Original-Research: INDUS Holding AG - from NuWays AG Classification of NuWays AG to INDUS Holding AG Company Name: INDUS Holding AG ISIN: DE0006200108 Reason for the research: Update Recommendation: Kaufen from: 15.05.2024 Target price: EUR 36.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Christian Sandherr Mixed Q1 results // strong FCF generation; chg. est. Topic: INDUS reported a mixed Q1 with sales below but EBIT above estimates as well as strong free cashflow supported by a lower seasonal working capital increase. Q1 sales decreased by 9% yoy to € 410m (eNuW: € 434m) due to customers’ current reluctance to buy and spend as a result of the weak German economy. Q1 EBIT was down 40% yoy to € 26.7m (eNuW: € 25.3m), implying a margin of 6.5% (-3.4pp) driven by neg. op. leverage as well as pressure from significantly higher wages and salaries. Mind you Q1 FY23 was an exceptionally strong quarter, which also benefited from decreased material costs within the Materials segment. Positive, while sales in the Infrastructure segment declined 6.8% yoy to € 132m, EBIT rose to € 11.4m (Q1 FY23: € 10.7m) supported by internal efficiency gains. Strong cash generation: Free cashflow in the first quarter came in at € 6.1m (Q1 FY23: € 7.5) driven by a lower seasonal working capital increase due to the stabilization of supply chains and lower procurement prices. Mind you, last years’ FCF includes a € 14.4m one-time cash inflow from a property sale. FY guidance confirmed. Management confirmed its FY24e guidance of € 1.85-1.95m (eNuW: € 1.85m) revenue and € 145-165m EBIT (eNuW: € 157m), despite the challenging start into the year, which was largely anticipated by the market. In our view, the guidance seems plausible, however we expect sales to come in at the lower end of the guidance range due to an increasing pressure on selling prices in the Materials segment. In addition, the outlook for the construction sector remains cautious, as the German construction industry federation (HDB) expects a 3.5% decline in real-term sales in 2024. INDUS remains an attractive investment case and dividend-stock for the mid-term. Mind you, management proposed a dividend of € 1.20 per share (AGM on 22 May), making INDUS an attractive dividend stock with a yield of 4.4% based on yesterday’s closing price. Due to the divestment of the lossmaking automotive business in FY23 and an ongoing solid operating business, we expect a further dividend rise for the current fiscal year (eNuW: € 1.40). INDUS remains a BUY with an unchanged € 36 PT based on FCFY 2024e as (1) shares seem attractively valued trading at 4.7x EV/EBITDA 2024e, which is 23% below the 10-year historical average, (2) INDUS is generating double-digit ROCEs and (3) has a strong future dividend yield potential. You can download the research here: http://www.more-ir.de/d/29747.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: MAX Automation SE - from NuWays AG Classification of NuWays AG to MAX Automation SE Company Name: MAX Automation SE ISIN: DE000A2DA588 Reason for the research: Update Recommendation: Kaufen from: 15.05.2024 Target price: EUR 8.20 Target price on sight of: 12 Monaten Last rating change: Analyst: Konstantin Völk Muted start into the year but solid order intake; chg. est. Topic: MAX released mixed Q1 results with muted sales and slight pressure on margins in line with expectations. However, order intake moderately improved qoq from a low level in the last three quarters supported by continuous follow-up orders from ELWEMA. Q1 group sales declined slightly by 6.1% yoy to € 91m (eNuW: € 92m) reflecting the low order backlog compared to last year. Q1 EBITDA fell by 18% yoy to € 7.9m (eNuW: € 7.6m) due to the lower top-line, wage inflation and a product mix shift within bdtronic. Hence, the margin declined by 1.2pp yoy to 8.8%. After three weaker quarters, order intake in Q1 showed first signs of a recovery. Q1 group order intake increased 26% qoq to € 90m but decreased 21% yoy compared to the exceptionally strong Q1 FY23. Order intake in the second half of FY23 suffered from investment restraints reflecting a challenging macroeconomic environment, restrictive financing conditions and persistently high price levels. The ongoing weakness of the global economy was in particular delt in the German mechanical and plant engineering sector. We expect the situation to improve modestly in the second half of FY24e, which should translate to increasing revenue in FY25e. bdtronic continued its growth story and increased sales by 50% yoy to € 29.6m supported by a high order backlog and strong service business. However, EBITDA stayed unchanged yoy at € 3.3m along with a margin decrease of 5.6pp to 11.1%. This was largely influenced by a product mix shift to the lower margin impregnation business as well as wage inflation and an increase in personnel. Vecoplan’s revenues came in at € 38.7m, a 16.2% decrease yoy. EBITDA fell by 27% to € 4.1m with a slight margin reduction of 1.6pp to 10.5% due to investment reluctance in the recycling/waste division and positive one-offs from the reversal of provisions in the previous year. We expect Vecoplan to stabilize on a plateau this year with a flat development in sales and a slight decrease in EBITDA. MAX confirmed its FY24e guidance of € 390-450m sales (eNuW: € 411m) and € 31-38m EBITDA (eNuW: € 33m). This appears sensible in our view as it implies a 5.7% top-line increase and a flat development in EBITDA at midpoint. We reiterate BUY with an unchanged PT of € 8.20, based on DCF. You can download the research here: http://www.more-ir.de/d/29745.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: q.beyond AG - from NuWays AG Classification of NuWays AG to q.beyond AG Company Name: q.beyond AG ISIN: DE0005137004 Reason for the research: Update Recommendation: Kaufen from: 14.05.2024 Target price: EUR 1.10 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald Strong Q1 figures hint towards successful transformation/ chg. Yesterday, q.beyond released a strong set of Q1 figures, which exceeded ours and streets profitability estimates as efficiency measures bore fruit despite rather muted top-line growth. In detail: Q1 sales increased slightly by 1.1% yoy to € 47.1m (eNuW: €47.5m, eCons: € 47.6m), of which 74% were recurring revenues. The muted growth momentum was predominantly due to the Consulting segment, which declined by 8% yoy to € 14.2m, which was mainly due to the reduction in low-margin project sales. This also allowed for an improved segment gross margin (+6.3pp to 8.4%). In the mid-term, management aims to continuously improve the Consulting margin driven among others by an increasing offand near-shoring ratio (target: 20% vs 12% after Q1), an improved utilizitation rate as well as higher daily rates. In contrast, the Managed Services segment grew by 5.7% yoy to € 32.9m at an improved margin of 21.5%. Hence, q.beyond was able to improve its gross profit by 38.5% to € 8.2m (eNuW: € 7.8m, eCons: € 7.9m), implying a margin of 17.5% (+4.7pp yoy). On this basis, Q1 EBITDA also significantly improved to € 2.0m at an implied margin of 4.2% (eNuW: € 1.4m, eCons: € 1.4m), which compares to negative € 1.3m in the previous year's quarter. Next to the improved gross margin, EBITDA was driven by significantly reduced sales & marketing (-1.5pp yoy sales ratio) and G&A expenses (-0.3pp) as well as the effects of “One q.beyond” strategy (i.e. eliminating duplicate structures). FCF came in at € 1.4m (company definition: € 0.6m), leading to a continuously comfortable net cash position of You can download the research here: http://www.more-ir.de/d/29737.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: LION E-Mobility AG - from NuWays AG Classification of NuWays AG to LION E-Mobility AG Company Name: LION E-Mobility AG ISIN: CH0560888270 Reason for the research: Update Recommendation: Kaufen from: 13.05.2024 Target price: EUR 7.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Christian Sandherr CMD underpins promising mid-term prospects; chg Q1 sales came in at a mere € 1.2m with an EBITDA of € -2.6m. This is a significant decrease compared to the particularly strong Q4 last year with roughly € 26m sales and € 1m EBITDA. As pointed out during the earnings call, this should mainly be driven by the seasonal distribution of the company‘s current sales pipeline, which is seen to be similar to last year‘s (H2 dependent). Management hence also confirmed its FY24 guidance of € 60-65 sales and € 0.5-1m EBITDA. Importantly, the current fix cost base should only slightly increase going forward (mainly due to ramping sales efforts, i.e. growing sales headcount and trade shows), providing plenty of room for operating leverage as sales increase. Recent CMD confirmed the company‘s promising prospects as underpinned by a mid-term guidance. Until the end of FY28e, management expects to grow sales to more than € 150m, implying a sales CAGR of at least 25%, despite an expected annual price decline of 9%. Mind you, its production site should be capable of significantly higher sales (assuming three shifts a day). As part of the mid-term guidance, LION re-aligned its sales efforts, focusing on three key end markets, namely city buses in Europe (>8t), electric trucks (light and medium duty) in Northern America and stationary storage (uninterrupted power supply and industrial/commercial applications). One of the key enablers, especially for the expected growth within the storage market, should be the upcoming product update (planned for H2), which will feature a LFP battery pack alongside a higher energy density NMC pack (both enabled by the SVOLT partnership). With its immersion cooled pack, LION would add hybrid/sports cars as fourth end market. In fact, the project is developing as planned and LION expects a first RFQ (request for quotations) until the end of the year. A positive outcome would notably increase the likely hood of it becoming a notably sales driver during the mid-term (currently not part of our revenue model). Valuation remains attractive. Shares trade on roughly 0.5 EV/Sales FY24e, which is notably below the industry‘s average of around 1x, while the company is expected to show strong growth during the next few years. We reduce our PT to € 7 (based on SOTP) per share but reiterate out BUY rating. You can download the research here: http://www.more-ir.de/d/29709.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Multitude SE - from NuWays AG Classification of NuWays AG to Multitude SE Company Name: Multitude SE ISIN: FI4000106299 Reason for the research: Update Recommendation: Kaufen from: 13.05.2024 Last rating change: Analyst: Frederik Jarchow Solid Q1 figures ahead // Multitude to continue on growth path On Thursday, Multitude will report Q1´24 figures that should come in solid, but with room for sequential improvements until YE. Here is what to expect: Sales should come in at € 59m (+9% yoy, -6% qoq), mainly driven by the strong growth of the net loan book (NAR) to € 636m in FY23 (including c. € 576 loan to customer and c. € 60m attributable to warehouse lending) unfolding its full effect in Q1. We expect ferratum to have contributed some 84%, CapitalBox 13% and the new segment wholesale banking 3% to total sales. EBIT is anticipated at € 10.3m (+7% yoy, -16.3% qoq), following the higher topline and rather stable S&M expenses and personnel expenses as well as other operating expenses, compensating for impairments on loans (19% yoy, -15% qoq), that should come in higher than in Q1´23 due increased loan book. As interest expenses should should have increased by c. 10% yoy to € 7.7m (eNuW; -1% qoq), EBT should come in at € 2.8m (-4% yoy). While our estimates for Q1 imply a solid yoy growth in a challenging economic phase, further significant sequential improvements throughout the year are necessary to reach the FY24 EBIT guidance of € 67.5m (vs eNuW: € 57m). In our view, the guidance looks ambitious, but is not out of range assuming 1) further growth of the loan book, partially materializing throughout the remainder of 2024, 2) the strong growth momentum of CapitalBox as well as 3) opportunities around the new segment wholesale banking that already gained traction in FY23. That, paired with ongoing tight cost control, that the company already showed in FY23, unlocking scale effects (assuming ongoing topline growth as a result of the growing loan book and stable margins) as well as the fact that Multitude reached its guidance for the 3 rd consecutive year in FY23 give us additional confidence. As the stock is still trading at negative EV and a 3.4x PE´24, the growing, highly profitable, resilient and dividend paying company to look undebatable cheap. BUY with an unchanged PT of € 12 PT, based on our residual income model. Mind you that Multitude is one of our NuWays' Top Picks for FY24. You can download the research here: http://www.more-ir.de/d/29713.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: R. STAHL AG - from NuWays AG Classification of NuWays AG to R. STAHL AG Company Name: R. STAHL AG ISIN: DE000A1PHBB5 Reason for the research: Update Recommendation: Kaufen from: 10.05.2024 Target price: EUR 29.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Christian Sandherr Final Q1 out // Good start into 2024; chg. est. Topic: R. Stahl reported a solid final Q1 underpinning the strong demand for electrical explosion protection solutions, which should continue due to favorable structural trends. Management confirmed FY24e guidance, which looks well in reach (eNuW). To recap, Q1 sales grew 8.5% yoy to € 84.7m, driven by a strong order backlog of € 115m at the end of FY23. Further, while global supply chains remained partially disrupted in the previous year, there were no significant restrictions in Q1 FY24. Q1 adj. EBITDA decreased 19% to € 8.4m with a lower but still solid margin of 9.9% (-3.4 pp) due to inflationary effects from personnel costs, a higher material expense ratio and a € 2m one-off from the implementation of the EXcelerate strategy program; 12.3% adj. EBITDA margin excluding one-offs. After a subdued order intake of € 74.5m in the fourth quarter, order intake came in surprisingly positive at € 92.3m, only slightly below the exceptionally strong order intake of last year’s Q1 (€ 96.7m). Driven by an increasing stabilization of global supply chains, the order intake in Q4 2023 was negatively affected by active destocking activities from customers in addition to a soft chemical industry in the DACH region. While demand in the chemical industry remained muted, the LNG, and petrochemical industry as well as the nuclear sector showed positive momentum during Q1. Due to the strong order intake, order backlog increased 6% to a solid level of € 122m (end of FY23: € 115m). Management confirmed its FY24e guidance with sales in the range of € 335 – 350m and adj. EBITDA between € 35 – 45m. Thanks to the good start into the year and a solid order backlog, the guidance seems to be well in reach (eNuW sales: € 347m; adj. EBITDA: € 39.7m). Even more importantly, R. Stahl’s mid-term prospects remain bright as the company strongly benefits from (1) its superior market share along the LNG value chain (liquefaction and shipping: 75%, natural gas production: 50% and regasification 25%), (2) a rising need for production automation across offshore oil and gas rigs, and production plants of several industries and (3) the ongoing nuclear renaissance across Europe. With that, R. Stahl is well positioned to gradually improve margins, returns and cash flow generation. As shares are trading on only 5.9x EV/EBITDA 2024e we confirm our BUY rating with an unchanged € 29 PT, based on DCF. You can download the research here: http://www.more-ir.de/d/29655.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: MAX Automation SE - from NuWays AG Classification of NuWays AG to MAX Automation SE Company Name: MAX Automation SE ISIN: DE000A2DA588 Reason for the research: Update Recommendation: Kaufen from: 29.04.2024 Target price: EUR 8.20 Target price on sight of: 12 Monaten Last rating change: Analyst: Konstantin Völk MAX achieved attractive sales price for MA micro; chg. est. Topic: MAX Automation has come to an agreement on the divestment of its subsidiary MA micro with an attractive purchase price, sale of MA micro anticipated in the second half of FY24e. MAX Automation announced the sale of MA micro (intention was announced in September 2023), which was already part of discontinued operations at the end of FY23 to the Japanese conglomerate, Hitachi Ltd. The purchase price of € 71.5 - 76.5m is still subject to the FY24e performance of MA micro. After the acquisition is completed, MA micro will join JR Automation Technologies, a Hitachi group company, and market leader in providing advanced automation solutions and digital technologies in the robotics systems integration business. The transaction is subject to various customary conditions, in particular the granting of merger control approvals and is expected to be closed in the second half of FY24e. MAX intends to use the proceeds from the sale primarily to reduce financial liabilities by partially repaying the syndicated loan (end of FY23: € 120.8m). The sale has no influence on our financial estimates of FY24e as MA micro was already part of discontinued operations. However, as the proceeds will be used to partially repay the syndicated loan (eNuW: 10% interest rate), annual interest expenses should decline by € 7.4m, potentially boosting EPS by 40% (eNuW), not reflected in our estimates until the transaction closed. Taking into account the weak operating performance of MA micro during the last year (-28% revenue yoy, -17% EBITDA yoy) and a likely further deterioration in FY24 due to the subdued order momentum (eNuW), the purchase price looks attractive in our view (eNuW FY24e: Sales € 40m, € 6.6m EBITDA). The implied sales multiple of 11x EV/EBITDA is 30% above the group’s current valuation of 8.5x, which underpins the undervaluation of the stock. Mind you, the crown jewel bdtronic and Vecoplan have bright business prospects and should be worth considerably more than 8.0x EV/EBITDA. We reiterate BUY with an unchanged € 8.20 PT based on DCF. You can download the research here: http://www.more-ir.de/d/29553.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: NFON AG - from NuWays AG Classification of NuWays AG to NFON AG Company Name: NFON AG ISIN: DE000A0N4N52 Reason for the research: Recommendation: Kaufen from: 26.04.2024 Target price: EUR 11.70 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald Final FY no surprise after strong prelims / chg. NFON published final FY 2023 figures, which were in line with the preliminary results published in early March. FY recurring revenues stood at € 77.1m, up 4.8% yoy at a continuously strong recurring revenue ratio of 93.7%. This was particularly driven by further key account gains as well as cross and upselling at existing clients. Total seats stood at 656k at YE, up 3.4% yoy. Despite the disproportionate increase in recurring revenues, the blended ARPU, which is adjusted for recurring sales from SIP-Trunks, remained stable at € 9.71, which was caused by a decline in voice minutes sold resulting from the fading out of Covid effects. Going forward, we expect ARPU to rise again driven by (1) price increase, which the company started to impose at the end of last year, and (2) from selling premium solutions like CC Hub, were ARPU levels are seen at € 30-40, eNuW. FY profitability significantly improved yoy, visible in an adjusted EBITDA of € 8.4m (2022: € -1.0m; reported EBITDA of € 6.8m vs € -5.3m). Main drivers for this have been an improved gross margin (+2pp yoy) resulting from the higher recurring ratio, but more importantly the imposed efficiency measures in relation to personnel (personnel ratio -3.9pp yoy) as well as marketing (marketing ratio -5.2pp yoy), which already beard fruit. A further highlight was clearly FCF, which came in at € 1m (2022: € -12.4m), thus being positive for the first time since the IPO in 2018. In FY '24, management aims to achieve recurring revenue growth in the midto upper-single-digit-% range paired with an adjusted EBITDA improvement to € 10-12m. This looks achievable in our view, driven by several effects like an improved sales-mix as well as further efficiency improvements, particularly the integration of DTS, which is seen to create significant synergies from H2 onwards. M&A as possible further catalyst. CEO Heider indicated in yesterday’s earnings call that inorganic growth climbed up the agenda and that the company is already screening the market for possible targets. Here, the focus should be on strengthening existing markets or tapping new ones, on our view. Yet, given the ongoing organizational transformation, newsflow in this regard seems unlikely during FY '24e. Although NFON shares slightly recovered recently after a sluggish start to the year, valuation remains attractive, as the stock is trading at only 1.1x EV/Sales ‘24e. We hence continue to recommend to BUY at with an unchanged PT of € 11.70 based on DCF and keep the stock in our Alpha List. You can download the research here: http://www.more-ir.de/d/29527.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: EV Digital Invest AG - from NuWays AG Classification of NuWays AG to EV Digital Invest AG Company Name: EV Digital Invest AG ISIN: DE000A3DD6W5 Reason for the research: Update Recommendation: Kaufen from: 26.04.2024 Target price: EUR 3.60 Target price on sight of: 12 Monaten Last rating change: Analyst: Frederik Jarchow Better than feared FY23; New product launch; chg Topic: EVDI reported better than feared final FY23 figures and published a guidance for FY24. Further, the company announced the launch of a new attractive call money product for both, existing and new clients. In detail: Sales of € 4.1m (-20% yoy) stemming from 13 financed projects (vs eNuW: 14) with an aggregated financed volume of € 39m (vs eNuW: € 39m) is below previous years figure (FY22: € 5.2m) due to the overall weak industry, but better than expected (eNuW: € 3.5m). Positively, the number of projects and average volume per project improved significantly in H2 (vs H1) resulting in € 2.6m sales (vs € 1.5m in H1), clearly demonstrating the ability to deliver in challenging times. EBITDA came in at negative € 3.9m (vs € -3.4m in FY22), slightly better than expected (eNuW: € -4.2m), thanks to the stronger than anticipated topline and lower personnel expenses, compensating for higher other operating expenses that were burdened by one-offs stemming from insolvencies and delays. Attractive new product. Apart from FY23 figures, EVDI announced to have launched a new call money account for new and existing customers with a very attractive interest rate of 3.2% for up to € 5m per customer. This offering is by far better than the comparable offering of most online banks and brokers, especially for wealthy customers. Even better, we expect EVDI to earn 0.2-0.25% on the volume (eNuW). With the new product, the company is adding a low-risk alternative to its overall offering consisting of property and ETF investments as well as wealth management. Due to the attractiveness of the call-money offering, we expect significant customer and asset inflows within the next quarters, allowing for a promising cross-selling and conversion potential. For FY24, management expects a revitalizing real-estate market mainly driven by the anticipated reduction of interest rates. Due to the uncertainty around that topic, management provides a rather conservative guidance of € 4.9-5.8m in op. income (vs eNuW old: € 6.3m) and up to € -1.9m EBITDA, (eNuW old: € -2m in EBITDA). BUY (old: HOLD) on valuation with a reduced PT of € 3.60 (old: € 4.80), based on DCF. You can download the research here: http://www.more-ir.de/d/29533.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Einhell Germany AG - from NuWays AG Classification of NuWays AG to Einhell Germany AG Company Name: Einhell Germany AG ISIN: DE0005654933 Reason for the research: Update Recommendation: Kaufen from: 25.04.2024 Target price: EUR 227.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Mark Schüssler Q4 in line with prelims // solid FY24 guidance; chg. Einhell released Q4 results in line with prelims, showing a slowdown versus previous quarters. Group sales decreased by 5% yoy to € 216m, bringing full year sales to € 972m (-6% yoy). In DACH, Einhell continued to experience a somewhat muted consumer sentiment, explaining why regional sales declined by 8.1% yoy. Meanwhile, both Western and Eastern Europe experienced healthy yoy growth of 7.2% (Q3: 1.5% yoy) and 17.8% (Q3: 32.1% yoy), respectively, while overseas markets experienced a pronounced contraction of 16.7% yoy (Q3: 4.8% yoy), mainly driven by adverse currency translation effects (relative weakness of Australian and Canadian dollar) as well as muted consumer sentiment in Australia. While the gross margin rose 2.8pp yoy to 43.2% supported by easing supply-chain constraints and higher PXC share (44% of sales or +4pp yoy), Q4 EBT fell by 31% yoy to € 12.6m, bringing full year EBT to € 75.4m (7.8% margin vs. 8.5% in FY22). This largely resulted from (1) negative operating leverage due to fewer orders by DIY chains (high inventories built up in previous years) and (2) PPA effects from the acquistions in Canada and Thailand (adjusted for these effects EBT margin would have been c. 8%). Still, Einhell was able to exceed pre-pandemic levels (Q4'19: 4%) and managed to significantly reduce working capital (-28% yoy) and thus boost FCF generation in FY'23 to € 197m (eNuW: € 175m, +514% yoy), which should indicate fewer promotional activity going forward. The company issued a solid FY24 guidance with sales expected to grow by 6% yoy to € 1,030m (eNuW: € 1,030m, eCons: € 1,039m) partially driven by an easier comparable base as well as easing consumer sentiment in DACH (38% of sales), along with overseas markets (26% of sales) likely benefiting from the introduction / continued expansion of the Power X-Change platform (e.g. Canada). The EBT margin is seen to come in at 7.5-8.0% (eNuW new: 7.9%, eNuw old: 8.2%), implying an EBT of € 77-82m. This should be supported by the sustained trend towards higher-margin Power X-Change products leading to positive mix effects, offset by higher personnel expenses stemming from acquistions in Vietnam and Thailand and higher marketing expenses. The latter should strengthen Einhell's brand in preparation for entering new markets through the acquisition of a smaller local DIY brand and gradually replacing the assortment with best-in-class price/value PXC products. Against this backdrop, valuation looks undemanding, trading at 9.6x PER 24e and a 10.5% FCF yield. BUY, PT € 227, based on DCF. You can download the research here: http://www.more-ir.de/d/29515.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: USU Software AG - from NuWays AG Classification of NuWays AG to USU Software AG Company Name: USU Software AG ISIN: DE000A0BVU28 Reason for the research: Recommendation: Verkaufen from: 24.04.2024 Target price: EUR 18.50 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald Higher than expected offer price still way below intrinsic value Yesterday, USU announced to have reached a delisting-agreement with AUSUM GmbH (Udo Strehl) and NUNUS GmbH, a wholly owned subsidiary of AUSUM. While AUSUM already holds 53.7% of voting rights in USU, NUNUS currently does not hold any shares. On the basis of the agreement, NUNUS will offer the shareholders of USU approximately € 18.50 per share in the context of a voluntary public delisting offer. USU will submit an application to revoke the admission of the shares to the regulated market as well as all OTC markets already before the end of the offer period. Mind you, in an initial statement on the intention to delist on March 12th, it was stated that the offer price should be expected to be equivalent to the statutory minimum price, e.g. the volume-weighted average price of the past six months. According to our calculations, this would have resulted in an offer price of € 17.00 per share. While the actual offer price is now seen to be some 9% above our and markets expectations, it is still way below the intrinsic fair value of € 30, according to our DCF valuation model (2.5% LT growth, 7.6% WACC, 12.5% TY EBIT margin). Our view: Although € 18.50 is still not a fair offer (eNuW), we advise investors who have no intention of being invested in a highly illiquid asset to tender their shares once the delisting offer has been made. While we previously advised investors to HOLD the stock in anticipation of a higher-than-expected offer, we now change our recommendation to SELL at an increase PT of € 18.50, as we do not expect anymore upside. Yet, given the vast discount to the intrincis value, the case might be of interest for special situation investors, who are eyeing for a potential squeeze-out at a later stage. You can download the research here: http://www.more-ir.de/d/29511.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: DEMIRE AG - from NuWays AG Classification of NuWays AG to DEMIRE AG Company Name: DEMIRE AG ISIN: DE000A0XFSF0 Reason for the research: Update Recommendation: Halten Target price: EUR 1.20 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald Annual report postponed due to prolonged bond negotiations Yesterday, DEMIRE announced the postponement of the publication of the 2023 annual report due to the ongoing negotiations with the bondholders regarding the restructuring of the company’s corporate bond. The company recently confirmed the restructuring negotiations, which likely include an extension as well as an increased coupon (see our last update). The bond’s current maturity is on October 15th 2024 (€ 499m outstanding nominal amount). The publication of the annual report was originally scheduled for 25 April. Now, management aims to provide the capital market with the audited figures in the course of May. In this context, the company also published preliminary FY ’23 figures. FY rental income looks set to decline by 3.2% yoy to € 78.5m (eNuW: € 79.4m), mainly due to property sales throughout the year, which overcompensated for CPI linked organic rent increases. Accordingly, FFO is seen to come in at € 36.7m, down 12.0% yoy. The sharper decline compared to rental income can be mainly explained by increased FFO-relevant income taxes. With this, the company reached its guidance regarding rental income (€ 78-80m) as well as FFO (€ 35-37m). Mind you, the company increased the guidance twice during the year following lower than expected property disposals. The preliminary FY ’23 EBIT came in at € -187.9m, which compares to € -72.9m in the previous year. The steep decline is mainly explained by the devaluation of the property portfolio as well as the recognition of provisions for some properties. In total, the portfolio was impaired by 13.2% on a like-for-like basis. On a different note, the supervisory board of DEMIRE recently appointed a new CEO, as Mr. Frank Nickel succeeds Mr. Alexander Goepfert. Nickel, who joined DEMIRE in September 2023 as a Senior Advisor, provides extensive industry experience, including positions as CEO of CA Immo as well as CEO Germany of Cushman & Wakefield. The stock remains a HOLD with an unchanged PT of € 1.20 given the prevailing uncertainty. You can download the research here: http://www.more-ir.de/d/29467.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: R. Stahl AG - from NuWays AG Classification of NuWays AG to R. Stahl AG Company Name: R. Stahl AG ISIN: DE000A1PHBB5 Reason for the research: Update Recommendation: Kaufen from: 18.04.2024 Target price: EUR 29.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Christian Sandherr Strong FY23 results with a record high in revenue; chg. est. Topic: R. Stahl confirmed its strong FY23 prelims and released a promising FY24e guidance supported by a solid preliminary first quarter revenue of € 84.7m. To recap, FY23 sales increased by 21% yoy to a record high of € 331m, exceeding the guidance range of € 305-320m. The remarkable increase in revenue was carried by an unbroken demand for electrical explosion protection solutions in the LNG and gas industry as well as further improved supply chains and price increases. The adj. EBITDA grew by 73% to € 38.6m, hitting the guidance range of € 35-40m with a significantly improved margin of 11.7% (+3.6 pp) due to price increases as well as a good utilization of production capacities and targeted cost management. What’s new: Free Cashflow improved to € 0.3m (FY23: € -4.4m), due to a strong operating performance and despite a further expansion of working capital. For instance, inventories and prepayments rose 30% yoy to € 64m (FY22: € 37m) due to an increased stock in electronic materials. Furthermore, R. Stahl recognized a full impairment of the 25% stake in the Russian company ZAVOD Goreltex as expected (NuWays Update 16.02.2024). However, the € 10.3m write-off did not affect liquidity and adjusting for the impairment, EBT would have been € 12.3m (FY22: € 3.9m). Solid Q1 sales with profitability on a high level: Preliminary sales in the first quarter came in at € 84.7m (eNuW: € 81m), an 8.5% increase yoy (Q1 FY23: € 78.1m). After a subdued order intake of € 74.5 in the fourth quarter, due to a soft chemical industry in the DACH region, order intake came in at € 92.3m, slightly below last year (Q1 2023: € 96.7m). Adj. EBITDA in the first quarter decreased 19% to € 8.4m (eNuW: € 7.9m), with a lower but still solid margin of 9.9% (-3.4 pp) due to higher personnel costs and a € 2m one-off from the implementation of the EXcelerate strategy program. Conservative FY24e guidance: Management expects sales in the range of € 335-350m (eNuW: € 347m) and an adj. EBITDA of € 35-45m (eNuW: € 39.7m) supported by a strong demand from the LNG industry. In our view, the guidance seems reasonable thanks to R. Stahl having done its homework by implementing changes on the back of efficiency, structural trends kicking in and a high preliminary order backlog of € 123m at the end of Q1. We reiterate our BUY rating with a slightly reduced PT of € 29 (old: € 31), based on DCF. You can download the research here: http://www.more-ir.de/d/29451.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AG Classification of NuWays AG to Borussia Dortmund GmbH & Co KGaA Company Name: Borussia Dortmund GmbH & Co KGaA ISIN: DE0005493092 Reason for the research: Update Recommendation: Kaufen from: 17.04.2024 Target price: EUR 5.50 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald First semifinal since 11 years secures € 12.5m extra profit / chg. By winning Tuesday night's match against Atletico Madrid, Borussia Dortmund has secured a spot in the UEFA Champions League semifinals for the first time since 2013. With this advancement, the club can now anticipate additional UEFA prize money payments of at least € 12.5m. Consequently, we anticipate an increase of the EBT and EBITDA guidance in the same amount. Keep in mind that those premium payments have a de facto 100% margin, as no costs are incurred. Moreover, this does not yet include sales from ticketing and catering for the additional home game. In the semifinals, BVB will face PSG with superstar Mbappe. Both teams met already in the group stage, where PSG won their home game 2-0 followed by a 1-1 draw in Dortmund. We therefore attribute the outsider role to BVB for the time being and do not model any income from a potential progression. However, should Borussia Dortmund manage to reach the final, the club would receive additional premium payments of € 15.5 million, while winning the competition would add another € 4.5m along with at least € 3.5m for participating in the UEFA Super Cup (UCL winner vs UEL winner). Looking at the Bundesliga table, BVB is currently positioned in 5 th place. With only 5 games to go, BVB finds themselves in a promising position to secure qualification for the upcoming season's UEFA Champions League. A direct duel with RB Leipzig for the 4 th spot in the final table and the consequent UCL participation is looming, with a head-to-head encounter scheduled for April 27th. Mind you, if Germany secures the second position in the UEFA coefficient ranking, even the 5 th -placed team in the Bundesliga would qualify for the Champions League. With their progression in the current UCL campaign, BVB now can gather additional valuable points for this ranking. (See update from January). Lastly, the auction for domestic broadcasting rights for the 4-year period starting with the season 2025/26 kicked off this week. While the current 4-year deal has a total value of € 4.4bn, fears were arising that the next deal could decrease in volume after the Italian and French Leagues had to cut back recently. However, the recent abortion of the “NoSingle-Buyer-Rule” is set to intensify the bidding contest. Hence, we expect the deal volume to remain on the same level as in the current period. Reiterate BUY with an unchanged PT of € 5.50 based on DCF. You can download the research here: http://www.more-ir.de/d/29439.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Nynomic AG - from NuWays AG Classification of NuWays AG to Nynomic AG Company Name: Nynomic AG ISIN: DE000A0MSN11 Reason for the research: Update Recommendation: Kaufen from: 15.04.2024 Target price: EUR 52.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Christian Sandherr New product launched: Another building block for the mid-term Nynomic announced that its subsidiary Spectral Engines and Kraemer Elektronik, an expert for high quality testing systems of bulk solids for the pharmaceutical, chemical and food industry, have jointly developed and now presented a new product, the LabScanner Plus. While Kraemer Elektronik provides the casing including the technology to measure weight and shape, Nynomic’s eight sensors (based on the NIRONE scanner) quickly determine the composition of the tested pills. With this, one can analyze and digitalize the results of large sample sizes quickly. Originally intended to quickly build up the databases necessary to reliably detect counterfeit pharmaceuticals with its handheld sensors, it should be met with broad interest from quality assurance departments in the pharmaceutical industry. Following the successful certification from potential customers, Nynomic should be able to generate first sales this year already, eNuW. While we only expect a small sales contribution from LabScanner Plus in FY24e (~ € 1m, eNuW), it contributes another building block to management’s mid- to long-term strategy and should have the potential for a mid single-digit annual sales contribution during the next few years. FY24 growth to accelerate. Following last year’s muted sales growth (1%) largely due to the lumpy nature of parts of the group and customers’ inventory normalizations, FY24e looks set to show a notable acceleration. We expect 12% yoy growth (8% organic) on the back of a number of drivers including (1) unbroken demand from semi customers, (2) fulfilment precision farming orders, (3) TactiScan gaining traction, (4) a structurally growing medtech market and (5) new product launches such as LabScanner Plus. Additional growth from acquisitions likely. As highlighted during the recent earnings call and inline with the growth strategy, Nynomic should be looking to add 1-2 additional companies during the next six months. Thanks to its balance sheet strength, it could also consider larger targets with up to € 20m sales. Trading below 11x EV/EBIT FY24e and in light of the prospects reflected in the company's mid-term guidance of € 200m sales and a 16-19% EBIT margin, shares look attractively priced. We confirm our BUY rating with an unchanged € 52 PT based on DCF. You can download the research here: http://www.more-ir.de/d/29415.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Flughafen Wien AG - from NuWays AG Classification of NuWays AG to Flughafen Wien AG Company Name: Flughafen Wien AG ISIN: AT00000VIE62 Reason for the research: Update Recommendation: Halten from: 12.04.2024 Target price: EUR 58.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Henry Wendisch Positive traffic results; guidance too conservative; chg. est. Yesterday, FWAG released March '24 traffic results ahead of our estimates: In March, group passenger numbers rose by 12% yoy to 2.88m (eNuW: 2.80m). Vienna (VIE) grew by 8% yoy to 2.21m passengers (eNuW: 2.21m) despite the strike by Austrian Airlines' employees at the end of the month. Malta grew much stronger than expected, +30% yoy to 0.63m (eNuW: 0.54m) while Kosice showed a slight yoy decline of 1.2% to 0.03m passengers (eNuW: 0.05m). (see p. 2) Looking at VIE only, the most important destination of Western Europe (35% of VIE passengers) rose by 11% yoy, whereas the second most important destination of Eastern Europe grew by 1.7%, followed by the long-haul routes North America (+10% yoy), Africa (+13% yoy) and Far East (+5% yoy). Thus, Q1'24 counted 7.58m group passengers, up +14% yoy, of which 78% in Vienna, 21% in Malta and 1% in Kosice. This leads us to expect strong Q1 results, as the statutory 9.7% increase of airport charges (c. 40% of sales) coupled with the passenger growth should lead to overall sales growth of 17% yoy to € 212m in Q1'24e. Further down the road, we expect Q2 & Q3'24e to come in even stronger due to the busy summer months ahead. Q4 should show a seasonal decline (qoq). Especially the current summer flight plan as well as airline booking data indicate an outperformance of last year's summer. Against this stellar start into the year, the FY'24 guidance issued in January this year seems conservative already. As we expect passenger growth rates converging to 3% over the course of the year, FY'24e group passengers should grow by 5.7% yoy to 40.1m (vs. guidance of c. 39m guidance, +3% yoy). This looks set to translate into € 1,010m sales (+8.5% yoy; vs. guidance of c. € 970m) and EBITDA of € 417m (41.2% margin; vs. guidance of 'above' € 390m) for FY'24e. (see p. 2 for details) All in all, FWAG is well on track to record another record year as demand for travel remains unbroken and supply of flight capacity by the airlines is also expanding, leading to rising passenger numbers,ultimately benefiting the airport operator. Nevertheless, this seems to be reflected in its current valuation. Thus, we stick to our HOLD recommendation (unchanged PT of € 58.00, based on DCF), despite the company's stellar operating performance. You can download the research here: http://www.more-ir.de/d/29385.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Rubean AG - from NuWays AG Classification of NuWays AG to Rubean AG Company Name: Rubean AG ISIN: DE0005120802 Reason for the research: Update Recommendation: Kaufen Target price: EUR 9.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Frederik Jarchow Topic: Last week, Rubean announced to have quintuples its turnover in Q1´24 against Q1´23. Further, Rubean signed a contract with SEUR and reduced its cost base by 10% yoy. In detail: Turnover increased by 500% yoy to € 493k in Q1, partially due to roll-out of Rubean´s software to new, large customers, acquired already last year that has started to materialize. Still, after having generated a turnover of € 340k in January alone, that should have included one-offs, Rubean has to massively increase its monthly recurring turnover to reach its guidance. For FY24, management expects to grow sales by 135% at mid-point to € 2.2-2.5m. On the back of the recently announced cooperations (i.e. with Global Payment), paired with further likely customer wins, we consider this guidance as achievable, anticipating sequential improvements and € 3.0m sales (eNuW). Promising start into Q2. Rubean has started Q2 by signing a contract with Geopost´s Spanish subsidiary “SEUR” to equip thousands of devices with the Rubeans leading software. This cooperation is just the latest of a whole series of important strategic partnerships within a short period of time (i.e. Global Payments, Correos, emerchantpay), that all clearly underpin that Rubean´s leading softPOS product is ready and that the roll-out is in full swing. Reduced cost base. Rubean reduced its cost base by 10% yoy, which was necessary, but should not be seen as a key element of the case. We expect Rubean to achieve profitability by FY25e and its mid-term vision of 40+% EBIT-margin by FY27e purely due to a steep topline growth trajectory and the resulting operating leverage. For FY27e, Rubean is aiming for € 10+m in sales, implying a 78% CAGR2023-27e. As we see Rubean at the forefront of the rapidly growing market for mobile payment acceptance systems that is just at the beginning, the vision looks reasonable. Additional positive newsflow looming. Throughout FY24, we expect Rubean to announce further partnerships that could turn into additional sales and EBIT drivers during the next few years and could even allow the company to outperform its mid-term targets, in our view. We hence reiterate BUY with an unchanged PT of € 9.00, based on our DCF. You can download the research here: http://www.more-ir.de/d/29357.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Multitude SE - from NuWays AG Classification of NuWays AG to Multitude SE Company Name: Multitude SE ISIN: FI4000106299 Reason for the research: Update Recommendation: Kaufen from: 10.04.2024 Target price: EUR 12.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Frederik Jarchow FY23 final figures in line // Strong FY24 ahead; chg. Multitude recently reported final figures for FY23 that were in line with prelims. Management also confirmed its FY24 EBIT guidance of € 67.5m. In detail: Sales came in at € 230.5m (+9% yoy vs eNuW old: 228m), driven by the strong growth of the net loan book (NAR) to € 636m (+21% yoy; including c. € 576 loan to customer (vs eNuW: € 560m) and c. € 60m attributable to warehouse lending). Importantly, all segments contributed significant yoy NAR and sales growth. EBIT increased by 45% yoy to € 45.5m, slightly above our estimates of € 44.6m (eNuW old) and achieved its FY23 guidance of € 45m. The solid bottom line is due to stable OPEX thanks to efficiency measures (marketing and personnel) as well as the solid topline growth. Driven by NAR expansion and higher reference rates, interest expenses increased to € 26,6m (vs eNuW old: € 25.4m, including: € 22.2m interest for customer deposits and € 4.3m foreign exchange loss; excluding € 5.4m interest expenses for perpetual bonds), resulting in an EBT of € 19m (+40% yoy). On the back of this strong set of numbers, management confirmed the FY24 EBIT guidance of € 67.5m (vs eNuW old: € 51m) expecting further topline growth and scale effects. In our view, the guidance looks ambitious, but not out of range given 1) the significantly increased loan book that should fully materialize within FY24, 2) the strong growth momentum of CapitalBox as well as the opportunities around the new segment Wholesale Banking that already gained traction in FY23. That, paired with the ongoing stable performance of the group's “cashcow” (ferratum) and tight cost control that the company already showed in FY23 give us additional confidence. Mind you, the company reached its guidance for the 3rd consecutive year in FY23. As the stock is still trading at a negative EV and a 3.4x PE´24, the growing, highly profitable, resilient and dividend paying company continues to look mispriced. Multitude remained one of our NuWays Alpha picks for FY24 and we reiterate BUY with an increased PT of € 12 PT (old: € 10), as we roll-over our residual income model. You can download the research here: http://www.more-ir.de/d/29363.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: ZEAL Network SE - from NuWays AG Classification of NuWays AG to ZEAL Network SE Company Name: ZEAL Network SE ISIN: DE000ZEAL241 Reason for the research: Update Recommendation: Kaufen from: 10.04.2024 Target price: EUR 51.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Henry Wendisch Games business – a second EBITDA accelerator? Following recent additions to the Games portfolio, we take this opportunity for another deep dive into the new Games business, highlighting the favourable business metrics and showing its enormous potential for ZEAL, once scaled. Here’s our take: User metrics exceed those of lottery by far: thanks to the repetitive character of Games, the customer journey gives ZEAL much more monetization opportunities, as users can play 24/7 and for mutliple times a day vs. 1-3 days Lottery players need to wait for the next jackpot draw. This is reflected at much higher ARPU (average revenues per user) of currently € 25.82 at Games vs. only € 7.68 at Lottery. Change in Games KPIs ahead: While the business is still in roll-out, ZEAL is about to add higher billings margin Games to the now 59 games counting portfolio. Hence, we expect changing KPIs as billings margins directly influence the pay-in to billings ratio, the pay-in margin and ultimately ARPU. Finding the sweet spot: maximizing the ARPU at Games should be one of ZEAL's main target. As it controls the average billings margin (i.e., by changing the Games product mix), it can experiment to some extent, as higher billings margins reduce RTP and thus user activity. By finding the optimal billings margin, the pay-in margin and thus ARPU can be maximized. Conservative estimates already show promising bottom line effects: According to our current estimates, the new business should account for 12% of group EBITDA in '24 (€ 5m) and for 17% of group EBITDA by FY'26e (€ 11m), based on conservative user growth assumptions (40k by FY'26 vs. 17k in FY'23) and only slight EBITDA margin improvements (50% in FY'26e vs. 42% in FY'23). Huge potential, once scaled: To asses the impact of the Games business once meaningful user numbers are reached, our sensitiviy analysis shows the enormous potential stemming from Games: Asuming 200k MAUs, an ARPU of € 30 and a 50% EBITDA margin, the annually recurring EBITDA contribution from Games alone could amount to € 36m (vs. € 33m on group level in '23). In sum, the Games business has the potential to become a significant second pillar of growth and profitability for ZEAL. Hence, we confirm ZEAL's position in the NuWays' AlphaList and reiterate our BUY recommendation with an unchangend PT of € 51.00, based on DCF. You can download the research here: http://www.more-ir.de/d/29371.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Singulus Technologies AG - from NuWays AG Classification of NuWays AG to Singulus Technologies AG Company Name: Singulus Technologies AG ISIN: DE000A1681X5 Reason for the research: Update Recommendation: Halten from: 09.04.2024 Target price: EUR 1.60 Target price on sight of: 12 Monaten Last rating change: Analyst: Konstantin Völk Uninspiring FY23 results, positive outlook for FY24e; chg. est. Topic: Singulus reported uninspiring FY23 figures with top- and bottom-line below the company’s guidance and our estimates. More importantly, FY24 could feature significant sales and EBIT growth. FY23 sales decreased 17% yoy to € 73m (eNuW: € 77m), missing the in July adjusted guidance of € 90-100m due to a cyclically weak Life Science segment and postponements of some larger projects in the Solar segment. Q4 sales came in at € 16.7m, 18% lower yoy (eNuW: € 21m). FY23 EBIT stood at € -10.1m (eNuW: € -8.9m; FY22: € 5.9m), falling short of the guidance (positive low single digit €m). FY23 order intake decreased 25% yoy to € 43m, leading to a backlog of € 55m (FY22: € 85m). Positively, sales in the Solar segment increased 30% yoy to € 39m (eNuW: € 43m), despite the postponement of larger projects with CNBM and a customer in the US. The US business was particularly strong, benefiting from subsidies related to the inflation reduction act. The Solar segment should be a major contributor to sales growth in FY24e, due to the realization of projects with CNBM and potential follow up orders in the package. Starting from a high level in FY22, the Life Science segment showed weakness in top-line growth due to the cyclical nature of the business. Sales came in at € 23.9m, 54% lower yoy (eNuW: € 24m). The situation should remain challenging during FY24e, as the macro environment is still clouded. The Semiconductor segment saw solid sales of € 10.3m, increasing 66% yoy (eNuW: € 9.5). The outlook in the Semiconductor segment looks positive, fueled by new products in the pipeline such as in the field of μLED. By leaving the niche market and entering the larger μLED market, Singulus has a fair chance of creating enough revenue to cover its fixed costs. Management released a strong guidance for FY24e and expects to see € 120-130m in sales and EBIT in the low double-digit million range, implying 72% sales growth at midpoint (eNuW: € 97m sales; € -0.3m EBIT). However, the outlook appears ambitious given the reduced order backlog of € 55m (FY22: € 85m), even taken into account order intake of € 28m in Q1 as stated in the CC. Further, a challenging macro environment, uncertainty of subsidies in the Solar segment and the long lead times of the products will make it difficult to reach the top-line guidance. That said, the midterm prospects remain intact with the potential of larger orders from CNBM for CdTe thin-film modules and a fast-growing μLED business. Hence, we reiterate HOLD with an unchanged PT of € 1.60 based on DCF. You can download the research here: http://www.more-ir.de/d/29347.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.