Edison Investment Research - mic (M3B) mic - Stepping up a gear

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Edison Investment Research

Richard Williamson

mic - Stepping up a gear

In FY21, mic AG successfully transformed from a holding company into an operational company active in the point-of-sale market after the acquisition of Pyramid Computer and faytech. Following these acquisitions mic AG changed its name to Pyramid AG at its EGM on 4 March 2022. The company expects revenue of around €100m in FY22 and an EBIT margin of 9%. For subsequent years, it expects double-digit revenue growth, driven by market growth, customer wins and new market segments such as travel, mobility and healthcare. Based on consensus estimates, Pyramid is valued at a discount to its peer group of 24% based on FY22e EV/EBITDA.

29/03/2022 1 EN

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mic

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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 Williamson

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Edison Investment Research

mic - Rapidly building position in POS market

mic’s reverse takeover of Pyramid Computer was finalised in June and the company has already announced plans for another large acquisition for further expansion in the point-of-sale (POS) market. Pro-forma revenues, including faytech’s contribution, are expected to amount to €100m in FY22, conditional on completion of this acquisition. Pyramid’s outlook for FY21 is for modest growth in revenues and EBIT, due to current economic conditions.

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Norcros - Sale of Johnson Tiles UK agreed

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mic - Stepping up a gear

mic - Termination of coverage

mic - Rapidly building position in POS market

AGBA - A transformational deal

Biodexa Pharmaceuticals - In a period of transition

Norcros - Sale of Johnson Tiles UK agreed

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