Original-Research: VOQUZ Labs AG - von NuWays AG Einstufung von NuWays AG zu VOQUZ Labs AG Unternehmen: VOQUZ Labs AG ISIN: DE000A3CSTW4 Anlass der Studie: Update Empfehlung: BUY seit: 21.11.2023 Kursziel: € 20,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Outlook gets cloudier amid macro-headwinds; chg. After VOQUZ has shown stellar top-line growth in the past (2019-‘22 CAGR of 38%), the company reported a weak set of H1, clearly reflecting the deteriorating macro environment. Despite a 14% yoy increase in order intake, H1 sales only grew by 3% yoy to € 1.9m (eNuW: € 2.5m) following prolonged sales cycles. Moreover, a higher share of consulting orders, which in general have a longer revenue recognition period, weighed on top-line development. Following the uninspiring sales development, H1 EBITDA turned negative with € -0.5m (vs € 0.1m at H1’22). The main reason for this were rapidly increasing personnel expenses (+93% yoy to € 1.1m) which is due to the incorporation of a subsidiary in Romania as well as increased sales and marketing capacities. Following the intensified marketing efforts (e.g. conferences in US, Australia) other operating expenses also increased by 16% yoy to € 1.2m. Although the seasonally strong H2 (especially Q4) is seen to show an improved operating performance with a sequential growth acceleration (eNuW: +7.5%) and a slightly positive EBITDA (eNuW: € 0.3m), VOQUZ looks set to report negative FY EBITDA of € 0.2m. However, the company’s mid-term prospects remain intact, in our view. Especially with regards to the still lagging SAP S/4HANA migration (33% as of Q2’23). As adoption rates are seen to exponentially increase, VOQUZ looks set to be one of the main beneficiaries with its new software solution VisoryQ, which helps clients to set up an efficient ERP strategy. On top of this, promising cross- and up-selling potentials are in the books, which is becomes visibile in the high share of existing customers in order intake. Against this backdrop, we expect dynamic top-line development combined with steadily expanding margins going forward on the back of economies of scale. In light of the recent weakness as well as the strong underlying mid-term trends combined with the scalability of the capital-light business model, the stock looks undervalued trading at only 1.3x EV/Sales ‘23e. Reiterate BUY with a reduced PT of € 20.00 (old: € 32.00) based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28349.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: The NAGA Group AG - von GBC AG Einstufung von GBC AG zu The NAGA Group AG Unternehmen: The NAGA Group AG ISIN: DE000A161NR7 Anlass der Studie: GBC Research FactSheet Empfehlung: BUY Kursziel: EUR 2.90 Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Cosmin Filker Strong earnings growth achieved in the first nine months of 2023, lower sales growth but increase in profitability expected, price target: € 2.90, rating: BUY   The NAGA Group AG recently published its annual report for the 2022 financial year, which is therefore late. The delayed publication is mainly due to a change of auditor, the inclusion of new business activities and new subsidiaries, but above all due to the clarification of valuation issues regarding the cryptocurrency portfolio.   Although it is clear from the annual report that the company recorded further sales growth of 8.9% to € 57.60 million (previous year: € 52.88 million) in the past 2022 financial year, EBIT of € -36.86 million (previous year: € -9.55 million) was significantly below the previous year's level. In particular, write-downs on cryptocurrencies held long-term and intended for trading totalling € 18.57 million and a bad debt provision of € 1.45 million led to the significant decline in earnings, as expected. The write-downs on cryptocurrencies are related to the sharp fall in the price of NAGA Coin (NGC). Even adjusted for these special effects, NAGA would have reported a negative EBIT of € -16.84 million. This reflects the strategy of strong customer and sales growth pursued until the 2022 financial year, which was accompanied, for example, by unchanged high marketing expenses of € 28.35 million (previous year: € 30.97 million). In order to reach the operating break-even point, these high expenses must generate higher sales growth. However, this was offset by a generally difficult market environment, which was characterised by a significant decline in cryptocurrency prices on the one hand and falling transaction figures on the other.   In response to developments in the past financial year 2022, NAGA's management changed its strategy and initiated a reorganisation. The focus was shifted from sales growth to profit growth and the corporate and cost structures were adjusted accordingly. This change in strategy benefits the 'one-stop-shop' approach of the Naga app, which has now been fully developed and introduced to the market. With the introduction of Naga Pay and NAGAX, the aspects of a NeoBank, a NeoBroker and social investing are combined with a crypto ecosystem within one app or application.     The development of the current financial year 2023 reflects the success of the strategic realignment that has been introduced. According to preliminary nine-month figures, EBITDA of € 4.2 million (previous year: € -11.2 million) was already noticeably higher than the previous year's figure despite a significant decline in sales to € 28.7 million (previous year: € 46.7 million). The EBITDA margin was 14.6% after a negative figure in the previous year. The main reason for this development was the reduction in total expenses. Marketing and sales expenses in particular were reduced to € 3.7 million (previous year: € 26.1 million). In this context, the costs per customer acquired fell significantly to € 181. In the past financial year, they still peaked at over € 1,650. In addition to customer acquisition in foreign markets, which is associated with lower costs, this sharp fall in costs is due to deliberate cost savings in the area of marketing. Inefficient measures were discontinued and all agreements in this area were scrutinised.   Despite the cost savings in customer acquisition, the number of active customers rose to 20,700 as at 30/09/2023 (30/09/2022: 17,700). This was accompanied by an increase in the number of trades in the first nine months to 10.9 million (previous year: 8.4 million), although sales per trade fell due to market conditions, which explains the decline in sales.    Based on the nine-month development, a visible decline in sales to € 39.17 million (previous year: € 57.60 million) should be reported in the current financial year 2023, but EBITDA should, according to our estimates, reach € 5.13 million (previous year: € -13.73 million), the best figure in the company's history.   We also anticipate lower growth momentum in the coming financial years compared to previous years, although we expect a further improvement in profitability. On the one hand, the cost-cutting measures taken, which are also attributable to a sharp reduction in the number of employees to 117 (31/12/22: 171), are likely to have a full impact in the coming financial year. On the other hand, the development of the so-called Super-app has been completed, meaning that significantly lower development costs can be expected in the coming financial years. Finally, the NAGA technology will also be offered to third parties as a white label solution, a high-margin business model. A first regulated online brokerage company from Kuwait will soon launch a social trading product based on NAGA technology.   For the coming financial years 2024 and 2025, we expect sales growth of 10% each to € 43.08 million (2024) and € 47.39 million (2025) respectively. NAGA should break even in the coming financial year due to the expected reduction in total costs at all earnings levels. The EBITDA margin should rise to 15.4% and to 19.4% in the 2025 financial year.   As part of our DCF valuation model, we have determined a new price target of € 2.90 (previously: € 3.60). The reduction in the price target is due in particular to our reduced sales growth momentum. Although we expect a general increase in profitability, the absolute earnings figures are below our previous estimates. We continue to rate the share as BUY.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28343.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) completion: 20/11/23 (09:32 am) Date (time) first transmission: 20/11/23 (11:30 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: Coreo AG - von GBC AG Einstufung von GBC AG zu Coreo AG Unternehmen: Coreo AG ISIN: DE000A0B9VV6 Anlass der Studie: Research Note Empfehlung: BUY Kursziel: EUR 1.00 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann H1 2023: Large portfolio acquisitions to come in 2024; EBIT break-even expected in 2024; price target: € 1.00; rating: BUY   In the first six months of 2023, Coreo AG was able to increase rental income to € 3.17 million (previous year: € 2.82 million). As there were no property additions in both the 2022 financial year and the current 2023 financial year, the 12.7% increase in gross rental income was achieved on the same property basis. Portfolio optimisations carried out, such as the property handover in Kiel in the past 2022 financial year or the conclusion of a long-term rental agreement with the city of Wetzlar, have increased the revenue base, from which Coreo AG benefited in the first half of 2023. In addition, vacancies were already reduced in the past financial year and rent increases were implemented in some cases. However, part of the increase in gross rents is also due to the current market-related rise in ancillary costs, which resulted in a significant increase in advance operating cost payments of 44.1% to € 0.84 million (previous year: € 0.59 million).   Total operating costs of € 3.10 million (previous year: € 3.04 million) remained roughly at the previous year's level. Within costs, the cost of materials in particular increased to € 1.79 million (previous year: € 1.29 million). This was partly due to higher ancillary operating costs and partly due to maintenance and modernisation expenses, which relate in particular to the properties in Wetzlar, Delmenhorst and Göttingen. However, the increase in the cost of materials was offset by a decrease in personnel expenses and other operating expenses (including lower legal and consulting costs). At € -0.44 million (previous year: € -0.61 million), EBIT in the first six months of 2023 was therefore also higher than the previous year's figure.   We have prepared our forecasts on the basis of the current property portfolio. In addition, we also assume property acquisitions for the coming financial years, which will both have an impact on the company's rental income and, as part of the value-creating strategy, result in possible valuation income.   In the first six months of 2023, Coreo AG generated gross rental income of € 3.17 million. With the exception of the sale of the 119 residential units in the 'Hagenweg' property, the property portfolio is unchanged for the second half of 2023, meaning that comparable gross rental income is likely to be generated in the second half of the year. The loss of rental income from 'Hagenweg' of around € 0.20 million (GBC estimate) will be limited, as this will not occur until the fourth quarter of 2023. Compared to our previous forecast (see forecast dated 14 July 2023), we are nevertheless adjusting the expected rental income slightly more to € 6.12 million (previously: € 6.53 million).   This adjustment is primarily due to the delay in the purchase of the Hagen/Rostock portfolio, for which the purchase price (total investment volume: € 2.5 million) has already been finalised. We had previously expected to acquire the property in the second half of 2023. As things stand, however, the property will not be acquired until the coming financial year. In addition, the transfer of the Spree-Ost portfolio, for which a purchase agreement has been in place since 2021, is planned for the coming 2024 financial year. This portfolio comprises 1,341 flats and 15 commercial units and, as the largest acquisition in Coreo's history, would have a significant impact on the company's revenue and earnings performance. As a precautionary measure, we have postponed the acquisition date to the second half of 2024 (previously: first half of 2024) and are therefore also reducing the expected rental income for 2024 to € 8.22 million (previously: € 9.56 million). This effect is not relevant for the 2025 financial year; the lower expected rental income of € 12.15 million (previously: € 12.36 million) expected in this financial year is solely a result of the sale of 'Hagenweg'.   The book loss of € 0.61 million from the sale of the properties on 'Hagenweg' in Göttingen was recognised in full in the first half of 2023, meaning that no further negative effects are expected for the second half of the year. In our previous forecasts, we did not anticipate any valuation losses; on the contrary, we assumed valuation gains due to the investments in the existing portfolio. In the updated forecast, we have taken into account both the book loss and conservatively assumed slightly lower book gains on the existing portfolio. Accordingly, the company should report a negative EBIT of € -0.12 million in the current 2023 financial year (previously: € 2.18 million). With the expected strong increase in rental income, in particular due to the addition of the two already fixed portfolios, EBIT break-even should be achieved sustainably from the coming 2024 financial year.   As part of our DCF valuation model, we have determined a new price target of € 1.00 (previously: € 1.30). The price target reduction is solely a consequence of the forecast adjustment. We continue to assign a BUY rating.     Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28337.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: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time completion (german): 17.11.23 (07:55 am) Date and time first distribution (german): 17.11.23 (10:30 am) Date and time completion (english): 20.11.23 (08:02 am) Date and time first distribution (english): 20.11.23 (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: INDUS Holding AG - von NuWays AG Einstufung von NuWays AG zu INDUS Holding AG Unternehmen: INDUS Holding AG ISIN: DE0006200108 Anlass der Studie: Roadshow Feedback Empfehlung: BUY seit: 20.11.2023 Kursziel: € 34,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Christian Sandherr RS feedback: Strong free cashflows to support new investments Topic: On Friday, we hosted a digital roadshow with the CEO of INDUS. Here are the key takeaways: Free cashflow from continuing operations more than quadrupled yoy with € 106.1m at 9M 2023 (9M 2022: € 22.2m). Going forward, management aims to further reduce the working capital intensity to more normalized levels of 25-27% in Q4. Hence, FCF generation looks set to significantly outperform the annual target of € 100m (eNuW: € 126m). INDUS plans to invest € 50-70m next year in strategic acquisitions. The company wants to sharpen its focus on global megatrends like energy efficiency, recycling and agriculture engineering. Positively, valuation multiples in the PE market came down since 2021 as buyer hesitance in connection with increased financing costs prevailed. Order intake is set to remain at a strong level. Particularly, the subsidiary MBN Maschinenbaubetriebe Neugersdorf GmbH showed a positive dynamic in its order intake. The manufacturer for final vehicle assembly systems secured large orders from BMW and Audi for new factories in the US, thus creating sound visibility on future earnings. Positive price effect to revert. In FY23, INDUS benefited from lower material prices, especially in the Materials segment, which led to a segment EBIT margin of 10.4% at 9M. On group level, the material cost ratio declined by 4.3pp to 45.9%. However, maintaining double-digit margins in the segment will be challenging, as customers are starting to renegotiate in light of the deflating price levels. Wage inflation remains an issue. After the personnel expense ratio rose by 1.2pp yoy to 28.6% at 9M, further wage increases are in the books as unions are increasing the pressure. For example, the German labor union IG Metall recently started the negotiation for the steel industry demanding an 8.5% salary increase. As INDUS employs c. 10,000 employees of which c. 7,000 in Germany, management hence expects further pressure related to wage inflation in the upcoming year (eNuW: +0.27pp). Despite the aforementioned short-term headwinds, INDUS remains attractively priced trading at only 4.5x EV/EBITDA 2023e, which is 36% below its historical average. We reiterate our BUY rating with a new PT of € 34 (old: € 36) based on FCFY 2024e. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28335.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: SMARTBROKER Holding AG - von NuWays AG Einstufung von NuWays AG zu SMARTBROKER Holding AG Unternehmen: SMARTBROKER Holding AG ISIN: DE000A2GS609 Anlass der Studie: Update Empfehlung: BUY seit: 20.11.2023 Kursziel: € 15,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow Migration well progressed // New arrangement with DAB Smartbroker announced to have made significant progress regarding the migration of customers, transactions and AuC´s from SB1 (old Smartbroker) to Smartbroker+: 65% of active SB1 customers successfully migrated. This translates into 90k of the former 228k customers (excl. 44k FondDiscount customers that were not part of the migration), while 79k inactive customers (c. 1/3 = industry average) were deleted and 44k were not yet migrated. Importantly, the migrated customers executed 2.4m of the 3.6m annual transactions (66%; not including 0.6m from FD). 76% of AuC´s already transferred. € 5.4bn of the € 7.1bn AuC´s are now at accounts of the new partner Baader Bank, while the remaining € 1.7bn are custodied by DAB. The additional € 2.3bn from FondDiscount are not considered in these figures. With that, the migration targets are largely met. Importantly, Smartbroker announced to have renewed the agreement with DAB. Hence, active customers that have not yet migrated can stay with DAB (serviced by Smartbroker) as long as they wish to. Consequently, Smartbroker should not loose any active customer because of the migration. This is good news as it was unclear what happened with these customers and the market partially expected the loss of these customers. Given the current market situation, paired with additional development costs for Smartbroker+, we consider 2023 as transition year, expecting € 50.4m in sales and € 0.3m in EBITDA, in line with management's guidance. Looking into 2024, Smartbroker is seen to be the growth driver of the Group, as Smartbroker+ is offering a unique combination of the service range of an established full-service broker at a neobroker pricing that should drive customer inflows and transactions. Once marketing spending kicks in (eNuW: € 11.1m in 2024) the synergy effects between the Media segment and the Smartbroker should fuel both segments: While CAC of Smartbroker should decline, thanks to the reach of the media portals, new customer of Smartbroker are expected to mainly use the embedded media portals within the app, increasing page views and interactions and making the portals more attractive for advertisers. The investment case remains fully intact. BUY with unchanged PT of € 15, based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28339.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 Preview Empfehlung: BUY seit: 20.11.2023 Kursziel: € 17,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Sound Q3 ahead as positive news prevail; chg. S IMMO is seen to release a sound set of Q3 results on 29 November, as revenues are seen to increase 22% yoy to € 79.8m. Rental income looks set to grow 20% yoy to € 47.5m, which should be mainly driven by 2022 acquisitions and only a minor visible effect from the most recent acquisition of the Twin Towers in Vienna. Revenues from hotel operations are seen to have another strong performance with 30% yoy growth to € 19.0m, driven by seasonality as well as the absence of any CoV restrictions. While the company did not conduct an external revaluation of the portfolio in Q3, we expect minor negative valuation effects to the tune of € -8m resulting from property disposals (e.g. Adlerhof in Vienna was sold for € 48m). Aside from the operating performance, S IMMO recently provided major newsflow: Share buyback: In late Q3, management resolved on a share buyback program of up to 736k shares at € 15 max. per share, equaling c. 1% of share capital. A sensible move to create shareholder value, in our view, as the stock is currently trading 48% below NTA despite industry leading metrics (35% LTV, 5.5% NIY, 48% equity ratio). Still, in light of the low trading volumes and strict buyback regulations of the Vienna Stock Exchange, we do not expect the company to repurchase the targeted volume as the program ends at YE. So far 107k shares have been repurchased. Wienerberg portfolio completed: In late October, S IMMO announced to acquire the remaining four objects of the Wienerberg portfolio (e.g. Twin Towers). The properties have a lettable area of 81k sqm and generate € 8.4m. Given the comparably high vacancy rates, we estimate a purchase price Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28341.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: ad pepper media International N.V. - von First Berlin Equity Research GmbH Einstufung von First Berlin Equity Research GmbH zu ad pepper media International N.V. Unternehmen: ad pepper media International N.V. ISIN: NL0000238145 Anlass der Studie: Update Empfehlung: Buy seit: 17.11.2023 Kursziel: 3,00 Euro Kursziel auf Sicht von: 12 Monate Letzte Ratingänderung: 20.07.2020: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein Research Update zu ad pepper media International N.V. (ISIN: NL0000238145) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 3,00. Zusammenfassung: ad pepper media (APM) hat ihren 9M-Bericht veröffentlicht und die vorläufigen Umsatz- und EBITDA-Zahlen bestätigt. Trotz des schwierigen Marktumfelds konnte das Unternehmen erstmals in diesem Jahr ein positives Quartals-EBITDA (€101 tsd.) erzielen. Dies zeigt die positiven Auswirkungen der eingeleiteten Kosteneinsparungen. Für Q4 geht APM von einem weiteren Umsatzrückgang im Jahresvergleich und einem positiven EBITDA aus. Da Q4 das saisonal stärkste Quartal ist (Online-Weihnachtseinkäufe, Black Friday & Cyber Monday), erwarten wir für Q4 ein EBITDA von €806 tsd. Nach der erfolgreichen Übernahme eines 26%igen Anteils an solute glauben wir, dass ein Haupttreiber des Aktienkurses der Plan von APM ist, ihren Anteil an solute auf >50% zu erhöhen und das Unternehmen zu konsolidieren. Die Übernahme würde den Umsatz von APM mehr als verdoppeln und einen führenden börsennotierten Akteur im Bereich Performance Marketing und digitale Marktplätze (Preisvergleiche) schaffen. Ein aktualisiertes DCF-Modell, das die geplante Konsolidierung von solute noch nicht berücksichtigt, führt zu einem unveränderten Kursziel von €3,00. Wir bestätigen unsere Kaufempfehlung. First Berlin Equity Research has published a research update on ad pepper media International N.V. (ISIN: NL0000238145). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 3.00 price target. Abstract: ad pepper media (APM) published its 9M report and confirmed preliminary sales and EBITDA. Despite the challenging market environment, the company reported its first positive quarterly EBITDA figure (€101k) of the year. This shows the positive effects of initiated cost savings. For Q4, APM is guiding towards a further decline in revenue y/y and positive EBITDA. As Q4 is the seasonally strongest quarter (online Christmas shopping, Black Friday & Cyber Monday), we expect Q4 EBITDA of €806k. Following the successful acquisition of a 26% stake in solute, we believe that a main share price driver is APM's plan to raise its stake in solute to >50% and consolidate the company. The deal would more than double APM's revenue and create a leading listed player in performance marketing and digital marketplaces (price comparison). An updated DCF model, which does not yet factor in the planned solute consolidation, yields an unchanged price target of €3.00. We confirm our Buy recommendation. 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/28333.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: Advanced Blockchain AG - von GBC AG Einstufung von GBC AG zu Advanced Blockchain AG Unternehmen: Advanced Blockchain AG ISIN: DE000A0M93V6 Anlass der Studie: Research Report (Note) Empfehlung: Buy Kursziel: 11.00 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Julien Desrosiers Successful cost-cutting program: Advanced Blockchain AG maintains EBITDA at previous year's level. Bitcoin halving in March 2024: supply shortage as a catalyst.   The first half of 2023 witnessed Advanced Blockchain AG navigating through a persistently volatile capital market, grappling with inflation concerns, and contending with geopolitical uncertainties on both financial and societal fronts. The crypto winter, intensified by the FTX collapse and the insolvency of other crypto exchanges and custodians like Genesis, continued to exert its influence. This was notably reflected in the pronounced volatility of Bitcoin, commencing the year at $16,500 and concluding on June 30, 2023, at $30,350—a significant distance from its pinnacle of $69,045 in November 2021.   Ongoing efforts to regulate crypto assets, exemplified by MiCA regulation (Markets in Crypto-Assets), persist. MiCA, an EU-approved regulatory framework for crypto assets, aims to establish risk-appropriate regulation enhancing investor protection and contributing to the functionality of cryptocurrency markets. MiCA's implementation is to unfold in two stages, with specific provisions, particularly those pertaining to asset-referenced crypto assets and E-money tokens (stablecoins), anticipated to take effect from July 2024. The majority of the regulation is slated to be operational in early 2025. The regulation imposes requirements on crypto asset providers and traders, mandating the submission of a whitepaper to supervisory authorities. Additionally, it champions consumer protection by necessitating a publicly accessible register for crypto asset whitepapers and providers of crypto asset services.   MiCA categorizes crypto assets into three segments: E-money tokens, asset-referenced tokens, and utility tokens. While encompassing common cryptocurrencies like Bitcoin and Ethereum, it excludes security tokens or non-fungible tokens (NFTs). Issuers of asset-referenced tokens and E-money tokens must fulfill minimum liquidity requirements and have their headquarters within the EU. The regulation introduces a customer right of redemption against issuers and anti-money laundering regulations that necessitate customer identification for crypto service providers. These regulations also extend to transactions between 'hosted wallets' and 'unhosted wallets,' requiring identification of the owner of the 'unhosted wallet' for transactions exceeding 1,000 euros.   The imminent introduction of Bitcoin ETFs by major asset management entities such as BlackRock is suggested by the current news flow in the United States. The proposed spot Bitcoin ETF by BlackRock, listed with the Depository Trust & Clearing Corporation (DTCC), indicates potential approval by the U.S. Securities and Exchange Commission (SEC). The SEC is expected to make a decision by January 10, 2024. Approval of such an ETF could pave the way for additional crypto ETFs, including those from ARK Investment, Fidelity, and Valkyrie. While the SEC sanctioned Bitcoin futures ETFs in October 2021, no Bitcoin or Ether spot funds have been listed on U.S. exchanges.   Adding to the landscape is the significant event of the upcoming Bitcoin halving in March 2024, where the miner reward will be halved. This anticipated supply shortage could exert a positive influence on the performance of Bitcoin.   In the first half of 2023, Advanced Blockchain experienced a reduction in revenue to €1.23 million (compared to €23.4 million in the previous year). This decline can be attributed to a diminished number of portfolio transactions.   EBITDA stood at €0.52 million (compared to the previous year's €0.88 million). Despite the dip in revenue, EBITDA was successfully maintained close to the previous year's level, owing to the effective implementation of a cost-saving program by the management. EBIT even achieved a positive value of €0.45 million (compared to the previous year's -€0.54 million). The same positive trend extended to the net result, reaching €0.45 million in the first half of 2023 (compared to the previous year's -€0.54 million).   As of June 30, 2023, the equity of the company remained relatively unchanged at €14.48 million (compared to €14.93 million on December 31, 2022). The equity ratio also held steady at 67.3%, mirroring the figure as of December 31, 2022 (66.3%). The predominant portion of equity and token investments, amounting to €16.63 million, is documented within the category of other assets.   The working capital exhibited an increase, reaching €-0.52 million (as opposed to €-3.78 million on December 31, 2022), propelled by a notable surge in trade receivables, which climbed to €2.74 million (compared to €0.01 million as of December 31, 2022). The persistently negative working capital underscores the efficient utilization of available capital, with only limited funds being tied up.   Cash and cash equivalents experienced a significant decline to €0.34 million (versus €3.49 million on December 31, 2022). Given the ample liquidity of certain securities in the portfolio, we hold no apprehensions concerning the existing low cash position of the company. Additionally, approximately €3 million was allocated to new investments during the first half of 2023, capitalizing on a favorable investment climate. These strategic investments are anticipated to establish a robust groundwork for forthcoming positive outcomes, fortifying the company's standing in the market.   Due to the lack of a published cash flow statement, we are unable to perform a detailed liquidity analysis.   In the fiscal year 2023, Advanced Blockchain AG has been strategically focusing on sustainable growth and meticulous cost management. The company anticipates a reduction in expenses coupled with revenue generation through token transactions and potential investments in upcoming token issuances. Advanced Blockchain AG is actively engaged in advanced negotiations with potential buyers for portfolio investments tied to token and equity transactions, with the objective of achieving up to five successful sales, totaling €5 million.   Currently, the company is in the planning stages of issuing a new convertible bond with a total value of up to €3 million, intended to replace the existing convertible bond expiring on July 14, 2024. The volume was subsequently limited to a nominal amount of €1.1 million on October 17, 2023. This fresh bond boasts a six-year term and an annual interest rate of 3.0%, with a conversion price set at €4.25. It is proposed to issue up to €1.5 million through the exchange of convertible bonds previously issued by the company (ISIN: DE000A3MP4Q7). The net proceeds stemming from the issuance of the convertible bond 2023/2029 will be allocated to general business purposes, encompassing the financing of additional investments and the advancement of the existing portfolio.   In a noteworthy development, Advanced Blockchain AG successfully secured another prominent investor, selling 100,000 of its own shares to a fund managed by Axxion S.A. at a per-share price of EUR 2.70.   To sustain its pioneering role as a blockchain incubator and Web3 investor, Advanced Blockchain AG is strategically expanding its team of global experts and planning to initiate two to three new investments. The company is also gearing up to implement cross-chain initiatives across various blockchain domains to leverage success and network effects. A commitment to ongoing research and clear strategies will steer the progress and adoption of diverse topics and use cases. Through the incubation of promising protocols and technologies, Advanced Blockchain AG aims to bolster the growth of the global blockchain ecosystem.   The continuous assessment of the top 10 portfolio investments is geared towards enhancing transparency for investors. As of May 31, 2023, the top 10 investments encompass peaq/EoT Labs GmbH (incubation, equity, and token investment), Mero (token investment), Contango (token investment), Maverick (token investment), Talisman (token investment), Neon Labs (token investment), Obol Network (token investment), Polymer (equity and token investment), DELV/Element Finance (token investment), and Composable Finance (incubation and token investment), presented in no particular order. Based on an independently valued assessment as of May 31, 2023, these top 10 Advanced Blockchain portfolio companies currently reflect a total value of €39.65 million. Our analysis suggests a conservative valuation approach, and we believe the fair value of the listed positions is likely higher, estimating it to be around €45 million.   The undervaluation of Advanced Blockchain becomes strikingly apparent when focusing solely on the top 10 positions in the portfolio and the market capitalization. These top 10 positions alone carry a fair value of at least €40 million, whereas Advanced Blockchain's market capitalization currently hovers around €11 million. We posit that the remaining portfolio positions hold a similar value to the top 10, leading us to estimate the current portfolio value at approximately €90 million. Factoring in holding costs of €2 million, the adjusted total value of the portfolio after deducting these costs should be around €88 million.   Our enterprise value estimation, based on the net asset value (NAV), stands at approximately €88 million, equating to €23.19 per share. In light of the pronounced downturn in the crypto markets and the persistent 'crypto winter,' we have applied an additional discount to the fair value, currently pegged at around 53%.   We are maintaining our valuation. We have determined a fair value of €41.74 million or €11.00 per share. Due to the considerable upside potential, we assign a BUY rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28323.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) Completion: 17.11.2022 (11:20) German version: 13.11.2022 (12:30) Date (time) first publication: 17.11.2022 (12:00) German version: 13.11.2022 (13:30) -------------------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 Preview Empfehlung: BUY seit: 17.11.2023 Kursziel: € 10,50 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Q3e: Cost savings continue to bear fruit ; chg. NFON will release Q3 figures on November 23rd, which are seen to show steady top-line growth paired with sound profitability following the implementation of several cost-saving measures. Q3 recurring revenues are expected to increase by 5.6% to € 19.4m based on an increased seat base (eNuW: +1.6% qoq to 650k) as well as a pickup in airtime. Overall sales are set to grow 3.5% yoy to € 21.0m, implying a recurring revenue ratio of 93% which allows for good visibility in light of the company’s high customer retention (churn rate € 4m). Overall, the company appears to remain on track to grasp the growth potential in the still under penetrated European PBX market. On top of this, NFON is seen to significantly benefit from cross-selling thanks to well perceived premium products like CC Hub, which should allow for a continuous margin expansion going forward. While 2023e will still be a transitional year, the measures implemented by the new CEO Patrik Heider are seen to show full effect in 2024e as we estimate significantly improving profitability as well as a positive FCF generation (eNuW: € 1.7m) for the first time since the IPO. With than in mind, the current valuation appears undemanding. Shares are trading on depressed levels of 1.2x EV/Sales 2023e (vs 2x historic average). Reiterate our BUY recommendation with an unchanged PT of € 10.50 based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28315.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: Q3 Review Empfehlung: BUY seit: 17.11.2023 Kursziel: € 11,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow Solid Q3 // Fully on track to reach guidance; chg Yesterday, Multitude published Q3´23 figures. While current trading remained solid, the ongoing tight cost control is bearing fruit, visible in the ongoing strong bottom line: Sales came in at € 57.9m (4% qoq, 7% yoy) is broadly in line with our estimates of € 58.9m, driven by the strong growth of the lending portfolio to 548m (5% qoq, 8% yoy). Importantly all three tribes contributed to the growth (ferratum tribe: € 46.8m, 4% qoq, 3% yoy; CapitalBox: € 5.5m, 5% qoq, 23% yoy; sweep: € 5.0m, 6% qoq, 30% yoy). EBIT increased by 27% yoy to € 11.6m (4% qoq), in line with our estimate of € 12.2m. The strength resulted from ongoing tight cost control (personnel: +6% yoy; other operating expenses: -6% yoy) and a further growing loan book at stable margins that is driving top line. As interest expenses came in as expected at € 6.4m (21% qoq, 79% yoy vs. eNuW: € 6.5m), EBT increased by 13% yoy to € 5.8m. With another solid quarter in the books, Multitude is still seen well on track to reach its FY23 EBIT guidance of € 45m (vs eNuW: € 44.6m, 41% yoy). Further sequential growth of the net loan book in Q4 to € 560m until eoy, combined with ongoing tight cost control should allow to reach the goal with an implied EBIT margin of 19%. Expecting a further moderate sequential increase of interest expenses, we see EPS to stand at € 0.65 at YE. In a nutshell, Multitude should remain a growing company with perspectively three profit centers within the Group (currently two: ferratum and CapitalBox). The strategic transition from a near prime loan provider to a prime loan provider bode well for the company and should continue to eliminate risks, further stabilizing operations and profits. More details should be provided during the CMD next Tuesday. The stock is still heavily mispriced, trading at negative EV and a 3.3x PE´23, completely neglecting the promising guidance for 2023e and 2024e and the earnings potential. Importantly, Union Investment announced earlier this week to have reduced its position to below 5% from >10%. This share overhang that burdened the stock over last quarters should now be rather off the table and should provide tailwind for the stock. BUY with an unchanged € 11 PT, based on our residual income model. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28319.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: 16.11.2023 Kursziel: 34,00 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 senkt das Kursziel von EUR 36,00 auf EUR 34,00. Zusammenfassung: SFC präsentierte starke 9M-Zahlen und erhöhte die Guidance für 2023. Der Umsatz stieg im Jahresvergleich um 38% auf €88 Mio. und das bereinigte EBITDA um 62% auf €11,9 Mio. (Margensteigerung von 11,5% auf 13,6%). Infolge der Guidanceerhöhung haben wir unsere Prognosen für 2023 angehoben und erwarten nun einen Umsatz von €116 Mio. und ein bereinigtes EBITDA von €13,5 Mio. Obwohl wir den Wachstumspfad von SFC für die kommenden Jahre neu kalibriert haben, bleibt die Wachstumsstory mit einer erwarteten CAGR von ca. 30% für 2022-27 sehr überzeugend. Dieses sehr starke Wachstum geht einher mit einer Ausweitung der bereinigten EBITDA-Marge von 9,6% auf 13,5% im Jahr 2027E. Nach unserer Kenntnis ist SFC das einzige profitable börsennotierte Brennstoffzellenunternehmen. Die Nachfrage nach der bewährten und attraktiven Produktpalette von SFC ist weiterhin hoch, insbesondere von Kunden aus der Industrie und dem öffentlichen Sektor. Der Auftragsbestand stieg gegenüber dem Vorjahr um 36% auf €75 Mio. Die Hauptwachstumstreiber, die regionale (insbesondere Asien und USA) und technologische Expansion (insbesondere Wasserstoff-Brennstoffzellen) sind intakt. Ein überarbeitetes DCF-Modell führt zu einem neuen Kursziel von €34 (zuvor: €36). Wir bestätigen unsere Kaufempfehlung. 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 decreased the price target from EUR 36.00 to EUR 34.00. SFC presented strong 9M figures and raised 2023 guidance. Sales rose 38% y/y to €88m and adjusted EBITDA 62% to €11.9m (margin increase from 11.5% to 13.6%). Following the guidance increase, we have raised our 2023 forecasts and now expect sales of €116m and adjusted EBITDA of €13.5m. Although we have recalibrated our forecasts for SFC’s growth path for the coming years, the growth story remains very compelling with an expected 2022-27 CAGR of ca. 30%. This very strong growth coincides with adjusted EBITDA margin expansion from 9.6% to 13.5% in 2027E. To our knowledge, SFC is the only profitable listed fuel cell company. Demand for SFC’s proven and attractive product range remains high, especially from industrial and public security customers. The order backlog rose 36% y/y to €75m. The main growth drivers, regional (in particular Asia and the US) and technological expansion (especially hydrogen fuel cells) are intact. A revised DCF model yields a new price target of €34 (previously: €36). 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/28303.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: beaconsmind AG - von NuWays AG Einstufung von NuWays AG zu beaconsmind AG Unternehmen: beaconsmind AG ISIN: CH0451123589 Anlass der Studie: Update Empfehlung: BUY seit: 16.11.2023 Kursziel: € 13,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Further acquisitions conclude strategic realignment; chg. After amending the financial year towards the calendar year, beaconsmind reported a solid set of H1 results, which was mainly driven by the latest acquisitions of Frederix (closed 02/23), Netopsie (02/23) and Socialwave (04/23): H1 sales increased significantly by 165% yoy to CHF 2.7m, but still fall slightly behind our estimate of CHF 3.1m, as we expected earlier closing dates of the acquisitions. We still estimate that the acquired companies accounted for c. 85% of H1 revenues. H1 EBITDA strongly improved from CHF -1.5m in H1’22 to CHF -0.5m. The improvement was mainly driven by already visible synergies leading to significantly reduced personnel expenses and other OpEx which compensated for M&A related one-off expenses. Apart from the earnings release, the company announced two further M&A transactions: With the acquisition of KADSOFT Computer GmbH (“Kadsoft”) and T2 vertrieb GmbH (“T2”) beaconsmind strengthens the newly implemented Infrastructure segment. While Kadsoft specializes in designing, implementing, and commissioning new IT systems, T2 is specialized in the installation and expansion of TC systems and adaptation of existing TC systems. Both companies were acquired for a combined purchase price of € 3.0m, which was paid via a combination of cash (€ 1.6m) stemming from the company’s cash capital increase in October and a capital increase in kind as 300k new shares issued to the sellers with a customary lockup (eNuW: 12 months). Both companies provide a combined revenue run rate of € 3.2m and an EBITDA of € 0.6m ex synergies. As the closing for both deals is expected for November, this is seen to be fully captured in the FY’24e annual figures. With the acquisitions beaconsmind concluded its strategic transformation into two synergetic segments: Infrastructure (Frederix, Netopsie, Kadsoft & T2) and Software/SaaS (Socialwave, beaconsmind). The 2024e revenue run rate increases to CHF 12.6m. Further details on the transaction as well as the outlook will be provided in the following pages. Based on the promising outlook we reiterate our BUY recommendation with a new PT of € 13.00 (old: € 25.00) based on DCF. -continued- Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28299.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: Update Empfehlung: Buy seit: 15.11.2023 Kursziel: 116,00 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 senkt das Kursziel von EUR 138,00 auf EUR 116,00. Zusammenfassung: Energiekontor (EKT) hat ihren Zwischenbericht für Q3/23 veröffentlicht, der ein qualitatives Update zur Geschäftsentwicklung gibt. In den ersten neun Monaten hat EKT mehr MW verkauft (116 gegenüber 96) und mehr MW in Betrieb genommen (109 gegenüber 94) als im Gesamtjahr 2022. Da das Unternehmen erwartet, im vierten Quartal weitere Projekte in Betrieb zu nehmen und zu verkaufen, sind wir zuversichtlich, dass das EBT des Projektsegments im Jahr 2023 deutlich höher ausfallen wird als im Vorjahr. Wir gehen daher weiterhin davon aus, dass EKT das Konzern-EBT 2023 um 10% steigern wird (unteres Ende der Prognose), trotz der erwarteten niedrigeren EBT-Beiträge aus den anderen Segmenten. Allerdings haben wir unsere Prognosen für die kommenden Jahre gesenkt, um dem höheren Zinsumfeld und den gestiegenen Projektrisiken Rechnung zu tragen. Trotz dieser Herausforderungen sind die mittelfristigen Treiber für eine höhere Ökostromnachfrage (grüner Wasserstoff, Wärmepumpen, E-Mobilität) intakt. Eine aktualisierte Sum-of-the-Parts-Bewertung führt zu einem neuen Kursziel von €116 (zuvor: €138). Wir bekräftigen unsere Kaufempfehlung. First Berlin Equity Research has published a research update on Energiekontor AG (ISIN: DE0005313506). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 138.00 to EUR 116.00. Abstract: Energiekontor (EKT) has published its interim status report for Q3/23, which gives a qualitative update on business development. At the end of the nine month period, EKT had sold more MW (116 versus 96), and commissioned more MW (109 versus 94) than in the full year 2022. As the company expects to commission and sell further projects in Q4, we are confident that Project segment EBT will be significantly higher in 2023 than in the previous year. We thus still believe that EKT will increase 2023 group EBT by 10% (lower end of guidance), despite expected lower EBT contributions from the other segments. However, we have lowered our forecasts for the coming years to reflect the higher interest rate environment and increased project risks. Despite these challenges, the medium-term drivers for higher green power demand (green hydrogen, heat pumps, e-mobility) are intact. An updated sum-of-the-parts valuation yields a new price target of €116 (previously: €138). We reiterate our Buy recommendation. 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/28293.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: INDUS Holding AG - von NuWays AG Einstufung von NuWays AG zu INDUS Holding AG Unternehmen: INDUS Holding AG ISIN: DE0006200108 Anlass der Studie: Q3 Review Empfehlung: BUY seit: 15.11.2023 Kursziel: € 36,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Christian Sandherr Mixed Q3, Infrastructure affected by weak economy; chg. est. Topic: INDUS reported mixed results for Q3 with sales above but margins below estimates. Management cut the guidance to adjust for a soft construction sector, which is still impacted by a weaker economic environment. Q3 sales grew by 0.2% yoy to € 460m (eNuW: € 446m) as Engineering (+ 6.3% yoy to € 154m) compensated for a weaker growth in Materials (-5.7% yoy to € 153m) and Infrastructure (+0.6% yoy to € 153m). The slowdown in the construction sector impacted the majority of portfolio companies in the infrastructure segment. The new construction business was impacted in particular, whereas the renovation business was less affected. Q3 EBIT increased by 209% yoy to € 32.1m (eNuW: € 38.9m), with a margin of 7.0% (+ 4.7pp yoy). However, Q3 2022 was affected by an impairment charge of € 39.8m, which was largely related to goodwill. Adjusting for this charge, one can see that the adjusted operating profit of € 49.7m in Q3 2023 remained flat compared to last year (Q3 2022: € 50.2m). This is despite significant cost increases within the infrastructure segment (e.g. wage inflation, material prices), which could largely be offset by higher selling prices. FY'23 guidance reduced. Management lowered its expected sales range down to € 1.8-1.9bn from previously € 1.9-2.0bn (eNuW: € 1.82bn). INDUS still aims for an EBIT between € 145-165m but anticipates being at the lower end of the range (eNuW: € 152m). Considering the portfolio realignment after the sale of the lossmaking subsidiaries SCHÄFER and SELZER as part of the 'PARKOUR' efficiency program, the guided EBIT margin of 7.0-8.0% seems to be well in reach (eNuW: 8.3%). Regarding the top-line growth, our expectation is at the lower end of the guidance, reflecting the difficult economic environment in Germany, which accounts for 50% of sales. Indus remains attractively priced trading at only 4.4x EV/EBITDA 2023e, which is 37% below its historical average. Furthermore, the company is already delivering ROCEs above cost of capital and has the potential to become an attractive dividend stock with a dividend yield in the upcoming year of 6% based on a dividend per share of € 1.20 (eNuW) for FY'23. Hence, we reiterate our BUY rating with an unchanged € 36 PT based on FCFY 2024e. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28287.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: Q3 Review Empfehlung: BUY seit: 15.11.2023 Kursziel: € 54,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Christian Sandherr Solid Q3 carried by improving supply chains; chg. est. Topic: Rosenbauer reported solid Q3 figures, thanks to a structurally growing demand for fire trucks as well as an improved supply chain situation. Q3 sales grew by 15.3% yoy to € 238.6m (eNuW: € 240m) due to a strong order backlog (€ 1.69bn at the end of H1 2023), price increases and a better availability of chassis. Indeed, the customer demand has not really been an issue throughout FY'22, rather the lack of enough chassis to satisfy the demand and unfavorable contracts, which haven’t reflected the increased cost base of raw materials. Furthermore, Rosenbauer put more emphasis on choosing high margin customer contracts to raise profitability. The EBIT margin increased significantly by 8.6pp yoy to 4.4% (eNuW: 5.3%), resulting in an EBIT of € 10.4m (Q3 2022: € -8.7m). In addition to an average price increase per vehicle of 12.1% yoy in the first nine months, Rosenbauer also benefited from lower steel, aluminum, and energy prices. The chassis manufacturer have for the most part not passed on the lower cost base. However, the company was able to profit in the production of their electric fleet, in which Rosenbauer produces the chassis by themselves. Climate change and a growing need for electrified vehicles in cities keep the demand high. Q3 order intake stood at € 362m (+48.2% yoy), implying a book-to-bill ratio of 1.5x. Coupled with the strong demand during the past quarters, the group's order backlog grew to € 1.76bn (+29.2% yoy). Chassis lead times and the reliability of delivery times at OEMs have been improving. However, lead times for chassis and some other components are expected to remain high, which results in a naturally higher order backlog. Rosenbauer reiterated its recently raised guidance for FY'23. Management expects sales of c. € 1.1bn and an EBIT margin of 3.5% (eNuW: € 1.09bn and 3.5% margin). Considering the significant price increases and an uninterrupted high demand, the company should be able to reach its targets. At the end of Q3, Rosenbauer's equity ratio stood at only 14.3% (-1.5pp yoy), while debt covenants stand at 20% (due date: end of FY'23). Positively, management is already in advanced discussions with banks to resolve this issue by issuing a hybrid bond. Once the problem is solved, it could work as a catalyst and one should re-focus on the promising mid-term prospects. Reiterate BUY with an unchanged € 54 PT based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28289.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: PNE AG - von First Berlin Equity Research GmbH Einstufung von First Berlin Equity Research GmbH zu PNE AG Unternehmen: PNE AG ISIN: DE000A0JBPG2 Anlass der Studie: Update Empfehlung: Buy seit: 14.11.2023 Kursziel: 22,00 Euro Kursziel auf Sicht von: 12 Monate Letzte Ratingänderung: 02.02.2023: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein Research Update zu PNE AG (ISIN: DE000A0JBPG2) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 25,00 auf EUR 22,00. Zusammenfassung: PNE hat die Ergebnisse für das dritte Quartal veröffentlicht und eine Telefonkonferenz abgehalten. Die Q3-Zahlen lagen unter denen des Vorjahres und leicht unter unseren Prognosen. Das Q3-EBITDA belief sich auf €1,7 Mio. gegenüber €3,6 Mio. in Q3/22 und einem FBe von €1,2 Mio. Das Management nannte volatile Lieferketten, höhere Materialkosten, Verzögerungen bei Transportgenehmigungen und höhere Zinssätze als große Herausforderungen. Dies hat zu Projektverzögerungen geführt, daher das schwächere EBITDA. Obwohl sich PNE mit einer weitsichtigen Beschaffungspolitik auf das schwierigere Umfeld vorbereitet hat, senken wir unsere Prognosen für 2023 und die Folgejahre, um den erhöhten Projektrisiken Rechnung zu tragen. PNE hat ihre EBITDA-Prognose für 2023 von €30 Mio. bis €40 Mio. bekräftigt und hält an ihren mittelfristigen Zielen fest. Wir erwarten ein starkes 4. Quartal aufgrund der geplanten Projektverkäufe in Rumänien und Italien. Eine aktualisierte Sum-of-the-Parts-Bewertung, die die niedrigeren Prognosen und das höhere Zinsniveau berücksichtigt, führt zu einem neuen Kursziel von €22 (vorher: €25). Angesichts der intakten mittelfristigen Wachstumstreiber für Ökostrom (grüner Wasserstoff, Wärmepumpen, E-Mobilität) und PNEs Wachstumsplans 'Scale up 2.0' bekräftigen wir unsere Kaufempfehlung. First Berlin Equity Research has published a research update on PNE AG (ISIN: DE000A0JBPG2). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 25.00 to EUR 22.00. Abstract: PNE has reported Q3 results and held a conference call. Q3 figures were below the prior year numbers and slightly lower than our forecasts. Q3 EBITDA amounted to €-1.7m versus €3.6m in Q3/22 and FBe of €1.2m. Management mentioned volatile supply chains, higher material costs, transport permit delays and higher interest rates as major challenges. This has resulted in project delays, hence the weaker EBITDA. Although PNE has prepared for the more difficult environment with a farsighted procurement policy, we lower our forecasts for 2023 and the following years to reflect increased project risks. PNE has reiterated 2023 EBITDA guidance of €30m to €40m and is sticking to its medium term targets. We expect a strong Q4 due to planned project sales in Romania and Italy. An updated sum-of-the-parts valuation, which takes the lower forecasts and the higher interest rate level into account, yields a new price target of €22 (previously: €25). Given the intact medium term growth drivers for green power (green hydrogen, heat pumps, e-mobility) and PNE's 'Scale up 2.0' growth plan, we reiterate our Buy recommendation. 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/28273.pdf Kontakt für Rückfragen First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: q.beyond AG - von NuWays AG Einstufung von NuWays AG zu q.beyond AG Unternehmen: q.beyond AG ISIN: DE0005137004 Anlass der Studie: Q3 Review Empfehlung: BUY seit: 14.11.2023 Kursziel: € 1,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Q3 profitability even weaker than expected; chg. Yesterday, q.beyond released weak Q3 figures, showing a slowdown in growth and profitability even below our recently revised estimates as well as significantly below consensus. In detail: Q3 sales increased 5.4% yoy to € 45.5m (eNuW: € 45.1m; eCons: € 46.1m), which was predominantly driven by the accelerated recovery of the SAP segment with 12.3% growth to € 8.8m (eNuW: € 8.7m) following a sales offensive in recent quarters. However, the otherwise strong Cloud & IoT segment showed a significant slowdown in growth with a yoy increase of 3.8% (vs 13.4% in H1; -3% organically, excluding productive data acquisition) to € 36.6m (eNuW: € 36.4m). Besides the general market weakness, the company states price reductions for key customers (e.g. Tchibo) as the main reason for the performance. Q3 EBITDA decreased 95% yoy to € 0.1m (eNuW: € 0.6m; eCons: € 1.2m), implying a 0.2% margin (-380 bps yoy). Here, especially the reduced segment margin of the Cloud & IoT segment (-130 bps yoy) following inflationary cost increases as well as a substantially lower other operating income of € 0.2m (vs € 1.6m in Q3’22) weighed on profitability. Despite the weak operating result, management confirmed the FY guidance of € 185-191m sales, € 5-7m EBITDA and FCF of > € -4m. While the sales (eNuW: € 186m; eCons: € 187m; 9M: € 138m) and FCF (eNuW: € 1.4m; eCons: € -2.2m; 9M: € 1.1m) outlook look in reach, the EBITDA target appears more than ambitious in light € -0.1m after 9M and will only be reached thanks to a significant other operating income contribution. This however depends on a decision by the tax authorities concerning the Plusnet sale in 2019, which will, according to management, at least partly turn out in favor of q.beyond leading to the anticipated one-off. Adjusting for this, the EBITDA is seen at € 0.3m (eNuW). Going forward, especially the increasing near- and off-shore focus, higher utilization rates as well as the one q.beyond strategy are seen to have a positive impact on profitability. Moreover, the net cash position of € 37.3m should be partly put to work in the form of value accretive M&A in 2024e, leaving a certain upside to our estimates. Despite shares looking mispriced after the recent weakness and the stock trading at only 0.2x EV/Sales 2023e, there is no catalyst for a possible re-rating in sight, in our view. We confirm BUY with a PT of € 1.00 based on DCF, while at the same time highlighting the absence of catalysts in the short term. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28247.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: Schloss Wachenheim AG - von First Berlin Equity Research GmbH Einstufung von First Berlin Equity Research GmbH zu Schloss Wachenheim AG Unternehmen: Schloss Wachenheim AG ISIN: DE0007229007 Anlass der Studie: Q1 2023/24 results Empfehlung: Buy seit: 13.11.2023 Kursziel: €22.00 Kursziel auf Sicht von: 12 months Letzte Ratingänderung: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Schloss Wachenheim AG (ISIN: DE0007229007). Analyst Simon Scholes reiterated his BUY rating and maintained his EUR 22.00 price target. Abstract: Sales rose by 4.7% to €102.7m in Q1 23/24 (FBe: €103.5m; Q1 22/23: €98.0m) as SWA implemented price increases to compensate for rising raw material, personnel and energy costs. Overall volume fell 7.3% to 52.9m bottles (Q1 22/23: 57.0m bottles) and EBIT was also lower at €6.5m (FBe: €6.6m; Q1 22/23: €8.3m). Y-o-y comparisons were impacted by a strong Q1 22/23, which partially benefitted from lower-priced raw wine deriving from the plentiful 2020 harvest. The first quarter of SWA's financial year usually accounts for less than a quarter of annual sales whereas the Christmas quarter contributes around a third of sales and half of annual profit. Encouragingly, on the basis of an easier y-o-y comparison, recent wage and salary increases for consumers, and declining inflation, management expects sales and volume growth to strengthen in the current quarter. Full-year 2023/24 guidance, first given in the annual report in September, is unchanged. It calls for a 6-9% increase in group sales driven mainly by price increases, as volume is seen as stable to lower. EBIT is expected to come in at €28m-€30m (2022/23 €27.4m). Adjusted for restructuring charges at the France segment (€1.2m this year, €4.4m last year), this comparison becomes €29.2m-€31.2m (2022/23: €31.8m). Inflation is now subsiding, and during the coming quarters we expect this to feed through to lower interest rates and improving consumer sentiment. We maintain our Buy recommendation and price target of €22.00. First Berlin Equity Research hat ein Research Update zu Schloss Wachenheim AG (ISIN: DE0007229007) veröffentlicht. Analyst Simon Scholes bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 22,00. Zusammenfassung: Der Umsatz stieg in Q1 23/24 um 4,7 % auf €102,7 Mio. (FBe: €103,5 Mio.; Q1 22/23: €98,0 Mio.), da SWA Preiserhöhungen durchführte, um steigende Rohstoff-, Personal- und Energiekosten zu kompensieren. Das Gesamtvolumen sank um 7,3 % auf 52,9 Mio. Flaschen (Q1 22/23: 57 Mio. Flaschen), und auch das EBIT war mit €6,5 Mio. niedriger (FBe: €6,6 Mio.; Q1 22/23: €8,3 Mio.). Der Vorjahresvergleich wurde durch ein starkes Q1 22/23 beeinträchtigt, das das letzte Quartal war, das von den niedrigeren Rohweinpreisen aufgrund der reichen Ernte 2020 profitierte. Das erste Quartal des SWA-Geschäftsjahres macht normalerweise weniger als ein Viertel des Jahresumsatzes aus, während das Weihnachtsquartal etwa ein Drittel des Umsatzes und die Hälfte des Jahresgewinns beiträgt. Erfreulicherweise erwartet die Geschäftsleitung auf der Grundlage eines einfacheren Jahresvergleichs, der jüngsten Lohn- und Gehaltserhöhungen für die Verbraucher und der rückläufigen Inflation ein stärkeres Umsatz- und Mengenwachstum im laufenden Quartal. Die Prognose für das Gesamtjahr 2023/24, die erstmals im September im Geschäftsbericht veröffentlicht wurde, bleibt unverändert. Sie sieht einen Anstieg des Konzernumsatzes um 6-9 % vor, der hauptsächlich auf Preiserhöhungen zurückzuführen ist, während das Volumen als stabil bis rückläufig eingeschätzt wird. Das EBIT soll zwischen €28 Mio. und €30 Mio. liegen (2022/23: €27,4 Mio.). Bereinigt um die Restrukturierungskosten im Segment Frankreich (€1,2 Mio. in diesem Jahr, €4,4 Mio. im letzten Jahr), ergibt sich ein EBIT von €29,2 Mio. bis €31,2 Mio. (2022/23: €31,8 Mio.). Die Inflation geht nun zurück, und wir erwarten, dass sich dies in den kommenden Quartalen in niedrigeren Zinsen und einer Verbesserung des Konsumklimas niederschlagen wird. Wir behalten unsere Kaufempfehlung sowie unser Kursziel von €22,00 bei. 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/28241.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: elumeo SE - von NuWays AG Einstufung von NuWays AG zu elumeo SE Unternehmen: elumeo SE ISIN: DE000A11Q059 Anlass der Studie: Q3 Review Empfehlung: BUY seit: 13.11.2023 Kursziel: € 5,50 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow Weak Q3 // Consumer sentiment weighs on sales, chg elumeo published weaker than expected Q3 figures that are driven by the overall weaker consumer sentiment. Here is what is important: Sales came in at only € 11.0m (vs eNuW: € 11.7m; -5% qoq, 1% yoy), mainly due to a lower avg sales price of only € 68 (-13% qoq, -14% yoy vs eNuW: € 79) resulting from the overall more restricted spending of its customer group. The increased number of active customers (39k, 18% yoy) and rising no. of items sold (162k, 9% qoq, 17% yoy), only partially compensated for the lower avg sales price. EBIT turned negative again to € -0.3m (vs € -0.8m in Q1) in contrast to our positive expectation of € 0.1m. While the bottom line decline is purely caused by the weak topline, the cost cutting program that is bearing fruit and the other operating income, cushioned it a bit. Positively, elumeo was able to keep its sales level rather stable - against the general trend in the overall online jewelry & watches market as well as the multichannel market, (-14% yoy and -19% yoy). Worth highlighting is that the web shop, which grew by 15% in revenues and achieved a new record daily revenue on November, 1st when Black Friday season kicked-off. Further, the “rising star” of the group, jooli launched of joolipay, which is marking the starting point for the monetization of jooli that should further fuel Group revenues. First KPI´s are promising but not yet meaningful. Apart from that, management unveil further building blocks of its growth program #juwelo100 with the goal to grow the core business at 10% CAGR to € 100m by FY30 (vs eNuW: 11% p.a to 71.5m by FY26e): A new interactive mobile jewelry shopping app and automatically AI translated shopping shows are expected to contribute together c. € 30m by FY30. The positive sales development paired with declining OPEX relative to sales, should increase EBIT margin to 5% in FY26e (eNuW). While the challenging macro picture and the weak consumer sentiment should continue to burden the business in the short term, the outlook for the mid to long term remains bright: The growth program #juwelo100 with several initiatives, as well as jooli should fuel the topline from FY24e onwards. BUY with a new PT of € 5.50 (old: € 5.70) based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28233.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: Q3 Review Empfehlung: BUY seit: 10.11.2023 Kursziel: € 54,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Christian Sandherr Solid Q3 prelims with disproportionally stronger Q4 expected Preliminary Q3 sales came in at € 30.6m (eNuW: € 34.2m), a 3.4% yoy increase (-2% qoq). The slow growth can be explained by several larger projects/orders whose delivery/call-off had been scheduled for Q4 or has even been pushed into 2024. While customers are generally more cautious, overall demand for the company's solutions remains high. Preliminary EBIT grew by 5.7% yoy to € 3.7m (12.1% margin), shy of our € 4.1m estimate due to lower sales volumes, yet clearly above the first half's profitability of 8.7%. FY guidance (single-digit yoy sales growth and EBIT margin improvement) remains unchanged. As previously communicated, management expects a disproportionally strong Q4 due to confirmed calloff dates of formerly delayed orders, several new projects within structurally growing markets (e.g. a plant phenotyping solutions worth € 5-6m and the handheld solutions from Spectral Engines) and the order backlog of € 70m. Our new (slightly trimmed FY23 estimates) imply Q4 sales of € 37.6m (+14% yoy) with an EBIT margin of 19.7% (+5.8pp yoy). What’s more, Nynomic continues to drive its internationalization. As its US business has significantly grown in importance during recent years (from € 17.8m in FY19 to € 38.2m in FY22) the company founded its 12th pillar within the group, Photecture, which will (for now) focus on sales of the group’s subsidiaries without own sales structures in he US. In our view, this should drive sales of the group’s smaller pillars such as Spectral Engines. Additional acquisitions looming. As per its Buy & Build strategy, management remains confident about signing at least one additional acquisition until the end of the year. Following the € 18.9m capital increase in May, Nynomic can resort to ample financial fire power of up to € 60m (assuming a max. leverage of 2x EBITDA). With this, the company should be able to also consider larger targets (> € 20m sales) that broaden its technology offering. Nynomic continues to look poised for attractive sales and margin growth in the mid-term as reflected by the recently raised mid-term guidance (€ 200m sales and a 16-19% EBIT margin during the next 3-5 years). At a valuation of 8.1x EV/EBIT 2024e, this does not seem adequately reflected in the share price. BUY with a € 54 PT (old: € 57) based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28213.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.