Original-Research: EPTI AB - von GBC AG Einstufung von GBC AG zu EPTI AB Unternehmen: EPTI AB ISIN: SE0013774668 Anlass der Studie: Research Report (Initial Coverage) Empfehlung: BUY Kursziel: 1.13 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: - Analyst: Matthias Greiffenberger, Felix Haugg Large upside to NAV valuation. Unique selling proposition with own corporate accelerator with over 100 IT experts. Value Creation 'for founders, by founders'. EPTI AB has a unique business model in which it combines extensive software development and consulting services with the development of numerous high- growth start-ups in the tech sector. The core of the company is the EPTI Core, which consists of about 150 employees, 75% of whom are developers and engineers. The other 25% are management consultants from all business areas, from marketing to legal to HR. EPTI Core consults and develops technology solutions for external customers as well as for EPTI' portfolio companies. The customers/portfolio companies pay for these services either with cash or with equity. This gives EPTI a high level of control over the portfolio companies and allows EPTI to co-develop important milestones. EPTI currently has over 25 company investments in the gaming, marketplace, FinTech, SaaS and service segments. This also includes joint ventures and own start-ups. The focus is on these segments because of the in-depth knowledge and extensive experience possessed by both management and employees. In addition, these segments show high growth potential and can benefit from the EPTI Core. EPTI went public via a reverse IPO in the fourth quarter of 2021. The company had previously held the listed minority stake Invajo, which EPTI acquired in full in order to be listed itself. In the past fiscal year 2021, NAV increased by 72.8% to SEK 836.18 million (PY: SEK 483.87 million). The increase in value is mainly due to the completed capital acquisitions of the portfolio companies and a higher valuation at the last transaction date. Due in particular to the acquisition of Talnox Group, the number of employees also increased from 80 to 225. With two transactions of the investments moblrn and Linky Tech, which took place after December 31, 2021, the NAV rose to SEK 911.18 million. However, we have identified further hidden reserves, at EPTI Core and Apotekamo. According to EPTI, EPTI Core is valued at an EBITDA multiple of 12x. In our peer group analysis, we determined a rounded mean of the arithmetic mean and median of 20x and used this as the EBITDA multiple for EPTI Core. For Apotekamo, we have determined a valuation of SEK 152.19 million, corresponding to hidden reserves of SEK 106.31 million, as part of a peer group analysis and a precautionary discount. The NAV on a K3 basis (Swedish accounting) is SEK 911.18 million or a NAV per share of SEK 9.08 / EUR 0.88, which means a huge upside potential to the current price of 73.3%. According to the GBC valuation approach, we have identified further hidden reserves and determined a NAV of SEK 1,164.73 million. Per share, we have determined a fair value of SEK 11.61 or EUR 1.13. Against the background of the high upside potential, we assign a BUY rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/23929.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 email@example.com ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date and time of completion of the research report: 27.04.2022 (17:30) Date and time of the first disclosure of the research report: 28.04.2022 (10:30) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.