prices. Regulatory environment: MLP feels very comfortable with the current regulations and looks optimistically into the future: (1) the proposed comission ban (on EU level) has been removed in May, (2) Germany aims to reform the tax-priviledged private old-age provision which should create demand for consultancy and (3) the proposed tax incentives for real estate investments by changing the depreciation method should foster demand for real estate brokerage as well as development, where MLP focuses on retirement homes. All in all, MLP seems to well prepared for the future. BUY with unchanged PT of € 11.00 (FCFY' 24e). Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28551.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: Rover Metals Corp. - von Sphene Capital GmbH Einstufung von Sphene Capital GmbH zu Rover Metals Corp. Unternehmen: Rover Metals Corp. ISIN: CA77937B2003 Anlass der Studie: Update Report Empfehlung: Buy seit: 14.12.2023 Kursziel: CAD 0,62 (bisher: CAD 0,75) Kursziel auf Sicht von: 36 Monate Letzte Ratingänderung: - Analyst: Peter Thilo Hasler Cabin Lake offered for sale – Focus on Lithium assets   With a strict focus on the Let’s Go Lithium project in Nevada and the IML project in the Northwest Territories, Rover Metals has announced that it intends to offer its 100% owned Cabin Lake gold project for sale. Located 110 km northwest of Yellowknife at the northern end of Russell Lake, Cabin Gold reportedly hosts high-grade gold in iron formation in Archean metasedimentary rocks. After acquiring the project in 2018, Rover Metals confirmed and expanded the historical gold resource, including by completing an airborne magnetic geophysical survey on the Bugow iron formation. A phase 1 diamond drilling exploration program at the historical Arrow Zone resulted in the discovery and definition of a high-grade (31.9 meters averaging 13.66 g/t Au) gold ore vein at the Cabin Arrow Zone that extends 140 meters at surface and is open at depth. According to the company, the property is being offered under a staged-ownership purchase option, that includes an up-front cash payment and ongoing royalty payments. The transaction is intended to bring-in needed working capital for 2024e, among others for further permitting work at the LGL project (Rover Metals' main asset) and further exploration and identification of pegmatites at the IML project. The sale will be preceded by the publication of the NI 43-101 Technical Report for the Cabin Lake project, which is scheduled for Q1/2024e. This will reportedly include multiple high-grade gold drill intercepts with drill results of up to 13.66 g/t Au that were published in 2020. After the recent decline in LCE prices, we have adjusted our valuation model and now calculate a probability weighted net asset value based and fully diluted price target of CAD 0.62 per share. Our price target is based solely on the speculative lithium resources of the LGL project, other assets were not included in our valuation, representing a potential bonus to our NAV calculation. We maintain our Buy rating for the shares of Rover Metals. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28545.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: Advanced Blockchain AG - von GBC AG Einstufung von GBC AG zu Advanced Blockchain AG Unternehmen: Advanced Blockchain AG ISIN: DE000A0M93V6 Anlass der Studie: Research Comment Empfehlung: Buy Kursziel: 11.00 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Julien Desrosiers Expected increase in profitability   Advanced Blockchain AG was recently presented at the Eigenkapitalforum by CEO Simon Telian and Sebastian Markowsky, which met with considerable interest from investors. Initial plans for 2024 have been communicated. Assuming that the current very positive trend in the crypto market continues, the management is planning strategic divestments of token generation events in the amount of around € 2.5 million. These events could take place, for example, with LAYR from Composable or Krest from peaq. These token generation events are expected to have a recurring character and thus increase the company's predictability, which could enable sustainable positive results. In addition, the focus remains on closing further OTC deals, which could amount to around € 2 million. With these planned transactions, we forecast that revenue will increase to around € 5 million in total in 2024.   Advanced Blockchain AG has rethought its business model in light of the rise in interest rates and the changed market situation. The focus is now increasingly on recurring income, particularly through data-based solutions that the company is currently developing and which could make a significant contribution in the future. The focus for new incubations continues to be on resource-efficient deployment. Management is also concentrating on developing strategic partnerships, particularly in the core markets of Switzerland, Dubai and Tokyo, and on building up highly qualified staff. We expect a noticeable increase in net income, especially after the implementation of a cost-cutting program in the current financial year 2023. We therefore assume that net income in 2024 will probably be around € 1 million. Furthermore, given the extremely positive market environment and business development, this year's result may already exceed market expectations.   The crypto markets are currently experiencing a significant upward movement, with Bitcoin breaking through the USD 43,000 threshold and now having a market capitalization of over USD 900 billion. Binance's recent settlement with the US Department of Justice has influenced market momentum. The growing anticipation of a Bitcoin ETF approval continues to drive this momentum and significant capital inflows are expected to drive prices higher in the cryptocurrency market.   Furthermore, important milestones were reached in the investments of Advanced Blockchain AG: Panoptic recently raised USD 11.5 million in a seed financing led by Greenfield Capital, resulting in a valuation of more than USD 30 million. peaq recorded a successful launch of the first Wicrypt hotspots on the Krest network. The Krest token price has seen a steady increase since August, contributing a significant seven-figure amount to the group's portfolio.   In addition, the company is now also represented in Dubai and will participate in the upcoming Global Blockchain Congress on December 11 and 12. CEO Simon Telian is currently in Tokyo to explore potential collaborations with the Japanese government. A white paper from the Japanese government proposes crypto-friendly measures. These include recommendations for tax changes, accelerated token valuations, regulation of stablecoins and support for legal frameworks for NFTs. The document proposes the creation of a Web3 minister, the introduction of crypto visas and the expansion of startup visas.   We confirm our current valuation of € 11.00 per share and continue to assign a Buy rating due to the considerable upside potential. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28523.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 11.12.2023 (10:50) Date (time) of first publication: 11.12.2023 (12:00) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.