Report
Cosmin Filker ...
  • Felix Haugg
  • Marcel Goldmann
  • Matthias Greiffenberger
EUR 160.00 For Business Accounts Only

GBC Best of m:access I.2019 - 14.05.19

Liebe Investoren,

 jedes Jahr wird die Attraktivität des Münchner Börsensegments m:acces unter Beweis gestellt. Auch in 2018 und in den ersten Monaten des laufenden Jahres 2019 haben sich mehrere Emittenten für ein Listing im m:access entschieden, wohingegen keine freiwilligen Abgänge verzeichnet wurden. Mit den insgesamt neun Zugängen seit Anfang 2018, denen insolvenzbedingt zwei Abgänge gegenüberstehen, umfasst das Münchner Börsensegment mittlerweile einen neuen Rekordwert von 60 Unternehmen unterschiedlicher Branchen mit einer Gesamtmarktkapitalisierung in Höhe von nahezu 12 Mrd. Euro (Stand 31.03.2019).

 Der von uns berechnete m:access-Index, der eine Free Float-gewichtete Marktkapitalisierung als Grundlage hat, weist dabei im Vergleich zum Gesamtmarkt eine überdurchschnittliche Entwicklung von +3,9 % (Zeitraum: 30.06.18 – 31.03.19) auf. Im gleichen Zeitraum lagen der DAX mit -6,3 % und der breiter gefasste General Standard mit -5,9 % deutlich darunter. Auch die Kursperformance unserer Top10-Auswahl konnte, nachdem diese in den Vorjahren jeweils überproportional zugelegt hatte, mit -3,4 % nicht mit dem m:access-Index mithalten, hatte sich jedoch besser als der Gesamtmarkt entwickelt.

 Im Rahmen dieser Studie präsentieren wir Ihnen eine in Teilen neu zusammengesetzte „Best of m:access“ - Auswahl, die wir nun auf 15 Unternehmen ausgeweitet haben. Damit tragen wir dem kontinuierlichen Anstieg der im m:access gelisteten Unternehmen Rechnung.

 In der 'GBC Best of m:access I.2019' sind Einschätzungen zu folgenden Unternehmen enthalten:

 - artec technologies AG (ISIN: DE0005209589)

- AURELIUS Equity Opportunities (ISIN: DE000A0JK2A8)

- BHB Brauholding Bayern-Mitte AG (ISIN: DE000A1CRQD6)

- CONSUS Real Estate AG (ISIN: DE000A2DA414)

- Deutsche Fachmarkt AG (ISIN: DE000A13SUL5)

- EQS Group AG (ISIN: DE0005494165)

- IT Competence Group SE (ISIN: NL0006129074

- Mensch und Maschine Software SE (ISIN: DE0006580806

- Merkur Bank KGaA (ISIN: DE0008148206)

- Nebelhornbahn AG (ISIN: DE0008271107)

- OEKOWORLD AG (ISIN: DE0005408686)

- SBF AG (ISIN: DE000A2AAE22)

- Softline AG (ISIN: DE000A2DAN10)

- STEICO SE (ISIN: DE000A0LR936)

- UniDevice AG (ISIN: DE000A11QLU3)

 Wir wünschen Ihnen erfolgreiche Investments,

 Cosmin Filker

Stellv. Chefanalyst

Underlyings
Artec Technologies AG

Artec Technologies AG. Artec Technologies AG is a Germany-based company engaged in the development, production and sale of software solutions and complete systems in the field of digital technology. The Company operates through two segments: Video Security Technology and Media and Broadcast. The Video Security Technology segment develops MULTIEYE product and system solutions for video surveillance and security systems at airports, banks, museums, shopping centers, car parks, railway stations logistic centers, as well as private and industrial facilities. The Media and Broadcast segment offers product and system solutions for the transmission, recording and replay of television (TV), video and radio broadcasts via network or the Internet, including Internet Protocol television (IPTV).

Aurelius Equity Opportunities

Aurelius Equity Opportunities is an industrial holding with a long-term investment horizon. Co. is engaged in the acquisition and restructuring of medium-sized companies and corporate spin-offs throughout Europe. Co. acquires the companies with potential for development with the goal of increasing their profitability by means of operational improvements. Co.'s portfolio companies operate primarily in the sectors of industrial enterprises, chemicals, business services, consumer goods/food & beverage, and telecom, media & technology. Co.'s operating segments are Industrial Production (IP), Services & Solutions (S&S) and Retail & Consumer Products (R&P).

BHB Brauholding Bayern-Mitte AG

CONSUS Commercial Property AG

CONSUS Real Estate AG Formerly known as CONSUS Commercial Property AG. CONSUS Real Estate AG is a Germany-based company specialized in the real estate sector. The Company specializes in the development of entire neighborhoods and standardized flats. Additionally, CONSUS Real Estate AG operates along the entire real estate development chain, which includes the acquisition, development & planning, forward sales, construction, hand-over, as well as letting of real estate developments and other services via its subsidiaries CG Gruppe AG and SSN Group AG. The Company reports its businesses into three main segments: Consus, which focusses on supporting the subsidiaries through head office functions; CG, which includes the development of real estate for residential and commercial use, as well as the renting of commercial and residential real estate services, and SSN, which encompasses the development of real estate for residential and commercial use. The Company is present in Berlin and Frankfurt, among others.

EQS Group AG

Eqs Group AG. EQS Group AG, formerly known as EquityStory AG, is a Germany-based provider of regulatory technology (RegTech) in the fields of corporate compliance and investor relations. The Company's activities are divided into two operating segments: Compliance and Investor Relations. The Compliance segment comprises all products required for companies to fulfill their legal and regulatory obligations, including reporting obligations in the news segment (disclosure), submissions to the Federal Gazette (filing), and new products, such as Insider Manager, Integrity Line, LEI, and ARIVA Workflows. The and Investor Relations segment encompasses products for the areas of financial and corporate communications, including news, websites portals, webcasts and media. In addition, its products are pooled in the cloud-based software EQS COCKPIT. The Company's clients are small and medium-sized enterprises (SME), as well as corporate customers. It provides services worldwide.

IT Competence Group N.V.

IT Competence Group NV. IT Competence Group SE is a Germany-based holding company engaged in the information technology (IT) sector. Through its subsidiaries, it is involved in providing consulting and personal services in the IT business. Its business activities are divided into two segments: IT infrastructure, covering consulting and implementation of IT solutions, and development and marketing of business applications, as well as data infrastructure, covering administration, planning and implementation of mobile data infrastructure. It holds majority stakes in DeskSite GmbH, which focuses on employee services; ITCG AG, which is engaged mainly in the areas of digital transformation, IT infrastructure, IT processes, IT organization and IT security; proMX GmbH, which is active in software applications business, and Sinnwell AG, which is engaged mainly in the telecommunications industry, offering constructional assessments, site planning and construction management.

Mensch und Maschine Software S.E.

Mensch und Maschine Software is a global enterprise based in Germany. Its business activities are concentrated in the fields of CAD and CAM (Computer Aided Design & Manufacturing) solutions, which it divides into four industry segments: Mechanical engineering solutions segment (about 50% of Co.'s business); Construction industry and building services segment (approximately 25% of Co's activities); Gardening and landscaping segment (about 15% of Co.'s business); and the Electrical engineering segment (about 10% of Co.'s business). In addition, Co. divides its business operations into three sections: Distribution,VAR Business and Software.

Merkur Bank KGaA

Merkur Bank is a private bank, focusing on four sectors: private customers, corporate clients, leasing finance and real estate interim financing. In the private customers sector, Co. provides four segemsnts: saving and investment, account services, stocks, and financing. In the corporate clients sector, Co. specializes on small and middle-sized enterprises (SME), which are offered several types of loans, as well as corporate pension schemes, among others. The leasing finance sector, Co. offers leasing refinancing primarily for passenger cars..Co. also offers online banking and brokerage services through its Website. As of Dec. 31, 2008, Co.'s total assets amounted to Euro659,267,040.78.

Nebelhornbahn Ag

Nebelhornbahn is engaged in the operation of mountain cable railway and the management of mountain restaurants. Co.'s operations are focused around the Fellhorn-Kanzelwand ski resort, an alpine resort that spans the border between Germany and Austria. Co. operates a cable car railway, chair lifts and ski lifts on Mount Nebelhorn and on Mount Fellhorn. Co. also provides its services on Walmendingerhorn Mountain.

Okoworld AG

OeKOWORLD AG. OEKOWORLD AG, formerly Versiko AG, is a Germany-based investment consulting company and funds operator that focuses on ecological investments. The Company serves both private customers and institutional investors, banks and other financial services provider. It offers the pension insurances Oekoviola, Versirente and Veresikid, as well as the investment funds Oekoworld Oekovision Classic, Oekoworld Growing Markets 2.0, Oekoworld Oekotrust, Oekoworld Klima, Oekolworld Water For Life, Oekovision Garant 20 and New Energy Fund. The Company conducts sustainability research in order to identify potential investment possibilities and asset and fund management through OEKOWORLD LUX SA, a Luxembourg-based subsidiary.

SBF AG

SBF AG. SBF AG, formerly Corona Equity Partner AG, is a Germany-based manufacturer of electrical equipment for railroad cars. The Company operates through its subsidiary SBF Spezialleuchten GmbH and produces ceiling systems, lighting solutions and ventilation solutions for the interior and exterior of railroad cars. The Company provides interior ceiling lighting systems, exterior halogen light-emitting diode (LED) combination lights, full LED headlights and LED modular systems for rolling stock, as well as air ducting systems, supplying ventilation systems with hot and cold air for the train interior. The Company provides planning, concept developing and manufacturing services. The Company operates as holing company.

Softline AG

Steico SE

Steico SE is a Germany-based company engaged in the construction industry. The Company develops, produces and distributes ecological building products made from renewable raw materials. Its product portfolio consists of insulation solutions for roof, dry walls, ceiling and floor constructions, including STEICOflex, a flexible cavity insulation; STEICOformwork, robust formwork beams for economic formwork solutions; STEICOtherm, a solid heat insulation for roofs, walls and topping elements; STEICOuniversal, a sheathing board for all constructions; STEICOfloor, a floor insulation system protecting from heat and impact sound; STEICOglulam, structural engineered elements; STEICOprotect, removing the need for a ventilated cavity allowing for thinner wall constructions, and STEICOunderfloor, an impact sound insulation, among others. As of December 31, 2011, it operated through seven subsidiaries located in Poland, the United Kingdom and France.

Provider
GBC AG
GBC AG

Die GBC AG mit Sitz in Augsburg ist eines der führenden bankenunabhängigen Investmenthäuser in Deutschland und erfahrener Emissionsexperte für den deutschen Mittelstand.

Die GBC AG kennt als eigentümergeführtes Unternehmen die Bedürfnisse des deutschen Mittelstandes im Finanzierungsbereich und ist ein unabhängiger und verlässlicher Partner bei allen Fragestellungen rund um den Kapitalmarkt.

In der GBC Gruppe bietet die GBC AG Unternehmensanalysen & Research, Kapitalmarkt- & Finanzierungsberatungen sowie Kapitalmarktkonferenzen.

Die GBC Kapital GmbH ergänzt die Leistungen in der Gruppe um das Corporate Finance in den Bereichen Platzierung & Vermittlung von Anleihen und Aktien

Analysts
Cosmin Filker

Felix Haugg

Marcel Goldmann

Matthias Greiffenberger

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