Original-Research: Mexedia SPA-SB - von GBC AG Einstufung von GBC AG zu Mexedia SPA-SB Unternehmen: Mexedia SPA-SB ISIN: IT0005450819 Anlass der Studie: Management Interview Empfehlung: Buy Kursziel: 36.00 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Marcel Schaffer Pioneering Tomorrow's Tech Landscape: Mexedia's Visionary Journey Unfolds   The MKK Conference in Munich has provided the backdrop for a compelling conversation between the Mexedia's CEO, Orlando Taddeo, and equity research analyst Matthias Greiffenberger. Against the vibrant atmosphere of one of Germany’s leading conferences, this interview delves into Mexedia's remarkable journey and strategic vision.   Listed on the Euronext Growth Paris exchange, Mexedia has rapidly evolved beyond its roots in international voice and SMS termination activities. Orlando Taddeo, at the helm of Mexedia's leadership, shares exclusive insights into the company's trajectory, recent financial successes, and its proactive stance on embracing cutting-edge technologies.   This engaging discussion explores Mexedia's commitment to staying ahead in the dynamic tech landscape, utilizing artificial intelligence, and fostering collaboration with developers. Against the backdrop of the MKK Conference, renowned for showcasing innovations and trends, Matthias Greiffenberger delves into Mexedia's open-platform philosophy and strategies for both organic growth and acquisitions. This interview promises a unique perspective into Mexedia's unfolding story, directly from the visionary insights of CEO Orlando Taddeo.   GBC AG: To provide investors with a comprehensive understanding of Mexedia, could you give an introductory overview of the company?   Orlando Taddeo: We're a dynamic tech company listed on the Euronext Growth Paris exchange. Our journey began with a strong focus on international voice and SMS termination activities, a sector where we've established a significant presence. However, Mexedia's vision has always been forward-looking and adaptive. Recognizing the evolving needs of our customers and the market, we've expanded our portfolio to include cutting-edge Customer Engagement and Customer Experience Business Services. In these areas, we're not just participating; we're aiming to be pioneers, leveraging advanced technologies like Artificial Intelligence to enhance our tools and services. This expansion reflects our commitment to staying at the forefront of technological advancements and our dedication to offering solutions that are highly relevant and effective in today's rapidly changing digital landscape. Our journey is one of continuous evolution, and we're excited to bring our investors and customers along as we explore new horizons in the tech world.   GBC AG: Following the recent publication of your half-year results, could you provide a concise summary and share whether the results align with your expectations?   Orlando Taddeo: We're quite pleased to share that our half-year results have been quite encouraging. There has been a noticeable growth in our revenues and EBITDA, which, to our satisfaction, aligns well with the expectations and forecasts we had set for this period. This positive outcome is a testament to the hard work and dedication of our team, and it reflects the strength of our strategic initiatives, including our efforts in diversifying our services and enhancing our cross-selling capabilities. We believe these strategies have been key in navigating the challenges and seizing the opportunities of our dynamic industry. We remain committed to maintaining this momentum and continuing to deliver value to our stakeholders.    GBC AG: Aligning with market demand, could you shed light on the current sought-after products and services, and how Mexedia is positioned to meet these demands?   Orlando Taddeo: One of the most fascinating aspects in the current market, which we at Mexedia are keenly focused on, involves innovative value-added services, particularly in the realm of business automation solutions. We recognize that in today's fast-paced business environment, efficiency and innovation are essential components of a successful strategy. At Mexedia, we are excited about harnessing the power of artificial intelligence to revolutionize customer engagement. Our approach involves using AI not just as a tool, but as a transformative force to enhance and streamline communication processes. This technology is pivotal in accelerating operations, enabling businesses to operate more efficiently and cost-effectively. We understand that the landscape of customer engagement is constantly evolving, and staying ahead of these changes is crucial. By integrating AI into our solutions, we are anticipating future trends. This forward-thinking approach positions Mexedia as a leader in providing innovative solutions that meet the ever-changing needs of businesses in the digital age.   GBC AG: Exploring the open-platform nature of Mexedia, could you elaborate on how developers contribute to the platform's growth and the development of new features?   Orlando Taddeo: Mexedia’s open-platform approach allows developers to contribute significantly, leading to new features and innovations, thereby enhancing its service offerings. This collaborative environment enables Mexedia to maintain its edge in the market. The open-platform nature of Mexedia is one of its most distinctive and innovative aspects, particularly evident through our App Store marketplace. This platform is not just a repository of applications; it's a thriving ecosystem that fosters continuous growth and innovation. By allowing both proprietary and third-party Mini-Apps to be activated, we ensure that our users have access to a diverse and comprehensive range of choices, tailored to meet their specific needs. What truly sets Mexedia apart and serves as a catalyst for its evolution is our inclusive approach toward developers and industry-specific companies. By opening up the Mexedia App Store to these external contributors, we've created a dynamic environment where continuous development is not just encouraged but is a fundamental part of the ecosystem. This approach allows us to offer brands a novel, comprehensive, and dynamic mode of customer interaction. Our platform encompasses a wide array of functionalities – from SMS, chat, and voice services to relational AI, payments, authentications, augmented reality, and voice smart assistants. The diversity of our Mini-App offerings means there's a solution for every objective. Developers play a crucial role in this ecosystem; their contributions in terms of innovative Mini-Apps and features are invaluable. They not only expand the capabilities of the Mexedia platform but also ensure that it remains at the forefront of technological advancement and market relevance.   GBC AG: In terms of growth, can you outline Mexedia's strategy for both organic expansion and acquisitions?   Orlando Taddeo: At the core of our organic growth strategy is a strong emphasis on innovation and market penetration. We believe that by continuously innovating our products and services, we can anticipate future needs. This forward-thinking approach is complemented by our efforts to penetrate deeper into existing markets and to identify and establish ourselves in new ones. Our goal is to grow organically by enhancing our offerings and extending our reach, thereby solidifying our position in the market. Strategic acquisitions, on the other hand, play a pivotal role in our expansion strategy. We seek opportunities to acquire companies in sectors that align with our vision and can contribute to our service portfolio. These acquisitions are selected to ensure they complement our existing services but also bring new capabilities and expertise to the table. By integrating these acquired companies and their unique strengths into our operations, we can offer a more comprehensive suite of services to our clients.   GBC AG: Looking ahead, how does Mexedia plan to enhance its EBITDA margin in the coming years?   Orlando Taddeo: As we look towards the future, Mexedia is committed to enhancing its EBITDA margin through a multifaceted strategy that focuses on leveraging our existing services, improving operational efficiencies, and introducing innovative solutions. We understand that a healthy EBITDA margin is crucial for our long-term sustainability and success, and our approach is designed to address this on multiple fronts.   GBC AG: Can you provide a practical example or case study that highlights the capabilities and impact of Mexedia ON?   Orlando Taddeo: I can share a practical example that showcases the advantages of using Mexedia ON in the retail sector: a retail client was looking to enhance their customer engagement and drive sales. Before implementing Mexedia ON, they faced challenges in effectively reaching and engaging with their diverse customer base. Their communication strategies were somewhat generic and did not fully leverage the potential of multi-channel communication. This is where Mexedia ON stepped in. With Mexedia ON, we developed and implemented a personalized communication strategy tailored to the unique preferences and behaviors of their customers. By harnessing the power of Mexedia ON's advanced analytics and AI capabilities, we were able to gain deep insights into customer preferences and engagement patterns. These insights enabled us to craft targeted messages and offers that were delivered through the most effective channels for each customer segment. Whether it was through SMS or other digital channels, each message was optimized for maximum relevance and impact. The results were remarkable. The client saw a significant increase in customer engagement, which translated into higher sales figures. Customers responded positively to the personalized communication, feeling more valued and understood. This also helped in building long-term customer loyalty. Basically, the efficiency of Mexedia ON in managing and automating these multi-channel communications allowed the client to scale their efforts without a corresponding increase in complexity or resource allocation.   GBC AG: What is the future vision for Mexedia, and are there any upcoming developments in the next two years that you find particularly exciting or noteworthy?   Orlando Taddeo: As we look towards the future, Mexedia is firmly focused on deepening its role as a key player in the realms of digital transformation and communication innovation. Our vision is to be at the forefront, driving change and setting new standards in the industry. In the next two years, we have several exciting developments lined up that align with this vision. One of the key areas we are focusing on is the expansion of our service portfolio. We are constantly exploring new technologies and solutions that can add value to our clients, by enriching our existing offerings with more advanced, efficient, and cutting-edge solutions. Another significant area of development is exploring new markets. Mexedia recognizes the importance of global reach in today’s interconnected world. We are actively assessing opportunities to enter new geographic markets, which gives us invaluable insights into diverse market dynamics. This expansion is a strategic move to reinforce our global footprint and bring our advanced technology and communication solutions to a wider audience. These developments are particularly exciting as they represent our commitment to lead and innovate in the technology and communication sectors. We are enthusiastic about the potential of these initiatives to strengthen our leadership position and to offer even more value to our clients and stakeholders.   GBC AG: Thank you very much for the interview. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28451.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 01.12.2023 (16:20) Date (time) of first publication: 07.12.2023 (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.

Original-Research: Media and Games Invest SE - von GBC AG Einstufung von GBC AG zu Media and Games Invest SE Unternehmen: Media and Games Invest SE ISIN: SE0018538068 Anlass der Studie: Research study (Comment) Empfehlung: BUY Kursziel: 4.05 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker Nine months 2023: Solid sales and operating earnings performance despite challenging conditions; positive effects from the initiated savings programme enabled an increase in profitability; GBC estimates and price target confirmed   Business performance 9M 2023   Media and Games Invest (SE) published its nine-month and Q3 figures for the current financial year on 30 November 2023. Based on these figures, the ad tech group saw a moderate decline in digital Group revenue of 3.6% to € 223.27 million in the past nine months (9M 2022: € 231.55 million), primarily due to divestments (in the games segment) and unfavourable exchange rate developments. The revenue generated was primarily driven by the traditionally largest advertising segment 'Supply Side Platform' (revenue share: 89.7%), which generated revenue of € 200.35 million (9M 2022: € 209.65 million).   According to the company, an organic increase in consolidated sales was achieved on a comparable basis. This revenue growth is primarily the result of an increase in the software customer base and the volume of advertising placed. The number of customers on MGI's digital advertising platform increased significantly by 9.0% to 2,068 software customers at the end of the third quarter compared to the same quarter of the previous year (software customers at the end of Q3 2022: 1,898). At the same time, the digital advertising volume delivered increased significantly by 8.0% to 186 billion at the end of the third quarter (advertising ads at the end of Q3 2022: 172 billion).   Thanks to the noticeable expansion of the software customer base, the Ad-Tech Group was able to perform well amid the challenging market situation and thus slightly overcompensate for negative market aspects such as reduced customer advertising budgets and lower CPMs (cost-per-mile).   In addition, further market share was gained, enabling this technology company to further expand its leading market position. According to a recent Pixalate market study, MGI's subsidiary Verve Group remains the market leader on Android and iOS in the US market with a market share of 11.0% and 28.0% respectively. In Europe, Verve recently achieved a market-leading position on Android (No. 2 with a market share of 15.0%) and iOS (No. 3 with a market share of 9.0%). In our view, MGI has thus outperformed the general advertising market and the advertising industry as a whole.   In contrast to the sales trend, MGI achieved growth at all earnings levels, primarily due to the revaluation of the AxesInMotion earn-out payment liability (positive one-off effect of € 62.76 million). EBITDA increased dynamically by 73.6% to € 101.15 million compared to the same quarter of the previous year (9M 2022: € 58.28 million). Adjusted for one-off effects (e.g. M&A and restructuring costs or revaluations of balance sheet items), adjusted EBITDA (Adj. EBITDA) totalled € 63.50 million, which was slightly higher than in the same period of the previous year (9M 2022: € 61.70 million).   In terms of operating profitability, an increase in profitability to 28.4% (9M 2022: 26.6%) was achieved on the basis of the adjusted EBITDA margin (Adj. EBITDA margin). This improvement in profitability reflects the first positive effects of the company's cost-cutting programme, which is expected to generate annual cost savings of around € 10.0 million once successfully implemented.   After the first nine months of the financial year, consolidated net income (after minority interests) totalled € 41.83 million (9M 2022: € 8.77 million), which was significantly higher than the previous year's level. This significant increase in net income was mainly due to the positive one-off effect from the revaluation of an M&A-related payment obligation described above.   Business development Q3 2023 The negative effects of divestments and unfavourable exchange rate developments were particularly noticeable in the third quarter. Accordingly, the MGI Group suffered a significant year-on-year decline in digital Group sales of 10.6% to € 78.34 million (Q3 2022: € 87.62 million). Adjusted for these negative currency effects, however, organic sales growth of 1.0% was achieved at Group level, according to the company. This revenue growth was primarily the result of an increase in the software customer base and the volume of advertising delivered.   At operating earnings level, adjusted EBITDA (Adj. EBITDA) of € 23.10 million was achieved, mainly thanks to efficiency gains from the cost-saving programme that has been initiated, thus confirming the high earnings level of the previous year (Q3 2022: € 23.00 million). At the same time, the adjusted EBITDA margin increased significantly to 29.5% (Q3 2022: 26.3%)   Forecast and price target Against the backdrop of the company's solid performance in the first nine months of 2023, MGI's management has confirmed its previously adjusted guidance (dated 31 August 2023) for the current 2023 financial year with the publication of its nine-month and Q3 figures. Accordingly, the technology company continues to expect consolidated sales of around € 303.0 million and Adj. EBITDA of € 93.0 million. At the same time, the company has also confirmed its medium-term guidance (Revenue CAGR: 25.0% to 30.0%; Adj. EBITDA margin: 25.0% to 30.0%). As a result, MGI anticipates significantly higher growth momentum again in the medium term on the basis of an expected recovery in the advertising market.   Overall, we remain convinced that the ad tech group will be able to return to growth from the 2024 financial year onwards, based on the gradual recovery of the advertising market that we expect. In particular, the MGI Group's strong positioning in the growth areas of programmatic advertising and connected TV (CTV) in combination with innovative advertising solutions (Moments.AI, ATOM etc.) should ensure further market share gains and a significant outperformance compared to the general advertising industry in the future. The significant expansion of their software customer base achieved in recent quarters also provides a good basis for driving (organic) growth even more strongly.   In light of the company's solid performance, the confirmed outlook and their promising growth strategy, we confirm our previous revenue and earnings estimates for the current financial year and subsequent years. Accordingly, we also confirm our previous price target of € 4.05 per share. With regard to the current share price level, we therefore continue to assign a 'buy' rating and see significant upside potential in the MGI share.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28503.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 07/12/2023 (9:35 am) Date (time) of first distribution: 07/12/2023 (10:30 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: 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: Update Empfehlung: BUY seit: 07.12.2023 Kursziel: € 8,20 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Mark-Hendrik Schüssler RS feedback: Venture-like D2C meal kit opportunity Yesterday, we hosted a digital roadshow with the CEO of Marley Spoon. Here are our key takeaways: Adjusted voucher strategy and turnaround. In Q3, the company rectified a previously changed voucher strategy and has already seen promising signs of increasing marketing efficiency and early cohort retention rates in Q4, paving the way to return to sales growth in 2024e aided by a more stabilized order frequency, growing basket size (c. 2% eNuW), as well as growing subscriber quality and base (c. 3% eNuW; currently 15% retention rate over > 20 quarters). Ongoing reduction in G&A expenses should contribute to a positive operating EBITDA in 2024e. Executing on its strategic shift from growth to profitability, Marley Spoon managed to significantly decrease G&A expenses by 20% yoy in Q3 2023 (excl. one-time charges) as it continues to reduce costs through automation, business service centralization, and realizing cost synergies from its Chefgood integration. Moreover, installed capacity should help it produce c. € 1bn in sales, rendering future capex superfluous and supporting break-even to positive free cash flow generation starting 2024e. Process of ending dual-listed status underway. The company is in the process of transferring its float from ASX to Frankfurt Stock Exchange through a tender offer to acquire the remaining shares of the Australianlisted Marley Spoon SE ( Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28499.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: Mexedia SPA-SB - von GBC AG Einstufung von GBC AG zu Mexedia SPA-SB Unternehmen: Mexedia SPA-SB ISIN: IT0005450819 Anlass der Studie: Research Report (Note) Empfehlung: Buy Kursziel: 36.00 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Marcel Schaffer Advancing Mexedia: Expanding Services, Strategic Acquisitions, and Innovative Offerings   During the first half of 2023, the Mexedia Group witnessed a substantial surge in revenue propelled by strategic acquisitions of Phonetime Inc. and Matchcom Telecommunications Inc., executed through Mexedia Inc. These acquisitions strategically redirected revenue from Mexedia Ltd.'s voice-based electronic termination services to the flourishing U.S. market, with the goal of fortifying the competitive position and streamlining the integration of the newly acquired entities.   Concurrently, Mexedia S.p.A. SB, the parent company, introduced SMS electronic termination services, yielding positive impacts on both revenue and margin. The Mexedia Group achieved consolidated revenues of €133.36 million in the initial six months of 2023, showcasing an impressive growth of 59.4% compared to the corresponding period in the previous year.   EBITDA remained steadfast at €4.10 million, reflecting a 1.9% increase from the parallel period in the prior year. Mexedia Ltd. contributed 71% to the EBITDA, while the remaining portion was attributed to Mexedia Inc. The dip in the EBITDA margin stemmed from continuous optimization processes within the U.S. companies.   Financial expenses rose to €2.36 million due to elevated working capital and foreign exchange losses linked to the multicurrency operations of Matchcom Telecommunications Inc., compared to €1.72 million in the corresponding period of the previous year. The overall net result for the group amounted to €1.44 million, a slight decrease from €1.58 million in the same period of 2022.   Following deliberations at the MKK Conference, the forecast was fine-tuned, anticipating revenues of €280 million for 2023 and €300 million for 2024. The management is laser-focused on margin improvement, sustainable growth, and a gradual transition to opportunities with higher margins.   The positive market projections in the telecommunications sector are fueled by the escalating demand for communication services. Mexedia strategically positions itself for substantial revenue growth through initiatives such as the acquisition of Matchcom Telecommunications Inc. and Phonetime Inc., along with the introduction of Mexedia ON.   Mexedia ON, a pivotal element in the growth strategy, serves as a Customer Experience Platform offering innovative channels like Metaverse and Smart Voice Assistance. The refined forecast indicates an enhanced margin, with an anticipated EBITDA of €13.12 million for 2023 and €18.15 million for 2024. Mexedia is committed to a comprehensive strategy aimed at boosting the EBITDA margin, encompassing the optimization of existing services and the introduction of innovative solutions. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28447.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion of the research report: 01.12.2023 (17:00) Date and time of the first disclosure of the research report: 06.12.2023 (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.

Original-Research: 123fahrschule SE - von NuWays AG Einstufung von NuWays AG zu 123fahrschule SE Unternehmen: 123fahrschule SE ISIN: DE000A2P4HL9 Anlass der Studie: Q3 Review Empfehlung: BUY seit: 06.12.2023 Kursziel: € 8,70 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Sound Q3 confirms positive momentum 123fahrschule published a sound set of Q3 results, showing continuous top-line growth and a significantly improved profitability. Here are the key takeaways: Q3 sales increased by 23% yoy to € 5.2m (eNuW: € 5.1m) driven by a significantly increased number of overall driving lessons (+19% to 146k) as well as a strong performance of the Professional Driver Education segment. In detail: Sales of the company’s core segment Private Customers rose 18% yoy to € 4.0m (eNuW: € 4.3m) thanks to last year’s M&A activities as well as organic growth carried by improving utilization rates. Notably, Professional Drivers Education continues to gain traction with yoy topline growth of 114% to € 0.6m (eNuW: € 0.4m) after management significantly strengthened the respective salesforce, which is bearing fruit quicker than anticipated. Only the Driving Instructor Training segment fell slightly behind our estimates with sales down 12% yoy to € 0.4m (eNuW: € 0.5m). Against this backdrop, the company provided a neutral Q3 EBITDA, which is a significant improvement compared to a negative € 2.0m in Q3’22. Mind you, that the FY EBITDA is still seen to turn negative (eNuW: € -0.7m) which is due to two main effects: (1) Seasonally weak December as students are generally reluctant to take driving lessons during Christmas. (2) Other OpEx are seasonally higher in Q4 based on the built up of provisions, especially vacation accruals, which are entirely built up at YE. Still, from 2024e onwards, FY EBITDA looks set to turn positive driven by efficiency gains and economies of scale based on continuous strong oganic growth of 15% (eNuW). Thanks to its own driving instructor training centers, 123f is seen to cope well with the shortage of skilled workforce and thus continue to outperform the market. That said, the current budget crisis could have a negative impact on the awarding of education vouchers (eNuW: 70% of sales in Professional Driver Education & Driving Instructor Training segments), which implies some downside risk to our esimates. Liquidity issue resolved. As flagged in our initiation, the company recently resolved a cash capital increase, raising gross proceeds of € 1.7m. With this, management eliminated liquidity as a risk factor as the company is now fully financed until FCF generation is seen to kick in in 2025e. Shares continue to appear undervalued trading at 0.7x EV/Sales 2023e, especially after the recent weakness following the capital increase. Remains a BUY with an unchanged PT of € 8.70 based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28489.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: CEL-SCI Corporation - von First Berlin Equity Research GmbH Einstufung von First Berlin Equity Research GmbH zu CEL-SCI Corporation Unternehmen: CEL-SCI Corporation ISIN: US1508376076 Anlass der Studie: Initiation of coverage Empfehlung: Buy seit: 05.12.2023 Kursziel: USD8.40 Kursziel auf Sicht von: 12 months Letzte Ratingänderung: - Analyst: Christian Orquera First Berlin Equity Research has initiated coverage on CEL-SCI Corporation (ISIN: US1508376076). Analyst Christian Orquera's rating is BUY with a price target of USD 8.40 (€7.70). Abstract: CEL-SCI Corporation (CEL-SCI) is a biotech company with a development-stage immunotherapeutic product pipeline focused on cancer. The company's lead drug candidate, Multikine, is a biological product that contains a mixture of naturally derived and naturally occurring human proteins called cytokines, capable of activating a patient's immune system to fight and kill cancerous tumours. The drug candidate has been primarily developed as a neo-adjuvant (prior to standard therapy which mostly implies surgical removal of the tumour) immunotherapy for the treatment of various types of solid tumours, the lead indication, primary advanced head and neck squamous cell carcinoma (HNSCC). While Multikine did not meet the primary endpoint of the overall phase 3 trials in 923 patients, it demonstrated superior performance compared to standard of care in the pre-defined low-risk arm (n=380). Moreover, post-hoc data analysis of the whole study showed that the drug candidate achieves an even stronger performance in less sick locally advanced disease patients meeting certain criteria (No lymph node involvement - N0 - and low PD-L1 tumour expression). These patients showed a 73% 5-year survival rate vs 45% for the control group, a 28 percentage point overall survival advantage vs control (p=0.0015). Importantly, 38% of these patients saw pre-surgical responses with Multikine which led to a >32% 5-year absolute overall survival advantage vs control (p=0.0019). Based on this data, we believe CEL-SCI's lead drug candidate, Multikine, has a good chance of receiving conditional approval in Canada and the UK in H2 2024, followed by Europe and the US in 2025. Subject to approval, the company will be able to commercialise the drug while conducting a confirmatory study. We project sales potential for Multikine in these markets of >USD970m. We expect positive news flow from Multikine's approval process to add substantial value to CEL-SCI and positively impact the share price. We initiate coverage of CEL-SCI with a Buy rating and a USD8.40 (€7.70) price target. First Berlin Equity Research hat die Coverage von CEL-SCI Corporation (ISIN: US1508376076) aufgenommen. Das Rating von Analyst Christian Orquera ist BUY bei einem Kursziel von USD 8,40 (€7,70). Zusammenfassung: CEL-SCI Corporation (CEL-SCI) ist ein Biotech-Unternehmen mit einer immuntherapeutischen Produktpipeline im Entwicklungsstadium, die sich auf Krebs konzentriert. Der führende Arzneimittelkandidat des Unternehmens, Multikine, ist ein biologisches Produkt, das eine Mischung aus natürlich gewonnenen und natürlich vorkommenden menschlichen Proteinen, so genannten Zytokinen, enthält, die das Immunsystem des Patienten aktivieren können, um Krebstumore zu bekämpfen und abzutöten. Der Arzneimittelkandidat wurde in erster Linie als neoadjuvante (vor der Standardtherapie, die meist eine chirurgische Entfernung des Tumors beinhaltet) Immuntherapie zur Behandlung verschiedener Arten solider Tumore entwickelt, wobei die Hauptindikation das primäre fortgeschrittene Plattenepithelkarzinom des Kopfes und Halses (HNSCC) ist. Während Multikine den primären Endpunkt der gesamten Phase-3-Studie mit 923 Patienten nicht erreichte, zeigte es im vordefinierten Niedrigrisiko-Arm (n=380) eine überlegene Leistung im Vergleich zur Standardbehandlung. Darüber hinaus zeigte eine Post-hoc-Datenanalyse der gesamten Studie, dass der Medikamentenkandidat bei weniger kranken Patienten mit lokal fortgeschrittener Erkrankung, die bestimmte Kriterien erfüllen (kein Lymphknotenbefall - N0 - und geringe PD-L1-Tumorexpression), eine noch bessere Leistung erzielt. Diese Patienten wiesen eine 5-Jahres-Überlebensrate von 73% gegenüber 45% in der Kontrollgruppe auf, was einem Gesamtüberlebensvorteil von 28 Prozentpunkten gegenüber der Kontrollgruppe entspricht (p=0,0015). Wichtig ist, dass 38 % dieser Patienten vor der Operation auf Multikine ansprachen, was zu einem absoluten 5-Jahres-Gesamtüberlebensvorteil von mehr als 32% gegenüber der Kontrollgruppe führte (p=0,0019). Auf der Grundlage dieser Daten glauben wir, dass der führende Medikamentenkandidat von CEL-SCI, Multikine, gute Chancen hat, im zweiten Halbjahr 2024 eine bedingte Zulassung in Kanada und Großbritannien zu erhalten, gefolgt von Europa und den USA im Jahr 2025. Vorbehaltlich der Zulassung wird das Unternehmen in der Lage sein, das Medikament zu vermarkten und gleichzeitig eine Bestätigungsstudie durchzuführen. Wir gehen von einem Umsatzpotenzial für Multikine in diesen Märkten von >USD970 Mio. aus. Wir gehen davon aus, dass ein positiver Nachrichtenfluss aus dem Zulassungsverfahren von Multikine den Wert von CEL-SCI erheblich steigern und den Aktienkurs positiv beeinflussen wird. Wir beginnen die Coverage von CEL-SCI mit einem Buy-Rating und einem Kursziel von USD8,40 (€7,70). 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/28487.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: 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: 05.12.2023 Kursziel: € 8,20 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Konstantin Völk Strong growth opportunities carried by structural trends; PT up Despite a strong competitive quality and structural growth drivers, MAX Automation had difficulties translating it into operating performance between 2016 and 2020. Thanks to MAX having done its homework by adjusting its portfolio and structural trends kicking in, shares look poised for a re-rating. Until 2025e, MAX Automation should be able to grow sales to € 510m while achieving disproportionate EBITDA growth of 15% (2022-25e CAGR) thanks to: Structural growth drivers: MAX's subsidiary bdtronic is a leading provider of trickling impregnation, which significantly improves performance and safety metrics of electric drive trains. With the number of electric vehicles likely to continue to soar during the foreseeable future, the need for its automated solutions, that enable particularly high production speed without sacrificing quality, should enable bdtronc’s sales to grow >20% annually. Defensible competitive quality: Bdtronic's trickling impregnation business is based on highly specific know-how and a strong reputation, establishing lock-in effects and hence high entry barriers. Once the impregnation machines are installed, it is costly for OEMs to switch to different suppliers, enabling bdtronic a lucrative service business, allowing for EBITDA margins north of 17% for bdtronic (eNuW). With that, MAX’s group KPIs should also further improve: EBIT margins (5.4% in FY22 -> 7.6%), ROCEs (9.4% in FY22 to >11%) and free cashflow generation (neg. in FY22 to € 20m) going forward. 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 increased € 8.20 PT (old: € 7.30) based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28479.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: SFC Energy AG - von First Berlin Equity Research GmbH Einstufung von First Berlin Equity Research GmbH zu SFC Energy AG Unternehmen: SFC Energy AG ISIN: DE0007568578 Anlass der Studie: Update Empfehlung: Buy seit: 04.12.2023 Kursziel: 34,00 Euro Kursziel auf Sicht von: 12 Monate Letzte Ratingänderung: 16.2.2021: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein Research Update zu SFC Energy AG (ISIN: DE0007568578) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 34,00. Zusammenfassung: SFC hat ihre mittelfristige Guidance veröffentlicht, die für 2028 einen Umsatz von €400 Mio. bis €500 Mio. vorsieht. Eine organische 2022-2026 CAGR von fast 30% sollte zu einem Umsatz von ca. €400 Mio. führen, die restlichen €100 Mio. könnten durch M&A generiert werden. SFC strebt bis 2028 eine bereinigte EBITDA-Marge von >15% an (2022: Umsatz von €85 Mio., bereinigte EBITDA-Marge von 9,6%). Die wichtigsten organischen Wachstumstreiber sind die regionale Expansion, insbesondere in Asien und Nordamerika, sowie eine deutliche Steigerung des Absatzes von Wasserstoff-Brennstoffzellen. Die mittelfristige Guidance von SFC deckt sich in etwa mit unseren Erwartungen. Ein aktualisiertes DCF-Modell führt zu einem unveränderten Kursziel von €34. Wir bestätigen unser Kaufen-Rating. First Berlin Equity Research has published a research update on SFC Energy AG (ISIN: DE0007568578). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 34.00 price target. Abstract: SFC has published mid-term guidance, which targets 2028 revenue of €400m - €500m. An organic 2022-2026 CAGR of almost 30% should result in revenue of ca. €400m, and the remaining €100m could come from M&A. SFC is aiming for an adjusted EBITDA margin of >15% before 2028 (2022: revenue of €85m, adjusted EBITDA margin of 9.6%). The main organic growth drivers are regional expansion, especially in Asia and North America, and a significant increase in sales of hydrogen fuel cells. SFC's mid-term guidance is roughly in line with our expectations. An updated DCF model yields an unchanged price target of €34. 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/28475.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: Netfonds AG - von NuWays AG Einstufung von NuWays AG zu Netfonds AG Unternehmen: Netfonds AG ISIN: DE000A1MME74 Anlass der Studie: Q3 Review Empfehlung: BUY seit: 04.12.2023 Kursziel: € 70,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow FY23 guidance in reach after solid Q3 figures; chg Netfonds published solid Q3 figures with further sequential top and bottom line growth and confirmed its FY23 guidance. In detail: Gross sales came in at € 48.4m (21% yoy, 4% qoq), broadly in line with our estimate of € 49.0m. The sequential improvement is mainly driven by the strong growth of high margin AuM in the wealth and asset management (c. € 3bn AuM in Q3 vs eNuW: € 2.8bn after Q2), while overall AuA stagnated on record levels of € 22.7bn. Importantly, AuA inflows compensated for weaker stock market performance. Due to higher material expenses (relative to sales), net sales of only € 8.5m (20% yoy, -11% qoq) came in below our estimate of € 9.7m. EBITDA remained rather stable on high levels of € 1.3m (vs € -0.2m in Q2´22, -13% qoq), but significantly below our estimate of € 2.3m, solely due to the weaker net sales. While personnel expenses should have been in line with our estimates (eNuW: € 5.0m), other operating expenses should have been below (€ 2.2m vs eNuW: € 2.4m), despite further investments into the finfire platform. EBT of € 0.4m (vs € -0.6m in Q3´22) resulted from stable D&A of c. € 0.8m financial result of € -0.1m. On the back of the solid Q3 figures, the FY23 guidance of € 185-190m gross sales and € 35-37m net sales looks well achievable given that 1) Q4 was historically the strongest quarter of the year and 2) stock markets rose close to all-time highs in November, which should fuel AuA/AuM. A guidance beat is still in the cards. Apart from that, the 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. Netfonds leading market 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) should further support future growth. In light of the growth prospects, the promising mid-term guidance and the undemanding valuation, we reiterate BUY with an unchanged PT of € 70.00, based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28455.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: ASMALLWORLD AG - von NuWays AG Einstufung von NuWays AG zu ASMALLWORLD AG Unternehmen: ASMALLWORLD AG ISIN: CH0404880129 Anlass der Studie: Update Empfehlung: BUY seit: 01.12.2023 Kursziel: CHF 4,90 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Henrey Wendisch JetBeds acquisition to fill important gap Topic: ASW announced the acquisition of first and business class booking engine JetBeds.com (JetBeds GmbH, Germany), which is closing an open gap in ASW’s modular product offering. All assets of JetBeds are acquired by ASW including the valuable booking engine as well as other important intangible assets like the customer base. JetBeds offers a unique USP to travel sassy customers, by finding attractive deals for first and business class flights of renowned airlines. While its flight booking engine combines non-cooperating and cooperating airlines, the company also negotiates exclusive discount deals for their customers. With the social network of paying, luxury- and travel-sassy members in its core, ASW now extends its broad monetization opportunities (see p.2). The addition of JetBeds completes ASW’s product offering in the travel booking offering, as members can now also book a flight via ASW next to to hotel booking (ASW Collection) and bespoke travel services (First Class and More & ASW Private). However, the most important synergies should arise from a potential combination of flight booking and mile optimization but also a potential technological integration into the hotel-booking engine “ASW Collection” providing customers a full services for a luxury journey. Moreover, the sensible acquisition should lift notable cross selling opportunities, once fully integrated into ASW (eNuW: not before H2’24e) while turning ASW more and more into a one-stop shop for luxury travel-sassy customers. While these new scalable monetization expansions should not impact FY'23e, we expect notable growth of top and bottom line in FY'24e thanks to a growing member base coupled with increasing average revenues per user thanks to the continuous expansion of offered services, which serve a niche ofcurrently 67k high income members. With shares currently trading at 7.3x EV/EBITDA FY'24e (vs. 15x average EV/EBITDA FY'20-'22), current levels offer an attractive entry oppurtunity. Hence, we reiterate our BUY recommendation with unchanged PT of CHF 4.90, based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28443.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: S Immo AG - von NuWays AG Einstufung von NuWays AG zu S Immo AG Unternehmen: S Immo AG ISIN: AT0000652250 Anlass der Studie: Q3 Review Empfehlung: BUY seit: 30.11.2023 Kursziel: € 17,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Strong Q3 and another acquisition; chg. Yesterday, S IMMO released a strong set of Q3 results, showing continued top-line growth as well as significantly improved operating profitability. Moreover, the company announced the acquisition of another portfolio in the CEE region. Q3 total revenues increased 24% yoy to € 81.1m (eNuW: € 79.8m) which was mainly driven by last year’s acquisitions in the CEE region, resulting in a rental income increase of 24% yoy to € 49.0m (eNuW: € 47.5m). Notably, Q3 revenues from hotel operations continued to recover post Covid, as segment sales increased 26% yoy to € 18.5m (eNuW: € 19.0m) while the segment’s operating margin significantly improved by 8.9pp yoy to 29.9%. Against this backdrop, FFO was up 34% yoy to € 25.1m, which was however below our estimate of € 28.3m. The gap is mainly explained by negative FX effects to the tune of € 2.9m. The still overproportionate FFO increase is based on reduced property operating as well as SG&A expenses. While the operating business remains on a strong level, the company provided further positive newsflow with another major CEE acquisition. As flagged in our recent preview note, the company signed an LOI for a Czech portfolio. Meanwhile, the deal for the 11 properties, which comprise a lettable area of 138k sqm, has been signed. The portfolio is currently valued at € 481m an generated rental income of c. € 29m. With this, S IMMO acquired properties with a total annual rental income of c. € 50m YTD. The new acquisitions are seen to be mainly financed with the proceeds from the current disposal program in Germany. While properties worth € 621m have already been sold, € 400m are still in the disposal pipeline (eNuW: € 250m of which in Germany). As a quick reminder, yields in CEE are on average 3-4pp higher compared to German residential. Hence, the rebalancing of the portfolio (e.g. selling German properties & buying CEE properties) should substantially increase annual rental income, thus creating significant shareholder value. We confirm our BUY recommendation 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/28431.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: 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: 30.11.2023 Kursziel: € 5,50 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Returning from Milan with pockets full of cash; chg. On Tuesday, BVB visited AC Milan to play their penultimate Champions League group stage match. Thanks to a 3-1 victory, the team has already qualified for the knock-out stage before the last matchday, thus securing € 9.6m additional premium payments on top of the € 2.8m for winning the match. As Paris St. Germain only managed to get a draw (1-1) in their final home game against Newcastle, BVB is now also in pole position finish first in their group, as they only need a draw in the last match at home against Paris. Mind you, BVB have not lost at home in the Champions League for two years and overall lost only one out of the last 29 matches at Signal Iduna Park. As the group winners play the second- placed team from another group (i.e. an “easier” opponent) in the round of sixteen, this would clearly improve BVB’s chances to advance even to the quarterfinals, which would secure another € 10.6m in premium payments (not reflected in our estimates). Keep in mind, that those premium payments have a de facto 100% margin, as no costs are incurred and that sales from ticketing, catering and merchandising are not yet included in that number. While the club is performing above expectations in the Champions League in what we called an unlucky drawn group (Paris, Milan, Newcastle) back in October, the Bundesliga performance appears somewhat lackluster so far as BVB is only in 4th place after one third of the season. Although this would be sufficient to qualify for the Champions League at the end of the season, the team is seen to face tough competition from the surprisingly strong Stuttgart (currently 3rd) and Leipzig (5th), while Leverkusen and Bayern look set to decide the championship among themselves. Hence, BVB should be competing with Stuttgart and Leipzig for the remaining two spots to qualify for the CL. However, thanks to the depth and experience of the squad and the fact that Stuttgart will have to withdraw several key players for the Africa Cup and the Asian games in Q1, we regard BVB’s chances for a Top-4 finish as high. Notably, this will be more important than ever, as UEFA will introduce a new format starting next season which will increase overall price money by c. 33%. 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 (2.0x), OL (2.3x) and Manchester United (4.3x). 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/28437.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: Nabaltec AG - von NuWays AG Einstufung von NuWays AG zu Nabaltec AG Unternehmen: Nabaltec AG ISIN: DE000A0KPPR7 Anlass der Studie: Q3 Review Empfehlung: BUY seit: 24.11.2023 Kursziel: € 31,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Christian Sandherr Q3 review: better-than-feared margin thanks to boehmite; chg Q3 sales decreased by 12% yoy to € 49.8m (eNuW: € 50.5m) as a result of continued weak end markets, which left a particularly strong mark on the group’s Specialty Alumina segment (-24% yoy to € 14.1m). Positively, demand for its high-margin product boehmite, which has been weak for more than one year, has begun to pick up. This explains the “only” 6% sales decline of the Functional Fillers segment to € 53.7m. In fact, monthly sales volumes should have improved from ~450t to roughly 600t as customers across Eastern Europe are gradually (but slowly) ramping up battery production volumes and Asian customers are slowly reverting back to regular orders. Q3 EBIT came in better than feared at € 4.6m (eNuW: € 3.4m), a 9.3% margin driven by the improved product mix (higher boehmite and lower Specialty Alumina sales shares) and slightly lower input costs (vs. previous quarters) that compensated for general labour cost inflation. FY guidance confirmed. At the beginning of August, the company adjusted its FY23 guidance to a 4-6% yoy sales decline (eNuW: 5% with an EBIT margin of 6-8% (eNuW new: 7.8%). While we still expect Nabaltec to meet the mid-point of the sales guidance, the upper end of the EBIT margin guidance should be in reach (9M: 8.4% margin), implying a margin of only 5.8% in Q4. Balance sheet remains strong. At the end of Q3, Nabaltec’s balance sheet featured roughly € 15m net cash (€ 93m cash, € 15m short-term financial assets and € 90m debt). During the next 2-3 years, the company looks set to invest roughly € 45m into expanding production capacities of boehmite and APYRAL, a gap filler that is mixed with glues used in battery packs/EVs to redirect heat away from the cells. Fully utilized boehmite and APYRAL capacity expansions would yield € 65-70m incremental sales and € 16m EBIT. What to expect from 2024e. Nabaltec is seen to return to slight growth, thanks to stabilizing sales of core products, environmental friendly flame retardants, and a gradually improving order momentum for boehmite and APYRAL as European EV and battery productions are ramping up. The resulting improvement of the product mix and slight raw material/energy price deflation should allow for further expanding margins. Beyond 2024e, core products should also return to structural growth, in our view. Nabaltec remains a BUY with an unchanged € 31 PT, based on FCFY 2024e. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28395.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: Q3 Review Empfehlung: BUY seit: 24.11.2023 Kursziel: € 11,30 (old: € 10,50) Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Strong Q3 bottom-line leads to another upgrade; chg. Yesterday, NFON released a strong set of Q3 results. While recurring revenues were in line with our estimates, the company provided a significant beat on the bottom line. Q3 recurring revenues came in at € 19.4m, up 5.3% yoy (eNuW: € 19.4m) based on a slightly increased seat base of 646k (+3.7% yoy; eNuW: 650k) following successful key customer gains as well as the cross- and up-selling of premium solutions to both, new and existing customers. Total sales increased 1.1% yoy to € 20.5m (eNuW: € 21m), implying a strong recurring revenue ratio of 94.4% (+3.8pp yoy). Adj. EBITDA increased substantially by 274% yoy to € 2.6m, which is a strong beat on our estimate of € 1.5m. Main drivers of the significant profitability improvements were an improved gross margin of 84.5% (+2.2pp yoy) as well as the imposed efficiency measures, which gained traction quicker than anticipated. In detail: Personnel costs decreased 10% yoy following a 14% staff reduction. Moreover, marketing costs significantly declined by 51% yoy as the new management is focusing on more efficient marketing measures (e.g. channel marketing). Against this backdrop, management is lifting its adj. EBITDA guidance for the second time this year to now € 7.8-8.3m (prior: € 6-7m). We regard the upgrade as sensible and the new outlook as achievable, given the strong Q3 release, and position ourselves at the mid-point (eNuW: € 8.0m). The ARR guidance (3-9% yoy growth & >88% ratio) was confirmed. New CTO announced. Starting January 1st, Andreas Wesselmann will take over as CTO to lead NFON’s path toward a data driven organization, which should in turn enhance the scalability of the platform. Previously, Wesselmann was part part of SAP’s Global Leadership Team where he has proven his ability to expand and improve existing cloud solutions in a cost efficient manner. In our view, the release fully confirms that the turnaround remains in full swing as NFON is seen to continuously grow profitably based in the still underpenetrated European PBX market. We confirm our BUY recommendation with an increased PT of € 11.30 (old: € 10.50) based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28397.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: UBM Development AG - von NuWays AG Einstufung von NuWays AG zu UBM Development AG Unternehmen: UBM Development AG ISIN: AT0000815402 Anlass der Studie: Q3 Review Empfehlung: BUY seit: 24.11.2023 Kursziel: € 31,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Q3 displays ongoing transaction market standstill, chg. Yesterday, UBM released another uninspiring set of quarterly results as the real estate transaction market continues to be in a complete standstill as volumes in Europe decreased another 16% qoq. Still, positive news came from several building permits that were granted during the quarter. Q3 sales declined 15% yoy to € 25m following the ongoing transaction market standstill as we saw no relevant sales of fully consolidated projects. More significant contributions came from a couple of residential and office projects in Poland. After additional negative valuation effects, mainly stemming from a shopping center project in Poland as well as negative operating leverage, Q3 EBITDA came in at a negative € 13.0m (vs € 3.3m in Q3’22). However, following the preliminary building permit for the Timber Factory project in Munich (Baubergerstraße) the purchase price for the second half of the JV partner’s share in the project became due. This mainly drove the positive financial result of € 27.8m in Q3 which led to a Q3 EBT of € 14.1m, thus almost halving the H1 EBT (€ -17.4m at 9M vs € -31.6m after H1). Visibility remains low, as CEO Winkler stated that at least H1’24 will likely show no substantial recovery of the market. While this is seen to push a large number of developers towards the brink of bankruptcy, UBM remains well prepared for what appears to be a perfect storm for the company. With c. € 160m cash at hand (incl € 91m bond repayment in Q4) and de facto no refinancing event until Q4’25, UBM has a major advantage over most of its peers and might even allow to snap some lucky-buys, which is however not the #1 priority at the moment. Once the market is starting to regain traction, UBM should be in the pole position thanks to its superior product offering. Mind you, that the requirements of the EU taxonomy, which also affects real estate AIFs, will continue to increase. Hence, demand for sustainable properties (72% of UBM’s pipeline is timber construction) should grow further. Despite the lackluster operating performance YTD, which is in our view entirely due to market headwinds, the mid-term prospects of UBM remain fully intact, given the compelling product offering of the company. Remains a BUY with an unchanged PT of € 31.00 based on DDM. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28399.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: 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: 24.11.2023 Kursziel: € 78,30 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Marie-Thérèse Grübner Analyst teach-in highlights data-driven content distribution On Friday, November 17th, CLIQ hosted its first ever analyst teach-in, a welcome step in increasing transparency. Here are our key takeaways: Savvy performance marketing as USP. While CLIQ offers streaming content, it is anything but a mere streaming platform; its main competitive edge lies in its performance marketing expertise. Aided by proprietary business intelligence and predictive analysis, the company places ad banners on numerous marketing URLs, thereby boosting conversions and traffic on its own landing pages. Investments in quality content. To increase platform desirability and customer retention, the company continues to improve its content catalogue across all verticals with tailored movies, series, sports, audiobooks, music, and gaming. Particularly CLIQ’s entry into cloud gaming capitalizes on the rapidly advancing market, which is expected to grow by 46% CAGR until 2030, according to Statista. Instead of owning the content outright, the company licenses finished content from well-known partners on either a fixed, revenue-linked, or pay-per-use basis (e.g. 90% of CLIQ's licensing agreements are based on a fixed licensing fee). While this will enable CLIQ to operate a flexible and asset-light business model, higher content quality will result in higher licensing fees, presently captured in our estimates. Sales target of € 500m by 2025 confirmed. Three drivers should contribute to € 500m in sales by 2025: (1) The quality of the membership base is continuously improving with LTV at € 89.01 as of Q3 (+1.7% qoq; +24% yoy) due to selling bundled content as opposed to single content, which strengthens customer loyalty, (2) geographic expansion (e.g. Latin America), and (3) exploring B2B partnerships and resuming affiliate marketing with trusted partners to position CLIQ as a unique D2C brand. Outlook. FY 23e guidance of sales > € 345m, EBITDA > € 50m and marketing spend > € 120m is maintained. Although sales developed slightly below expectations due to muted consumer sentiment, management maintains the EBITDA guidance and margins should remain at the levels of 9M, in our view. Importantly, CLIQ’s debt-free balance sheet, strong FCF (€ 15m as of 9M) and net cash position of € 12m should support its 40% payout ratio and strong 10% dividend yield, going forward. CLIQ remains a BUY with an unchanged PT of € 78.30 based on FCFY 23e & 24e. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28401.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: Q3 Review Empfehlung: BUY seit: 23.11.2023 Kursziel: € 30,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Final Q3 in line with est. amid sequential improvements; chg. Yesterday, USU released a solid set of Q3 results, showing sequential improvements compared to the second quarter despite an ongoing underperformance of license revenues. Q3 sales increased 4.2% qoq to € 32.9 (eNuW: € 33.3m), implying a muted 1% yoy growth against a tough comparable base. Main drivers were the continuously strong growth in SaaS sales of 15.1% yoy to € 4.3m (eNuW: € 4.6m) as well as the consulting business, which grew 12% yoy to € 20.6m (eNuW: € 20.2m) thanks to the continuing strong demand for digitization services. However, this could not fully compensate for the again weak license sales, which declined 67% yoy to € 1.3m (eNuW: € 1.4m), due to prolonged sales cycles. On this basis as well as due to continuously increased R&D expenses in connection with the SaaS platform and AI projects, Q3 EBITDA steeply declined by 43% yoy to € 2.5m (eNuW: € 2.9m). Notably, USU introduced an employee stock option program in Q3 following the 2022 share buyback. Although not cash relevant, this marks a specific extraordinary expense under IFRS, which is why management decided to henceforth report an adjusted EBITDA figure. For Q3, adjusted EBITDA amounted to € 2.8m. Going forward, this will also include the newly introduced share program for executives, which is fed by Udo Strehl's personal stock portfolio. As a result, both the company’s FY as well as the mid-term guidance now refer to adjusted EBITDA. Speaking of which, management confirmed its FY outlook of € 132-139m sales (eNuW: € 133m) and now adjusted EBITDA of € 13-15m (eNuW: € 13.1m). While this looks well achievable on the top-line (+1.6% yoy implied Q4 growth at low end), license sales (eNuW: -50% yoy to € 2.2m) need to pick up the pace in Q4 in order to reach to bottom-line target (12.4% implied Q4 margin at low end). Overall, the case remains fully intact, in our view. Mind you, that a temporary decline in profitability was always in the cards given the lower initial margin of SaaS contracts compared to license sales (full payment at closing). However, as the annual SaaS payments are seen to equal the one-time license costs (+maintenance) after c. 3 years and SaaS sales showing strong growth (25% CAGR ’21‘ 25e), margins are seen strongly expand from 2025e onwards, while 2024e is seen to be another transition year. BUY, unchanged PT of € 30.00 based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28377.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG Mittelweg 16-17 20148 Hamburg Germany info@nuways-ag.com www.nuways-ag.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: Einhell Germany AG - von NuWays AG Einstufung von NuWays AG zu Einhell Germany AG Unternehmen: Einhell Germany AG ISIN: DE0005654933 Anlass der Studie: Q3 Review Empfehlung: BUY seit: 23.11.2023 Kursziel: € 225,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Christian Salis Final Q3 slightly better than expected // Bottom-line stays strong Einhell released better-than-expected final Q3 results, reflecting that the company executes tight cost control amid a challenging market environment. Q3 sales decreased by 5% yoy to € 230m (prelim: € 225m). While Eastern Europe showed strong growth of 30% yoy, DACH decreased by 8% yoy as DIY partners remained cautious to buy inventories. Positively, however, the Power X-Change trend remained fully intact, growing by 3pp yoy to 45% of group sales. Einhell confirmed its adjusted FY 23 guidance of € 1.0bn revenue. This implies an 8% sales growth yoy in Q4, which we consider ambitious and therefore sit a notch lower at € 991m, implying 4% sales growth against an easier comparable base. Importantly, profitability remained at a healthy level. A significantly improved gross margin of 39.7% (+3.7pp yoy) on the back of favorable mix (i.e. higher share of PXC) and price increases almost fully compensated for negative operating leverage and cost inflation. Hence, EBT margin decreased by only 0.7pp yoy to 8.0%, still significantly exceeding pre-pandemic levels (Q3 19: 4.5%). This also explains why Einhell confirmed its FY 23 bottom-line range of 8.0-8.5% (“low end”, eNuW: 8.0%) despite the weaker top-line. In Q4, Einhell is seen to show a gradual recovery on both top- and bottom-line. During our recent roadshow, CFO Teichert indicated that discussions with DIY partners indicate a recovery in DACH while Einhell continues to gain market share. In FY 24e, Einhell should return to growth on the back of easier comps, sustained market share gains, positive M&A and FX effects. Hence, we model 6% sales growth yoy to € 1,050m in FY 24e and EBT margin is seen to recover slightly by 0.2pp yoy to 8.2% thanks to lower input costs, positive mix effects and FX, which should turn into a tailwind latest in H2 2024e. Strategically, the US market should provide an attractive growth opportunity. Following its successful international expansion in e.g. Australia and Canada, a potential market entry could happen already in FY 24 via Einhell’s proven success model: Gaining market access through the acquisition of a small- to mid-sized local DIY brand and gradually replacing the assortment with best-in-class price/value PXC products. The US market looks attractive given that it is by far the largest DIY market globally and Einhell’s major rival Ryobi seems to neglect the online channel as well as Tier-2/3 DIY stores, which Einhell aims to tackle. Against this backdrop, valuation looks undemanding, trading at 8.9x PER 24e and an 11.4% FCF yield. BUY, PT € 225.00, based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28379.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: Multitude SE - von NuWays AG Einstufung von NuWays AG zu Multitude SE Unternehmen: Multitude SE ISIN: FI4000106299 Anlass der Studie: CMD Feedback Empfehlung: BUY seit: 22.11.2023 Kursziel: € 10,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow Leaner business structure and new guidance; chg During yesterday´s CMD, Multitude unveiled its new, regrouped business tribes as well as a new net income guidance for 2026 that should be well in reach. New tribe “Wholesale Banking” introduced. The wholesale business, that was previously grouped under SweepBank, should deal with the financing issues of larger Multitude Bank clients. While the business should grow organically, further inorganic growth (after the sortter acquisition) is clearly in the cards. Sweep grouped under ferratum and capitalbox. After a thorough analysis, management decided to group sweep under ferratum (consumer banking) and capitalbox (SME banking) in order to realize crossselling potentials arising from i.e. sweeps extended product offering (i.e. credit card offering). On top, the sweep tech team should further improve the digital offering of capitalbox and ferratum. New net income guidance for 2026. After having reached its EBIT guidance in 2022 and being well on track regarding the 2023 EBIT guidance, management introduced a new net income guidance for 2026 of € 30m. While we consider the new target as well achievable (eNuW: € 31m), it implies an impressive CAGR of 26% given the rising interest rates, indicating further topline growth and scale effects. Overall, the CMD provided a lot of confidence, that Multitude is on track to further: 1) profitably grow the business while being very restrictive and selective on the risk side, 2) reduce costs by steadily increasing efficiency and automating processes and 3) enjoy scale effects. For 2023, this should translate into € 45m EBIT, implying an EBIT margin of 19.6% and EPS of € 0.65. Note that management´s current dividend policy implies a payout ratio of 25-50%, which would translate into a 5-10% yield. Despite the recovery during the last days, the stock is still heavily mispriced, trading at negative EV and a 4.1x PE´23, conseridering that Multitude is a growing, highly profitable, resilient and dividend paying company. With the share overhang that burdened the stock over last quarters now hopefully off the table (after the recent share reduction of Union Investment), we see further tailwind for the stock and reiterate BUY with a slightly reduced € 10 PT, based on our residual income model. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28365.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: 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: 22.11.2023 Kursziel: € 51,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Henry Wendisch Lucrative “Games” business metrics In Q3, ZEAL’s games business showed first meaningful impacts, but more importantly provided some tangible KPIs. Hence, we evaluate those metrics to compare Games with Lottery. New KPI 'Pay-Ins': ZEAL introduced this new KPI to better compare Lottery and Games. Pay-in refers to the amount of cash customers deposit in their accounts at ZEAL to play Lottery or Games. One would assume that pay-ins are equal to billings, as players use that money to play. However, players win back a certain percentage of their stakes (Q3 average RTP: 50% at Lottery, 88% at Games), which can be used to play a second time and create more billings than pay-ins (see p. 2). This is the key differentiator of Games, as users play at a much higher frequency than Lottery players, leading to a strong pay-in to billings ratio of 4.9x (vs. only 1.3x at Lottery). Higher pay-in margin: The pay-in margin (sales in % of pay-in) is 2x higher (35.3% in Q3 vs. 15.8% at Lottery), which shows the better monetization of Games users. The comparably lower gross margin of 7.1% (vs. 12.5% at Lottery) is overcomepansation by the strong billings to pay-in ratio, which in sum led to a strong effect in Q3: ARPU stood at € 22.02 for Games vs. € 7.67 for Lottery. Improving profitability: Games should contribute with an incremental EBITDA margin of 85%, as one-off development costs are mostly incurred already, no substantial marketing expenses are planned (targeting of existing Lottery users) and only few additional OpEx should arise. No cannibalization so far: Prior to launch of Games, the company expected some cannibalization of the Lottery business. However, the average spend on Lottery remained stable (-0.8% qoq), showing lower than expected cannibalization and that players tend to spend additional money on Games. Lots of catch-up potential: Back in 2018, ZEAL accounted for 404k MAU in total with € 13.6m sales generated from Games (Q3'23: € 1.2m sales). Once monthly active users rise to more meaningful levels (only 18k in Q3), the positive impact on top-line and profitability should further increase (eNuW: 32k MAU, € 10m sales and € 8.5m EBITDA from Games in FY'24e). In sum, there is a lot to like about ZEAL’s new EBITDA booster, that has just been turned on. Hence, we reiterate our BUY recommendation with unchanged PT of € 51.00, based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28367.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.