reports
- 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) ...
- 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, mobi...
- Richard Williamson
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.
- Richard Williamson
mic - Good progress with reverse takeover
mic’s reverse takeover target, Pyramid Computer, reported 5% revenue growth in FY20 despite the coronavirus pandemic, though with lower EBIT. The outlook for FY21 is for modest growth in revenues and EBIT due to the current economic conditions. Beyond FY21, we expect a return to double-digit growth, thereby benefiting from the positive market conditions for point-of-sale systems (POS). mic is making good progress with the acquisition of Pyramid with only one more hurdle, namely an equity issue o...
- Richard Williamson
mic - Reverse takeover of Pyramid Computer
mic has announced the reverse takeover of Pyramid Computer, subject to full financing requirements. Pyramid is active in the high-growth market of digital kiosk solutions and expects to realise revenues of €55m in 2020 and EBIT of €4m. mic expects to surpass estimated market growth of >10% per year by adding selective acquisitions and entering new market segments.
- Pedro Fonseca
mic - Focus remains on reverse takeover
mic’s corporate structure has not changed during H120 and the company is still searching for a reverse takeover target, which should transform it into an operational entity instead of a holding. According to management, the search for a reverse target is making good progress. To finance this transaction, mic had net cash of €0.7m at H120 together with potential new equity capital of up to €6.5m that was authorised by the shareholders at the AGM. The share price has increased 34% since our last u...
- Pedro Fonseca
mic - Reverse takeover potential
mic is considering a reverse acquisition to shift from a holding company to an operational company. The FY19 results showed an improvement in gross profit, lower net loss and a virtually debt-free position. In April 2020, mic raised €0.9m and, together with potential new capital of €6.5m (already authorised by the shareholders at the AGM), this offers a decent war chest for potential takeover candidates. The book value of the current two holdings was c €2m in FY19 and combined with the cur...
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