Edison Investment Research - mic (M3B) mic - Termination of coverage

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Edison Investment Research

Richard Williamson

mic - Termination of coverage

Edison Investment Research is terminating coverage on:

• 2G Energy (2GB)
• Apontis Pharma (APPH)
• Artec technologies (A6T)
• Beta Systems (BSSA)
• Blue Cap (B7E)
• Cyan (CYR)
• Consus Real Estate (CC1)
• Daldrup & Soehne (4DS)
• DATAGROUP (D6H)
• Datron (DAR)
• Delignit (DLX)
• Deutsche Börse (DB1)
• Deutsche Grundstücksauktionen (DGR)
• Deutsche Rohstoff (DR0)
• DVS Technology (DIS)
• Edel (EDL)
• Ernst Russ (HXCK)
• Exasol (EXL)
• expert.ai (EXAI/EXSY)
• Fashionette (FSNT)
• Formycon (FYB)
• Forward Industries (FORD)
• Helma Eigenheimbau (H5E)
• IBU-tec (IBU)
• JDC Group (JDC)
• Lloyd Fonds (L1OA)
• Media and Games Invest (M8G)
• Mensch & Maschine Software (MUM)
• mic (M3B)
• MPC Münchmeyer Peterson/MPC Capital (MPCK)
• mVISE (C1VX)
• Nabaltec (NTG)
• Noratis (NUVA)
• Nürnberger Beteiligungs (NBG6)
• Nynomic (M7U)
• Ökoworld/Oekoworld (VVV3)
• PANTAFLIX (PAL)
• publity (PBY)
• RCM Beteiligungs (RCM)
• Scherzer & Co (PZS)
• SGT German Private Equity (SGF)
• The NAGA Group (N4G)
• Vectron Systems (V3S)
• Veganz (VEZ)

Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
Previously published reports can still be accessed via our website.

06/04/2022 1 EN

Underlying

mic

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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 Williamson

Other Reports on these Companies

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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...

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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’s disposal of Johnson Tiles is the latest strategic activity taken by management to better allocate capital to fit with priorities. Last year it closed its UK adhesives operation. Norcros has a compelling investment case, where its new product development initiatives, market positioning and self-help initiatives allow it to take market share in both the UK and South Africa. Its rating is low at 6.0x FY24e P/E, which is attractive, especially when compared to its yield of 5.4% on its well-covered dividend. We retain our estimates and value the shares at 246p, implying c 30% upside.

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mic - Termination of coverage

mic - Stepping up a gear

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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