Original-Research: Mexedia SPA-SB - von GBC AG Einstufung von GBC AG zu Mexedia SPA-SB Unternehmen: Mexedia SPA-SB ISIN: IT0005450819 Anlass der Studie: Management Interview Empfehlung: Buy Kursziel: 36.00 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Marcel Schaffer Pioneering Tomorrow's Tech Landscape: Mexedia's Visionary Journey Unfolds   The MKK Conference in Munich has provided the backdrop for a compelling conversation between the Mexedia's CEO, Orlando Taddeo, and equity research analyst Matthias Greiffenberger. Against the vibrant atmosphere of one of Germany’s leading conferences, this interview delves into Mexedia's remarkable journey and strategic vision.   Listed on the Euronext Growth Paris exchange, Mexedia has rapidly evolved beyond its roots in international voice and SMS termination activities. Orlando Taddeo, at the helm of Mexedia's leadership, shares exclusive insights into the company's trajectory, recent financial successes, and its proactive stance on embracing cutting-edge technologies.   This engaging discussion explores Mexedia's commitment to staying ahead in the dynamic tech landscape, utilizing artificial intelligence, and fostering collaboration with developers. Against the backdrop of the MKK Conference, renowned for showcasing innovations and trends, Matthias Greiffenberger delves into Mexedia's open-platform philosophy and strategies for both organic growth and acquisitions. This interview promises a unique perspective into Mexedia's unfolding story, directly from the visionary insights of CEO Orlando Taddeo.   GBC AG: To provide investors with a comprehensive understanding of Mexedia, could you give an introductory overview of the company?   Orlando Taddeo: We're a dynamic tech company listed on the Euronext Growth Paris exchange. Our journey began with a strong focus on international voice and SMS termination activities, a sector where we've established a significant presence. However, Mexedia's vision has always been forward-looking and adaptive. Recognizing the evolving needs of our customers and the market, we've expanded our portfolio to include cutting-edge Customer Engagement and Customer Experience Business Services. In these areas, we're not just participating; we're aiming to be pioneers, leveraging advanced technologies like Artificial Intelligence to enhance our tools and services. This expansion reflects our commitment to staying at the forefront of technological advancements and our dedication to offering solutions that are highly relevant and effective in today's rapidly changing digital landscape. Our journey is one of continuous evolution, and we're excited to bring our investors and customers along as we explore new horizons in the tech world.   GBC AG: Following the recent publication of your half-year results, could you provide a concise summary and share whether the results align with your expectations?   Orlando Taddeo: We're quite pleased to share that our half-year results have been quite encouraging. There has been a noticeable growth in our revenues and EBITDA, which, to our satisfaction, aligns well with the expectations and forecasts we had set for this period. This positive outcome is a testament to the hard work and dedication of our team, and it reflects the strength of our strategic initiatives, including our efforts in diversifying our services and enhancing our cross-selling capabilities. We believe these strategies have been key in navigating the challenges and seizing the opportunities of our dynamic industry. We remain committed to maintaining this momentum and continuing to deliver value to our stakeholders.    GBC AG: Aligning with market demand, could you shed light on the current sought-after products and services, and how Mexedia is positioned to meet these demands?   Orlando Taddeo: One of the most fascinating aspects in the current market, which we at Mexedia are keenly focused on, involves innovative value-added services, particularly in the realm of business automation solutions. We recognize that in today's fast-paced business environment, efficiency and innovation are essential components of a successful strategy. At Mexedia, we are excited about harnessing the power of artificial intelligence to revolutionize customer engagement. Our approach involves using AI not just as a tool, but as a transformative force to enhance and streamline communication processes. This technology is pivotal in accelerating operations, enabling businesses to operate more efficiently and cost-effectively. We understand that the landscape of customer engagement is constantly evolving, and staying ahead of these changes is crucial. By integrating AI into our solutions, we are anticipating future trends. This forward-thinking approach positions Mexedia as a leader in providing innovative solutions that meet the ever-changing needs of businesses in the digital age.   GBC AG: Exploring the open-platform nature of Mexedia, could you elaborate on how developers contribute to the platform's growth and the development of new features?   Orlando Taddeo: Mexedia’s open-platform approach allows developers to contribute significantly, leading to new features and innovations, thereby enhancing its service offerings. This collaborative environment enables Mexedia to maintain its edge in the market. The open-platform nature of Mexedia is one of its most distinctive and innovative aspects, particularly evident through our App Store marketplace. This platform is not just a repository of applications; it's a thriving ecosystem that fosters continuous growth and innovation. By allowing both proprietary and third-party Mini-Apps to be activated, we ensure that our users have access to a diverse and comprehensive range of choices, tailored to meet their specific needs. What truly sets Mexedia apart and serves as a catalyst for its evolution is our inclusive approach toward developers and industry-specific companies. By opening up the Mexedia App Store to these external contributors, we've created a dynamic environment where continuous development is not just encouraged but is a fundamental part of the ecosystem. This approach allows us to offer brands a novel, comprehensive, and dynamic mode of customer interaction. Our platform encompasses a wide array of functionalities – from SMS, chat, and voice services to relational AI, payments, authentications, augmented reality, and voice smart assistants. The diversity of our Mini-App offerings means there's a solution for every objective. Developers play a crucial role in this ecosystem; their contributions in terms of innovative Mini-Apps and features are invaluable. They not only expand the capabilities of the Mexedia platform but also ensure that it remains at the forefront of technological advancement and market relevance.   GBC AG: In terms of growth, can you outline Mexedia's strategy for both organic expansion and acquisitions?   Orlando Taddeo: At the core of our organic growth strategy is a strong emphasis on innovation and market penetration. We believe that by continuously innovating our products and services, we can anticipate future needs. This forward-thinking approach is complemented by our efforts to penetrate deeper into existing markets and to identify and establish ourselves in new ones. Our goal is to grow organically by enhancing our offerings and extending our reach, thereby solidifying our position in the market. Strategic acquisitions, on the other hand, play a pivotal role in our expansion strategy. We seek opportunities to acquire companies in sectors that align with our vision and can contribute to our service portfolio. These acquisitions are selected to ensure they complement our existing services but also bring new capabilities and expertise to the table. By integrating these acquired companies and their unique strengths into our operations, we can offer a more comprehensive suite of services to our clients.   GBC AG: Looking ahead, how does Mexedia plan to enhance its EBITDA margin in the coming years?   Orlando Taddeo: As we look towards the future, Mexedia is committed to enhancing its EBITDA margin through a multifaceted strategy that focuses on leveraging our existing services, improving operational efficiencies, and introducing innovative solutions. We understand that a healthy EBITDA margin is crucial for our long-term sustainability and success, and our approach is designed to address this on multiple fronts.   GBC AG: Can you provide a practical example or case study that highlights the capabilities and impact of Mexedia ON?   Orlando Taddeo: I can share a practical example that showcases the advantages of using Mexedia ON in the retail sector: a retail client was looking to enhance their customer engagement and drive sales. Before implementing Mexedia ON, they faced challenges in effectively reaching and engaging with their diverse customer base. Their communication strategies were somewhat generic and did not fully leverage the potential of multi-channel communication. This is where Mexedia ON stepped in. With Mexedia ON, we developed and implemented a personalized communication strategy tailored to the unique preferences and behaviors of their customers. By harnessing the power of Mexedia ON's advanced analytics and AI capabilities, we were able to gain deep insights into customer preferences and engagement patterns. These insights enabled us to craft targeted messages and offers that were delivered through the most effective channels for each customer segment. Whether it was through SMS or other digital channels, each message was optimized for maximum relevance and impact. The results were remarkable. The client saw a significant increase in customer engagement, which translated into higher sales figures. Customers responded positively to the personalized communication, feeling more valued and understood. This also helped in building long-term customer loyalty. Basically, the efficiency of Mexedia ON in managing and automating these multi-channel communications allowed the client to scale their efforts without a corresponding increase in complexity or resource allocation.   GBC AG: What is the future vision for Mexedia, and are there any upcoming developments in the next two years that you find particularly exciting or noteworthy?   Orlando Taddeo: As we look towards the future, Mexedia is firmly focused on deepening its role as a key player in the realms of digital transformation and communication innovation. Our vision is to be at the forefront, driving change and setting new standards in the industry. In the next two years, we have several exciting developments lined up that align with this vision. One of the key areas we are focusing on is the expansion of our service portfolio. We are constantly exploring new technologies and solutions that can add value to our clients, by enriching our existing offerings with more advanced, efficient, and cutting-edge solutions. Another significant area of development is exploring new markets. Mexedia recognizes the importance of global reach in today’s interconnected world. We are actively assessing opportunities to enter new geographic markets, which gives us invaluable insights into diverse market dynamics. This expansion is a strategic move to reinforce our global footprint and bring our advanced technology and communication solutions to a wider audience. These developments are particularly exciting as they represent our commitment to lead and innovate in the technology and communication sectors. We are enthusiastic about the potential of these initiatives to strengthen our leadership position and to offer even more value to our clients and stakeholders.   GBC AG: Thank you very much for the interview. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28451.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 01.12.2023 (16:20) Date (time) of first publication: 07.12.2023 (12:00) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Mexedia SPA-SB - von GBC AG Einstufung von GBC AG zu Mexedia SPA-SB Unternehmen: Mexedia SPA-SB ISIN: IT0005450819 Anlass der Studie: Research Report (Note) Empfehlung: Buy Kursziel: 36.00 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Marcel Schaffer Advancing Mexedia: Expanding Services, Strategic Acquisitions, and Innovative Offerings   During the first half of 2023, the Mexedia Group witnessed a substantial surge in revenue propelled by strategic acquisitions of Phonetime Inc. and Matchcom Telecommunications Inc., executed through Mexedia Inc. These acquisitions strategically redirected revenue from Mexedia Ltd.'s voice-based electronic termination services to the flourishing U.S. market, with the goal of fortifying the competitive position and streamlining the integration of the newly acquired entities.   Concurrently, Mexedia S.p.A. SB, the parent company, introduced SMS electronic termination services, yielding positive impacts on both revenue and margin. The Mexedia Group achieved consolidated revenues of €133.36 million in the initial six months of 2023, showcasing an impressive growth of 59.4% compared to the corresponding period in the previous year.   EBITDA remained steadfast at €4.10 million, reflecting a 1.9% increase from the parallel period in the prior year. Mexedia Ltd. contributed 71% to the EBITDA, while the remaining portion was attributed to Mexedia Inc. The dip in the EBITDA margin stemmed from continuous optimization processes within the U.S. companies.   Financial expenses rose to €2.36 million due to elevated working capital and foreign exchange losses linked to the multicurrency operations of Matchcom Telecommunications Inc., compared to €1.72 million in the corresponding period of the previous year. The overall net result for the group amounted to €1.44 million, a slight decrease from €1.58 million in the same period of 2022.   Following deliberations at the MKK Conference, the forecast was fine-tuned, anticipating revenues of €280 million for 2023 and €300 million for 2024. The management is laser-focused on margin improvement, sustainable growth, and a gradual transition to opportunities with higher margins.   The positive market projections in the telecommunications sector are fueled by the escalating demand for communication services. Mexedia strategically positions itself for substantial revenue growth through initiatives such as the acquisition of Matchcom Telecommunications Inc. and Phonetime Inc., along with the introduction of Mexedia ON.   Mexedia ON, a pivotal element in the growth strategy, serves as a Customer Experience Platform offering innovative channels like Metaverse and Smart Voice Assistance. The refined forecast indicates an enhanced margin, with an anticipated EBITDA of €13.12 million for 2023 and €18.15 million for 2024. Mexedia is committed to a comprehensive strategy aimed at boosting the EBITDA margin, encompassing the optimization of existing services and the introduction of innovative solutions. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28447.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion of the research report: 01.12.2023 (17:00) Date and time of the first disclosure of the research report: 06.12.2023 (12:00) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Mexedia S.p.A. - von GBC AG Einstufung von GBC AG zu Mexedia S.p.A. Unternehmen: Mexedia S.p.A. ISIN: IT0005450819 Anlass der Studie: Research Report (Initial Coverage) Empfehlung: Buy Kursziel: 46.50 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Marcel Schaffer From Telecom to Tech - Driving Innovation with Customer eXperience Platform as a Service (CXPaaS). Significant boost in sales and profits anticipated.   Mexedia S.p.A. – Società Benefit (Mexedia) is a technology company that started in the telecom business. Mexedia serves as an intermediary for wholesale SMS and Voice traffic, facilitating interconnections between carriers. In the telecommunications industry, international phone calls and SMS messages are treated as tradeable commodities that are exchanged wholesale between telcos. Voice traffic pertains to international calls while A2P SMS traffic refers to messages received through apps. Mexedia also offers fixed and cost-effective real-time liquidity to its partners for voice and SMS services trading. This liquidity is secured against the receivables of insured debtors of its partners. To accomplish this, Mexedia conducts auctions of insured receivables from debtors to investors in asset-backed securities and liquidity providers through Mexedia Exchange. This activity generates an arbitrage margin for Mexedia by capitalizing on the spread gained from advancing money in real-time against the auction of its receivables.   Mexedia's telecom business has exhibited strong growth and profitability, and is currently in the process of transitioning into a tech company with a focus on offering advanced technological services and a complete customer experience to its clients. To achieve this, Mexedia has developed a Customer eXperience Platform as a Service (CXPaaS) that provides cloud-based services and APIs to companies. Mexedia has a vertical structure and offers a range of innovative technologies and tools that are integrated into a technological ecosystem, facilitating all consumer-oriented communications.   In 2022, the company experienced a 6.9% increase in revenue, reaching € 140.9m (PY: € 131.8m) due to new and better deals in voice and SMS traffic. The majority of revenue was generated by the Irish subsidiary using a classic business model. Despite an increase in expenses, the EBITDA showed a significant improvement with an 18.7% increase to € 8.37m (€ 7.05m). The net result increased by 49.8% to € 4.43m (PY: € 2.96m).   An important cornerstone of the growth strategy will be the new Mexedia ON platform, which is the Customer Experience Platform as a Service (CXPaaS) designed for businesses, especially those in the Telephone industry, to improve customer engagement and provide a seamless and consistent experience. The platform offers various features, including virtual agents and assistants, omnichannel communication, automation, data analysis, and innovative channels like Metaverse and Smart Voice Assistance. It also includes an open app store that allows developers and market players to create and sell a wide range of applications for Mexedia ON, such as Sentiment Analysis, Voice Biometrics, Speech Analytics, RPA, VR & AR Experience, Voice Smart Assistants, OTP & 2FA Authentication, and more. The app store also offers services for SMS marketing, lead generation, content marketing, and number masking, among others. Mexedia ON aims to be the most varied and powerful ecosystem of CXPaaS solutions for brands.   We expect Mexedia to generate € 324.11m revenue in 2023, increasing to € 361.22m in 2024 and € 397.29m in 2025. The company has expanded to the USA, strengthened its position in existing markets, and diversified its client base. It recently acquired Matchcom Telecommunications Inc. and Phonetime Inc. in the US, which are alone expected to bring in an additional € 190m in revenue and € 6m in EBITDA in 2023.   We expect that Mexedia Ltd, the Irish subsidiary, will remain the key earnings driver for the company, with an estimated EBITDA of € 6.3m in 2023. This figure is projected to increase to € 8m by 2025, reflecting a strong and sustained growth trajectory. We forecast the net result to be € 5.53m in 2023, € 10.48m in 2024, and € 14.49m in 2025.   Based on our DCF-model we have determined a target price of € 46.50 and due to the high upside potential, we issue a Buy rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26967.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 of completion of the research report: 10.05.2023 (14:15) Date and time of the first disclosure of the research report: 11.05.2023 (10:00) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.