Edison Investment Research - mic AG (1235) mic - Fresh start

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Edison Investment Research

Richard Finch

mic - Fresh start

micâ€™s â€œremarkable change of courseâ€ looks to be proceeding well with greatly improved financials and a sharpened focus on three business areas with good potential. Newly reported unqualified accounts for 2017 show a return to profit which, however minimal (â‚¬0.1m at the net level), is welcome after the previous yearâ€™s substantial loss (c â‚¬30m), marked by significant write-downs. Restructuring is apparently largely completed, with management confident that its portfolio focus is â€œvery much on trackâ€. Ahead of the annual report with likely management commentary/ guidance, immediate financial prospects are necessarily hard to assess.

10/08/2018 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

Richard Finch

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mic - Fresh start

mic - Cleaning out

mic - Good for now

Melrose Industries - Steady climb

Picton Property Income - Unlocking value to drive DPS growth

AFT Pharmaceuticals - Maxigesic IV’s Brazil entry, a foray into LATAM

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