BankM Research: MAX21 AG - Strong Basis for upcoming operational Tasks
​During the last 12 months, MAX21 Management und Beteiligungen AG (MAX21) (ISIN DE000A0D88T9, Entry Standard, MA1 GY) has pursued the strategy to fully acquire and reorganize its two most promising portfolio companies, namely pawisda systems GmbH (pawisda) and LSE Leading Security Experts GmbH (LSE), which focus on the topics “digital output management†and “internet security and authenticationâ€. With the complete takeovers of these companies and the addition of new members to the management and supervisory boards, MAX21 has significantly reduced the previously prevailing high potential for conflicts of interest and has improved its reporting and corporate governance standards. After having fixed these issues, management has now the room to fully concentrate on the operating activities. Our sum-of-the-parts analysis of MAX21 results in a fair value of €5.40 per share. Considering the current stock price, we reiterate our previous BUY rating.
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