Edison Investment Research - mic AG (1235) - Clean-up continues

Report

Edison Investment Research

Adrian Phillips

- Clean-up continues

The latest filings show an improved H117 and a strengthened balance sheet. Liquid funds of €175k in late September stand against target monthly fixed costs of €35k due to be reached in November 2017. The key driver for the share price will be the outcome of refinancing talks, described as being at an advanced stage. Given the scale of the difficulties mic encountered, we see potential for large-scale dilution of existing holders’ interests.

20/10/2017 4 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

Adrian Phillips

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mic - Cleaning out

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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...

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- Clean-up continues

mic - Cleaning out

mic - Good for now

mic - Fresh start

Record - AUME momentum and a sharper focus

Actinogen Medical - Funding in place through key catalysts

Henderson Opportunities Trust - A differentiated exposure to smaller companies

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