Märkte & Kurse

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Original-Research: LAIQON AG - from NuWays AG

06.08.2024 / 09:01 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group AG.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to LAIQON AG

     Company Name:               LAIQON AG
     ISIN:                       DE000A12UP29

     Reason for the research:    Update
     Recommendation:             BUY
     from:                       06.08.2024
     Target price:               EUR 9.10
     Last rating change:
     Analyst:                    Henry Wendisch

LAIC token placed & mVBRB cooperation intensified; chg. PT

Last week, LAIQON successfully placed the LAIC-Token 24 as well as a capital
increase subscribed by meine Volksbank Raiffeisenbank eG, Rosenheim (mVBRB)
in its subsidiary LAIC Capital GmbH (LAIC), leading to total gross proceeds
of EUR 7.2m. Furthermore, mVBRB and LAIQON signed an LOI to intensify their
existing cooperation. In detail:

(A) LAIC Token 24 placed: following the successful placement of the Token 21
three years back, LAIQON sold another 5,250 GmbH shares of LAIC (tokenized)
to the Token 24 investor group, which comprises institutional investors, but
also key employees of LAIQON (or LAIC). Additionally, 849 new GmbH shares
have been created, serving as a capital increase of LAIC. On the basis of a
EUR 65m valuation for LAIC (based on a pwc assessment per 31st Dec. '23), this
should have led to EUR 3.2m gross proceeds for LAIQON (eNuW; sale of existing
5,250 shares) as well as EUR 0.5m gross proceeds for LAIC (eNuW; sale of 849
new shares). - see p. 2

(B) Capital increase by mVBRB at LAIC: also based on the EUR 65m valuation of
LAIC, mVBRB) solely subscriped a 5.04% cash capital increase in return for
5,353 new shares (or 5.04%), leading to gross proceeds of EUR 3.3m (eNuW) for
LAIC. - see p. 2 for details

(C) Merger of LAC with BV: in order to decomplex the shareholder structure
and remove dual costs for e.g. audit (eNuW: EUR 0.2m in savings), Lange Assets
& Consulting GmbH (LAC; 90% subsidiary) should be merged into BV GmbH.

(D) Letter of Intent with mVBRB signed: outside of LAIC transactions
described above, the mVBRB and LAIQON want to intensify their cooperation
within their current JV 'meine BV GmbH' (mBV). Specifically, it comprises
the sale of 25% of BV Bayerische Vermögen GmbH (BV; a 100% LAIQON subsidiary
which directly holds 25% of the joint venture mBV, see p. 2 for overview) to
mVBRB. The transaction price is not disclosed. Nevertheless, we regard the
sale as strategic for both sides: a) mVBRB increases its ties to LAIQON,
which serves as the platform and white label solution provider for mVBRB's
wealth management and b) LAIQON benefits from one of their largest customer
and partner deepening its commitment to LAIQON's products and services.

Use of proceeds: in addition to the EUR 7.2m gross proceeds from (A) and (B),
LAIQON should receive another undisclosed payment from (D). All of which
should be invested into 1) the enhancement of the DAP 4.0 in order to set
the basis for further cooperations as well as 2) personnel and project
expenses for the development of the LAIC:GPT solution but also into new and
existing cooperations. As of H1'24, LAIQON's AuMs stood at EUR 6.5bn (+8%
yoy), implying a current valuation of 1.3% of AuM, while other asset
managers are typically valued between 1.5% and 4% of AuM. On top of that,
the EUR 65m standalone value of LAIC (i.e., EUR 52m for 80% ownership) explains
57% of the current market capitalization, while accounting for less than 9%
of AuM.

Therefore, we regard LAIQON as undervalued and reiterate our BUY
recommendation. As a result of the decreased net debt position by EUR 7m (EUR
0.38 per share), our DCF-based PT increases slightly to EUR 9.10 (old: EUR
8.70).

You can download the research here: http://www.more-ir.de/d/30379.pdf
For additional information visit our website: www.nuways-ag.com/research

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++

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1961465 06.08.2024 CET/CEST

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