October 27th, 2016

Research-Update

Mensch und Maschine SE After price decline worth buying again

sc-consult GmbH Equity-Research

Rating: Buy (prev: Hold) | Price: 12.95 Euro | Price target: 14.80 Euro

Alter Steinweg 46 48143 Münster T +49(0)251 13476-93/-94 F +49(0)251 13476-92 E [email protected] Geschäftsführung Dr. Adam Jakubowski & Holger Steffen Postbank Kto-Nr. 847610463 BLZ 44010046 IBAN DE57440100460847610463 BIC PBNKDEFF

Analyst: Dr. Adam Jakubowski sc-consult GmbH, Alter Steinweg 46, 48143 Münster

Please take notice of the disclaimer at the end of the document!

Phone: Telefax: E-Mail: Internet:

+49 (0) 251-13476-93 Amtsgericht Münster +49 (0) 251-13476-92 HRB 10410 [email protected] UST-IdNr. www.sc-consult.com DE210972200

Research-Update

Mensch und Maschine SE

October 27th, 2016

Recent business development

Stammdaten Based in: Sector: Headcount: Acounting:

Wessling CAD/CAM Software 759 IFRS

ISIN: Price: Market segment: Number of shares: Market Cap: Enterprise Value: Free float: Price high/low (12 M): Ø turnover (12 M):

DE0006580806 12.95 Euro Entry Standard / m:access 16.7 m 216.0 m Euro 246.7 m Euro 45.3 % 15.34 / 7.65 Euro 146,200 Euro

After nine months, Mensch und Maschine shows a solid growth of sales and gross profit and, above all, a disproportionately positive profit development. Compared to the previous year, the Bavarians have increased the EBITDA by 21 percent, the EBIT by 46.4 percent and the net profit by 79.3 percent. As the operating cash flows continue at a very satisfactory level as well, M+M has now specified its dividend forecast of hitherto 30 to 35 cents per share towards the upper limit of the range. However, this convincing overall picture is in our opinion a little clouded by the profit development in the third quarter, which did not quite meet our expectations especially in the VAR business. In our estimates, we had assumed a steady rise in profitability, which was not achieved in the third quarter. As our previous valuation seems now too ambitious, we have reduced our profit expectation for 2016. However, this modification concerns only the extent of profit growth, and we think that the positive profit tendency will continue in 2016 and in the subsequent years.

FY ends: 31.12.

2013

2014

2015

2016e

2017e

2018e

Sales (m Euro)

125.8

140.0

160.4

168.4

175.1

192.6

EBIT (m Euro)

3.8

6.8

8.5

13.1

16.0

19.7

Net profit

2.6

3.7

3.9

7.3

10.2

12.7

EpS

0.17

0.24

0.24

0.44

0.61

0.76

Dividend per share

0.20

0.20

0.25

0.35

0.45

0.55

5.9%

11.3%

14.5%

5.0%

4.0%

10.0%

-27.7%

42.1%

4.0%

87.8%

40.2%

24.8%

PSR

1.72

1.54

1.35

1.28

1.23

1.12

PER

82.6

58.1

55.9

29.8

21.2

17.0

PCR

57.18

34.36

14.67

17.58

15.69

13.16

64.7

36.5

29.1

18.8

15.4

12.5

1.5%

1.5%

1.9%

2.5%

3.3%

4.1%

Sales growth Profit growth

EV / EBIT Dividend yield

Recent business development

Seite 2

Research-Update

Mensch und Maschine SE

October 27th, 2016

Dynamic gross profit growth In the third quarter, Mensch und Maschine increased the sales by 5 percent, profiting in particular from the ongoing dynamics in the software segment whose sales rose by 11.7 percent year-on-year between July and September. In the VAR business, on the other hand, Autodesk’s conversion of the pricing model (from license sale to rental software) continued to cause severe ups and downs in sales. After a growth of 19.7 percent at the beginning of the year and a decline by 8.8 percent in the second quarter, the segment’s sales rose in the summer by 2.8 percent. As these figures cover a balance of a declining low-margin trade business with Autodesk licenses and an increasing high-margin service business, the gross profit in the VAR business increased at a faster rate than sales at 4.1 percent. The same is true for the software segment, where the gross profit increased by 14.2 percent to EUR 9.9 m. Altogether, the group’s gross profit reached EUR 21.2 m in the third quarter and the gross margin climbed thus to 53.4 percent (previous year: 51.6 percent).

EBITDA lower This growth was accompanied by an increase in personnel costs of 7.6 percent, which had thus accelerated slightly compared to the first two quarters but had still remained below the gross profit growth. Unlike in the previous quarters, where other operating expenses developed at a lower rate as well and had therefore contributed to a higher margin, in the summer months M+M recorded a stronger increase by 18.6 percent to EUR 5.2 m for this expense item. On request, the company explains this increase with marketing activities. Although – according to M+M – partner Autodesk had also provided marketing grants, this led overall to an EBITDA decreased by 1.3 percent in the third quarter (year-on-year). With -6.7 percent, the effect was the strongest in the VAR business, but in the software segment the profit growth (+3.9 percent) stayed clearly below the gross profit growth as well. Accordingly, the EBITDA margin fell slightly to 3.8 percent in the VAR business (previous year: 4.2 percent) and to 12.9 percent in the software segment (previous year: 13.9 per-

Recent business development

cent), across the group it was at 6.2 percent for the third quarter. Q3 2015

Q3 2016

Change

37.88

39.76

+5.0%

VAR business

28.63

29.43

+2.8%

Software

9.25

10.33

+11.7%

19.54

21.22

+8.6%

VAR business

10.84

11.28

+4.1%

Software

8.70

9.93

+14.2%

51.6%

53.4%

2.50

2.47

-1.3%

VAR business

1.22

1.13

-6.7%

Software

1.28

1.33

+3.9%

6.6%

6.2%

1.37

1.65

+20.9%

VAR business

0.39

0.64

+64.1%

Software

0.98

1.01

+3.7%

3.6%

4.2%

0.94

1.40

2.5%

3.5%

Business figures Sales

Gross profit

Gross margin EBITDA

EBITDA margin EBIT

EBIT margin EBT EBT margin Net profit

0.40

Net margin

1.1%

+49.3%

0.89 +124.4% 2.2%

EBIT clearly improved M+M was able to more than compensate for the slight EBITDA decrease on the level of EBIT, which increased by nearly 21 percent. The company benefited here from significantly lower PPA amortisation, whose negative impact on earning declined year-onyear by nearly 70 percent to only EUR 0.17 m. This effect showed most clearly in the VAR business, whose EBIT improved by 64 percent.

Quarterly profit more than doubled The considerable EBIT increase combined with a perceptible improvement of the financial result and an expected normalisation of the tax ratio (35 percent after 43.3 percent in the previous year) led to a result after taxes and minorities that surpassed last

Seite 3

Research-Update

Mensch und Maschine SE

October 27th, 2016

year’s figure by more than 124 percent at EUR 0.9 m. Business figures

9M 2015 9M 2016

Change

119.30

127.59

+6.9%

VAR business

89.44

94.15

+5.3%

Software

29.86

33.45

+12.0%

61.83

67.83

+9.7%

VAR business

33.37

35.44

+6.2%

Software

28.46

32.39

+13.8%

51.8%

53.2%

8.92

10.80

+21.1%

VAR business

3.36

3.77

+12.2%

Software

5.56

7.03

+26.4%

7.5%

8.5%

5.71

8.35

VAR business

0.90

2.25 +150.2%

Software

4.81

6.10

4.8%

6.5%

4.96

7.31

4.2%

5.7%

Net profit

2.49

4.47

Net margin

2.1%

3.5%

Sales

Gross profit

Gross margin EBITDA

EBITDA margin EBIT

EBIT margin EBT EBT margin

+46.4% +26.9% +47.3% +79.3%

Margin increase after nine months Thus, the third quarter has overall followed up the positive development of the first half-year. Over the whole nine months, the group’s sales rose by 6.9 percent to EUR 127.6 m, with the VAR business increasing by 5.3 percent and the software segment by 12 percent. Gross profit increased steeply by 9.7 percent, improving the gross margin from 51.8 to 53.2 percent. The EBITDA margin rose as well by one percentage point to 8.5 percent. The growth was particularly strong in the software segment, where the EBITDA margin climbed by 2.4 percentage points to 21.0 percent owing to a very strong first half-year. In the VAR business, however, the increase in profitability was only moderate with 0.2 percentage points to 4.0 percent. On the EBIT level, on the other hand, the expiration of a great part of the PPA amortisation led to a rise of the VAR-business EBIT by

Recent business development

150 percent to EUR 2.2 m. Thus, the EBIT margin improved from 1.0 to 2.4 percent, and combined with the software segment’s EBIT margin (18.2 percent after 16.1 percent), a margin before taxes and interest of 6.5 percent (previous year: 4.8 percent) was generated across the group. The net profit showed also a clearly disproportionate growth. Due to the mentioned tax effect, the nine-months profit after taxes and minorities increased by 79 percent to EUR 4.5 m, equalling a net margin of 3.5 percent (previous year: 2.1 percent).

Cash flows still strong Operating cash flows showed again a very positive development. At EUR 11.8 m, it did not reach last year’s figure of EUR 15 m; however, this figure had yet benefitted from the the final installment from the sale of the distribution business amounting to EUR 3 m, which was recognized in profit and loss in 2014 but was actually received only in 2015. Considered separately in the third quarter, however, operating cash flows improved year-on-year by a fourth to EUR 4.4 m. Deducing the net payments for investments of EUR 2.4 m, after the first three quarters there remained positive free cash flows of EUR 9.4 m (previous year: EUR 10.9 m), which M+M used for the dividend (EUR 4.3 m) and the purchase of treasury stocks (EUR 1.3 m). The remaining funds and the surplus cash were used for a net repayment of loans amounting to EUR 7.9 m.

Further increase of equity ratio Due to this and to the decline in receivables of nearly EUR 4.6 m, the balance sheet was reduced by 7 percent to EUR 95.6 m since the turn of the year. Combined with the equity increase – and despite the dividend payment and share repurchase – this led to an equity ratio improved from 38.6 to 42.1 percent.

Forecasts modified Against the background of the strong cash flows, M+M has now specified its dividend forecast (so far: 30 to 35 cents per share; previous year: 25 cents) towards the upper boundary of the target corridor. With regard to profit, however, the management put

Seite 4

Research-Update

Mensch und Maschine SE

October 27th, 2016

its forecast more cautiously. Given sales of about EUR 170 m (up to now: more than EUR 170 m) and a gross profit of more than EUR 90 m (unchanged) M+M is now intending to reach an EBITDA of EUR 15.5 to 16 m and a net profit of EUR 6.8 to 7.4 m. Until now, the forecasts were about EUR 16 m for EBITDA and up to EUR 8 m for the net profit. However, the mid-term expectations for profit and dividend were confirmed. Accordingly, from 2017 on, the EBITDA is expected to increase by EUR 3 to 4 m, EPS by 13 to 20 cents and dividend per share by about 10 cents p.a.

Profit expectatrion reduced Since we have been slightly more optimistic than M+M with regard to this year’s EBITDA so far and have calculated with EUR 16.9 m, this estimate appears now --- given the company’s somewhat reduced forecast --- too ambitious, especially because the EBITDA development in the third quarter was slightly below our expectations. This is true for both segments; however, what we see as a normalization after a very strong first half-year in the software segment, is indeed a little disappointing after three

million Euro Sales

quarters in the VAR business. After several quarters in which the development rather exceeded our expectations, we currently do not think this should be a problem. Nevertheless, we realise the danger that our estimates could have been based too heavily on the forward projection of the first half-year. We have therefore reduced our EBITDA estimate for 2016 to EUR 15.9 m, resulting in an EBIT of EUR 13.1 m and a net profit of EUR 7.3 m. For 2017, moreover, we have slightly reduced sales but increased the gross margin, thus putting more emphasis on the effect from Autodesk’s conversion of the pricing model. As a precaution, we have also reduced the assumed EBITDA margin for 2017 to 11 percent while leaving the further development as well as the target profitability (EBITDA margin in 2023) unchanged at 14 percent. On the other hand, the increased cash flows estimate, with which we have reacted to the positive cash flows development up to this point, shows a clearly positive effect. An overview over the data underlying our valuation is to be found in the table below, a detailed presentation of the model business development up to 2023 is shown in the tables in the Annex. Subsequently, due to precaution-

12 2016 12 2017 12 2018 12 2019 12 2020 12 2021 12 2022 12 2023 168.4

Sales growth

175.1

192.6

210.9

231.0

252.9

277.0

303.3

4.0%

10.0%

9.5%

9.5%

9.5%

9.5%

9.5%

EBIT margin

7.8%

9.2%

10.2%

11.5%

12.1%

12.5%

12.8%

12.9%

EBIT

13.1

16.0

19.7

24.2

28.1

31.5

35.4

39.0

35.0%

30.0%

30.0%

30.0%

30.0%

30.0%

30.0%

30.0%

Adjusted tax payments

4.6

4.8

5.9

7.3

8.4

9.5

10.6

11.7

NOPAT

8.5

11.2

13.8

16.9

19.6

22.1

24.8

27.3

+ Depreciation & Amortization

2.8

3.1

3.2

3.1

3.2

3.2

3.3

3.4

+ Increase long-term accruals

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

+ Others

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

11.3

14.4

17.0

20.0

22.8

25.3

28.0

30.7

1.7

0.0

-0.1

-0.2

-0.4

-0.5

-0.8

-1.0

-3.1

-2.9

-3.1

-3.2

-3.3

-3.5

-3.6

-3.7

10.0

11.4

13.9

16.6

19.1

21.3

23.7

25.9

Tax rate

Gross operating cash flows - Increase Net Working Capital - Investments in fixes assets

Free cash flows SMC estimation model

Recent business development

Seite 5

Research-Update

Mensch und Maschine SE

ary reasons, we calculate with an EBIT margin of 9 percent.

Price target: EUR 14.80 per share In our favourite scenario (perpetual growth 1.0 percent, WACC 7.7 percent), our valuation model delivers a fair value of the equity of EUR 247.0 m or EUR 14.81 per share. From this figure, we derive our new price target of EUR 14.80. The change compared to the previous price target is only moderate, because downward revisions of the profit were for the most part compensated by the increase of the expected free cash flows (less working capital). The estimation risk remains unchanged at three out of six possible points.

Recent business development

October 27th, 2016

Sensitivity analysis When the input parameters are varied for the sensitivity analysis (WACC between 6.7 and 8.7 percent, perpetual growth between 0 and 2 percent), the fair value fluctuates between EUR 11.76 and EUR 20.36 per share. Sensitivity analysis

perpetual cash flows growth

WACC

2.0% 1.5%

6.7%

20.36 18.88 17.65 16.63 15.75

7.2%

18.29 17.11 16.11 15.27 14.55

7.7%

16.58 15.62 14.81 14.11 13.50

8.2%

15.15 14.36 13.68 13.09 12.57

8.7%

13.93 13.27 12.70 12.20 11.76

1.0%

0.5% 0.0%

Seite 6

Research-Update

Mensch und Maschine SE

October 27th, 2016

Conclusion After nine months, Mensch und Maschine increased sales by nearly 7 percent and improved its profit disproportionately. Due to a combination of a changed sales mix, a disproportionately low increase of major expense types, the expiration of PPA amortization and the assumed normalization of tax rates, the net result improved by as much as nearly 80 percent. The operating cash flows showed a very positive development as well, due to which M+M has now specified its dividend forecast of hitherto 30 to 35 cents per share towards the upper limit of the range. However, we think that the third quarter in itself was rather patchy. While sales and gross profit met our expectations, we had expected more for the EBITDA in both segments. Although the deviation is only moderate and lies – according to the management – within the usual fluctuations during the year, our previous estimate seemed a little too optimistic against this background, especially as the manage-

Recent business development

ment’s new forecast with regard to the current year is put rather more cautiously as well. We have therefore slightly reduced our profit expectations but are still convinced that Mensch und Maschine will be able to continue its impressive development over the next years. Even Autodesk’s conversion of the pricing model should have a positive impact in the long run, regardless of any short-term distortions it might cause. The conversion to a rental model leads overall to a price increase from which M+M – as Autodesk’s most important European partner – will benefit as well. In addition, as the cash flows developed even better than we expected so far this year, the net changes in the estimate have only a minor impact on the model outcome. We now see the fair value of the M+M share at EUR 14.80. Combined with a price level reduced since the beginning of August and the resulting price potential, this justifies a rating upgrade to “buy”.

Seite 7

Research-Update

Mensch und Maschine SE

October 27th, 2016

Annex I: Balance sheet and P&L estimation Balance sheet estimation Mio. Euro

12 2015

12 2016

12 2017

12 2018

12 2019

12 2020

12 2021

12 2022

12 2023

ASSETS I. Total non-current

62,4

62,7

62,5

62,3

62,4

62,6

62,8

63,1

63,5

1. Intangible assets

42,7

42,0

41,2

40,5

39,9

39,5

39,0

38,6

38,3

2. Tangible asssets

13,2

14,2

14,8

15,4

16,0

16,7

17,3

18,0

18,8

II. Total current assets

40,2

37,7

40,6

45,7

51,4

58,0

67,8

77,4

85,2

39,6

44,5

49,3

55,2

62,6

71,6

81,1

90,7

98,7

7,9

8,4

8,9

9,4

9,9

10,4

11,0

11,5

12,1

36,2

27,6

23,5

20,4

16,6

12,2

10,2

7,9

5,3

18,8

19,9

21,3

23,0

24,6

26,3

28,3

30,5

32,7

102,5

100,4

103,1

108,0

113,8

120,6

130,6

140,5

148,7

LIABILITIES I. Equity II. Accruals III. Liabilities 1. Long-term liabilities 2. Short-term liabilities TOTAL

P&L estimation Mio. Euro Sales

12 2015

12 2016

12 2017

12 2018

12 2019

12 2020

12 2021

12 2022

12 2023

160,4

168,4

175,1

192,6

210,9

231,0

252,9

277,0

303,3

Gross profit

84,5

91,9

99,9

109,9

120,8

132,8

145,9

160,4

175,6

EBITDA

12,8

15,9

19,2

22,9

27,3

31,2

34,7

38,7

42,4

EBIT

8,5

13,1

16,0

19,7

24,2

28,1

31,5

35,4

39,0

EBT

7,5

11,9

15,2

18,9

23,5

27,6

31,3

35,4

39,3

EAT (before minorities)

4,3

7,7

10,6

13,2

16,5

19,3

21,9

24,8

27,5

EAT

3,9

7,3

10,2

12,7

15,8

18,5

21,1

23,8

26,4

EPS

0,24

0,44

0,61

0,76

0,95

1,11

1,26

1,43

1,58

Annex II: Cash flows estimation and key figures

Seite 8

Research-Update

Mensch und Maschine SE

October 27th, 2016

Annex II: Cash flows estimation and key figures Cash flows estimation m Euro

12 2015

12 2016

12 2017

12 2018

12 2019

12 2020

12 2021

12 2022

12 2023

CF operating

14,7

12,3

13,8

16,4

19,4

22,1

24,6

27,3

29,9

CF from investments

-5,0

-3,1

-2,9

-3,1

-3,2

-3,3

-3,5

-3,6

-3,7

CF financing

-6,6

-12,0

-10,1

-10,6

-13,1

-15,0

-14,5

-17,6

-22,2

Liquidity beginning of year.

6,5

9,6

6,7

7,4

10,1

13,1

16,9

23,5

29,7

Liquidity end of year

9,6

6,7

7,4

10,1

13,1

16,9

23,5

29,7

33,7

Key figures Percent

12 2015

12 2016

12 2017

12 2018

12 2019

12 2020

12 2021

12 2022

12 2023

Sales growth

14,5%

5,0%

4,0%

10,0%

9,5%

9,5%

9,5%

9,5%

9,5%

Gross profit growth

13,2%

8,7%

8,8%

10,0%

9,9%

9,9%

9,9%

9,9%

9,5%

Gross margin

52,7%

54,6%

57,1%

57,1%

57,3%

57,5%

57,7%

57,9%

57,9%

EBITDA margin

8,0%

9,5%

11,0%

11,9%

12,9%

13,5%

13,7%

14,0%

14,0%

EBIT margin

5,3%

7,8%

9,2%

10,2%

11,5%

12,1%

12,5%

12,8%

12,9%

EBT margin

4,7%

7,1%

8,7%

9,8%

11,2%

11,9%

12,4%

12,8%

13,0%

Net margin (after minorities)

2,4%

4,3%

5,8%

6,6%

7,5%

8,0%

8,3%

8,6%

8,7%

Disclaimer

Seite 9

Research-Update

Mensch und Maschine SE

October 27th, 2016

Disclaimer Editor sc-consult GmbH Alter Steinweg 46 48143 Münster Internet: www.sc-consult.com

Phone: +49 (0) 251-13476-94 Telefax: +49 (0) 251-13476-92 E-Mail: [email protected]

Responsible analyst Dr. Adam Jakubowski Charts The charts were made with Tai-Pan (www.lp-software.de).

Disclaimer Legal disclosures (§34b Abs. 1 WpHG and FinAnV) The company responsible for the preparation of the financial analysis is sc-consult GmbH based in Münster, currently represented by its managing directors Dr. Adam Jakubowski and Holger Steffen, Dipl.-Kfm. The sc-consult GmbH is subject to supervision and regulation by Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), Lurgiallee 12, D-60439 Frankfurt and Graurheindorfer Strasse 108, D-53117 Bonn.

I) Conflicts of interests

Conflicts of interests which can arise during the preparation of a financial analysis are presented in detail below: 1) sc-consult GmbH has prepared this report against payment on behalf of the company 2) sc-consult GmbH has prepared this report against payment on behalf of a third party 3) sc-consult GmbH has submitted this report to the customer/ the company before publishing 4) The report has been changed as regards content where valid objections arose on the part of the customer/ the company. 5) sc-consult GmbH maintains business relationships other than research with the analyzed company (e.g. investor-relations services)

Disclaimer

Seite 10

Research-Update

Mensch und Maschine SE

October 27th, 2016

6) sc-consult GmbH or persons involved in the preparation of the report hold the shares of the company or derivatives directly related 7) sc-consult GmbH has included the company’s shares in a virtual portfolio managed by sc-consult GmbH Following conflicts of interests occurred in this report: 1), 3), 4) Within the framework of compliance regulations, sc-consult GmbH has established structures and processes for the identification and disclosure of conflicts of interests. The responsible compliance representative is currently managing director Dipl.-Kfm. Holger Steffen (e-mail: [email protected]) II) Preparation and updating

The present financial analysis was prepared by: Dr. Adam Jakubowski For the preparation of its financial analyses the sc-consult GmbH uses a five-tier rating scheme with regard to price expectation in the next twelve months. Additionally, estimation risk is quantified on a scale from 1 (low) to 6 (high). The ratings are as follows: Strong Buy Buy Speculative Buy Hold

Sell

We expect an increase in price for the analyzed financial instrument by at least 10 percent. We assess the estimation risk as below average (1 to 2 points). We expect an increase in price for the analyzed financial instrument by at least 10 percent. We assess the estimation risk as average (3 to 4 points). We expect an increase in price for the analyzed financial instrument by at least 10 percent. We assess the estimation risk as above average (5 to 6 points). We expect that the price of the analyzed financial instrument will remain stable (between -10 and +10 percent). The forecast risk (1 to 6 points) has no further impact on the rating. We expect that the price of the analyzed financial instrument will drop by at least 10 percent. The forecast risk (1 to 6 points) has no further impact on the rating.

The expected change in price refers to the current share price of the analyzed company. This price and any other share prices used in this analysis are XETRA closing prices as of the last trading day before publication. If the share is not traded on XETRA, the closing price of another public stock exchange is used with a separate note to that effect. The price targets published within the assessment are calculated with common methods of financial mathematics, especially with the DCF (discounted cash flow) method, the sum of the parts valuation and a peer group analysis. The valuation methods are affected by economic framework conditions, especially by the development of the interest rates. The rating resulting from these methods reflects current expectations and can change anytime subject to company-specific or economic changes. In the past 24 months, sc-consult GmbH has published the following financial analyses for the company:

Disclaimer

Seite 11

Research-Update

Mensch und Maschine SE

Date July 29th, 2016 April 28th, 2016 February 19th, 2016 November 3rd, 2015 August 12th, 2015

Rating Hold Hold Buy Buy Buy

October 27th, 2016

Target price 14.90 12.90 10.50 9.50 8.90

Conflict of interest 1), 3), 4) 1), 3), 1), 3) 1), 3) 1), 3), 4)

In the course of the next twelve months, sc-consult GmbH will presumably prepare the following financial analyses for the company: Two updates, one report The publishing dates for the financial analyses are not yet fixed at the present moment. Exclusion of liability Publisher of this report is sc-consult GmbH. The publisher does not represent that the information and data contained herein is accurate, complete and correct and does not take the responsibility for it. This report has been prepared under compliance of the German capital market rules and is therefore exclusively destined for German market participants; foreign capital market rules were not considered and are in no way relevant. Furthermore, this report is only for the reader’s independent and autonomous information and does not constitute or form part of an offer or invitation to purchase or sale of the discussed share. Neither this publication nor any part of it form the basis for any contract or commitment whatsoever with respect to an offering or otherwise. Investing in shares, bonds or options always involves a risk. If necessary, seek professional advice. This report has been prepared using sources believed to be reliable and accurate. However, the publisher does not represent that the information and data contained herein is accurate, complete and correct and does not take the responsibility for it. The opinions and projections contained in this document are entirely the personal opinions of the author at a specific time, and are subject to change at any time without prior notice. Neither the author nor publisher accept any responsibility whatsoever for any loss however arising from any use of this report or its contents. By accepting this document, you agree to being bound by the foregoing instructions. Copyright The copyright for all articles and statistics is held by sc-consult GmbH, Münster. All rights reserved. Reprint, inclusion in online services and Internet and duplication on data carriers only by prior written consent.

Disclaimer

Seite 12