SRH AlsterResearch AG Update: mic AG - FY Figures above Expectations

mic AG Technology Market Cap EUR 54m* BUY, PT EUR 4.50 (upside 58%) mic AG_update   Pyramid’s reported prelim. 2020 results supporting our positive view on the reverse IPO transaction and consequently the attractiveness of an investment in mic AG. Pyramid has once again proven that it is well on track to disproportionate grow in an attractive niche market (CAGR growth 19-23E of >13%). In addition, we view an organic top-line growth of 5% in a particularly challenging business year as another prove of the resilience of its business model. Finally, the strong cash position at YE of EUR 7m comes as a sweet surprise offering ample opportunities to put this money to work, but also reduces the overall purchase multiple mic has paid for Pyramid. We reiterate our BUY recommendation and increase our PT to EUR 4.50 (old EUR 4.00).   Please note that AlsterResearch publishes MiFID II compliant research only. For a detailed discussion on MiFID II, please visit www.research-hub.de   * after succesful reverse IPO

 

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