Edison Investment Research - mic AG (1235) mic - Cleaning out

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Edison Investment Research

Pedro Fonseca

mic - Cleaning out

H119 has seen a respite from the drastic write-downs of financial assets of recent years (â‚¬0.3m against, for example, â‚¬3.9m in H218). Even so, mic remained mildly loss-making at the net level in the period, reducing equity at June 2019 to just â‚¬2.9m (â‚¬0.19 NAV per share). This is below 50% of total share capital, hence a statutory requirement to call a general meeting. Full 2018 results (net loss â‚¬4.9m) have also only just been reported, as correction of the companyâ€™s accounts for 2015 to 2017 was not completed until May this year. The main impact was on 2015 (net loss â‚¬35.7m vs net profit â‚¬1.4m, as originally reported), with consequential changes thereafter.

11/10/2019 3 EN

Underlying

mic AG

Mic AG is a Germany-based early-stage investment company that supports companies from the conceptual phase. It focuses on technology companies from the fiber optics, clean tech, software, microsystems, information technology (IT) and life science sectors. Its portfolio comprises: u-GPS Optics GmbH, a developer of a technology for three-dimensional (3D) optical measurements, Flores Solar Water GmbH, which develops a low cost water treatment plant that uses solar thermal energy, ProximusDA, a software engineering company that specializes in system level design and software solutions, SmartM GmbH, which specializes in manufacturing products in the fields of optics, microsystems and IT, and BodyTel GmbH, a manufacturer and supplier of telemedicine solutions.

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DE000A0KF6S5 Germany

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Pedro Fonseca

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mic - Cleaning out

mic - Good for now

mic - Fresh start

Ultimovacs - Steadfast commitment to UV1 progression

OSE Immunotherapeutics - AbbVie deal clears antitrust hurdle

Foxtons Group - FY24 underpinned by market share gains

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