Edison Investment Research - mic AG (1235) mic - Good for now

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Edison Investment Research

Richard Finch

mic - Good for now

H118 results suggest continued progress in micâ€™s â€˜remarkable change of courseâ€™ although, in the absence of management commentary/guidance, underlying performance and immediate financial prospects are necessarily hard to judge. Gross profit was c 20% ahead of H217, while EBT was broadly maintained year-on-year after adjusting for one-off restructuring gains, which flattered the comparative. Significantly, there was also further marked reduction in liabilities (â‚¬0.5m vs â‚¬0.8m at December 2017) thanks to efficiencies. Restructuring was last reported in July to be largely completed, with management confident that its portfolio focus on three business areas with good potential is â€˜very much on trackâ€™.

10/10/2018 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 - Good for now

mic - Cleaning out

mic - Fresh start

SenSen Networks - Time to scale

Melrose Industries - Steady climb

Picton Property Income - Unlocking value to drive DPS growth

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