SRH AlsterResearch AG Update: Mic AG - 2021 outlook bang in-line; PT up; BUY reiterated

mic AG 
Technology

Market Cap EUR 55m*

BUY, PT EUR 5.40 (upside 86%)

Link: mic AG_update

mic AG (mic) as well as its reverse IPO target Pyramid Computer GmbH (Pyramid) have recently announced a spree of good news. In essence, all announcements have been more or less in-line or even slightly exceeding our expectations. Consequently, we see mic on track to successfully complete its reverse IPO of Freiburg based Pyramid – the digital innovator (e.g. mainly touchscreen panels) at the point of sales (hospitality sector and supermarkets). With increased visibility and rolling our valuation model, we increase our PT from EUR 4.50 to EUR 5.40 and reiterate our strong BUY recommendation, yielding 86% upside potential.

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