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GBC AG: A.H.T. Syngas Technology N.V.: BUY

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.

GBC AG: Advanced Blockchain AG: Buy

GBC AG: ELARIS AG: GBC Management Interview

Original-Research: ELARIS AG - from GBC AG Classification of GBC AG to ELARIS AG Company Name: ELARIS AG ISIN: DE000A37FT17 Reason for the research: GBC Management Interview Recommendation: GBC Management Interview Last rating change: Analyst: Marcel Goldmann 25/03/2024 - GBC management interview with Lars Stevenson, CEO of ELARIS AG 'We expect a strong financial year in 2024, as driven by the continued strong growth in the e-mobility market.' ELARIS AG (ELARIS) is a German company and a provider of fully electric e-vehicles in the fast-growing e-mobility sector. As an automotive manufacturer, ELARIS sources its electric cars from well-known Chinese e-vehicle manufacturers (contract manufacturing) and sells them itself (online sales) and via sales partners under its own ELARIS brand in Germany and a number of other European countries (e.g. Austria). The company has extensive technology, development and manufacturing partnerships with these manufacturing companies (OEMs). In Germany, ELARIS has currently entered into a cooperation with 82 car dealers and 86 Euromaster locations for the sale (including servicing) of ELARIS electric cars and charging stations. After ELARIS recently announced that the company was planning its initial listing on the m:access of the Munich Stock Exchange on 14 March 2024, we took the opportunity to conduct a management interview with Mr Lars Stevenson, CEO of ELARIS AG. The interview focused in particular on the IPO, the company's current growth strategy, the targets for the current financial year and the company's prospects. GBC: What were your motives for the IPO? Mr Stevenson: The IPO will increase our visibility and awareness. It will enable us to significantly expand our market position as an innovative electromobility company and make a contribution to the global energy transition. Needs-based and affordable electric cars are an important factor in the global energy transition. In addition, visibility on the capital market and future financing options will help us with our further growth strategy. GBC: Could you please briefly explain your business model and what sets you apart from other e-mobility providers (USP) to our investors? Mr Stevenson: We want to be a driver in making electric mobility suitable for the masses, so that everyone can afford a good electric car. That's why we currently offer a range of six electric car models in German-speaking countries, from subcompact cars to SUVs and saloons to vans. We are focusing on affordable and needs-based electric mobility and are working together with large electric vehicle manufacturers in China. They produce vehicles on our behalf that are customised to the requirements of European customers and the local market. In some cases, we also customise the vehicles ourselves, particularly in the software area. The models are therefore unique. It is important to us to offer electric cars at fair prices. The cheapest electric car is available for less than 21,000 euros (excluding VAT). One of our great strengths is our flexibility and speed. We quickly adapt model specifications and ranges to changes in the market and demand. Customers are assured of vehicle repair and maintenance as well as the sale of accessories via ELARIS partner car dealerships. It goes without saying that our electric cars can also be serviced by other garages. Our vehicles are currently sold primarily in Germany, Austria and Switzerland. In addition to our own direct sales, we rely on a partner network of car dealerships, which will be continuously expanded. In the charging infrastructure division, we also offer charging stations and wallboxes. Consultancy and services in the planning of charging infrastructure solutions are also part of our business model. Our aim is to increasingly leverage cross-selling potential between the areas of electric vehicles and charging infrastructure. We are therefore very diversified in the field of e-mobility. GBC: How do you see the current market development in the e-mobility sector? What market trends do you see and what future developments do you anticipate? Mr Stevenson: E-mobility is a strong growth market. This is also confirmed by various studies. For example, since the COVID pandemic, the share of electric vehicles in total vehicle sales in Germany has increased tenfold. Depending on the forecast and study, it is assumed that between 240 million and 250 million electric vehicles will be on the road worldwide by 2030, thus achieving a global share of 10.0% to 30.0%. According to the International Energy Agency (IEA), manufacturers outside China will need to offer affordable, competitive options in the future to enable mass adoption of electric vehicles. Through our collaboration with Chinese OEMs, we therefore believe we are well positioned. GBC: You are a fast-growing company: What specific growth strategy are you pursuing with ELARIS? Mr Stevenson: Among other things, we want to further expand our sales and service channels in order to increase sales, improve customer service and strengthen the brand on the market. In particular, we are focusing on expanding the network of affiliated car dealerships, which are to become sales and service partners for our products. We also want to extend our partnership with service providers for the ELARIS electric car to other European countries so that local distributors of the ELARIS brand abroad can also benefit from this partnership and guarantee their customers a nationwide maintenance network. We want to continue to raise our profile through targeted marketing activities, e.g. via social media. We also want to open up further European countries as part of our internationalisation strategy. In 2024, we plan to enter the French, Polish and Spanish markets via local distributors. We want to facilitate access to our vehicles through special subscription models. With the ELARIS mobile phone app, for example, every market participant could become a 'car hire company'. Our ELARIS World platform takes care of the entire process. The first ELARIS taxi is also on the road in Hamburg. GBC: What can investors expect from ELARIS in the current financial year? What sales volumes and sales figures are you aiming for in the current financial year? Will 2024 already be a profitable year? Mr Stevenson: We expect a strong financial year in 2024, driven by the continued strong growth in the e-mobility market. We will launch new attractive models with high availability, a long range and favourable prices on the market in the short term. There will also be an e-scooter from ELARIS in 2024, for example. Overall, we see 2024 as the first year in which we will be able to reap the rewards of the strategic course which we have set in recent years in terms of sales and move into completely new dimensions. GBC: Will ELARIS continue to strive for the designation or status of a classic (domestic) automobile manufacturer (so-called OEM) in the future? Mr Stevenson: The ELARIS BEO with the ELARIS VIN number will be available as early as April. We are in the process of switching from OEM to German manufacturer. By the third quarter, we plan to place all vehicles on the market as a German manufacturer. GBC: What is your general corporate vision? Where do you see ELARIS in three to five years in terms of sales region, turnover level and product portfolio? Mr Stevenson: ELARIS wants to play a meaningful role in shaping electromobility as a family of values through innovation, customer-oriented models, prices and structures. We combine access to efficient production facilities with an understanding of customer requirements in a wide range of regional markets. Our lean structures and willingness to break new ground make us flexible and fast. ELARIS clearly addresses Europe and the Middle East. Our licence model in particular enables rapid growth. Our products can be flexibly adapted to local markets. A German brand still has great appeal. The fact that production takes place in China is not really anything new for the market - many established manufacturers produce in China. In five years' time, our key financial figures should be in line with our claim to be a successful global electromobility company. As a profitable company with very dynamic sales growth, we want our shareholders to participate in the next successful chapters of the ELARIS story. GBC: Mr Stevenson, thank you very much for talking to us. You can download the research here: http://www.more-ir.de/d/29235.pdf Contact for questions 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 study: 25/03/2024(8:46 am) Date and time of first distribution: 25/03/2024(10:30 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.

GBC AG: Advanced Blockchain AG: Buy

Original-Research: Advanced Blockchain AG - from GBC AG Classification of GBC AG to Advanced Blockchain AG Company Name: Advanced Blockchain AG ISIN: DE000A0M93V6 Reason for the research: Management interview Recommendation: Buy Target price: 11.00 EUR Target price on sight of: 31.12.2024 Last rating change: Analyst: Matthias Greiffenberger, Julien Desrosiers 'Our top 10 investments alone amassed a value of 57.5 million euros by the end of 2023 - notably exceeding our market capitalization.' In this interview, GBC speaks with Simon Telian, the CEO of Advanced Blockchain AG. Since our last GBC interview in September 2023, the market capitalization has more than doubled. Based on our last valuation, we remain optimistic that there is further potential for growth. We expect to adjust our valuation with the publication of the 2023 annual report. GBC AG: Can you briefly introduce Advanced Blockchain AG? Simon Telian: Advanced Blockchain AG is the first and only publicly traded company on the German stock market specializing in decentralized blockchain technologies. We are a key player in the blockchain industry, focusing on research, incubation, and investments - both equity and tokens - in disruptive technologies in the blockchain sector. Our current portfolio includes more than 30 blockchain companies or projects. Alone, our top 10 investments had a value of 57.5 million euros by the end of 2023 - significantly more than our market capitalization. Our primary focus is on incubating and investing in promising projects in the decentralized finance sector, also known as 'DeFi,' which is currently the fastest-growing area in the blockchain world. This enables users to access financial products frictionlessly, without the intermediation of centralized institutions such as traditional banks. Other key focus areas include applications and companies in the Economy of Things, where connected devices not only communicate with each other but also create economic value for the user. The portfolio is rounded out by investments in companies that enable frictionless communication between different blockchain technology protocols, also known as Cross-Chain Interoperability. Additionally, Advanced Blockchain is not only an early-stage investor but also a leading venture builder, supporting its investments with an extensive network of software developers and a strong focus on research. In historical context, Advanced Blockchain has been informing major German companies about the various applications of blockchain technology since 2018, thus building a broad network even in the traditional corporate environment. Since 2020, Advanced Blockchain has been intensively involved in incubation, investments, and building technical expertise in research to create an extremely successful and valuable portfolio. GBC AG: How does your company identify and evaluate potential investments, and what criteria are decisive? Simon Telian: The basis of the investment process is always a comprehensive analysis of the application and implementation potential of the investments. In addition, the quality of the founding team and the economic and financial potential are crucial for creating value for the company. Our extensive and long-standing experience in blockchain technology significantly supports the decision-making process. Through ABX Analytics, we will increasingly automate this process and offer it to external customers or investors. Our broad network is certainly the decisive factor in identifying interesting investment opportunities early on; numerous opportunities have been identified in the past in this way. We rely on the generated value from synergies with other investors in our network. Co-investments with our partners are common, both in the pure equity investment area and in our incubation projects. GBC AG: What specific strategies have led to the 45% increase in the ten largest portfolio values? Simon Telian: The fundamental principles of our investment strategy remain unchanged. However, the outstanding increase is due to several factors affecting both our portfolio companies and the overall market. The central factor is certainly the increasing acceptance of cryptocurrencies and blockchain technology in society. The acceptance of blockchain ETF funds by the U.S. Securities and Exchange Commission (SEC) has made investing in cryptocurrencies increasingly socially acceptable. Particularly noteworthy is the remarkable increase in inflows into BlackRock's iShares Bitcoin Trust (IBIT), which recorded a new daily record of $2.2 billion last month. In addition, the price of Bitcoin reached its all-time high, surpassing the $69,000 mark, which brings Bitcoin into the price discovery phase. All these developments show how the market has evolved positively in recent months. This environment leads to growing interest in many of our key portfolio companies, such as Composable. The company develops bridge solutions targeting various ecosystems such as Ethereum, Cosmos, and Polkadot, as well as future blockchain networks. The interest in this drives the increase in value significantly. It is important to highlight the central problem of current blockchain technology, namely the lack of interoperability, which makes the transfer of digital assets between different ecosystems impossible. Composable has taken on the challenge of developing innovations to overcome this challenge and has made considerable progress. This is just one example; each of our portfolio companies is driving innovations in a key area of the industry, such as peaq in the Economy of Things sector, and Polymer in the development of modular blockchains. GBC AG: How has the currently positive momentum in the crypto market influenced the valuation of your portfolio? Simon Telian: Of course, the positive market momentum has played an important role in the appreciation of our portfolio. For example, the Bitcoin price was slightly above $27,100 at the time of the initial valuation in late May 2023, and at the end of December 2023, it was at $42,500. However, the change in market dynamics alone is not sufficient. If these portfolio companies were not innovative and did not develop core technologies that are perceived as remarkable by the market, we would not have seen such a strong increase. Nevertheless, these two aspects are interconnected. GBC AG: Can you explain the significance of the upcoming Bitcoin halving for the overall market sentiment? Simon Telian: Bitcoin halving involves reducing the rate at which new bitcoins are created. With a finite number of bitcoins to be created at most, Bitcoin halving reduces the supply. With demand levels remaining constant, this can lead to a price increase. Many investors and speculators view halving as a key catalyst for positive price movements. Positive price developments often manifest early, as investors position themselves ahead of time. Media also play an important role in attracting attention, especially now with the interest of renowned asset managers like BlackRock and Fidelity in the crypto industry. Overall, I expect halving to contribute positively to market sentiment, along with the upcoming Ethereum spot ETF. It is expected that both events will lead to further significant inflows into the digital asset market. GBC AG: What is Advanced Blockchain AG's vision for the future of Web 3.0? Simon Telian: Our vision is to become an increasingly global player in the blockchain field. By investing in and incubating innovative companies and providing young entrepreneurs with the opportunity to create technology for the decentralized web (Web 3.0). This also includes increased involvement in software development. We have demonstrated our competencies through our previous incubation projects, using this key expertise as a significant value driver for the next phase of the company's development. GBC AG: Where do you see Advanced Blockchain AG in the next five years, and what strategic goals are you setting? Simon Telian: In the coming years, Advanced Blockchain will continue to focus on early-stage startup investments with a sharpened and successfully proven investment strategy. As mentioned earlier, our goal is to become a leading global player with a presence in emerging blockchain markets to access promising new investment opportunities. Our incubation business will increasingly focus on building innovative software companies with a recurring revenue model to further diversify our business. Additionally, we see great value in collaborating with other venture builders to establish joint ventures in emerging blockchain markets. GBC AG: Thank you for the interview. You can download the research here: http://www.more-ir.de/d/29147.pdf Contact for questions 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 +++++++++++++++ Completion Date (Time): 13.03.2024. 16:00 First Distribution Date (Time): 14.03.2024. 09:00 -------------------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.

GBC AG: Aspermont Ltd.: Buy

Original-Research: Aspermont Ltd. - from GBC AG Classification of GBC AG to Aspermont Ltd. Company Name: Aspermont Ltd. ISIN: AU000000ASP3 Reason for the research: Research Report (Anno) Recommendation: Buy Target price: 0,07 AUD Target price on sight of: 31.12.2024 Last rating change: Analyst: Julien Desrosiers, Matthias Greiffenberger Continued Growth. 2023 a consolidation year. 2024e back to double digit growth. Single digit growth. The company continues its growth with a 3% increase in revenue, in line with management guidance for FY2023. Blue Horseshoe investment write off. The decision to write off the Blue Horseshoe investment was made due to its lack of short-term profitability. However, the company retains the intellectual property and remains open to revisiting the venture should industry conditions improve. Capital efficiency. The company has improved its capital efficiency by divesting or upgrading low-margin products and events in favor of solutions that promise higher growth and profitability. Normalized EBITDA remains healthy, from $2.8m to $1.7m while the normalized NPAT grew from $0.6m to $0.8m, indicating brighter future ahead. New playgrounds. The Company has branded their marketing services branch into a new entity called Nexus. The Company has created two sold out live events in the past months. The company has signed an agreement with Rick Rule, a highly prominent in the mining sector investment realm. Management and Key operators hiring. The company hired a new Chief Marketing officer, Group head of content and group head of research, bringing onboard industry wide leading executives. Focus on long term strategy. FY2024 priority is to return to double digit growth. Adjusted Price Target: Based on our Discounted Cash Flow (DCF) analysis, we have adjusted our share price target to 0.07 AUD / 0.04 EUR (previously: 0.10 AUD / 0.07 EUR), reflecting our current valuation assessment. You can download the research here: http://www.more-ir.de/d/29121.pdf Contact for questions GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion of this research: 11.03.2024 15:00 Date and time of first distribution: 12.03.2024 12:00 -------------------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.

GBC AG: Media and Games Invest SE: BUY

Original-Research: Media and Games Invest SE - from GBC AG Classification of GBC AG to Media and Games Invest SE Company Name: Media and Games Invest SE ISIN: SE0018538068 Reason for the research: Research study (Note) Recommendation: BUY Target price: 4.50 EUR Last rating change: Analyst: Marcel Goldmann, Cosmin Filker FY 2023 closed with solid sales performance; strong new customer business ensured significant organic growth; return to dynamic growth path expected; price target raised to € 4.50; buy rating confirmed Sales and earnings development 2023 On 29 February 2029, Media and Games Invest SE (MGI) published its preliminary business figures for the past financial year 2023. According to these figures, the technology company achieved solid revenue growth compared to the previous year (PY: € 324.44 million) with its fully integrated advertising software platform (ad tech platform), generating revenue of € 321.98 million. The majority of revenue was generated by the traditionally largest advertising segment 'Supply Side Platform' (revenue share of SSP: 93.6%) with revenue totalling € 301.39 million (PY: € 298.88 million). On a comparable basis, the company reports a moderate increase in consolidated sales of 5.0%, which achieved a particularly high growth rate of 16.0% in the final quarter, traditionally the strongest quarter in terms of sales. The sales growth achieved was mainly due to an increase in the software customer base and the volume of advertising placed. The number of customers on MGI's digital ad tech platform increased dynamically by 18.9% year-on-year to 2,276 at the end of the fourth quarter (number of customers at the end of Q4 2022: 1,915). At the same time, the volume of digital advertising delivered increased significantly by 19.1% to 206 billion at the end of the fourth quarter (advertising ads at the end of Q4 2022: 173 billion). Thanks to the significant expansion of the software customer base and the substantial increase in advertising volume, the company was able to hold its own and even gain market share despite a previously difficult market situation (low CPMs, subdued advertising budgets, etc.). The company's further improved market position in the mobile sector is also reflected in the market-leading positions on iOS and Android with a market share of 12.0% and 12.0% respectively, according to the industry experts at Pixalate. Accordingly, we believe that MGI has outperformed the advertising industry as a whole and the overall advertising market. In terms of earnings, MGI achieved growth at all earnings levels, primarily due to the revaluation of the AxesInMotion earn-out payment liability (positive one-off effect of € 62.76 million). EBITDA increased dynamically by 51.6% to € 128.46 million (PY: € 84.75 million) compared to the previous year. Adjusted for special effects (e.g. M&A and restructuring costs or revaluations of balance sheet items), adjusted EBITDA (Adj. EBITDA) totalled € 95.20 million, a slight increase compared to the previous year (PY: € 93.20 million). The adjusted EBITDA margin (Adj. EBITDA margin) increased to 29.6% (PY: 28.7%). This increase in profitability reflects the first positive effects of the savings programme launched last year, which is expected to generate annual cost savings of around € 10.0 million once successfully implemented. We believe that the majority of the planned savings effects should already materialise in the current 2024 financial year. In terms of net performance, a consolidated result (after minority interests) of € 46.73 million was achieved, which was significantly above the previous year's level (PY: € -20.32 million). This significant increase in net income was mainly due to the positive one-off effect from the revaluation of an M&A-related payment obligation described above. In addition, a relatively low tax expense ratio also favoured their positive earnings development. The company guidance adjusted by MGI management in the third quarter of 2023 (sales of € 303 million and adjusted EBITDA of € 93.0 million) was therefore exceeded. Our sales estimate (sales: € 303.21 million) and adjusted EBITDA forecast (adjusted EBITDA: € 93.07 million) were also exceeded. Forecasts and evaluation With the publication of the preliminary figures, MGI's management has also provided a rough outlook for the current financial year, although this guidance will be further specified as the year progresses. In view of a strong fourth quarter (organic growth Q4 2023: 16.0%) and an even more dynamic start to the year (organic growth Jan. 2024: 18.0%), MGI expects double-digit percentage growth in consolidated sales for the current financial year 2024. At the same time, an improvement in earnings is also expected. In light of the positive company outlook, the increased (organic) growth momentum and the expected recovery of the advertising market, we have adjusted our previous sales and earnings estimates upwards. Accordingly, we now expect revenue of € 352.18 million (PY: € 324.74 million) and EBITDA of € 100.08 million (PY: € 95.56 million) for the current financial year. For the following financial year 2025, we are forecasting sales of € 389.51 million (PY: € 357.66 million) and EBITDA of € 113.35 million (PY: € 108.49 million). With regard to the 2026 financial year, which we have included in our detailed forecast period for the first time, we anticipate a further increase in sales and EBITDA to € 437.03 million and € 130.67 million respectively. Overall, we therefore assume that MGI will succeed in returning to a dynamic growth trajectory with its leading ad tech platform. The company's strong positioning in the in-app and CTV segment in particular should prove to be one of the main growth drivers. In terms of earnings, the cost-cutting programme launched by the company last year should take full effect from the current financial year onwards and thus provide an additional boost to future earnings. As part of our DCF valuation model, we have raised our price target to € 4.50 (previously: € 4.05) per share due to our increased sales and earnings estimates. An even higher price target increase was counteracted by higher capital costs (risk-free interest rate currently 2.50%, instead of 2.00% previously). In view of the current share price level, we therefore continue to give the stock a 'BUY' rating and see significant upside potential. You can download the research here: http://www.more-ir.de/d/29049.pdf Contact for questions GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 04/03/2024 (8:20 am) Date (time) of first distribution: 04/03/2024 (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.

GBC AG: EasyMotionSkin Tec AG: Managementinterview

Original-Research: EasyMotionSkin Tec AG - from GBC AG Classification of GBC AG to EasyMotionSkin Tec AG Company Name: EasyMotionSkin Tec AG ISIN: LI1147158318 Reason for the research: Managementinterview Recommendation: Managementinterview Last rating change: Analyst: Matthias Greiffenberger, Marcel Schaffer EasyMotionSkin revolutionizes the fitness experience with cutting-edge technology EasyMotionSkin presents itself as the 'world's smallest gym' and is aimed at both fitness novices and experienced athletes with an advanced EMS training system. The innovative technology uses patented dry electrodes within a special EMS suit to activate up to 90% of the muscles using low-frequency electrical impulses. This not only promotes increased oxygen uptake and performance, but also enables optimum training results and efficient regeneration. The development of this trademarked high-tech product is based on the expert knowledge of a leading German cardiologist and is supported by scientific studies that prove its positive effects. As a premium product 'Made in Germany', EasyMotionSkin represents a milestone in the digitalization of the fitness sector and is continuously expanding its portfolio with innovative product solutions. The company is thus positioning itself as a pioneer of a future-oriented technology provider in the global health and lifestyle segment. GBC AG: Could you give us a brief summary of what distinguishes EasyMotionSkin and what the company's mission is? EasyMotionSkin Tec AG: With its established fitness brands EasyMotionSkin, milon and FIVE, EasyMotionSkin Tec AG has evolved from an innovative fitness system manufacturer to a future-oriented tech company in the international health and lifestyle sector. Technological and thematic leadership, the use of digitalization and the comprehensive range of efficient training systems including hardware and software make EasyMotionSkin the preferred partner for fitness providers and customers worldwide. With expertise, innovation and commitment, EasyMotionSkin Tec AG and its fitness brands are dedicated to the goal of sustainably promoting and maintaining the health, performance and vitality of its customers. GBC AG: How does EasyMotionSkin focus on innovation to differentiate itself in a constantly evolving market? Are there any current projects or technologies that you are particularly proud of? EasyMotionSkin Tec AG: EasyMotionSkin Tec AG's mission is to advance the healthcare industry by providing products and services that are leading in terms of topics and technology. We are especially proud of our collaboration with the Austrian Space Forum. EasyMotionSkin is the official outfitter of the AMADEE-24 MARS ANALOG MISSION, a Mars simulation planned for March 2024 in Armenia. The expedition is an authentic test run for astronautical exploration of the Red Planet. A crew of analog astronauts wearing prototype spacesuits will conduct experiments in preparation for future Mars exploration missions. As a provider of innovative training systems, the collaboration with the Austrian Space Forum is a recognition of our quality and effectiveness - and it also means being part of an ambitious space project that will bring humanity much closer to Mars. Prolonged weightlessness causes muscle and bone loss, similar to osteoporosis. The EasyMotionSkin EMS training system helps prevent muscle atrophy and the resulting bone loss in weightlessness. EasyMotionSkin was already part of the DLR/ESA space mission COSMIC KISS in 2021 and 2022 and flew to the ISS with German ESA astronaut Matthias Maurer aboard SpaceX's Crew Dragon. Maurer trained with the EasyMotionSkin training system both during the preparation phase and on the ISS. Whether on earth or in space - EasyMotionSkin has an extraordinary and high quality unique selling point. GBC AG: How do you assess the current trends in the industry, and what challenges does EasyMotionSkin possibly see in the coming years? EasyMotionSkin Tec AG: We see a global trend toward a holistic approach. People want to take responsibility for managing their health, fitness, performance and aesthetics according to their preferences and needs. The boundaries between wellness, activity, longevity and beauty are becoming increasingly blurred, and responding to customer needs and behaviors will be part of the challenge of the future. Those who can anticipate this trend and serve it with a high-quality portfolio of products and services will be able to further develop the industry and win customers as long-term partners. GBC AG: How is EasyMotionSkin adapting to the changing needs of customers? What measures does the company take to maintain or increase customer satisfaction? EasyMotionSkin Tec AG: We see ourselves as a partner to our customers, take our role as a leading designer and developer seriously, and have our finger on the pulse of the times by thinking and working with a strong focus on the future and anticipation, especially in this phase. In many ways, we see ourselves as a first mover. GBC AG: To what extent does EasyMotionSkin attach importance to sustainability and social responsibility? Are there any specific initiatives or practices that can be highlighted in this regard? EasyMotionSkin Tec AG: Sustainability plays a decisive role at EasyMotionSkin, especially since our business purpose is already committed to sustainability: to enable people to enjoy health, fitness, performance, mental strength and joie de vivre for as long as possible. Of course, economic and ecological sustainability are also important in our day-to-day business. We live up to our social responsibility by supporting numerous aid projects, but also by providing know-how and services to a number of athletes with disabilities or after injuries. GBC AG: How does EasyMotionSkin assess the current competitive environment, and what strategies is the company pursuing to remain successful in the face of competition? EasyMotionSkin Tec AG: We are currently investing a great deal of know-how and manpower in future-oriented concepts, especially in the area of customer acquisition and long-term customer loyalty - by supporting people individually in achieving their goals and increasingly offering well-designed systems for everyday life. GBC AG: Are there any plans for further expansion of EasyMotionSkin? EasyMotionSkin Tec AG: Our growth strategy and international expansion remain intact and are being continuously pursued - whether with in-house developments or targeted acquisitions to expand the company, whether with new sales partners for an expanded product range, also internationally. We are successful in Europe and in many other countries - and we still have a lot of potential worldwide. GBC AG: Thank you very much for the interview. You can download the research here: http://www.more-ir.de/d/29017.pdf Contact for questions 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 +++++++++++++++ Datum (Uhrzeit) der Fertigstellung: 28.02.2024 (15:02 Uhr) Datum (Uhrzeit) der ersten Veröffentlichung: 29.02.2024 (11:00 Uhr) -------------------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.

GBC AG: Vectron Systems AG: BUY

Original-Research: Vectron Systems AG - from GBC AG Classification of GBC AG to Vectron Systems AG Company Name: Vectron Systems AG ISIN: DE000A0KEXC7 Reason for the research: Research Comment Recommendation: BUY Target price: 10.00 EUR Target price on sight of: 31.12.2024 Last rating change: Analyst: Cosmin Filker, Matthias Greiffenberger Preliminary figures for 2023: Sales and earnings development in line with expectations, rating: BUY Vectron Systems AG (Vectron for short) published its preliminary figures for the past fiscal year 2023 on 21 February 2024. With sales revenue of € 37.4 million (previous year: € 25.2 million), the company not only significantly exceeded the previous year's figure by 48%, but also returned to its growth path as expected. This figure was in the upper half of the sales guidance, which forecast sales in a range of € 36.0 million to € 37.8 million. Our forecast (GBC estimate: € 38.6 million) was also almost achieved. According to our calculations, Vectron sales increased by 11% to € 28.0 million (previous year: € 25.2 million). The main reason for the sales growth in the Vectron division (POS systems and digital services) was the further increase in recurring income by 53% to € 13.2 million (previous year: € 8.6 million), which now accounts for 47% (previous year: 34%) of total sales in this division. This clearly reflects the company's focus on expanding its digital business in particular. Accordingly, Vectron has outsourced hardware production to external partners. The sales of acardo group AG (acardo), which was acquired on 1 January 2023, also contributed to the overall increase in sales. According to our findings, the inorganic contribution to sales is likely to have exceeded €10 million. Thanks to the expansion of the digital business and the earnings contribution of the acquired acardo, the turnaround was achieved with EBITDA of € 3.0 million (previous year: € -3.9 million). At the same time, the preliminary EBITDA was at the upper end of the guidance raised in October, which had forecast EBITDA in a range of € 2.2 million to € 3.2 million. Our EBITDA estimate (GBC forecast: € 3.2 million) was also almost achieved. EBITDA should be characterised by extraordinary income from the reversal of provisions. Even if this is a one-off effect, a disproportionately high improvement in earnings should still be achieved in the current financial year 2024. On the one hand, the expansion of the digital business will be accompanied by higher margins. On the other hand, the cost-cutting measures introduced in the hardware area are not expected to take full effect until 2024. The expansion of the digital business and thus of recurring sales will also make the company less dependent on external fluctuations in demand. Vectron has not yet felt any negative effects from the VAT increase for the catering industry. On the contrary, digital services are likely to be in greater demand against the backdrop of staff shortages in the sector. The acquisition of acardo should also make a significant contribution to sales and earnings in the current 2024 financial year. The couponing specialist announced the expansion of its couponing network by a further 3,500 stores at the beginning of the year, making it the largest check-out couponing network in Germany. Against this backdrop, Vectron's guidance should remain valid and we are maintaining our estimates for the financial years 2024 and 2025. As part of the DCF valuation model, we have determined a target price of € 10.00 (previously: € 10.10). The marginal reduction in the target price is due to the increase in the risk-free interest rate and thus the weighted cost of capital. On the other hand, we have raised the perpetual growth rate by 0.5% due to inflation, which has had the effect of increasing the price target. We continue to assign the BUY rating. You can download the research here: http://www.more-ir.de/d/28977.pdf Contact for questions 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,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) completion: 26.02.24 (10:15 am) Date (time) first transmission: 26.02.24 (11:30 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.

GBC AG: Avemio AG: BUY

Original-Research: Avemio AG - von GBC AG Einstufung von GBC AG zu Avemio AG Unternehmen: Avemio AG ISIN: DE000A2LQ1P6 Anlass der Studie: Research Comment Empfehlung: BUY Kursziel: 32.00 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Cosmin Filker; Niklas Ripplinger Sales and earnings for 2023 below expectations, forecasts and price target reduced, BUY rating confirmed According to preliminary figures for the past financial year, Avemio AG suffered a decline in sales to around € 103 million (previous year: € 108.7 million), contrary to previously communicated expectations. The company had previously expected sales of € 120 million. The expected recovery in demand in the second half of the year failed to materialise, primarily due to the persistently weak economy. The trading companies VDH Video Data Handels GmbH and BPM Broadcast & Professional Media GmbH were particularly affected by this, while the trading company Teltec AG recorded a robust sales trend. In addition to lower demand from consumers (VDH) and for high-priced equipment (BPM), the decline in sales was also due to a lack of innovation in the area of professional film and television technology. In addition, many customers had made investments during the coronavirus pandemic, which led to certain pull-forward effects for previous years. Despite these difficulties, sales exceeded the € 100 million mark for the third time in a row, although sales were significantly below our previous expectations (old GBC forecast: € 127.50 million). According to the company, the decline in sales was compounded by pressure on margins due to market prices, which led to a fall in the gross margin. The preliminary EBITDA of around € 0.8 million (previous year: € 4.4 million) is therefore significantly below the previous guidance and our forecasts. The company had previously forecast EBITDA of € 5.0 million, on the basis of which we had forecast EBITDA of € 5.6 million. EBITDA of € 1.0 million in the first half of the year is therefore offset by negative EBITDA of € -0.2 million in the second half of the year. In the corporate news of 22 January 2014, Avemio's management emphasised the company's continued solid capital base. With equity of € 12.5 million (30.06.23: € 13.0 million) and an equity ratio of 35% (30.06.23: 37%), the company has cash and cash equivalents of € 5.8 million. In addition, credit lines totalling € 2.6 million can be utilised and there is a commitment from the state of Hesse for mezzanine financing in the amount of € 5 million. This capitalisation is intended to further drive M&A growth as one of the company's most important strategic pillars. A further company acquisition could be announced in the first half of 2024. We are adjusting our original forecast for the past financial year in line with the preliminary figures. Based on EBITDA of € 0.8 million, we expect negative earnings after taxes of around € -0.5 million. Due to the lower starting position, we are also reducing our estimates for the two financial years 2024 and 2025. Our estimates still do not include organic growth, which is, however, an important part of the corporate strategy. Based on the forecast reduction, we have set a new target price of €32.00. We continue to assign a BUY rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28767.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Disclosure of potential conflicts of interest pursuant to Section 85 WpHG and Art. 20 MAR The company analysed above has the following potential conflict of interest: (5a,11); A catalogue of potential conflicts of interest can be found at https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 29/01/24 (9:33 am) Date (time) first distribution: 29/01/24 (11:00 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.

GBC AG: Cenit AG: BUY

Original-Research: Cenit AG - von GBC AG Einstufung von GBC AG zu Cenit AG Unternehmen: Cenit AG ISIN: DE0005407100 Anlass der Studie: Research Comment Empfehlung: BUY Kursziel: 20.90 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann First acquisition of 2024 strengthens the 3DS Solutions division; forecasts and target price unchanged As expected, CENIT AG is continuing the high level of acquisition activity implemented since the 2022 financial year in the 2024 financial year. As the company announced in the second calendar week of the still young year, CCE b:digital GmbH & Co. KG (CCE for short) was acquired with effect from 1 January 2024. CCE offers consulting, implementation and software development in the business areas of Digital Services, PLM Services and Application Services. Similar to CENIT's '3DS Solutions' business segment, CCE's offering is based on Dassault Systèmes solutions, with a particular focus on the CATIA products and the 3DEXPERIENCE PLM platform. This shows a high degree of congruence with the PLM business field of CENIT AG. CENIT AG emphasises that CCE has special expertise in the migration and introduction of Dassault standard software. For this purpose, concepts have been developed that are specially tailored to medium-sized and smaller customers. In addition, the acquisition of CCE will expand the local presence in the Ostwestfalen Lippe region. Finally, company acquisitions have proven to be an effective strategy for expanding the Group's workforce against the backdrop of challenging personnel recruitment. The acquisition of CCE will expand the CENIT team by 16 employees. In addition, CENIT's position as one of Dassault Systèmes' most important Platinum Partners worldwide will be further strengthened. This is already a declared goal of CENIT AG. No further details on the size of CCE or the purchase price are known. The Federal Gazette only contains a balance sheet as of 31 December 2021, which shows that the company is relatively small at this point in time. With total assets of € 1.72 million, CCE had equity of € 0.19 million and cash and cash equivalents of € 1.15 million. Based on this information, we assume a purchase price in the low single-digit million range. The CCE acquisition should be seen as a further step towards achieving the medium-term goals of CENIT AG. The aim is to achieve sales of € 300 million and an EBIT margin of 8-10% by the end of the 2025 financial year. As part of this strategy, all five business divisions are expected to grow organically and inorganically. In the 3DS Solutions division, sales are to be increased from the current level of around € 100 million to € 150 million. Due to what we consider to be the low impact on the CENIT Group's sales and earnings, we are maintaining our estimates compared to our last research study (see study dated 03 November 2023). We therefore confirm our price target of € 20.90 and continue to rate the share as BUY. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28671.pdf Kontakt für Rückfragen Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date (time) of completion: 16/01/24 (08:04 am) Date (Time) first distribution: 16/01/24 (10:00 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

GBC AG: Landi Renzo S.p.A.: Buy

Original-Research: Landi Renzo S.p.A. - von GBC AG Einstufung von GBC AG zu Landi Renzo S.p.A. Unternehmen: Landi Renzo S.p.A. ISIN: IT0004210289 Anlass der Studie: Research study (Note) Empfehlung: Buy Kursziel: 0.60 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker Nine-months 2023: Landi Renzo continues to grow thanks to strong OEM business; unfavourable sales mix weighs on profitability; operating margin recovery continues in Q3; GBC estimates and price target adjusted; Buy rating confirmed Business performance 9M 2023 The Landi Renzo Group announced its nine-month figures for the current 2023 financial year in mid-November. Based on these figures, the technology group continued its growth streak in the first three quarters of the financial year despite difficult conditions (war in Ukraine, inflationary pressure, higher interest rates, etc.). Group sales increased moderately by 2.2% to € 221.14 million compared to the same period of the previous year (9M 2022: € 216.35 million). The strong expansion of business in the main business area of 'Green Transportation' proved to be a key growth driver. This enabled the company to benefit significantly from the increased demand from leading car manufacturers for technological solutions for more climate-friendly mobility and more environmentally-friendly drive systems in the volume sector (mass car market). The consolidated sales revenue generated was primarily driven by the core business segment 'Green Transportation' (share of sales: 70.1%). In this business segment, sales revenue increased significantly by 9.8% to € 155.01 million (9M 2022: € 141.24 million), mainly thanks to stronger OEM business. The increased growth in the OEM sales channel (9M 2023: +33.2% to € 98.70 million) was driven by a sharp rise in orders for bi-fuel engines and increased sales of components in the OEM Mid & Heavy Duty segment. Due to weaker sales in some Latin American and Eastern European markets, the After-Market sales channel recorded a significant decline in revenue to € 56.30 million (9M 2022: € 67.10 million). In contrast to the core business ('Green Transportation'), the 'Clean Tech Solutions' business division recorded a significant decline in segment sales to € 66.13 million (9M 2022: € 75.12 million). The main reason for this decline in sales was not only the reduced production, which particularly affected the third quarter, but also the postponement of some major orders planned for 2023 to the following financial year 2024. In contrast to the positive Group sales trend, Landi Renzo suffered a significant decline in operating earnings (EBITDA) to € -1.12 million (9M 2022: € 7.07 million). This was mainly due to an unfavourable sales mix in the 'Green Transportation' business segment (lower-margin OEM car sales share), a lower business volume in the 'Clean Tech Solutions' segment and higher fixed costs incurred to strengthen the company's operating structure. As a result, the EBITDA margin also fell compared to the same period of the previous year and even slipped into negative territory at - 0.5% (9M 2022: 3.3%). This decline in consolidated operating profit was only partially offset by an agreed list price change with a major customer of the Landi Renzo Group in the OEM distribution channel in the second half of the half-year and a price increase in the OEM Mid & Heavy Duty business area in the final months of the financial year. Adjusted for special costs and one-off costs (e.g. M&A costs or restructuring costs), adjusted EBITDA (Adj. EBITDA) of € 4.57 million was achieved in the past three quarters, which was significantly below the earnings level of the same period in the previous year (9M 2022: € 8.70 million). The adjusted EBITDA margin (Adj. EBITDA margin) also fell accordingly to 2.1% (9M 2022: 4.0%). The (adjusted) Group EBITDA of € 3.25 million (9M 2022: € 4.28 million) was primarily attributable to the Clean Tech Solutions segment. Meanwhile, the core business segment 'Green Transportation' contributed € 1.33 million (9M 2022: € 4.42 million) to the Group result. At the after-tax level, the technology group recorded a negative consolidated net result (after minority interests) of € -27.73 million compared to the same period of the previous year and thus had to accept a significant decline in net earnings compared to the same period of the previous year (9M 2022: € -10.12 million). In addition to the weaker operating performance and high one-off extraordinary costs, significant write-downs on a portion of the deferred tax assets recognised in the previous year for tax losses also had a significant negative impact on the earnings trend. In addition, significantly higher (incurred) tax expenses of € 5.62 million (9M 2022: € 1.02 million) also had a negative impact on earnings. Business performance in Q3 2023 At a quarterly level, the Landi Renzo Group recorded a 3.6% decline in consolidated sales to € 69.33 million (Q3 2022: € 71.91 million) compared to the same quarter of the previous year due to weaker business development in its infrastructure business segment. Segment sales in the Clean Tech Solutions division fell by 24.2% to € 18.58 million at the end of the third quarter (Q3 2022: € 24.52 million), mainly due to a lower production volume. The decline in production volume was primarily the result of orders being postponed to the following financial year 2024. By contrast, the core business area 'Green Transportation' developed in the opposite direction. Thanks to increased OEM customer demand for technological solutions for bi-fuel engines in particular, segment revenue in this division increased significantly by 7.1% to € 50.75 million (Q3 2022: € 47.39 million). At Group operating result level, adjusted EBITDA (Adj. EBITDA) fell by 30.1% to € 0.65 million (Q3 2022: € 2.16 million), primarily due to the decline in sales and earnings in the Clean Tech Solutions division. At the same time, the adjusted EBITDA margin fell to 1.00% (Q3 2022: 3.0%). Forecast and evaluation With the publication of its nine-month and Q3 figures, the Landi Renzo Group has confirmed its most recently adjusted corporate guidance for the 2023 financial year in the form of the outlook for the two business segments 'Green Transportation' (sales growth and lower profitability compared to the previous year, but margin improvement in H2 2023) and 'Clean Tech Solutions“ (sales at the previous year's level, but with an improvement in profitability on an Adj. EBITDA basis). In this context, the technology group specifically expects a slight increase in sales in the core segment 'Green Transportation' for the fourth quarter of the current financial year, which has already begun, compared to the previous third quarter, which should result in particular from increased sales in the OEM sales channel. Due to the increase in profitability achieved in this segment in the previous third quarter, Landi Renzo expects a (further) improvement in adjusted EBITDA for the fourth quarter compared to the previous nine months. After the 'Clean Tech Solutions' segment suffered from postponed orders in the third quarter, the technology company is nevertheless anticipating an increase in sales and profitability for the current fourth quarter compared to the previous quarter. In view of the company's performance falling short of our expectations, the significant slowdown in growth momentum and the persistently difficult general conditions, we have adjusted our previous sales and earnings estimates downwards. For the current 2023 financial year, we are now forecasting sales of € 307.14 million (previously: € 323.88 million) and EBITDA of € 0.64 million (previously: € 9.58 million). Our significantly reduced operating earnings forecast is the result of a lower expected business volume as well as significantly higher expected one-off costs and special costs (e.g. restructuring costs). For the following financial year 2024, we expect sales of € 316.86 million (previously: € 357.17 million) and EBITDA of € 13.31 million (previously: € 24.76 million). In the following year 2025, sales and EBITDA should increase again to € 345.89 million (previously: € 379.73 million) and € 21.10 million (previously: € 37.94 million) respectively. Our forecast for the Landi Renzo Group's future margin recovery is based on rather conservative assumptions, i.e. the expected improvement in Group profitability may be significantly stronger if, for example, the after-market business and infrastructure business recover more quickly. Overall, despite their temporary weakness, we believe that the Landi Renzo Group is in a good starting position to return to a significant growth trajectory from the coming 2024 financial year. The expected recovery of the high-margin after-market business and the increased expansion of the infrastructure and MHD business (mid- and heavy-duty business) should prove to be key growth drivers. Landi Renzo has recently gained significant momentum, particularly in the expansion of their high-margin MHD business (LNG & CNG trucks), and should also be able to continue their growth streak in this niche. Thanks to an expected improved sales mix in the 'Green Transportation segment' (higher share of the lucrative after-market business and MHD business) and the forecast recovery of their profitable infrastructure business, this technology company should be able to significantly improve its earnings situation from the coming financial year. The measures initiated by the management to optimise and strengthen their business model and corporate structure should also help the technology group to continue its growth trajectory in the area of sustainable mobility, particularly in mid and heavy-duty vehicles, as well as in the area of natural gas, biomethane and hydrogen infrastructures. At the same time, the acceleration of growth and the optimisation of their business model should also lead to a significant improvement in future profitability. We assume that Landi Renzo's management will publish new corporate guidance in the first quarter of the coming 2024 financial year. In light of our lowered sales and earnings forecasts for the current financial year and subsequent years, we have lowered our previous price target to € 0.60 (previously: € 0.70) per share. In view of the current share price level, we therefore assign a 'BUY' rating and see significant upside potential in the Landi Renzo share. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28597.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 21/12/2023 (7:21 am) Date (time) of first distribution: 21/12/2023 (10:00 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

GBC AG: HAEMATO AG: suspended

Original-Research: HAEMATO AG - von GBC AG Einstufung von GBC AG zu HAEMATO AG Unternehmen: HAEMATO AG ISIN: DE000A289VV1 Anlass der Studie: Research Note Empfehlung: suspended Kursziel: suspended Letzte Ratingänderung: Analyst: Cosmin Filker; Marcel Goldmann Delisting of the HAEMATO share to take place from February 2023; price potential not yet exhausted; GBC-rating and GBC-price target suspended HAEMATO has announced the termination of the inclusion of the shares in the open market of 30 November 2023. The shares are to be delisted after expiry of the notice period, at the latest by the end of February 2024. According to the company, the delisting is in particular the result of a cost-benefit analysis. This statement should be seen in light of the fact that HAEMATO AG has been part of the M1 Group, which is also listed on the stock exchange, since July 2020. Obviously, the delisting is intended to save duplicate cost structures associated with the listing of both companies. Based on our DCF valuation model, which was last updated on 14 September 2023, the share is still undervalued and the share price potential has not yet been exhausted. HAEMATO AG has developed surprisingly strongly in the current financial year 2023, both in terms of sales and earnings. This is also confirmed by the 9-month figures published in mid-November 2023, which show a 12.8% increase in sales to € 212.2 million (previous year: € 188.2 million) and a significant jump in EBIT to € 9.5 million (previous year: € 6.7 million). This exceeded our expectations. We had previously forecast EBIT of € 8.5 million for the year as a whole, which has already been significantly exceeded after the first three quarters. Due to the excellent business development, HAEMATO's management has raised its guidance for the current financial year and now expects EBIT of € 10 to 12 million (previously: € 6 to 8 million). However, this extremely positive business development is offset by the termination of the Botox project, which was seen as a high-potential flagship project for the medium to long-term business development of HAEMATO AG. At the same time, the co-operation with the Korean manufacturer was terminated. The project was cancelled in connection with the entry of two new Botox suppliers onto the market, which was accompanied by a reduction in supply prices. At the reduced price level, the continuation of the project was no longer profitable, which is why the project was cancelled at an early stage, i.e. before the relevant development and approval investments were made. In our HAEMATO estimates, we had considered the Botox project as pure upside potential, so that the cancellation of the project does not have a negative impact on the estimates. On the contrary, we are even raising our forecasts for the current 2023 financial year and now expect sales of € 272.00 million (previously: € 259.60 million) and EBIT of € 12.40 million (previously: € 8.51 million). Due to the base effect, we have also raised our forecasts for the next two financial years. However, with the decision to delist, we are suspending both the price target and the rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28549.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: (4,5a,5b,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date (time) completion: 14.12.23 (3:31 pm) Date (time) first transmission: 15.12.23 (09:30 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.

GBC AG: Advanced Blockchain AG: Buy

GBC AG: Mexedia SPA-SB: Buy

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.

GBC AG: Media and Games Invest SE: BUY

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

GBC AG: Mexedia SPA-SB: Buy

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.

GBC AG: The NAGA Group AG: BUY

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.

GBC AG: Coreo AG: BUY

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.

GBC AG: publity AG: Hold

Original-Research: publity AG - von GBC AG Einstufung von GBC AG zu publity AG Unternehmen: publity AG ISIN: DE0006972508 Anlass der Studie: Research Report (Note) Empfehlung: Hold Kursziel: 17.00 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Marcel Schaffer Focus on sustainable office properties. Positive outlook. The business trajectory in the first half of 2023 reflects noteworthy advancements for publity AG despite prevailing challenges in the real estate industry. However, revenues experienced a substantial downturn, decreasing to €2.01 million in the first half of 2023 (compared to €9.95 million in the previous year). These revenues were generated through publity's successful transactions as an asset manager. The significant dip in revenue consequently led to a decline in EBITDA to €-1.46 million (compared to €6.63 million in the previous year). On a positive note, other operating income had a notable impact, reaching €1.02 million (a significant increase from €0.03 million in the previous year), primarily stemming from a legal dispute. Overall, operating costs remained predominantly stable, with marginal adjustments in the cost of materials (-2.0%) and a slight uptick in personnel expenses (+3.3%). Conversely, other operating expenses rose to €3.43 million (compared to €2.31 million in the previous year) due to partial revenue from the PREOS convertible bond, transacted below the original price. Adjusted for this effect, costs actually experienced a reduction. Income from other securities witnessed a 14.5% decline to €2.95 million (compared to €3.45 million) owing to the diminished volume of PREOS Global Office Real Estate & Technology AG bonds on the balance sheet. Furthermore, interest and similar expenses increased by 17.7% to €-2.74 million (compared to €-2.33 million) due to the augmentation of the publity bond, issued in the second half of 2022, by €20 million to €97.76 million (compared to €77.76 million in the previous year). The sharp decrease in revenue resulted in a negative net result of €-1.53 million (compared to €5.23 million in the previous year). publity's financial statement mirrors a typical profile for investment companies, marked by a substantial level of financial assets, notably the shares held in PREOS constituting the majority. Despite the impressive equity interest of 94.3%, these shares in the subsidiary are not fully consolidated but are acknowledged as financial assets. The absence of full consolidation means that the liabilities of the real estate companies GORE and PREOS are not entirely reflected, contributing to publity AG consistently maintaining an above-average equity ratio. Variations in equity stem from both operational business dynamics and the appreciation or depreciation of financial assets. As of June 30, 2023, there was no extensive revaluation of financial assets. As of June 30, 2023, equity remained nearly unchanged at €370.66 million (compared to €372.19 million on December 31, 2022), primarily influenced by an annual loss of €1.53 million. Consequently, the equity ratio also held steady at 76.2% (compared to 76.4% on December 31, 2022). publity AG's balance sheet prominently features investments in affiliated companies, amounting to €367.3 million (compared to €366.94 million on December 31, 2022), constituting 75.5% of total assets (compared to 75.3% on December 31, 2022). Additionally, publity AG holds bonds from PREOS Global Office Real Estate & Technology AG valued at €81.0 million (compared to €83.98 million on December 31, 2021). These financial assets are encompassed in the net financial assets, totaling €374.81 million (compared to €377.87 million on December 31, 2022). The primary component of debt capital is an outstanding publity bond valued at €97.76 million (unchanged from December 31, 2022). This bond matures in 2027, and its terms were adjusted at the end of 2022, including an extension of the term to 19.12.2027 (originally 19.06.2023), an interest rate increase from 5.5% to 6.25% from 19.06.2023, and the introduction of an option for early repayment. As of October 18, 2023, the bond is trading at 28.0% on Tradegate at 15:34. The extension of the publity bond is potentially subject to challenge by bondholders. Liabilities to banks remain steady at €4.3 million (unchanged from December 31, 2022), and cash and cash equivalents amount to €0.38 million (compared to €0.54 million on December 31, 2022). The management perceives the liquidity situation as stable. Working capital has significantly increased to €3.39 million, compared to €-0.19 million as of December 31, 2022, primarily attributed to the rise in trade receivables to €4.35 million from €1.16 million as of December 31, 2022. This increase is presumed to be a response to the current challenging situation in the real estate industry, potentially leading customers to exhaust their payment terms. Due to the absence of a published cash flow statement, a more comprehensive liquidity analysis is currently unfeasible. On August 16, 2023, the Annual General Meeting sanctioned a capital increase from company funds, proposing an augmentation of share capital from €14.88 million to €16.74 million, involving the issuance of 1.86 million new no-par value shares with a nominal value of €1.00 each. However, the finalization of the capital increase is still pending. As of December 30, 2022, the share price for the investment in PREOS Global Office Real Estate & Technology AG was €3.40 (Xetra), representing a market capitalization of €385.79 million. Considering publity AG's substantial 94.3% shareholding, the reported value of the held share capital in publity's balance sheet was €363.8 million. However, the PREOS share price has experienced a significant decline since December 30, 2022, currently standing at €0.41 (XETRA, October 23, 2023). This decline poses a notable valuation discount affecting earnings. In our revaluation, we do not rely on the current PREOS share price; instead, we utilize the published equity of PREOS Global Office Real Estate & Technology AG, which amounted to €203.56 million as of December 31, 2022, as a conservative lower limit. Corresponding to the 94.3% shareholding ratio, this equates to a value of €191.96 million. As of June 30, 2022, loans to affiliated companies stood at €81.0 million. These loans are in the form of convertible bonds issued by PREOS Global Office Real Estate & Technology AG in 2019 and maturing in 2024. The current price of the convertible bond is 1.26% (Frankfurt, October 19, 2023). Klaus Nieding, lawyer and Vice President of Deutsche Schutzvereinigung für Wertpapierbesitz, has been appointed as the contact person for the bondholders. The next step involves engaging in discussions with the joint representative to explore potential restructuring options for the PREOS convertible bond. Given the considerable potential for the convertible bond to be written down, we have initially assumed a 50% impairment in our valuation. Despite facing persistent challenges such as high interest rates, increased construction costs, and uncertainties in the economic landscape within the real estate sector, the company remains optimistic about its recovery, attributing this confidence to its position as a green asset manager. In response to macroeconomic challenges and evolving trends in real estate, the company is strategically focusing on sustainable office properties. The goal is to manage at least 50% ESG-compliant buildings by 2030, with a long-term objective of achieving 100%. The approach is holistic, encompassing environmental considerations, innovative design options, and social aspects. publity AG has already secured several certifications for its properties, showcasing high ESG and digitalization standards. Additionally, there are plans to convert the Centurion Tower in Frankfurt into a green office building, serving as a model for the future of office spaces. The corporate strategy of publity AG centers on fortifying and expanding its position as a portfolio holder in the real estate sector through its subsidiaries. The primary focus remains on the German commercial real estate market, where attractive value creation potential is identified. Leveraging its expertise in real estate asset management, publity AG aims to capitalize on the sustained demand for German commercial real estate, particularly from foreign investors. While the impacts of the coronavirus pandemic, the conflict in Ukraine, the energy crisis, and rising interest rates on the company's economic trajectory are challenging to predict, the Management Board anticipates stabilization and positive development. The Executive Board expects to break even after taxes in the course of the 2023 financial year, with a slightly positive EBIT forecast. In addition, the Executive Board expects to be able to meet all financial obligations in full and on time in the future. We assume that there will be an increase in real estate transactions in the 2023 financial year compared to the previous year 2022. However, the market is currently heavily impacted by the turnaround in interest rates. For the current financial year 2023, we forecast revenue of €11.5 million, followed by €15.0 million in 2024 and €20.1 million in 2025. In accordance with the company's guidance for the 2023 financial year, the Executive Board expects to break even after taxes and achieve a slightly positive EBIT. The company continues to respond with strict cost management in order to meet the current challenges. Our earnings forecasts do not include any potential write-downs on the financial assets held. We assume that the guidance can currently be easily achieved. For the current financial year 2023, we expect EBIT of €0.3 million, followed by €3.32 million in 2024 and €6.64 million in 2025. Overall, we expect net income of €0.28 million in the current financial year 2023, €2.39 million in 2024 and €4.71 million in 2025. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28325.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 and time of completion of the study: 17.11.2023 (12:00) German version: 13.11.2023 (10:00) Date and time of the first publication of the study: 17.11.2023 (12:30) German version: 13.11.2023 (11:30) -------------------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.

GBC AG: Advanced Blockchain AG: Buy

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.

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