Original-Research: INDUS Holding AG - from NuWays AG Classification of NuWays AG to INDUS Holding AG Company Name: INDUS Holding AG ISIN: DE0006200108 Reason for the research: Update Recommendation: Kaufen from: 15.05.2024 Target price: EUR 36.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Christian Sandherr Mixed Q1 results // strong FCF generation; chg. est. Topic: INDUS reported a mixed Q1 with sales below but EBIT above estimates as well as strong free cashflow supported by a lower seasonal working capital increase. Q1 sales decreased by 9% yoy to € 410m (eNuW: € 434m) due to customers’ current reluctance to buy and spend as a result of the weak German economy. Q1 EBIT was down 40% yoy to € 26.7m (eNuW: € 25.3m), implying a margin of 6.5% (-3.4pp) driven by neg. op. leverage as well as pressure from significantly higher wages and salaries. Mind you Q1 FY23 was an exceptionally strong quarter, which also benefited from decreased material costs within the Materials segment. Positive, while sales in the Infrastructure segment declined 6.8% yoy to € 132m, EBIT rose to € 11.4m (Q1 FY23: € 10.7m) supported by internal efficiency gains. Strong cash generation: Free cashflow in the first quarter came in at € 6.1m (Q1 FY23: € 7.5) driven by a lower seasonal working capital increase due to the stabilization of supply chains and lower procurement prices. Mind you, last years’ FCF includes a € 14.4m one-time cash inflow from a property sale. FY guidance confirmed. Management confirmed its FY24e guidance of € 1.85-1.95m (eNuW: € 1.85m) revenue and € 145-165m EBIT (eNuW: € 157m), despite the challenging start into the year, which was largely anticipated by the market. In our view, the guidance seems plausible, however we expect sales to come in at the lower end of the guidance range due to an increasing pressure on selling prices in the Materials segment. In addition, the outlook for the construction sector remains cautious, as the German construction industry federation (HDB) expects a 3.5% decline in real-term sales in 2024. INDUS remains an attractive investment case and dividend-stock for the mid-term. Mind you, management proposed a dividend of € 1.20 per share (AGM on 22 May), making INDUS an attractive dividend stock with a yield of 4.4% based on yesterday’s closing price. Due to the divestment of the lossmaking automotive business in FY23 and an ongoing solid operating business, we expect a further dividend rise for the current fiscal year (eNuW: € 1.40). INDUS remains a BUY with an unchanged € 36 PT based on FCFY 2024e as (1) shares seem attractively valued trading at 4.7x EV/EBITDA 2024e, which is 23% below the 10-year historical average, (2) INDUS is generating double-digit ROCEs and (3) has a strong future dividend yield potential. You can download the research here: http://www.more-ir.de/d/29747.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: A.H.T. Syngas Technology N.V. - from GBC AG Classification of GBC AG to A.H.T. Syngas Technology N.V. Company Name: A.H.T. Syngas Technology N.V. ISIN: NL0010872388 Reason for the research: Research study (initial coverage) Recommendation: BUY Target price: 37,50 EUR Target price on sight of: 31.12.2024 Last rating change: Analyst: Marcel Schaffer, Cosmin Filker - Growth strategy to become a multinational CleanTec and clean energy providers - Financial year 2023 successfully concluded with record sales, record earnings and a promising backlog according to preliminary figures   AHT Syngas Technology N.V. (AHT) is a global company that develops technologies for converting carbon-based fuels into synthesis gas. The company focuses on the development, system integration and sale of decentralized power plants and gas purification systems. AHT's range of services includes, for example, compact/biomass power plants, hot gas systems for purely industrial heat applications, clean gas systems for decentralized power generation plants as well as project planning, project management and maintenance services. The AHT plants are designed to convert carbonaceous fuels such as biomass, wood, waste and coal into synthesis gas. The synthesis gas can be used as a feedstock for various applications such as power generation, heat generation and the production of chemicals and fuels.   In recent financial years, AHT has further developed its technology and made useful additions through acquisitions. With the acquisition of FHT Hydrogen Separations GmbH, the production of hydrogen will also be an integral part of AHT's plants in future. Know-how in the field of biomass processing is pooled in the subsidiary aremtech GmbH. This will create the basis for supplying the company's own plants and at the same time lay the foundations for the future trade and sale of processed biogenic materials. Thanks to aremtech's know-how and the addition of additives, a standardized, CO2-neutral feedstock can be created from a mixture of waste materials.   Thanks to this addition, AHT’s technology covers the entire value chain of plant operation, from the provision of input materials to the generation of energy and heat. The proof of concept for AHT technology was achieved by winning a major framework agreement to supply plants to a Japanese customer. This is an important milestone for the company, especially as the contract for the delivery of 20 plants comprises an order volume of around € 160 million.   Parallel to this important milestone, AHT intends to fully exploit the potential of its technology and also position itself as an electricity and heat supplier (contracting). Revenues from the sale of plants would then be supplemented by recurring revenues, which would also be accompanied by particularly high profit margins. This is against the backdrop that the added value remains in house, both for the input materials and for plant planning and construction.   In addition to the expected increase in high-margin contracting sales, AHT's profitability should also benefit from the supply chain, which is increasingly geared towards series production. This is due to higher purchase volumes of components, which can lead to economies of scale for suppliers in terms of series production. Finally, new technologies such as the production of green hydrogen from biomass or the carbonization of liquid feedstock (HTC) are to be integrated into existing or new plants.   The positive effects of the growth strategy prepared and implemented in the past financial years are already reflected in the preliminary figures for 2023. According to preliminary figures (HGB), AHT generated revenue of € 12.12 million, setting a new all-time revenue record. The new major order resulting from the investments made led to a significant improvement in earnings in line with the strong increase in sales. According to preliminary figures, a clearly positive net profit of € 0.86 million (previous year: € -0.42 million) was achieved, which is also a record figure.   Based on the expected contracting sales and the existing framework agreement, we anticipate a significant increase in sales and a gradual improvement in profitability. Based on expected sales of € 77.15 million in the 2028 financial year, the last estimated year of our detailed planning period, the target EBITDA should amount to € 12.72 million. These plans do not include any inorganic effects that would lead to a significant acceleration in growth.   As part of the DCF valuation model, we have determined a target price of € 37.50. Based on the current share price of € 23.00, we assign a BUY rating.   You can download the research here: http://www.more-ir.de/d/29729.pdf Contact for questions Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date and time of completion of the study (german version): 22.04.2024 (3:50 pm) Date and time of the first dissemination of the study (german version): 23.04.2024 (10:30 am) Date and time of completion of the study (english version): 13.05.2024 (4:45 pm) Date and time of the first dissemination of the study (english version): 14.05.2024 (10:00 am) -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Deutsche Rohstoff AG - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to Deutsche Rohstoff AG Company Name: Deutsche Rohstoff AG ISIN: DE000A0XYG76 Reason for the research: Update Recommendation: Add from: 08.05.2024 Target price: €51.00 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes, CFA First Berlin Equity Research has published a research update on Deutsche Rohstoff AG (ISIN: DE000A0XYG76). Analyst Simon Scholes downgraded the stock to ADD and decreased the price target from EUR 54.00 to EUR 51.00. Abstract: DRAG's final 2023 numbers were very close to the preliminary figures published in February. Revenue climbed 18.9% to €196.7m (2022: €165.4m) while EBITDA was 13.8% higher at €158.3m (2022: €139.1m). Revenue growth was driven by volume growth of 33% to 12,762 boepd (2022: 9,594 boepd) as the prices realised by DRAG for oil and gas after hedges fell by 3.5% and 33% respectively. Given the price differential between oil and gas (one barrel of oil equivalent of gas is worth only 20% of a boe of oil) and that gas volume was only half of oil volume, last year's oil and gas price declines had a roughly equal impact on sales. DRAG invested a record €180m in new wells last year. On a 100% working interest basis, 13.6 new wells started production, all of them in Wyoming. When it began operations in Wyoming in 2021/22, DRAG budgeted for an average reserve of 500,000 barrels of oil per well in the key Niobrara formation. In the 2023 annual report DRAG revealed that after the first 6 to 18 months of production, its Wyoming wells are producing at a rate ca. 15% above that expected for 500,000 barrel wells. We believe higher than budgeted production from new and existing wells was the main reason for the three upwards revisions to 2023 guidance made by DRAG last year. DRAG has so far developed only around 15% of its Wyoming acreage. The robust production figures delivered so far by DRAG in the state bode very well for coming years. However, the average levels of the oil futures strips for 2024 and 2025 are currently 6% and 5% below where they were at the time of our most recent note of 16 April. We now see fair value for the DRAG share at €51.0 (previously: €54.0). As the upside to our price target is below 25% we downgrade the recommendation from Buy to Add. First Berlin Equity Research hat ein Research Update zu Deutsche Rohstoff AG (ISIN: DE000A0XYG76) veröffentlicht. Analyst Simon Scholes stuft die Aktie auf ADD herab und senkt das Kursziel von EUR 54,00 auf EUR 51,00. Zusammenfassung: Die endgültigen Zahlen der DRAG für 2023 lagen sehr nahe an den im Februar veröffentlichten vorläufigen Zahlen. Der Umsatz kletterte um 18,9 % auf €196,7 Mio. (2022: €165,4 Mio.), während das EBITDA um 13,8 % auf €158,3 Mio. (2022: €139,1 Mio.) stieg. Das Umsatzwachstum wurde durch ein Mengenwachstum von 33% auf 12.762 boepd (2022: 9.594 boepd) getrieben, da die von der DRAG erzielten Preise für Öl und Gas nach Absicherung um 3,5% bzw. 33% gesunken sind. Angesichts des Preisgefälles zwischen Öl und Gas (ein Barrel Öläquivalent Gas ist nur 20 % eines Boe Öl wert) und der Tatsache, dass das Gasvolumen nur die Hälfte des Ölvolumens betrug, wirkten sich die Preisrückgänge bei Öl und Gas im vergangenen Jahr in etwa gleich stark auf den Umsatz aus. Die DRAG investierte im vergangenen Jahr eine Rekordsumme von €180 Mio. in neue Bohrungen. Auf der Basis einer 100-prozentigen Beteiligung nahmen 13,6 neue Bohrungen die Produktion auf, alle in Wyoming. Bei der Betriebsaufnahme in Wyoming im Jahr 2021/22 rechnete die DRAG mit einer durchschnittlichen Reserve von 500.000 Barrel Öl pro Bohrung in der wichtigen Niobrara-Formation. Im Jahresbericht 2023 teilte die DRAG mit, dass ihre Bohrungen in Wyoming nach den ersten 6 bis 18 Monaten der Produktion eine Förderrate aufweisen, die ca. 15 % über den Erwartungen für 500.000-Barrel-Bohrungen liegt. Wir glauben, dass die über den Planungen liegende Produktion aus neuen und bestehenden Bohrungen der Hauptgrund für die dreimal nach oben korrigierte Guidance der DRAG für 2023 war. Die DRAG hat bisher nur etwa 15 % ihrer Anbauflächen in Wyoming erschlossen. Die robusten Produktionszahlen, die die DRAG in diesem Bundesstaat bisher geliefert hat, lassen für die kommenden Jahre viel Gutes erwarten. Allerdings liegen die Durchschnittswerte der Öl-Futures-Strips für 2024 und 2025 derzeit 6 % bzw. 5 % unter den Werten zum Zeitpunkt unserer letzten Studie vom 16. April. Wir sehen den fairen Wert der DRAG-Aktie nun bei €51,0 (vorher:€54,0). Da das Aufwärtspotential zu unserem Kursziel weniger als 25% beträgt, stufen wir die Empfehlung von Kaufen auf Hinzufügen zurück. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/29639.pdf Contact for questions 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 -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Ikonisys SA - von Sphene Capital GmbH Einstufung von Sphene Capital GmbH zu Ikonisys SA Unternehmen: Ikonisys SA ISIN: FR00140048X2 Anlass der Studie: Update Report Empfehlung: Buy seit: 06.02.2024 Kursziel: EUR 6,30 (bisher: EUR 4,50) Kursziel auf Sicht von: 36 Monate Letzte Ratingänderung: - Analyst: Peter Thilo Hasler, CEFA Creating a leading player in cancer diagnostics   Only weeks after Ikonisys entered a strategic partnership with Biocare Medical, the company made the next strategic step in business development by announcing the takeover of Hospitex, an Italian-based cytology company specialising in oncological diagnostics. According to the company, Hospitex has developed a unique ecosystem around a technology called Nephelometric Smart Technology (NST). Central to the ecosystem is CYTOfast Plus, which is claimed to be the most advanced processing solution to produce filter-less, standardized, single-layer liquid based cytology (LBC) diagnostic slides. While competitor technologies were originally designed only for the so-called Pap test, a screening test for cervical cancer, the patent protected NST is the only certified technology for the entire cytology universe and for all target organs, according to the company. We believe that Hospitex could prove a perfect fit to extend Ikonisys’ value chain and should significantly support the company's growth and profitability in the years ahead. After adjusting our financial model to the acquisition and the new number of shares, the intrinsic value derived from our three-stage DCF entity model increases to EUR 6.30 from EUR 4.50 per share (base case scenario). We reiterate our Buy rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28825.pdf Kontakt für Rückfragen Peter Thilo Hasler, CEFA +49 (89) 74443558/ +49 (152) 31764553 peter-thilo.hasler@sphene-capital.de -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Havila Kystruten AS - von Montega AG Einstufung von Montega AG zu Havila Kystruten AS Unternehmen: Havila Kystruten AS ISIN: NO0011045429 Anlass der Studie: Initiation of Coverage Empfehlung: Buy seit: 05.02.2024 Kursziel: 2.80 NOK Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: - Analyst: Tim Kruse, CFA Back on course after the perfect storm Havila Kystruten AS is a cruise line operator from Norway. Founded in 2017, it is the only company besides the incumbent Hurtigruten Group AS mandated by the Norwegian government to serve the 130 year old post ship service from Bergen to Kirkenes. Next to the port-to-port service for locals, their four vessels offer all the amenities and activities of a modern cruise ship tailored for tourists visiting the Norwegian coast. Shortly after winning the contract and placing a shipbuilding order with two shipyards in 2019, Havila was hit by the perfect storm with one of the shipyards going bankrupt,COVID-19, and their Russian fleet financier GTLK falling under sanctions. This brought the company to the brink of bankruptcy. Consequently, shareholders have had a rough voyage so far with depressed sales and earnings development due to substantially delayed delivery of the ships. Also, the company had to refinance under unfavourable conditions leading to a massive dilution for shareholders and high interest rates. That said, the market for cruises in general, and the Coastal Express in particular, has seen increasing demand in the past decade, with yearly passenger numbers rising in the high single digits up until 2019. COVID hit the industry severely, but cruises have come back strongly, with passenger numbers set to surpass 2019 levels this year and growth rates expected to be in the mid to high single digits going forward. The rising popularity of the coastal route, combined with the government's support, has enabled the incumbent, Hurtigruten Group AS, to achieve solid EBITDA margins in excess of 25% for this part of their business. However, due to Havila's brand-new and identical ships, which enable significantly leaner operations, as well as a more consistent and tailored customer experience, we see Havila in an excellent position to outperform its competitor. Additionally, the much better environmental footprint of its fleet not only attracts a more eco-friendly and younger target group, but will also serve as a strong differentiator if emission regulation is imposed for parts of the route as proposed. Due to the high investment backlog of Hurtigruten (average fleet age ~ 30years) in combination with its already crushing leverage (Net debt/EBITDA 9.6), we see Havila well positioned to not only prolong their current contract ending in 2030 but also to win additional capacity from their main rival. 2024 will be the first full year with all ships in operation, which will lead to another jump in revenue of which 50% has already been pre-sold. and a disproportionate increase in EBITDA due to the strong operating leverage exhibited by the cruise line industry. Thereafter, rising occupancy levels from increasing word-of-mouth effects and streamlined operations should further improve margins. Furthermore, the expected refinancing closer to industry spreads will be an additional driver for FCF development. Conclusions: The disadvantageous news flow Havila had to endure so far has led to a significant mispricing of Havila's shares with a discount of 75% to our estimate of fair value indicated by all valuation models (DCF scenarios, peer group, net asset value). However, the ramp-up in operations will not only lead to a strong uptake in free cashflow, but should also pave the way for a more favourable refinancing, which should be the main catalysts for a re-rating. We therefore see current levels as a unique opportunity to invest in a profitable niche market safeguarded by monopolistic revenuestreams and initiate with a 'Buy' rating and a price target of 2.80 NOK per share. +++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Bitte lesen Sie unseren RISIKOHINWEIS / HAFTUNGSAUSSCHLUSS unter http://www.montega.de +++ Über Montega: Die Montega AG ist eines der führenden bankenunabhängigen Researchhäuser mit klarem Fokus auf den deutschen Mittelstand. Das Coverage-Universum umfasst Titel aus dem MDAX, TecDAX, SDAX sowie ausgewählte Nebenwerte und wird durch erfolgreiches Stock-Picking stetig erweitert. Montega versteht sich als ausgelagerter Researchanbieter für institutionelle Investoren und fokussiert sich auf die Erstellung von Research-Publikationen sowie die Veranstaltung von Roadshows, Fieldtrips und Konferenzen. Zu den Kunden zählen langfristig orientierte Value-Investoren, Vermögensverwalter und Family Offices primär aus Deutschland, der Schweiz und Luxemburg. Die Analysten von Montega zeichnen sich dabei durch exzellente Kontakte zum Top-Management, profunde Marktkenntnisse und langjährige Erfahrung in der Analyse von deutschen Small- und MidCap-Unternehmen aus. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28815.pdf Kontakt für Rückfragen Montega AG - Equity Research Tel.: +49 (0)40 41111 37-80 Web: www.montega.de E-Mail: research@montega.de LinkedIn: https://www.linkedin.com/company/montega-ag -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

bet-at-home’s (BAH’s) interim results were consistent with the view in our May 2022 outlook note that 2022 would be a challenging year, as the group continues to navigate the regulatory landscape in its key markets. Full year guidance was lowered in June given legal and regulatory changes in Germany and Switzerland, and BAH exited the UK market in July following a licence review. Management continues to look forward to a potential new licence in the Netherlands, which would provide a new growth opportunity. Given the significant fall in BAH’s share price in the year to date, the group’s June 2022 net cash position (excluding client money) of €28.3m would represent 92% of its current market capitalisation.

Original-Research: All for One Group SE - von BankM AG Einstufung von BankM AG zu All for One Group SE Unternehmen: All for One Group SE ISIN: DE0005110001 Anlass der Studie: Beendigung der Coverage Empfehlung: n.a. seit: 11.10.2022 Kursziel: n.a. Letzte Ratingänderung: 11.10.2022, vormals Kaufen Analyst: Daniel Grossjohann Termination of Coverage Due to the expiration of the contract, we are terminating our coverage of the company. Our target price as well as our valuation rating are no longer valid. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25575.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden http://www.bankm.de/webdyn/141_cs_Research%20Reports%20Disclaimer.html. Kontakt für Rückfragen BankM AG Daniel Grossjohann Mainzer Landstrasse 61, 60329 Frankfurt Tel. +49 69 71 91 838-42 Fax +49 69 71 91 838-50 Email: daniel.grossjohann@bankm.de -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.