Initial Coverage Quidgest - Kalliwoda · Quidgest is very active in the business field. The company developed many solutions tailored to the company’s target. Particularly interesting

DR. KALLIWODA | INTERNATIONAL

∎ Quidgest is today a leading software developer in Portugal. In the past decade, the company has invested heavily in the research and development unit to create unique technology. The company focuses on software generation technology by developing and continuously improving Genio, a framework for automatic code generation enabling multi-platform deployment.

∎ On average during the period 2006 – 2011, the company achieved 13% growth in revenues, 15% growth in net income and impressive 20,9% growth in terms of return on equity. Quidgest also maintained its profitability of the business during the financial crisis in 2008 and 2009, achieving double digit results in terms of return of equity and outperforming many other companies in the software industry.

∎ The company has well diversified business across low-correlated economies around the world. The high profitability ratios are due to reasonable diversification of revenues. The company makes use of global diversification which makes the revenue’s flow smoother. This protects the business from a sharp decline in demand due to a recession in one part of the world.

∎ High standard of financial risk management makes the company less vulnerable to exchange market shocks. Surplus of cash is reasonably invested to gain positive interests. In spite of decline in euro rates in 2011 the company successfully has hedged its foreign investments and gained positive results due to exchange rates movements. This allows Quidgest to achieve positive net income despite of turbulence in the Eurozone.

∎ The company has not realized growth potential in top-tier markets yet. Quidgest is ready to enter into new markets (China, Macao, Norway and Brazil) with its well established technology. We forecast that the company can achieve great increase in profitability by offering its services to the emerging countries due to lower personal costs.

Key Figures

EUR '000 2008 2009 2010 2011 2012e 2013e

Net Sales 3 003 3 253 3 275 2 806 4 250 5 500

EBITDA 622 445 497 -20 578 730

EBIT 570 386 495 -53 554 709

Net Income 590 264 380 214 570 682

RoE 27% 11% 13% 6% 9% 10%

EBIT Margin 19% 12% 15% -2% 13% 13%

Net Margin 20% 8% 12% 8% 13% 12%

Equity / Assets 66% 68% 64% 86% 88% 84%

Current Ratio 2,85 3,74 3,24 5,91 7,81 6,21

Highly profitable business with growth potential

October 15, 2012 Europe | Portugal | Software

InitialCoverage

Market Equity Value:

€ 13 760 000

Quidgest

Overview

Industry: Software Country: Portugal Website: www.quidgest.com

AnalystCoverage:

Dr. Dr. Norbert Kalliwoda

email: [email protected]

Dr. Dr. Piotr Arendarski

email: [email protected]

DR. KALLIWODA | INTERNATIONAL

Rüsterstraße 4a D-60325 Frankfurt am Main Germany

Tel.: +49 69. 972 058 53 Fax: +49 69. 138 192 15 E-Mail: [email protected]

2 Quidgest | Initial Coverage | October 2012

Dr. Kalliwoda International | Primary Research

Content

1 Company profile ................................................................................................................... 3

2 Valuation ................................................................................................................................ 4

3 Profit and loss statements ................................................................................................ 7

4 Balance sheets ...................................................................................................................... 8

5 Financial ratios ..................................................................................................................... 9

6 Geographical structure ................................................................................................... 10

7 Summary of financials .................................................................................................... 11

8 Company outlook and summary ................................................................................. 12



1 Companyprofile

Quidgest is a Portuguese technological company established in 1988. Quidgest is one of the largest producers of business software in Portugal. The company has a variety of the solutions produced by its R & D department with more than 200 different information systems in production.

Quidgest has established companies in East Timor, Macau and Mozambique, as well as partnerships in Angola, UK and Lithuania. Quidgest has invested heavily and successfully in the internationalization of its business activities. In Portugal, Quidgest pioneered the computerization of public administration and management system, which is today used by over half of the public bodies of the Central Administration in Portugal. The company focus on software development, a code generation platform, a disruptive offering on the software industry, smart sourcing of key IT players, untapped growth potential in top tier developed markets and even in a takeover activity.

Quidgest is very active in the business field. The company developed many solutions tailored to the company’s target. Particularly interesting parts of the offer is outlined below.

Genio - an innovative technology created for the automatic generation of software. The platform is created to boost developers’ productivity by enabling the production of one million characters of source code per second. The platform can be used to build, change, and operate with enterprise application that are integrated with existing system

UPTO (Updating Technologically Obsolete Platforms) - a controlled automatic development process allowing rapid technological advances. This methodology overcomes the limitations and constraints usual met in waterfall development that are responsible for millions of euros loss, regarding delays, data loss and system inadequacy.

Balanced Scorecard - strategic management system that provides real time measurement of goal achievements and provides different levels of user access for different organizational levels.

QuidHealth - a platform for healthcare management that combines administrative and clinical solutions.

The R&D activity of Quidgest can be split into the following departments:

• Software Engineering • Integrated Systems Management, Accounting and Financial Management • Systems for Human Resource Management • Systems for Supply, Logistics, Production and Asset Management • Document Management Systems and Process Management • Special Projects, Project Management, Commercial Management and CRM • Strategic Management Systems • Health Management Systems



2 Valuation

In order to value the equity of Quidgest, we used our DCF model and comparable peer’s valuation model. The tables below present our assumptions.

DCF Model

Relevered beta calculation

Comparable Companies Unlevered Beta

Company

Levered

Beta

Market Value

of Debt

Market Value

of Equity

Debt/

Equity

Equity/

Total Assets

Marginal

Tax Rate

Unlevered

Beta

SAP AG 0,78 4 256 000 69 806 539 6,1% 94,3% 30% 0,75 Software AG 0,6 276 918 2 540 764 10,9% 90,2% 30% 0,56 Nemetschek AG 1,32 8 072 322 101 2,5% 97,6% 30% 1,30 P&I Personal & Informatik AG 0,49 0 241 195 0,0% 100,0% 30% 0,49 Realtime Technology AG 0,46 265 98 136 0,3% 99,7% 30% 0,46

Median 0,60 2,5% 97,6% 0,56

Mean 0,73 4,0% 96,3% 0,71

Relevered Beta

Mean

Unlevered

Beta

Mean Target

Debt/ Equity

Target

Marginal

Tax Rate

Relevered

Beta

Target Company 0,71 4,0% 30% 0,73

WACC Calculation

Target Capital Structure Debt to Total Capitalization 3,7% Equity to Total Capitalization 96,3% Debt to Equity Ratio 4,0% Cost of Equity Risk-free rate 4,0% Market risk Premium 6,0% Levered Beta 0,73 Size Premium 1,6% Cost of Equity 10,0%

Cost of Debt

Cost of Debt 6,0% Taxes 13,7% After Tax Cost of Debt 5,2%

WACC 9,8%

Dr. Kalliwoda International| Research © 2012



DCF model calculations

DCF model

(in '000) Forecast period

2012 2013 2014 2015 2016

Sales 4 250 5 500 7 400 8 800 10 600 % growth 29,4% 34,5% 18,9% 20,5%

Total costs -3 672 -4 770 -5 676 -6 751 -7 756 % sales 86,4% 86,7% 76,7% 76,7% 73,2%

EBITDA 578 730 1 724 2 049 2 844

% margin 13,6% 13,3% 23,3% 23,3% 26,8%

EBIT 554 709 1 614 1 918 2 686 Taxes -70 -89 -221 -262 -367

Capex -47 -61 -82 -97 -117

% sales 1,1% 1,1% 1,1% 1,1% 1,1% Increase/Decrease in NWC -715 -633 -962 -709 -911

Unlevered Free Cash Flow -254 -52 460 981 1 449

Discount Period 0,5 1,5 2,5 3,5 4,5

Discount Factor 0,95 0,87 0,79 0,72 0,66

Present value of free cash flow -243 -45 364 707 951

Dr. Kalliwoda International | Research © 2012 DCF Model Output

Terminal Value Terminal Year Free Cash Flow 1 449 Perpetuity Growth Rate 3,0% Terminal Year EBITDA 2 844 Terminal Value 21 927 Implied Exit Multiple 8,1x

Discount Period 5,0 Discount Factor 0,6 Present Value of Terminal Value 13 736

% of Enterprise Value 89%

Enterprise value

Present value of Free Cash Flow 1 734

Terminal Value 21 927 Discount Factor 0,63 Present Value of Terminal Value 13 736

% of Enterprise Value 89%

Enterprise value 15 471

Less: Total debt 0

Plus: Cash and Cash Equi. 1 443

Implied Equity Value 16 914

Dr. Kalliwoda International | Research © 2012



Comparable peer’s valuation

We selected the top 4 companies based on market capitalization across the software industry. The equities are traded on the Stock Exchange in Frankfurt. As fundamental input we used 5 years average figures from financial statements to reflect the long term performance and avoid one-time shocks. The following figures show the methodology we used as well as the results of the valuation.

Comparable Companies

Company / unit EURm Revenues 3 yrs

Avg

Net income 3yr

Avg

EBITDA 3yr

Avg

Book Value

3yr Avg Market Cap

SAP AG 12 456 2 332 3 934 10 328 67 330 Software AG 1 022 164 296 782 2 440 Nemetschek AG 153 17 33 91 322 P&I Personal & Informatik AG 68 13 19 35 238

Quidgest 2,73 0,39 0,41 2,30 N/A

Comparable Companies Multiples

Company P/S P/E P/EBITDA P/BV SAP AG 5,41 28,87 17,12 6,52 Software AG 2,39 14,84 8,25 3,12 Nemetschek AG 2,11 18,61 9,69 3,54 P&I Personal & Informatik AG 3,52 18,94 12,86 6,90

Average 3,35 20,31 11,98 5,02

Quidgest - Implied Market Value of Equity / unit EURm

Based on: P/S P/E P/EBITDA P/BV Average

Implied Market Value of Equity 9,15 8,02 4,96 11,56 8,42


The following figures present the mixed valuation model. In order to capture the company specific forecasts and growth potential we set weight for DCF model as 60%. The remaining – 40% is attributed to the multiples valuation model.

Mixed Valuation

Summary of Valuation / unit EURm DCF (1) Peers Comparable (2)

16,91 8,42

Final Estimate* 13,52

* Weights : 0,6(1) & 0,4(2)




3 Profitandlossstatements

PROFIT AND LOSS STATEMENT Unit: €

Description 2008 2009 2010 2011 2012e 2013e

OperationalRevenue

Sales and Services 3 002 826 3 253 103 3 275 197 2 806 468 4 250 000 5 500 000

Operating Subsidies 0 0 10 577 35 360 0 0

Gains in participated companies 0 0 0 -11 000 0 0

OperationalRevenueandGains 3002826 3253103 3285774 2830828 4250000 5500000

CostsandLosses

Cost of Good Sold 15 989 8 915 28 184 4 580 4 015 3 209

Third Party Supplies 609 810 908 221 779 985 807 325 1 673 842 2 361 071

Personnel Costs 1 752 921 1 888 759 1 970 871 1 973 556 1 994 047 2 405 578

Other Costs and Losses 2 032 1 848 9 727 65 381 0 0

OperationalCostsandLosses 2380752 2807743 2788766 2850843 3671904 4769859

EBITDA 622074 445359 497008 -20014 578096 730141

EBITDAMargin(%) 20,7% 14% 15,1% -0,7% 13,6% 13,3%

Provisions 0,00 0,00 -37 500 0 0 0

Depreciation and amortization 52 470 59 058 39 915 32 525 24 394 20 765

EBIT 569604 386302 494593 -52539 553703 709376

EBITMargin(%) 19% 12% 15% -2% 13% 13%

Net Interest and Other Fin. Gains 16 103 21 097 23 783 63 858,19 22 330 62 549

Net Interest and Other Fin. Costs 27 585 12 812 0 7 035 5 831 11 709

ProfitBeforeTaxes 558123 394587 518377 4284 570202 760216

Non-Recurrent Gains 45 331 23 295 0 0 0 0

Non-Recurrent Losses 909 57 380 0 0 0 0

Income Taxes 12 922 96 625 137 967 -210 199 0 78 064

NetIncomeforthePeriod 589623 263877 380410 214483 570202 682152

NetIncomeMargin(%) 20% 8% 12% 8% 13% 12%

Dr. Kalliwoda International | Research © 2012, Quidgest



4 Balancesheets

BALANCE SHEEET

Unit: € Description 2008 2009 2010 2011 2012e 2013e

Assets

Non-CurrentAssets

Fixed Tangible Assets 110 023 127 150 90 417 63 336 48 942 43 177

Capitalized non-tangible asset 14 479 0 20 000 20 000 20 000 20 000

Financial shareholdings 23 046 23 046 23 046 19 140 19 140 19 140

Deferred Taxes Assets 0 0 0 564 675 188 073 0

Non-Current Assets 147 547 150 195 133 462 667 151 276 155 82 317

CurrentAssets

Accounts Receivables 1 955 014 2 454 545 2 594 462 1 902 998 2 970 026 4 315 724

Trade accounts

0 20 0 0 0

Receivables - Government 20 195 116 215 167 732 122 251 137 237 138 077

Shareholder receivables

0,00 0,00 0 0 0

Other Accounts receivable 108 681 95 156 225 000 5 631 0 0

Deferred Assets 22 098 0,00 0,00 0,00 0,00 0,00

Financial Assets for negotiation

0,00 0,00 0,00 0,00 0,00

Other Financial Assets 45 579 48 866 51 182 45 353 95 353 95 353

Cash and Cash Equivalents 1 028 327 762 214 1 297 295 1 443 317 4 124 579 3 599 974

Current Assets 3 179 894 3 476 996 4 335 691 3 519 550 7 327 195 8 149 127

TotalAssets 3327441 3627191 4469153 4186700 7603350 8231445

TotalShareholders’EquityandLiabilities

ShareholdersEquity

Paid-up Capital 500 000 500 000 500 000 500 000 1 200 000 1 200 000

Awards 0 0 0 0 2 300 000 2 300 000

Legal Reserves 110 737 140 218 153 412 172 432 172 432 172 432

Other equity variations 0 0 10 988 -3 906 0 0

Retained Earnings 1 010 992 1 571 133 1 821 817 2 708 621 2 423 104 2 565 655

Net Income 589 623 263 877 380 410 214 483 570 202 682 152

TotalShareholdersEquity 2211351 2475229 2866626 3591631 6665738 6920239

Liabilities

Non-Current Liabilities Provisions 0 46 221 0,00 0 0 0

Deffered Taxes 0 175 482 263 485 0 0 0

Total non-current Liabilities 0 221 702 263 485 0 0 0

CurrentLiabilities

Suppliers 208 998 476 802 754 800 107 972 226 400 318 578

Advances form Customers 0 0 46 321 0 15 000 15 000

Government Liabilities 369 900 171 195 271 973 266 107 411 573 547 878

Other accounts payable 329 982 59 442 265 948 220 991 284 638 429 749

Fixed Assets suppliers 15 304 0 0 0 0 0

Deffered Liabilities 191 906 222 821 0

0 0

Total Current Liabilities 1 116 089 930 260 1 339 041 595 070 937 611 1 311 206

TotalLiabilities 1116089 1151963 1602527 595070 937611 1311205

TotalLiabilitiesandEquity 3327441 3627191 4469153 4186700 7603350 8231445




5 Financialratios

RATIOS

Description 2007 2008 2009 2010 2011 2012e 2013e 2014e 2015e

EBITDA margin 28,91% 20,72% 13,69% 15,13% -0,71% 13,60% 13,27% 23,29% 23,28% EBIT margin 26,71% 18,97% 11,87% 15,05% -1,86% 13,03% 12,90% 23,04% 23,08%

Net margin 23,74% 19,64% 8,11% 11,58% 7,58% 13,42% 12,41% 18,34% 18,30%

Return on equity (ROE) 34,36% 26,66% 10,66% 13,27% 5,97% 8,55% 9,86% 17,48% 19,27%

Return on assets (ROA) 22,49% 17,72% 7,27% 8,51% 5,12% 7,50% 8,29% 14,44% 15,65% Return on capital employed (ROCE) 42,76% 27,79% 14,60% 17,19% -75,51% 8,60% 9,64% 17,93% 19,89%

Net debt (in EUR '000) -730,49 -1 028,33 -762,21 -1 297,29 -1 443,32 -4 124,58 -3 599,97 -4 210,94 -4 238,92

Equity ratio 65,44% 66,46% 68,24% 64,14% 85,79% 87,67% 84,08% 82,64% 81,21%

Current ratio 2,88 2,85 3,74 3,24 5,91 7,81 6,21 5,76 5,32 Quick ratio 2,88 2,71 3,51 2,94 5,70 7,67 6,11 5,68 5,24

Capex/Sales 0,002% 0,002% 0,002% 0,001% 0,000% 0,001% 0,001% 0,001% 0,001%

Working capital/Sales 51,00% 39,36% 60,20% 51,74% 51,16% 50,61% 50,61% 50,61% 50,61%


Revenues growth EBITDA growth

Revenues. Geographical structure - 2011 Revenues. Geographical structure – 2016e



6 Geographicalstructure

The company operates in five regions. The vast majority of the revenues have been generated in Portugal.

Quidgest is going to enter three new markets: China & Macao, Norway and Brazil. Based on the company’s

assumptions and our research we present forecasts of the future revenues and profitability across the

regions.

Turnover breakdown by geographical market currency: €

Country/ Region 2012 2013 2014 2015 2016

Portugal 2 324 166 2 072 425 2 334 917 2 412 776 2 521 213 Latin America 75 594 139 923 204 022 265 431 344 668 Mozambique 517 633 743 149 1 144 327 1 274 768 1 421 178 East Timor 316 648 373 568 531 173 678 655 869 553 Angola 484 568 563 415 785 438 980 198 1 223 241 China & Macao 141 704 936 045 1 384 834 1 819 970 2 380 546 Norway 342 452 532 491 803 522 1 081 337 1 452 492 Brazil 47 235 138 983 211 766 286 864 387 110

Total 4250000 5500000 7400000 8800000 10600000

EBITDA breakdown by geographical market currency: €

Country/ Region 2012 2013 2014 2015 2016

Portugal 74 472 -120 000 -95 213 -294 265 -355 580 Latin America -20 469 -26 723 -13 974 -7 938 49 691 Mozambique 220 500 345 000 613 000 673 923 712 298 East Timor 103 000 110 089 197 141 223 833 372 211 Angola 120 873 97 076 300 400 412 886 533 210 China & Macao 10 980 180 000 384 000 526 761 774 810 Norway 75 400 140 000 314 191 450 085 633 081 Brazil -6 659 4 700 24 484 63 449 124 162

Total 578096 730141 1724029 2048735 2843885

EBITDA Margin breakdown by geographical market currency: €

Country/ Region 2012 2013 2014 2015 2016

Portugal 3% -6% -4% -12% -14% Latin America -27% -19% -7% -3% 14% Mozambique 43% 46% 54% 53% 50% East Timor 33% 29% 37% 33% 43% Angola 25% 17% 38% 42% 44% China & Macao 8% 19% 28% 29% 33% Norway 22% 26% 39% 42% 44% Brazil -14% 3% 12% 22% 32% Total 14% 13% 23% 23% 27%




7 Summaryoffinancials

The following table summarizes the key financials and forecasts of the company.

Key Figure Unit: € Description 2010 2011 2012e 2013e

Net Sales 3 275 2 806 4 250 5 500

change y/y -14% 50% 29%

EBITDA 497 -20 578 730

EBITDA Margin 15% -1% 14% 13%

Net Income 380 214 570 682

Net Margin 12% 8% 13% 12%

Dr. Kalliwoda International | Research © 2012, Quidgest The company’s financial performance can be characterized as follows: Strong profitability ratios

On average during the period 2006 – 2011, the company achieved 13% growth in revenues, 15% growth in net income and impressive 20,9% growth in terms of return on equity. Anti-cyclical financial results

Quidgest maintained its profitability of the business during the financial crisis in 2008 and 2009, achieving double digit results in terms of return of equity and outperforming many other companies in the software industry. Diversification of business across low-correlated economies

The above mentioned features of the company financials are due to reasonable diversification of revenues. The company makes use of global diversification which makes its revenues’ flow smoother. This protects its business form a sharp decline in demand due to recession in one part of the world. Debt free company with positive cash position

The above mentioned profitability and positive cash flow allow Quidgest to finance its business using self-generated funds. This makes the company less risky and independent form changes in the debt market. Secure solvency and liquidity ratios

The company maintains high levels of current and equity/assets ratios. High standard of financial risk management

Surplus of cash is reasonably invested to gain positive interests. In spite of decline in euro rates in 2011 the company has successfully hedged its foreign investments and gained positive results due to exchange rates movements. This allows Quidgest to achieve positive net income in spite of the turbulence in the Eurozone. Lower revenues in 2011 due to lower demand

The general elections that took place in Portugal in mid of 2011, within the framework of the IMF intervention, resulted in nearly three quarters of public sector decision gap that was connected to IT investments. The company top line suffered from this effect. New deals in the international markets namely Angola, Mozambique and East Timor also did not materialize in the anticipated way not being enough to offset the fall in the domestic market.



8 CompanyOutlookandSummary

Although the Euro debt crisis is having a profound negative impact on the demand in the IT sector and thus on investment activity, Quidgest is optimistic when it comes to its development in the coming years. There are the following reasons which should contribute to positive outlook for the Quidgest.

The company has not realized growth potential in top-tier markets

Quidgest is ready to enter into new markets (China, Macao, Norway and Brazil) with its well established technology. We forecast that the company can achieve great increase in profitability by offering its services to the emerging countries due to lower personal costs. Important Takeover play even in the domestic market

Free - debt company with high and stable cash flow is a potential takeover target. Especially during crisis in the Eurozone and decrease in Euro exchange rates, the company can attract foreign capital. International presence with active projects in several markets

While the Eurozone is under pressure, the management is focusing on gaining shares in new markets which are low correlated with the Eurozone. This makes the revenues flow more secure and less volatile. Software generation platform not valued in the books

Technological advancement of the software generation platform is not at all reflected in actual assets and income statement of the company. There are great hidden intangible assets to uncover in the future. Well positioned in emerging economies

Quidgest is going to invest more in the fast growing markets: Africa, China, Norway and Brazil. These economies are forecasted to outperform developed economies in the next decade. We forecast that there will be a great demand for new technology across the target markets. Low capital expenditures and notably lower personal expenses should have a positive impact on profitability and cash flow of the company. The company should also gain from the predictions regarding the sector of software development. The GARTNER research unit predicts that:

• By 2012, agile development methods will be utilized in 80% of all software development projects

• By 2015, the use of cloud-delivered development tools will be involved in 25% of new projects

• By 2015, 25% of all Fortune 500 companies will have integrated discrete design teams into their application development processes

• Through 2015, the shift toward cloud architecture will create demand for new skills, practices and objectives for software quality

We used two valuation methods to estimate the Quidgest’s market value of equity. The DCF model incorporates the company outlook and our forecasts regarding future development of the company. The multiple approach is the more aggregated way to view the market value. This reflects the whole industry outlook. Both methods are useful to estimate the final market value of equity. Ourfinalestimateofmarketvaluebasedonmixedvaluationequals€ 13760000.



Primary Research │Fair Value Analysis │International Roadshows

Rüsterstraße 4a 60325 Frankfurt Tel.: 069-97 20 58 53 www.kalliwoda.net

Head: Dr. Norbert Kalliwoda

E-Mail: [email protected]

CEFA-Analyst; University of Frankfurt/Main; PhD in Economics; Dipl.-Kfm.

Sectors: IT, Sof ware, Electricals & Electronics, Mechanical Engineering, Logistics, Laser, Technology, Raw Materials

Dr. Peter Arendarski


Senior-Analyst, Msc & Ph.D in Finance (Poznan Univers. of Economics),CFA Level 3 Candidate

Sectors: Technology,Raw Materials, Banks & Insurances, Financial-Modelling (Quant., Buyside)

Patrick Bellmann


Junior-Analyst; WHU - Otto Beisheim School of Management, Vallendar (2012)

Sectors: Support Research and Quantitative Approach

Robin Andreas Braun


Junior-Analyst; University of Frankfurt/Main (2012)

Sectors: Support Research and Quantitative Approach

Michael John


Dipl.-Ing. (Aachen) Sectors: Chemicals, Chemical Engineering, Basic Metals, Renewable Energies, Laser/Physics

Maximilian F. Kaessens


Bachelor of Science in Business Administration (Babson College (05/2012), Babson Park, MA (US))

Sectors: Financials, Real Estate

Adrian Kowollik


Dipl.-Kfm.; Humboldt-Universität zu Berlin, CFA Candidate

Sectors: Media, Internet, Gaming, Technology, Eastern European stocks

Dr. Christoph Piechaczek


Dipl.-Biologist; Technical University Darmstadt; Univ. Witten-Herdecke.

Sectors: Biotech & Healthcare; Medical Technology Pharmaceutical

Hellmut Schaarschmidt; E-Mail: [email protected]

Dipl.-Geophysicists; University of Frankfurt/Main.

Sectors: Oil, Regenerative Energies, Specialties Chemicals, Utilities

Dr. Erik Schneider


Dipl.-Biologist; Technical University Darmstadt; Univ. Hamburg.

Sectors: Biotech & Healthcare; Medical Technology Pharmaceutical

David Schreindorfer


MBA, Economic Investment Management; Univ. Frankfurt/ Univ. Iowa (US).

Sectors: IT/Logistics; Quantitative Modelling

Nele Rave


Lawyer; Native Speaker, German School London,

Legal adviser

Analyst of this research: Dr. Norbert Kalliwoda, CEFA



KAUFEN: Die Aktie wird auf Basis unserer Prognosen auf Sicht von 12 Monaten eine Kursentwicklung von mindestens 10 % aufweisen

BUY

AKKUMULIEREN: Die Aktie wird auf Basis unserer Prognosen auf Sicht von 12 Monaten eine Kursentwicklung zwischen 5% und 10% aufweisen

ACCUMULATE

HALTEN: Die Aktie wird auf Basis unserer Prognosen auf Sicht von 12 Monaten eine Kursentwicklung zwischen 5% und - 5% aufweisen

HOLD

REDUZIEREN: Die Aktie wird auf Basis unserer Prognosen auf Sicht von 12 Monaten eine Kursentwicklung zwischen - 5% und - 10% aufweisen

REDUCE

VERKAUFEN: Die Aktie wird auf Basis unserer Prognosen auf Sicht von 12 Monaten eine Kursentwicklung von mindestens - 10 % aufweisen

SELL

Additional Disclosure/Erklärung DR. KALLIWODA RESEARCH GmbH bzw. DR. KALLIWODA INTERNATIONAL hat diese Analyse auf der Grundlage von allgemein zugänglichen Quellen, die als zuverlässig gelten, gefertigt. Wir arbeiten so exakt wie möglich. Wir können aber für die Ausgewogenheit, Genauigkeit, Richtigkeit und Vollständigkeit der Informationen und Meinungen keine Gewährleistung übernehmen. Diese Studie ersetzt nicht die persönliche Beratung. Diese Studie gilt nicht als Aufforderung zum Kauf oder Verkauf der in dieser Studie angesprochenen Anlageinstrumente. Daher rät DR.KALLIWODA RESEARCH GmbH bzw. DR. KALLIWODA INTERNATIONAL, sich vor einer Wertpapierdisposition an Ihren Bankberater oder Vermögensverwalter zu wenden. Diese Studie ist in Großbritannien nur zur Verteilung an Personen bestimmt, die in Art. 11 (3) des Financial Services Act 1986 (Investments Advertisements) (Exemptions) Order 1996 ( in der jeweils geltenden Fassung) beschrieben sind. Diese Studie darf weder direkt noch indirekt an einen anderen Kreis von Personen weitergeleitet werden. Die Verteilung dieser Studie in andere internationale Gerichtsbarkeiten kann durch Gesetz beschränkt sein und Personen, in deren Besitz diese Studie gelangt, sollten sich über gegebenenfalls vorhandene Beschränkungen informieren und diese einhalten. DR.KALLIWODA RESEARCH GmbH bzw. DR. KALLIWODA INTERNATIONAL sowie Mitarbeiter können Positionen in irgendwelchen in dieser Studie erwähnten Wertpapieren oder in damit zusammenhängenden Investments halten und können diese Wertpapiere oder damit zusammenhängende Investments jeweils aufstocken oder veräußern. Mögliche Interessenskonflikte Weder DR.KALLIWODA RESEARCH GmbH bzw. DR. KALLIWODA INTERNATIONAL noch ein mit ihr verbundenes Unternehmen a) hält in Wertpapieren, die Gegenstand dieser Studie sind, 1% oder mehr des Grundkapitals; b) war an einer Emission von Wertpapieren, die Gegenstand dieser Studie sind, beteiligt; c) hält an den Aktien des analysierten Unternehmens eine Netto-Verkaufsposition in Höhe von

mindestens 1% des Grundkapitals; d) hat die analysierten Wertpapiere auf Grund eines mit dem Emittenten abgeschlossenen

Vertrages an der Börse oder am Markt betreut. Nur mit dem Unternehmen Quidgest bestehen vertragliche Beziehungen zu DR.KALLIWODA RESEARCH GmbH bzw. DR. KALLIWODA INTERNATIONAL für die Erstellung von Research-Studien. Durch die Annahme dieses Dokumentes akzeptiert der Leser/Empfänger die Verbindlichkeit dieses Disclaimers.



DISCLAIMER The information and opinions in this analysis were prepared by DR. KALLIWODA | RESEARCH GmbH resp. DR. KALLIWODA INTERNATIONAL. The information herein is believed by DR. KALLIWODA | RESEARCH GmbH resp.. DR. KALLIWODA INTERNATIONAL to be reliable and has been obtained from public sources believed to be reliable. With the exception of information about DR. KALLIWODA | RESEARCH GmbH, DR resp. DR. KALLIWODA INTERNATIONAL. KALLIWODA | RESEARCH GmbH resp. DR. KALLIWODA INTERNATIONAL makes no representation as to the accuracy or completeness of such information. Opinions, estimates and projections in this report constitute the current judgement of the author as of the date of this analysis. They do not necessarily reflect the opinions, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate, except if research on the subject company is withdrawn. Prices and availability of financial instruments also are subject to change without notice. This report is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. The financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decision using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. If a financial instrument is denominated in a currency other than an investor´s currency, a change in exchange rates may adversely affect the price or value of, or the income derived from, the financial instrument, and such investor effectively assumes currency risk. In addition, income from an investment may fluctuate and the price or value of financial instruments described in this report, either directly or indirectly, may rise or fall. Furthermore, past performance is not necessarily indicative of future results. This report may not be reproduced, distributed or published by any person for any purpose without DR. KALLIWODA | RESEARCH GmbH´s resp. DR. KALLIWODA INTERNATIONAL prior written consent. Please cite source when quoting.

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Initial Coverage Quidgest - Kalliwoda · Quidgest is very active in the business field. The company developed many solutions tailored to the company’s target. Particularly interesting