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

Original-Research: 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: Deutsche Rohstoff AG - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to Deutsche Rohstoff AG Company Name: Deutsche Rohstoff AG ISIN: DE000A0XYG76 Reason for the research: Update Recommendation: Add from: 08.05.2024 Target price: €51.00 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes, CFA First Berlin Equity Research has published a research update on Deutsche Rohstoff AG (ISIN: DE000A0XYG76). Analyst Simon Scholes downgraded the stock to ADD and decreased the price target from EUR 54.00 to EUR 51.00. Abstract: DRAG's final 2023 numbers were very close to the preliminary figures published in February. Revenue climbed 18.9% to €196.7m (2022: €165.4m) while EBITDA was 13.8% higher at €158.3m (2022: €139.1m). Revenue growth was driven by volume growth of 33% to 12,762 boepd (2022: 9,594 boepd) as the prices realised by DRAG for oil and gas after hedges fell by 3.5% and 33% respectively. Given the price differential between oil and gas (one barrel of oil equivalent of gas is worth only 20% of a boe of oil) and that gas volume was only half of oil volume, last year's oil and gas price declines had a roughly equal impact on sales. DRAG invested a record €180m in new wells last year. On a 100% working interest basis, 13.6 new wells started production, all of them in Wyoming. When it began operations in Wyoming in 2021/22, DRAG budgeted for an average reserve of 500,000 barrels of oil per well in the key Niobrara formation. In the 2023 annual report DRAG revealed that after the first 6 to 18 months of production, its Wyoming wells are producing at a rate ca. 15% above that expected for 500,000 barrel wells. We believe higher than budgeted production from new and existing wells was the main reason for the three upwards revisions to 2023 guidance made by DRAG last year. DRAG has so far developed only around 15% of its Wyoming acreage. The robust production figures delivered so far by DRAG in the state bode very well for coming years. However, the average levels of the oil futures strips for 2024 and 2025 are currently 6% and 5% below where they were at the time of our most recent note of 16 April. We now see fair value for the DRAG share at €51.0 (previously: €54.0). As the upside to our price target is below 25% we downgrade the recommendation from Buy to Add. First Berlin Equity Research hat ein Research Update zu Deutsche Rohstoff AG (ISIN: DE000A0XYG76) veröffentlicht. Analyst Simon Scholes stuft die Aktie auf ADD herab und senkt das Kursziel von EUR 54,00 auf EUR 51,00. Zusammenfassung: Die endgültigen Zahlen der DRAG für 2023 lagen sehr nahe an den im Februar veröffentlichten vorläufigen Zahlen. Der Umsatz kletterte um 18,9 % auf €196,7 Mio. (2022: €165,4 Mio.), während das EBITDA um 13,8 % auf €158,3 Mio. (2022: €139,1 Mio.) stieg. Das Umsatzwachstum wurde durch ein Mengenwachstum von 33% auf 12.762 boepd (2022: 9.594 boepd) getrieben, da die von der DRAG erzielten Preise für Öl und Gas nach Absicherung um 3,5% bzw. 33% gesunken sind. Angesichts des Preisgefälles zwischen Öl und Gas (ein Barrel Öläquivalent Gas ist nur 20 % eines Boe Öl wert) und der Tatsache, dass das Gasvolumen nur die Hälfte des Ölvolumens betrug, wirkten sich die Preisrückgänge bei Öl und Gas im vergangenen Jahr in etwa gleich stark auf den Umsatz aus. Die DRAG investierte im vergangenen Jahr eine Rekordsumme von €180 Mio. in neue Bohrungen. Auf der Basis einer 100-prozentigen Beteiligung nahmen 13,6 neue Bohrungen die Produktion auf, alle in Wyoming. Bei der Betriebsaufnahme in Wyoming im Jahr 2021/22 rechnete die DRAG mit einer durchschnittlichen Reserve von 500.000 Barrel Öl pro Bohrung in der wichtigen Niobrara-Formation. Im Jahresbericht 2023 teilte die DRAG mit, dass ihre Bohrungen in Wyoming nach den ersten 6 bis 18 Monaten der Produktion eine Förderrate aufweisen, die ca. 15 % über den Erwartungen für 500.000-Barrel-Bohrungen liegt. Wir glauben, dass die über den Planungen liegende Produktion aus neuen und bestehenden Bohrungen der Hauptgrund für die dreimal nach oben korrigierte Guidance der DRAG für 2023 war. Die DRAG hat bisher nur etwa 15 % ihrer Anbauflächen in Wyoming erschlossen. Die robusten Produktionszahlen, die die DRAG in diesem Bundesstaat bisher geliefert hat, lassen für die kommenden Jahre viel Gutes erwarten. Allerdings liegen die Durchschnittswerte der Öl-Futures-Strips für 2024 und 2025 derzeit 6 % bzw. 5 % unter den Werten zum Zeitpunkt unserer letzten Studie vom 16. April. Wir sehen den fairen Wert der DRAG-Aktie nun bei €51,0 (vorher:€54,0). Da das Aufwärtspotential zu unserem Kursziel weniger als 25% beträgt, stufen wir die Empfehlung von Kaufen auf Hinzufügen zurück. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/29639.pdf Contact for questions First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Media and Games Invest SE - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to Media and Games Invest SE Company Name: Media and Games Invest SE ISIN: SE0018538068 Reason for the research: Dreimonatsbericht Recommendation: Kaufen from: 08.05.2024 Target price: €4,10 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Media and Games Invest SE (ISIN: SE0018538068) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 3,80 auf EUR 4,10. Zusammenfassung: Der Dreimonatsbericht setzte die Reihe positiver Nachrichten im Jahr 2024, wie die Rückkehr zu einem soliden Wachstum und positive strukturelle Veränderungen durch die Google-Partnerschaft, fort. Der Dreimonatsbericht setzte die Reihe positiver Nachrichten im Jahr 2024, wie die Rückkehr zu einem soliden Wachstum und positive strukturelle Veränderungen durch die Google-Partnerschaft, fort. Letztere versetzt MGI in die Lage, das Ertragswachstum zu maximieren und die KI-Initiativen voranzutreiben. Die Ergebnisse übertrafen unsere Schätzung und wurden von einem organischen Wachstum von 21% J/J angeführt, das zu einem Rekord-Q1 führte. Das Management ist weiterhin zuversichtlich, dass sich der Werbemarkt erholen wird, was durch verbesserte operative KPIs untermauert wird. Die erste Guidance für das Geschäftsjahr 24 sieht einen Umsatz zwischen €350 Mio. und €370 Mio. und ein AEBITDA zwischen €100 Mio. und €110 Mio. vor. Das angenommene Wachstum von 9% bis 15% könnte sich als konservativ erweisen, wenn: (1) die CPM-Preise anziehen und/oder (2) die Wahlkampfausgaben in den USA einen fieberhaften Anstieg erreichen. Wir stufen MGI weiterhin mit Kaufen ein bei einem Kursziel von €4,10 (zuvor: €3,80). First Berlin Equity Research has published a research update on Media and Games Invest SE (ISIN: SE0018538068). Analyst Ellis Acklin reiterated his BUY rating and increased the price target from EUR 3.80 to EUR 4.10. Abstract: Q1 reporting extended the run of positive news flow in 2024 highlighted by the return of solid growth and positive structural changes via the Google partnership. The latter sets up MGI to maximise earnings growth and ramp up AI initiatives. Results topped FBe and were led by 21% Y/Y organic growth that drove a record first quarter. Management remain upbeat about the recovery of the ad market; a view underpinned by improving operating KPIs. The initial FY24 guide calls for sales between €350m to €370m and AEBITDA ranging €100m to €110m. The implied 9% to 15% growth may prove conservative if: (1) CPM pricing rebounds; and / or (2) US election spending reaches a fever pitch. Our TP moves to €4.1 (old: €3.8) on the Q1 report, and we remain Buy-rated on MGI. Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/29629.pdf Contact for questions First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: M1 Kliniken AG - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to M1 Kliniken AG Company Name: M1 Kliniken AG ISIN: DE000A0STSQ8 Reason for the research: vorläufige Ergebnisse 2024 Recommendation: Kaufen from: 30.04.2024 Target price: €18 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu M1 Kliniken AG (ISIN: DE000A0STSQ8) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 18,00. Zusammenfassung: Die vorläufigen Ergebnisse für das Jahr 2023 zeigten erneut ein starkes Ergebnis im Segment Beauty. Angeführt wurde das Zwölf-Monats-Ergebnis im Beauty-Bereich vom deutschen Kliniknetzwerk, das €56 Mio. Umsatz und eine EBIT-Marge von 28% beisteuerte, einschließlich einer Marge von 24% im Zeitraum von Oktober bis Dezember. Die internationale Klinikgruppe verfehlte mit €-0,2 Mio. (2022: €-2,4 Mio.) ein erstmals positives EBIT-Ergebnis auf Jahresbasis nur knapp. M1 eröffnete im Jahr 2023 vier neue Schönheitszentren in drei Ländern und zwei weitere im laufenden Jahr, womit sich die Gesamtzahl auf 60 erhöht. Weitere Eröffnungen sind für dieses Jahr geplant. Wir haben kürzlich unsere Prognosen erhöht, um die Performance des Beauty-Bereichs besser widerzuspiegeln, und bleiben weiter optimistisch für das Segment. Wir bekräftigen unsere Kaufempfehlung bei einem unveränderten Kursziel von €18. First Berlin Equity Research has published a research update on M1 Kliniken AG (ISIN: DE000A0STSQ8). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 18.00 price target. Abstract: Preliminary 2023 results again featured a strong showing by the Beauty segment. Twelve month Beauty performance was led by the German clinic network that contributed €56m in turnover with a 28% EBIT margin, including a 24% margin in the October-to-December period. The group of international clinics narrowly missed a first-time positive EBIT result on an annualised basis, reporting €-0.2m (2022: €-2.4m). M1 opened four new beauty centres in three countries in 2023 and a further two YTD bringing the tally to 60. More openings are in the hopper for this year. We recently upped our forecasts to better reflect Beauty segment performance and see no reason to rein in our optimism. We are Buy-rated on M1 with an unchanged €18 TP. Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/29571.pdf Contact for questions First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: 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: 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: Research Comment Recommendation: Buy Target price: 17.64 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Matthias Greiffenberger, Julien Desrosiers Company performance in a challenging environment exceeds expectations with significant value increases in the top 10 portfolio positions - target price raised to €17.64 (previously: €11.00)   Advanced Blockchain AG has published preliminary figures for the fiscal year 2023. The revenue of Advanced Blockchain AG fell to €5.2 million in 2023 (from €14.73 million the previous year), but still exceeded the forecasted mark of €5.0 million. The significant increase in preliminary EBIT to €2.2 million, an improvement of more than 40% compared to 2022, demonstrates effective cost control and a strengthened focus on high-margin activities.   The appreciation of the top 10 portfolio (according to AVS appraisal) from €39.65 million by more than 45% to €57.5 million is particularly noteworthy. This shows Advanced Blockchain AG's strategic competence in investing early in promising blockchain technologies and successfully developing them. With the development of the AI-supported research platform 'ABX Analytics,' Advanced Blockchain AG continues to position itself as a leader in innovation in the blockchain sector and aims to expand its service offering and generate stable, recurring revenues.   Furthermore, Advanced Blockchain AG has started the new fiscal year 2024 with impressive financial results. The company has already generated over €1 million this year and over €3 million in the last ten months from the sale of assets, which were sold at significant profits. As of April 15, 2024, the company's cash balance amounts to more than €2 million.   Advanced Blockchain AG plans to use the free capital to drive its expansion plans. A notable investment was the acquisition of rights to Celestia (TIA) tokens, which have already generated a significant book profit exceeding ten times the original investment.   In summary, Advanced Blockchain positions itself successfully for further growth in the dynamic blockchain industry through effective asset management and strategic investments. As part of the growth strategy, Advanced Blockchain is actively recruiting new talent to strengthen the team and further advance the development of ABX Analytics.   Given the recent surge in Bitcoin to an all-time high, we see a significant improvement in the market environment. This leads us to gradually reduce our valuation discount, which was set during the 'Crypto Winter.' Therefore, we are raising our rating for Advanced Blockchain AG's shares. The Bitcoin halving, expected tonight at 22:30, will halve the reward for mining a block from 6.25 to 3.125 Bitcoins. Historically, such halvings have led to significant price increases as they slow down the new production of Bitcoins.   The current undervaluation of Advanced Blockchain AG is particularly evident when considering only the 10 largest positions in the portfolio and the entire market capitalization. These top positions alone, according to the AVS valuation report, represent a fair value of at least €57.5 million, while the market capitalization of Advanced Blockchain is currently only about €15.14 million (Tradegate 19.04.2024 11:01). We estimate the total value of the portfolio, including updated valuations, at around €105 million. We estimate the holding costs at about €2 million. Thus, we have estimated the company value based on the net asset value (NAV) at about €103 million, which corresponds to a value of €27.14 per share. With the significantly improved market situation in the crypto markets, we are gradually reducing our original 'Crypto Winter' discount from 53% to 35%.   This has led us to determine a fair value per share of €17.64 (previously: €11.00). Given the considerable upside potential, we assign a 'buy' rating. You can download the research here: http://www.more-ir.de/d/29473.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 +++++++++++++++ Date (time) of completion: 19.04.2024 (12:40) Date (time) of first publication: 19.04.2024 (14:00) -------------------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.

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: Deutsche Rohstoff AG - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to Deutsche Rohstoff AG Company Name: Deutsche Rohstoff AG ISIN: DE000A0XYG76 Reason for the research: Update Recommendation: Buy from: 16.04.2024 Target price: €54,00 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes, CFA First Berlin Equity Research has published a research update on Deutsche Rohstoff AG (ISIN: DE000A0XYG76). Analyst Simon Scholes reiterated his BUY rating and increased the price target from EUR 46.00 to EUR 54.00. Abstract: DRAG has raised its 2024 guidance. Management is now looking for revenue of €210m-€230m (previously: €175m-€195m) and EBITDA of €160m-€180m (previously: €130m- €145m). The guidance upgrade is based on strong volume from existing wells and expansion of the drilling programme. The wells which came on stream in late 2023 have maintained high output levels into the new year and Q1/24 production was 14% above budget. DRAG is now guiding towards full-year production of 14,700-15,700 barrels of oil equivalent per day (boepd). The mid-point of this guidance is 20% above last year's production figure of 12,700 boepd and is all the more spectacular when one considers that the Utah transaction at the end of 2023 entailed the disposal of assets which generated 10% of last year's production. Higher than expected cashflows so far this year have prompted management to add 6 to 7 wells to the original 2024 drilling schedule. DRAG is now guiding towards 2024 investment volume of €145m-€165m (previously: €110m), but despite the hefty rise in production, we still expect net gearing to fall this year. The upward revision to DRAG's sales and EBITDA guidance is based solely on volume. Management's 2024 oil price assumption is unchanged at USD75/bbl and the gas price assumption is now USD2/MMBtu (previously: USD3/MMBtu). The oil price has averaged USD78/bbl so far this year. Clearly, if the oil price remains at its current level of USD85/bbl, there could be further upside to 2024 guidance. We have moved our forecasts into line with 2024 guidance and also reworked our medium term numbers to reflect DRAG's capacity to shoulder a substantial drilling programme without overstretching its balance sheet. DRAG will publish first 2025 guidance in the annual report on 23 April. On the basis of current commodity strips, we believe that DRAG is capable of sustaining revenue above €200m in the mid-term, while reducing net gearing. We maintain our Buy recommendation and raise the price target to €54.00 (previously: €46.0). First Berlin Equity Research hat ein Research Update zu Deutsche Rohstoff AG (ISIN: DE000A0XYG76) veröffentlicht. Analyst Simon Scholes bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 46,00 auf EUR 54,00. Zusammenfassung: Die DRAG hat ihre Prognose für 2024 angehoben. Das Management rechnet nun mit einem Umsatz von €210 Mio. bis €230 Mio. (bisher: € 175 Mio. bis €195 Mio.) und einem EBITDA von €160 Mio. bis €180 Mio. (bisher: €130 Mio. bis €145 Mio.). Die Anhebung der Prognose basiert auf dem starken Volumen der bestehenden Bohrungen und der Ausweitung des Bohrprogramms. Die Ende 2023 in Betrieb genommenen Bohrungen haben auch im neuen Jahr ein hohes Produktionsniveau aufrechterhalten, und die Produktion in Q1/24 lag 14% über dem Budget. Die DRAG geht nun von einer Gesamtjahresproduktion von 14.700-15.700 Barrel Öläquivalent pro Tag (boepd) aus. Die Mitte dieser Prognose liegt 20 % über der letztjährigen Produktion von 12.700 boepd und ist umso spektakulärer, wenn man bedenkt, dass mit der Utah-Transaktion Ende 2023 Vermögenswerte veräußert wurden, die 10 % der letztjährigen Produktion ausmachten. Höhere als erwartete Cashflows in diesem Jahr haben das Management veranlasst, den ursprünglichen Bohrplan für 2024 um 6 bis 7 Bohrungen zu erweitern. Die DRAG rechnet nun für 2024 mit einem Investitionsvolumen von €145 Mio. bis €165 Mio. (bisher: €110 Mio.), aber trotz des starken Produktionsanstiegs erwarten wir, dass der Nettoverschuldungsgrad in diesem Jahr noch sinken wird. Die Anpassung der Umsatz- und EBITDA-Prognose nach oben basiert ausschließlich auf dem Volumen. Das Management geht für 2024 unverändert von einem Ölpreis von USD75/bbl und einem Gaspreis von USD2/MMBtu aus (vorher: USD3 MMBtu). In diesem Jahr lag der Ölpreis bisher im Durchschnitt bei 78 USD/bbl. Bleibt der Rohstoffpreis auf dem derzeitigen Niveau von 85 USD/bbl, könnte die Guidance für 2024 weiter nach oben korrigiert werden. Wir haben unsere eigenen Prognosen mit der Guidance für 2024 in Einklang gebracht und auch unsere mittelfristigen Zahlen überarbeitet, um die Fähigkeit DRAGs widerzuspiegeln, ein umfangreiches Bohrprogramm zu schultern, ohne seine Bilanz zu überlasten. Die DRAG wird ihre erste Guidance für 2025 im Jahresbericht am 23. April veröffentlichen. Auf der Grundlage der aktuellen Rohstoffpreise gehen wir davon aus, dass die DRAG in der Lage ist, mittelfristig nachhaltig einen Umsatz von über €200 Mio. zu erzielen und gleichzeitig den Verschuldungsgrad weiter zu senken. Wir behalten unsere Kaufempfehlung bei und erhöhen das Kursziel auf €54,00 (bisher: €46,00). Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/29435.pdf Contact for questions First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Grand City Properties SA - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to Grand City Properties SA Company Name: Grand City Properties SA ISIN: LU0775917882 Reason for the research: Update Recommendation: Kaufen from: 15.04.2024 Target price: €12,90 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Grand City Properties S.A. (ISIN: LU0775917882) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 12,50 auf EUR 12,90. Zusammenfassung: Grand City gab die Ergebnisse der Umtausch- und Tenderangebote für zwei Serien seiner Perpetual Notes bekannt. Ziel war es, die Eigenkapitalkomponente der Notes gemäß der S&P-Methode wiederherzustellen, da 'non-called' Notes von der Rating-Agentur als Schulden betrachtet werden. Etwa 82% der Gläubiger nahmen die Angebote an, die einem Nennwert von rund €449 Mio. entsprechen. Der Vermieter wird außerdem neue Perpetual Notes im Wert von €410 Mio. ausgeben und im Rahmen der Tender-Option Notes in Höhe von €34 Mio. zurückkaufen. Neben der Verbesserung der S&P-Kennzahlen wird GCP Kuponzahlungen in Höhe von €2 Mio. einsparen, was sich positiv auf den FFO 1 auswirken wird. Wir bekräftigen unsere Kaufempfehlung mit einem Kursziel von €12,90 (zuvor: €12,50). First Berlin Equity Research has published a research update on Grand City Properties S.A. (ISIN: LU0775917882). Analyst Ellis Acklin reiterated his BUY rating and increased the price target from EUR 12.50 to EUR 12.90. Abstract: Grand City announced results of its exchange and tender offers of two series of its perpetual notes. The aim was restore the notes' equity component according to S&P methodology, since non-called notes are regarded as debt by the ratings agency. Some 82% of noteholders accepted the offers equal to a nominal value of ~€449m. The landlord will also issue €410m in new notes and repurchase €34m of perpetual notes via the tender offer. Aside from shoring up the S&P metrics, coupon payment savings north of €2m will positively impact bottom line FFO 1. We are Buy-rated on Grand City with a €12.9 TP (old: €12.5). Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/29419.pdf Contact for questions First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: 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.