Breakfast Briefing

Berenberg Conference Special

Berenberg Conference USA 2022 Review

Day 2: Tuesday 24 May 2022

Barco NV
Technology Hardware
Buy; PT: EUR27.00; current price: EUR21.12, 20 May 2021 Brussels Close
• Barco co-CEO Charles Beauduin and IR Carl Vanden Bussche presented a quietly confident outlook for
Barco on the second day of our US conference in Tarrytown, New York. In the short term, management is
not willing to give guidance beyond H1 2022, but we sensed clear confidence in the 14-17% EBITDA margin
target for 2023, suggesting that the margin should be better in 2023 than it was in 2019 (14.1%). While order
intake has performed strongly and order books are at record highs, the conversion into sales is being
hampered by component shortages and supply chain issues. Nonetheless, both ClickShare and the Cinema
business are expected to reach 2019 levels by Q1 next year at the latest.
• Mr Beauduin became co-CEO last year, following the board’s decision to remove the previous CEO given a
lack of growth at the company. Mr Beauduin cited the lack of growth at Barco over more than a decade:
“The company celebrated reaching USD1bn in revenue with a party – that was 15 years ago”. It was also felt
that previous management wanted a centralised organisation, which was not thought to be best suited to
Barco. The company was re-organised soon after the management change, with more direct reporting lines
to the CEO in a more decentralised organisation.
• There are two main debates or investor pushbacks on the Barco investment case. The first is on the cinema
business, with some investors feeling that cinema has been permanently impaired by the COVID-19
pandemic, as well as facing pressure from the shortening exclusive theatrical window and the rise of
streaming services. Mr Beauduin explained that cinema has always been under threat from multiple
sources, and has continued to survive. The “cash nature of the cinema business helped it to survive the
COVID-19 crisis, with cinema groups able to find help from banks and other sources to cover their fixed
costs whilst they were closed.
• The second area of debate is on ClickShare, its role in a hybrid working future, and its ability to compete
against the other larger players in the meeting room such as Logitech, Microsoft, Zoom and Cisco. Mr
Beauduin explained how ClickShare agnosticity – that it is able to work with whatever software the user
prefers, and with whatever hardware already exists in the meeting room – was the key to ClickShare’s
ongoing appeal. ClickShare Conference’s additional functionality attracts a higher price, yet the COGS in
the hardware are similar. The extra functionality is enabled via software, whose development has already
been expensed via the P&L, the clear implication being that ClickShare Conference should generate higher
profitability than the historical ClickShare business.
• Barco’s latest news in cinema was the announcement of a deal with AMC, historically not a Barco customer.
This is a deal to replace the Sony projectors that AMC has (Sony exited the market two years ago and its
existing projectors will have no support or service beyond 2026), but the business model is quite different
to the usual capex-based model. The AMC deal is on the cinema-as-a-service model, where AMC will
outsource the management of its projectors to Barco, in return for a recurring fee. Mr Beauduin feels that
Barco’s unique ability to offer such a model was a key factor in winning the business, and the longer-term
margin opportunity, as well as the chance to create recurring revenue instead of one-off revenue, was a
key advantage for Barco.
• Barco has more than EUR300m in net cash on its balance sheet and its track record on M&A has been poor.
Mr Beauduin and Barco’s chairman have been buying shares in the market, and have also opted to take
their dividends in shares too, yet the strong balance sheet is not being used to buy back shares. Mr
Beauduin explained that the board is cautious about M&A, given Barco’s poor track record at doing it.
However, it continues to seek opportunities to buy companies that could be used to leverage its attractive
installed base of customers that has resulted from its high market shares. If no such opportunities
materialise, the board has promised to return the cash to shareholders, with the suggestion that share
buybacks would be preferred to a special dividend, given the more attractive tax treatment.
• Readacross is limited: Management mentioned that its cinema customers were generally more and more
interested in outsourcing the operational and maintenance side of the projection activity to partners like
Barco, and that this was expected to drive interest in its cinema-as-a-service offer. Management also noted
that cinemas remained under pressure to differentiate their experience from that provided in the home.
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This has some potential readacross to Kinepolis and Cineworld, although we note that Kinepolis has clearly
rejected the idea of outsourcing its projectors to a third-party.
Trion Reid, trion.reid@berenberg.com, tel: +44 20 3753 3113

Boku Inc
Software & IT Services
Buy; PT: GBp270; current price: GBp110, 20 May 2021 London Close
• We hosted Boku’s CFO, Keith Butcher, at Tarrytown. During our fireside chat we discussed several key
topic areas that are driving the good performance of the business. Our conversation left us positive about
Boku’s outlook and position within the localised mobile payments market.
• Runway for continued progress in direct carrier billing (DCB): Mr Butcher reiterated that Boku has a long
period ahead of it in which it will enjoy continued double-digit growth in DCB. Interestingly, Boku’s
existing merchants are, on average, connected to only 10% of the mobile carriers on its platform, which
provides significant room for continued organic growth.
• Investment in Mobile First (M1ST) payments network is strategically significant: Boku continues to
invest in its M1ST network – the largest localised mobile payments platform globally, which combines DCB,
eWallets and real-time payment (RTP) schemes. With less than 15% of a digital merchant’s sales usually
charged to a phone bill, Mr Butcher explained that Boku is now expanding into regulated mobile payment
methods including eWallets and RTP schemes, which are relied upon by consumers outside of the western
world to make daily purchases. This investment has enabled Boku to scale its M1ST network to c7bn
accounts, of which, c3bn are now from eWallets and RTP schemes. The growth outlook remains very
strong, as Boku is now licensed to undertake regulated payments in 50 countries.
• Strong growth signals in localised mobile payment methods: Encouragingly, nearly half of Boku’s M1ST
accounts are non-DCB, as eWallets and RTP schemes monthly active users (MAU) grew by 10x in 2021. Mr
Butcher reiterated that this momentum is expected to continue, with half of the company’s growth in FY
2022E estimated to come from eWallets, and half from DCB. Interestingly, Mr Butcher stated that Boku is
live and processing eWallet payments for merchants in 13 countries, and more than five of the group’s top
10 merchants are now using it for mobile wallets and RTPs, in addition to DCB.
• Robust balance sheet for deployment on M&A: Following the sale of the Boku Identity division in February
2022 for USD32.3m, comprising a USD26.1m upfront cash payment and a deferred consideration of
USD6.2m, Boku has a robust balance sheet to drive growth through M&A. Mr Butcher indicated that
management is focused on buying with cash, without issuing equity. Mr Butcher said Boku’s M&A strategy
was focused on either: 1) acquiring localised mobile payment issuers that Boku could monetise through its
merchant network; or 2) acquiring merchant relationships that it could monetise through its payment
issuer network – to accelerate Boku’s fly wheel.
• Readacross: We are seeing a changing platform of commerce, away from one-off purchases towards
subscription purchases. This presents a new challenge for merchants, which must adapt by offering
features to help in customer acquisition, simplify repeat purchases and boost retention. The readacross is
positive for alternative payments platforms, which centre their offering on assisting merchants to onboard
and retain consumers on subscriptions. Those companies include Bango.
William Lindsay, william.lindsey@berenberg.com, tel: +44 20 3753 3242

Crayon Group Holding ASA

Software & IT Services
Buy; PT: NOK260.00; current price: NOK138.50, 20 May 2021 Oslo Close
• We hosted a fireside chat with Crayon’s CEO Melissa Mulholland and CFO Jon Birger Syvertsen. Following
the 40-minute discussion, we came away feeling positive about the progress Crayon is making in North
America, the prospects for margin uplift in its international markets once it gains scale and how the
integration of both the Rhipe and Sensa acquisitions is progressing for the company.
• A big deal in the US: During the fireside chat, Crayon’s CEO commented on the progress the company is
making with its expansion in the US. In particular, she highlighted a new Microsoft Azure software and
cloud-licensing win in the media sector worth USD145m spanning five years as a recent positive
development for the company. We think larger deals like this represent important customer references
which Crayon should be able to leverage as it continues to broaden its presence in the North American
market with local sales and service personnel.
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• International margin potential remains: Crayon’s international markets currently have an adjusted
EBITDA/gross profit margin of about 17%. However, Crayon’s management sees no structural reason why
the profitability in these regions cannot approach the c35% adjusted EBITDA/gross profit margin it is
showing in its core Nordic markets. Crayon’s CFO mentioned that while the company is close to showing
these levels of profitability in countries like Germany and India, it is still in the process of scaling up to
better cover its fixed costs in other, newer markets. We think this still leaves plenty of attractive and value-
accretive potential for Crayon to grow its bottom line as the company continues to gain scale
internationally.
• Integration of newly acquired assets progressing well but private company multiples have yet to come
down: During the fireside chat, Crayon’s management team mentioned that the extraction of synergies
and business performance for both its recent acquisitions of Rhipe and Sensa is progressing well. In
particular, management highlighted the high alignment of business models across the three companies as
one contributing factor. Regarding new acquisitions, management explained that private company
multiples have not yet reflected the de-rating of other technology stocks in public markets but that this
may occur at a later stage, which we think could open up opportunities in markets like Europe or North
America.
• Readacross: Crayon’s management team highlighted that the “war for talent” in the technology industry
is about more than just money, it is also about creating a stimulating workplace – for example, where
highly skilled employees are able to take technical concept creation through to final delivery at a client.
The company also mentioned that wage inflation is also not equally apparent in all regions globally, with
greater pressures being felt in the US, for example.
Karl-Oskar Vikström, karl-oskar.vikstroem@berenberg.com, tel: +44 20 3465 2647

Criteo SA
Media
Buy; PT: USD58.50; current price: USD26.62, 20 May 2021 New York Close
• No direct readacross from Snap warning: Despite Snap warning on Monday about advertising headwinds,
Criteo CFO Sarah Glickman presented a cautiously positive tone at our US conference. She noted that the
company has less exposure to the iOS environment, which is clearly one of Snap’s difficulties, but also
highlighted that in a tougher economic environment, brand advertising is likely to be cut back, with directly
measurable performance-based advertising (the vast bulk of Criteo’s revenue stream) gaining
commensurate share. Meanwhile, while the company may expect some headwinds from slower e-
commerce-related ad spend, the travel segment continues to recover. Ms Glickman confirmed that this
segment was at c45% of pre-COVID-19 pandemic levels in Q1 and should show sequential improvement in
Q2.
• Retail media a huge growth opportunity: As we have heard from many retailers and marketplace
operators in recent months, retail media is the marketing strategy “du jour”, and Criteo, as the leading
player in both Europe and the US (as it relates to the open internet), is clearly benefiting from this, with
new clients being onboarded and higher budgets being allocated, as trade marketing dollars are shifted to
retail media advertising. The addition of offsite retail media (advertising being placed outside of the retailer
site) offers huge upside, and currently represents only a fraction of the group’s retail media revenue. It is
also an area that plays into Criteo’s strengths as one of the biggest buyers of open internet advertising
globally.
• Still keen on IPONWEB: Consistent with what we heard at its Q1 results, Criteo continues its commercial
partnership with IPONWEB, and remains focused on closing the purchase of that company, although
clearly the terms of the deal will need to be recut to reflect the fact that the R&D department is being
migrated away from Russia, a process which should be completed by the end of the year. We suspect that
the new deal structure could involve a higher degree of earn-out (to de-risk the process associated with the
aforementioned migration). We remain convinced of the strategic benefits of this transaction, and believe
that it will further accelerate the group’s strategic aims.
• Neutralising the dependency on third-party identifiers: While the timeline for the deprecation of cookies
is still uncertain (our industry sources have suggested a further delay for the current H2 2023 plan), Criteo
continues to focus on reducing its dependency on cookies and other third-party identifiers such as Apple’s
IDFA or the Google equivalent. The company is excited about the tests that it has done with advertisers
with its Similar Audience product, which have allowed advertisers to achieve similar audience reach and
ad spend as that which was possible prior to Apple restricting access to IDFA. In theory, this should imply
that Criteo is broadly neutral to the deprecation of cookies (and mobile identifiers), which would in turn
suggest that consensus estimate are too low for H2 2023 and for 2024 and beyond. With current multiples
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suggesting that the buy-side does not even believe in current estimates, we think there is significant
potential for Criteo’s stock, with both relating and upgrades both likely.
Sarah Simon, sarah.simon@berenberg.com, tel: +44 20 3207 7830

Esker SA
Software & IT Services
Buy; PT: EUR300.00; current price: EUR145.20, 20 May 2021 Paris Close
• Esker’s COO Emmanuel Olivier gave a confident presentation to delegates at Tarrytown, introducing the
company and providing a broad overview of the equity story. The company is a leading French document
process automation (DPA) software developer, which helps transform companies’ order to cash (order
management and accounts receivable) and purchase to pay (purchasing and accounts payable) cycles (ie
back office processes) from being paper-based to digital.
• The COO mentioned how Esker is addressing a large market which according to analyst estimates is
growing at a 12-15% CAGR for a size of at least USD5bn-10bn. If payments are added on top of this market
estimate, the opportunity is significant as most of the B2B payments in the US are still paper-based. Overall,
the market is not saturated and a lot of growth opportunity exists.
• The company is very well placed to capture this growth due to its unique product proposition (ie it covers
both the order to cash and the procure to pay cycles whereas competitors are typically point solutions).
Moreover, Esker is focused on high customer satisfaction and experience.
• Esker is focused on constantly developing its product and launching new solutions (eg customer inquiry
management solutions, claims and deductions solutions). This is done mostly organically in order to
ensure that Esker offers an integrated solution that ensures ease of use and customer satisfaction.
However, Esker did carry out some recent M&A and intends to continue doing so to increase its solution
set.
• If the macroeconomic environment slows, the company could experience lower revenue growth (ie a lower
number of document volumes on its platform) and a longer sales cycle as prospective clients are more
conservative with investment decisions. As such, Esker is conservative in its revenue guidance (c15-16%
growth yoy in organic terms) and in its estimates of the value of new contracts (it expects c15% yoy growth).
Moreover, Esker is decreasing exposure to document volumes through increasing its solutions offering not
related to volumes (eg credit management solutions) and by selling fixed-fee-only new contracts.
• Readacross: Esker’s commentary on the large market size and opportunity is positive for e-invoicing peers
such as Unifiedpost and Coupa.
Andreas Markou, andreas.markou@berenberg.com, tel: +44 20 3753 3022

flatexDEGIRO AG
Diversified Financials
Buy; PT: EUR38.00; current price: EUR13.26, 20 May 2021 XETRA Close
• We hosted flatexDEGIRO’s CFO Muhamad Chahrour for a fireside chat. The discussion highlighted the
group’s impressive growth trend since the acquisition of DEGIRO in 2020, after which the group has
become Europe’s largest and fastest-growing online broker with more than 2m customers. Despite a
currently challenging market environment amid a subdued retail investment appetite, the company
expects to continue to win market share across Europe while the scalability of the business should drive
margins gradually higher.
• Sustainable competitive advantage: The group’s unique pan-European presence gives it an important
competitive advantage. It provides a large growth opportunity across its fragmented addressable market
while the superior scale allows for lower prices compared to competitors. Moreover, the company expects
the under-developed brokerage markets in continental Europe to grow attractively due to a number of
secular trends. As such, flatexDEGIRO should be well positioned to experience strong growth over the
medium term.
• Subdued trading appetite among retail investors: Following a period of elevated trading activity in 2020
and 2021, accelerating inflation, geopolitical uncertainty and the correction of equity prices have been
weighing on the trading appetite of retail investors. As a result, the number of trades carried out by
customers came down in Q1 across the online brokerage sector. This trend has been continuing since then
and has translated into a drag on flatexDEGIRO’s income and earnings generation over the short term.
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• Significant improvements in monetisation: The group’s revenue per trade metric has gradually climbed
over the last five quarters. The CFO considers this improvement to be sustainable – the result of several
initiatives across the DEGIRO brand management implemented last year. These include an accretive
pricing overhaul, the introduction of early and late trading as well as the launch of partnerships for
exchange traded products (ETPs). The company believes that it has not yet reached a ceiling and that
further monetisation improvements are possible over the coming years.
• No risk from a potential ban of payment for order flow (PFOF): Despite the intensified public debate
about a potential ban of PFOF in Europe, flatexDEGIRO believes that visibility on this actually happening
is still low. The direct impact on the business would be negligible, with less than 1% of total revenues
currently stemming from such agreements. At the same time, competitors with a significantly higher
dependence on PFOF might be forced to increase prices.
• Rising interest rates provide upside: A positive interest rate environment could mean material upside
potential for flatexDEGIRO’s earnings as it would allow the company to generate additional interest income
with its customer’s cash deposits. At the moment, the company parks the majority of these deposits at the
ECB, for which it has to pay a 0.5% negative interest rate. If interest rates were to rise by 100bp, this would
add cEUR15m-20m in pre-tax earnings.
• Product initiatives to add new income streams: Over the coming months, flatexDEGIRO will add robo-
advisory and crypto trading offerings to its platform. These initiatives will enlarge the revenue opportunity
with existing users and might also attract new customers to the company. Hence, there is upside
optionality from the new services, but at this stage it is difficult to quantify the potential benefit.
Christoph Greulich, christoph.greulich@berenberg.com, tel: +44 20 3753 3119

Media and Games Invest SE

Media
Buy; PT: EUR5.50; current price: EUR3.14, 20 May 2021 XETRA Close
• We hosted Media and Games Invest’s (MGI) chairman and CEO, Remco Westermann, and CFO, Paul Echt,
on the second afternoon of the conference. During our fireside chat, we discussed several key topic areas
which are driving the good performance of the business. Our conversation left us positive about MGI’s
outlook and position within the media value chain.
• A unique asset well positioned in a changing landscape: Mr Westermann reiterated that MGI’s vertically
integrated model – from content to media services – leaves the business very well positioned in the
changing regulatory and data privacy media landscape. MGI’s evolution to an ad-software platform has
accelerated over the last year and by the acquisitions of Smaato and AxesInMotion which have significantly
increased the first-party data and advertising network. With the deprecation of third-party mobile
identifiers for advertising tracking, MGI’s self-sufficient ecosystem is predominantly reliant on first-party
data – ie a content fortress – and is of growing value, in our view.
• Continuing to outperform the market: MGI has continued to trade well of late. In FY 2021 (to December
2021), MGI delivered 38% organic growth and solid margin improvement also – significantly
outperforming the broader media market. In Q1 2021, this momentum has continued, with delivered Q1
2022 revenue and EBITDA of EUR65.9m (up by 27% yoy) and EUR17.6m (up by 30% yoy) respectively, both
at the upper end of MGI’s guidance for FY 2022, primarily driven by organic growth. MGI’s management
puts much of this down to the evolution of MGI’s ad software platform, as discussed above, and the value
that it delivers to clients resulting in market share gains. The growth outlook remains very strong, with
management confident it can continue to deliver strong organic growth which will be boosted further by
recent M&A and resulting synergies.
• AxesInMotion acquisition strategically significant: On 28 April, MGI acquired AIM, a fast-growing mobile
games developer, for EUR55m (9.1x FY 2022 EBITDA), plus an up to EUR110m earn-out if EBITDA targets
are achieved in 2022-24 (8.3x FY 2024 EBITDA). The company has generated over 700m downloads since
2014, achieving over 25m downloads per quarter since 2019 according to Sensor Tower data. AIM grew
sales at a 36% CAGR in 2018-21. Management is confident that the integration with MGI’s ad software
platform will yield significant synergies, both for AxesInMotion through optimisation of its user
acquisition and monetisation of own ad inventory (87% of revenue), as well as adding very significant first-
party data and increased ad network reach to MGI’s core ad platform. In our view, the acquisition of AIM
is reflective of MGI’s focus on its transformation into an ad-software platform. MGI believes it can help
grow AIM’s sales by 165% and adjusted EBITDA by 176% in the medium term, which would drive very
significant upside to our estimates.
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• Long-term targets: MGI reiterated its long-term financial targets of 25-30% sales growth, achieved both
organically and via M&A, and 25-30% adjusted margin, while maintaining net debt below 3x EBITDA. M&A
will be focused on mobile advertising demand side platform (DSP), and growing its mobile games portfolio,
which – in turn – also helps the media division through more first-party user data and owned mobile
advertising inventory. Collectively, we think that this will further strengthen MGI’s content fortress
flywheel on mobile. While MGI’s 2x FY 2022 leverage ratio leaves some room for bolt-on deals, the weak
share price likely takes equity funding off the table, in our view. As such, we suspect MGI will push more
of the consideration into earn-outs, payable with cash or shares, to help balance sheet liquidity and avoid
raising equity at the current share price.
• Readacross: The readacross is positive for advertising platforms which centre their offering on first-party
data, contextual advertising, vertically integrated marketing platforms (ie own content, users and ad
technology) and its endemic audience is well positioned in the evolving privacy landscape. Those
companies include Future as well as non-covered companies such as LBG Media, Applovin and ironSource.
Edward James, edward.james@berenberg.com, tel: +44 20 3207 7811

Molten Ventures plc

Software & IT Services
Buy; PT: GBp1,300; current price: GBp543, 20 May 2021 London Close
• During our fireside chat with Molten Ventures’ CEO Martin Davis, we discussed several key topic areas
which are driving the good performance of the business. Our conversation left us positive about Molten
Ventures’ outlook.
• Valuations under control: While the public markets have experienced a pullback in valuations, Mr Davis
said that Molten has revenue growth in its underlying portfolio of 50-100%. The by-product is that the
near-term 20-30% compression in multiples makes little impact to NAV growth for its underlying
businesses. Equally, the CEO expressed that very rarely does Molten take the full valuation of an asset on
its balance sheet (bar for listed assets in which it must do). Management holds biannual reviews of the
group’s assets, and if issues arise it will begin walking down asset values far in advance of any business
challenges. Management also ensures that Molten is at the top of the preference share structure so that it
can exit early if it needs to. This affords less volatility and has meant that the company can keep its NAV
growth within a tight forecast range.
• Fair value growth: While Mr Davis reiterated that Molten will deliver 35% fair value growth in its recent
trading update, he explained that this was in fact a conservative estimate given the progression being made
in many of the businesses. It sounded as though there were several businesses closing big valuation
rounds, too. The CEO said that this would more than compensate for the GBP100m mark-down in asset
value for its listed assets Trustpilot, UiPath and Cazoo.
• Cash flow: Mr Davis confirmed that typically 70% of cash realisations are made via a trade sale and while
there are five assets that could issue an IPO if the markets return, Molten does not need them to. With
realisations in the private market are still very healthy, management expects no issue yielding 10% of gross
portfolio value back each year in cash. With investment up to shareholders, the business believes it is in a
strong position to deploy cash still. With GBP75m of untapped debt too, the company feels it has options.
• Share buyback: When asked about whether the company would buy back shares, the CEO had an
interesting response; notably, that it would not do so as it would rather use the cash to generate possible
10x returns. Even if Molten is undervalued, it cannot generate 10x of returns in a short period in time and
therefore the opportunity cost of pursuing a buyback would be significant while there are still investment
opportunities. The only reason the company would undertake a buyback would be if cash inflows from
realisations were so strong that the company could not deploy capital. For now, management does not
think this as an issue until the company is at least 2-3x its size.
• Overall, Mr Davis gave a clear message to investors not to be concerned with public market valuations on
screen. Private markets were healthier and the growth in revenues of its businesses more than supports
the valuations of its businesses alone, even if there is a continued suppression in multiples.
Benjamin May, benjamin.may@berenberg.com, tel: +44 20 3465 2667
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PATRIZIA AG
Real Estate
Buy; PT: EUR21.80; current price: EUR12.26, 20 May 2021 XETRA Close
• Having lowered its FY 2022 guidance at its recent Q1 results – it is now targeting EBITDA of EUR100m-
120m (down from the previous guidance of EUR120m-145m) – PATRIZIA revealed at our US conference at
Tarrytown that the underlying demand for real estate from its growing and international client base
remains high. PATRIZIA now has EUR55bn of assets under management and is aiming to grow particularly
its exposure to infrastructure (currently 17%) following the recent acquisition of Whitehelm Capital. As
Whitehelm Capital also has expertise in real estate debt asset management, PATRIZIA also sees attractive
growth opportunities in this segment. The main reason for lowering its full-year outlook at the Q1 results
was the lower transaction volumes on the European real estate markets.
• PATRIZIA’s underlying income stream remains highly predictable, as about 80% of its underlying
mandates from institutional clients have a maturity of 10 years or longer. Also, the underlying client base
is highly diversified and the company has been making good progress in terms of raising funds in Asia for
investment in real estate in Europe. PATRIZIA confirmed this year’s outlook for asset management fees of
EUR245m-260m and said that it expected assets under management to reach EUR57bn-60bn.
• Operationally, 2022 will be somewhat of a transition year for PATRIZIA as it will include the integration of
Whitehelm as well as higher costs for the termination of some investments in real estate technology
companies. As a result, it expects that the EBITDA margin will only reach 29.9-32.4% this year, compared
to the previous target of 34.6-38.2%.
• With almost EUR0.5bn of available liquidity, PATRIZIA’s financial profile is very solid and it will enable the
company to finance additional M&A investments.
• We gained a positive impression from PATRIZIA at our conference; the company benefits from its rock-
solid financials with available liquidity of about EUR0.5bn at end-March and an equity ratio of 72%.
Kai Klose, kai.klose@berenberg.com, tel: +44 20 3207 7888

Scout24 SEp
Media
Buy; PT: EUR70.00; current price: EUR56.98, 20 May 2021 XETRA Close
• Confident presentation by Scout24 CEO Tobias Hartmann: After a very strong Q1, with 15.1% revenue
growth, Scout24 is well on track to deliver growth at the upper end of its guidance range for FY 2022. We
believe there is upside risk to consensus estimates, given that the price increases pushed through in Q1 had
a somewhat modest effect on revenue growth in the first quarter. Meanwhile, we expect the lead generation
business should benefit from the ramp-up in leads over the past 18 months, given the lag in revenue
generation from the Immoverkauf24 revenue-sharing model. Management noted that price increases have
generally landed well with the agent customer base, with a good drop-through to the bottom line.
• Clear profitability levers: While the core listings business could clearly support margins of above 60%, the
integration of three loss-making businesses over the past 18 months – a strategy that has accelerated the
development of the group’s full ecosystem of services – has diluted profitability in the near term. However,
the incremental margins on the consumer subscription revenues are very high, and these are growing as a
percentage of group revenues. 2022 will remain a year of investment, but we expect substantial operating
leverage from 2023, and for margins to consequently return to 60%, with the potential to go even higher
than this in the medium term, in our view.
• Resilience in the face of rising economic challenges: Management believes that the company is well
positioned in a situation of weakening consumer confidence. The sellers’ market already implies
headwinds for Scout24 (agents need less help with selling/renting properties), whereas a tougher
environment could create opportunities to upsell/cross-sell additional visibility products. The company’s
exceptionally low exposure to advertising (less than 1.5% of revenue) means that it should not face the
headwinds recently highlighted by classifieds peer Adevinta.
• Continued cash returns likely: Management reiterated that the strong cash flow generation of the business
will support ongoing share buybacks, as well as dividends (50% payout was confirmed). This means that
investors in Scout24 can look forward to a total return driven by: 1) EBITDA growth, 2) dividends and 3)
share buybacks. In addition, we think that investor appreciation of the strong double-digit growth ought
to support upside to multiples as well.
Sarah Simon, sarah.simon@berenberg.com, tel: +44 20 3207 7830
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SECO SpA
Technology Hardware
Buy; PT: EUR10.00; current price: EUR5.76, 20 May 2021 Milan Close
• SECO’s CEO, Massimo Mauri, delivered a confident presentation at our conference on the back of
encouraging growth trends for the company’s underlying market, the value add of its solutions for
customers and the ongoing business model shift from hardware to software. Mr Mauri gave a detailed
commentary on the competitiveness of SECO’s offering, its recent deal with Camozzi, the integration
progress for Garz & Fricke (the acquisition that marked a key milestone in SECO’s transformation), current
supply chain constraints and related mitigating actions.
• CLEA (software services) is gaining increasing traction among customers: Mr Mauri said that the take-
up of CLEA among customers has been better than expected, with CLEA accounting for 9% of total revenue
in the last quarter (versus 4% in 2021). The CEO reiterated his confidence in achieving the target of 500k
units to be installed between 2022 and 2023.
• A business moving towards value added software solutions: Since 2018, SECO has been transforming its
business model, scaling up the value chain from a hardware to a software company. The shift is
underpinned by the recent acquisition of Camozzi Digital, which will speed up the creation of the SECO
app store, which the company plans to launch in March 2023. Customers will be able to partner with SECO
to develop their own apps, and offer those apps to their end-users. This will represent an additional stream
of recurring revenues for SECO, providing additional visibility on the top line, and further consolidating
its competitive advantage compared to traditional hardware players.
• SECO’s key differentiation points: 1) SECO offers a high degree of customisation to optimise cost and
performance for its clients, while its competition tends to focus on a standard modular offering. 2) SECO
is the only player offering an end-to-end solution enabling clients to use AI on their products and
generating personalised outputs. We note that SECO employs c180 people in AI (including Camozzi Digital)
due to its increasing focus on the value-added services business. 3) Generally, SECO addresses mid-sized
players that are leaders in their segments, establishing long-term relationships with them. These clients
receive a complete end-to-end solution from SECO encompassing hardware and software, at a fair price
relative to their spending power. However, large multinational clients, which are the main target customers
of SECO’s competitors, tend to buy hardware and software solutions separately, a process which can be
quite pricey compared to SECO’s, and this is not practicable for smaller companies.
• The Garz & Fricke integration is proceeding in line with expectations: SECO has already achieved a
significant part of its targeted cost synergies from the Garz & Fricke acquisition, and management is
confident that the remaining synergies will be achieved before 2023. As a reminder, after the acquisition
announcement in October 2021, from January 2022 the acquired business has been operating under the
name of SECO Northern Europe and SECO Mind Germany.
• Electronics components shortage has affected 2021/2022 performance, but headwinds are expected to
ease by the end of the year: Management has been implementing multiple actions to mitigate the effects
of the supply chain shortage and on its margins: 1) SECO has secured increased inventories levels, to make
sure it can deliver its orders on time; 2) it has negotiated pricing increases with customers, starting from
Q4 2021; 3) in some cases, it has sourced extra components from brokers, and passed on the extra “broker
cost” to those customers that agreed with this policy; 4) some products have been redesigned to avoid
including the components affected by the shortage. Management is confident that the gross margin will
improve from next quarter, as the effect of additional pricing actions should soon start to bear fruit.
• We come away convinced that SECO’s long-term opportunity is solid, and current valuation offers an
attractive entry point: SECO trades on c14x FY 2023E EV/EBITDA for a c36% 2022-25 adjusted EBITDA
CAGR – a valuation that, in our view, does not factor in the full growth potential of the company. We believe
that this will be further confirmed in June this year, when the company will provide an update on the 2023
CLEA targets, and we believe that the current valuation level presents an interesting entry opportunity.
Anna Frontani, anna.frontani@berenberg.com, tel: +44 20 3465 2697

Shop Apotheke Europe NV

General Retail
Buy; PT: EUR125.00; current price: EUR89.88, 20 May 2021 XETRA Close
• Shop Apotheke was represented by CEO Stefan Feltens and CFO Jasper Eenhorst on day two of our
Berenberg Conference USA.
• Pending news about the e-script roll-out: Most of the six criteria for the potential full roll-out of e-scripts
in Germany that Gematik specified in January 2022 have now been met. In addition, 20k e-scripts have
Breakfast Briefing
Berenberg Conference Special

been processed out of the 30k target given by the German government, with an increasing daily run-rate
now running to c500 per day. Based on this, Shop Apotheke expects the next Gematik meeting at the end
of May to provide clearer visibility about the national roll-out of e-scripts. Shop Apotheke believes that a
timeline could be set even before 30k e-scripts have been processed during the trial period.
• Cost inflation under control: Shop Apotheke expects pharmaceutical prices to rise in H1 2022; however,
for its main cost item, marketing expenses do not currently take account of cost inflation. Marketing
efficiency has been affected by lower consumer confidence, resulting in slightly lower basket sizes as
consumers have started saving on discretionary beauty products. Online pharmacies, however, benefit
from their cost advantage in over-the-counter products compared to stationary pharmacies and thus allow
consumers to save money.
• Profitable DACH business and logistics capacity in place: Management reiterated that its EBITDA in the
DACH region has consistently been positive despite the significant growth investments for the upcoming
e-scripts. Shop Apotheke’s new logistics capacity allows for cEUR2bn of annual revenues, up from EUR1bn
previously. Following this investment, capex should normalise to 3-4% of sales in the future, resulting in
limited future cash burn we believe.
• Readacross: We believe that positive newsflow about the e-scripts roll-out will also benefit Shop
Apotheke’s main peer Zur Rose. However, we note that Shop Apotheke has stronger growth prospects with
a better margin and cash flow profile.
Gerhard Orgonas, gerhard.orgonas@berenberg.com, tel: +44 20 3465 2635

Tecan Group AG
Med. Tech/Services
Buy; PT: CHF467.00; current price: CHF302.40, 20 May 2021 SWX Swiss Exchange Close
• Tecan’s CEO (Dr Achim von Leoprechting), CFO (Tania Micki) and head of investor relations (Martin
Braendle) held an open fireside chat at this year’s Tarrytown conference, which was very well attended.
Management struck a confident tone on post-COVID-19 revenue development. The company is currently
experiencing strong demand that is compensating for declining sales from COVID-19 tests. The
momentum is strong in both the Life Sciences and OEM divisions.
• As far as it can tell, Tecan has not experienced a significant pull-forward in demand. The pandemic
triggered an acceleration in adoption of lab automation, especially in relation to new customers. The
adoption of lab automation has also been driven by the growing lack of trained lab personnel. Increasing
wage inflation has also prompted the company to further automate its labs and reorder its systems.
Management does not expect that most of its instruments installed for PCR tests will be mothballed, as it
anticipates strong testing demand in other infectious disease applications such as oncology or transfusion
medicine. COVID-19-based tests represent just a fraction of what Tecan instruments can do. Intensively-
used systems for PCR testing are wearing out relatively quickly and are already resulting in higher revenues
from services and spare parts. Some of these systems will likely need to be replaced soon, providing an
additional growth lever.
• Launching MagicPrep: Regarding new launches, MagicPrep is a major highlight in 2022. Unlike other
next-generation sequencing (NGS) platforms, MagicPrep is a truly closed system that comprises reagents,
instruments and a very compact kit, designed in such a way that there is no need to refrigerate reagents
when they are sent around the world – indeed, they have to be kept at room temperature, which makes
logistics very easy. Management is excited about the feedback from the first users of MagicPrep. The quick
set-up time is one of the key USPs of this instrument, at about 10 minutes (hence “load and go”). The results
of DNA library preparation for NGS come out just a few hours later, ready to be sequenced. The market
opportunity for this instrument is substantial and covers biopharma, academia and core labs, with an
estimated total addressable market of USD650m.
• Cost inflation can be passed through, but with a delay: Tecan is able to pass on cost inflation to customers
especially in the Life Sciences and Paramit businesses. In OEM business (ex-Paramit), this can be done with
a delay due to longer-term contracts, with inflation clauses coming into effect at the end of the year.
• Well prepared for potential supply shortages: Tecan is well prepared for potential supply shortages due
to lockdowns in China. The team that was established to cope with these issues at the beginning of the
pandemic in 2020 is still working in “taskforce mode”.
• M&A optionality: The integration of the Paramit acquisition is progressing well, and the company
continues to look for further M&A opportunities, especially in the Life Sciences space.
Igor Kim, igor.kim@berenberg.com, tel: +49 69 9130 9471
Contacts: Investment Banking
www.berenberg.com
e-mail: firstname.lastname@berenberg.com / e-mail US: firstname.lastname@berenberg-us.com

JOH. BERENBERG, GOSSLER & CO. KG

Internet www.berenberg.com E-mail: firstname.lastname@berenberg.com

EQUITY RESEARCH
GENERAL MID CAP BUSINESS SERVICES, LEISURE & TRANSPORT MATERIALS
MID CAP - DACH BUSINESS SERVICES BANKS AND DIVERSIFIED FINANCIALS (ctd) CHEMICALS
Catharina Claes +44 20 3207 7855 Tom Burlton +44 20 3207 7852 Eoin Mullany +44 20 3207 7854 Sebastian Bray +44 20 3753 3011
Charlotte Friedrichs +44 20 3753 3077 Cormac Keane +44 20 3753 3220 Hal Potter +44 20 3207 7932 Andres Castanos-Mollor +44 20 3753 3218
Gustav Froberg +44 20 3465 2655 LEISURE Peter Richardson +44 20 3465 2681 Priyanka Patel +44 20 3465 2686
Thomas Junghanns +49 69 9130 90470 Jack Cummings +44 20 3753 3161 INSURANCE Adrien Tamagno +44 20 3753 3057
Igor Kim +49 69 9130 90471 Stuart Gordon +44 20 3207 7858 Thomas Bateman +44 20 3465 2665 CONSTRUCTION
Erik Moberg +44 20 3753 3099 Benjamin Sandland-Taylor +44 20 3753 3151 Michael Huttner +44 20 3207 7892 Harry Goad +44 20 3753 3061
Gerhard Orgonas +44 20 3465 2635 TRANSPORT & LOGISTICS Kathryn Fear +44 20 3753 3247 METALS & MINING
Benjamin Thielmann +49 69 9130 90593 Conor Dwyer +44 20 3753 3216 Tryfonas Spyrou +44 20 3753 3058 Oliver Grewcock +44 20 3753 3215
Wolfgang Specht +49 69 9130 90476 William Fitzalan Howard +44 20 3465 2640 REAL ESTATE Jonathan Guy +44 20 3753 3379
Yasmin Steilen +49 69 9130 90739 Kai Klose +44 20 3207 7888 Richard Hatch +44 20 3753 3070
Lasse Stueben +44 20 3753 3208 CONSUMER Nithin Kumar Devaraj +44 20 3465 2680 Charlie Rothbarth +44 20 3753 3105
Karl-Oskar Vikstroem +44 20 3465 2647 BEVERAGES
MID CAP - EU core Oliver Anderson +44 20 3753 3173 HEALTHCARE TMT
Edward Bottomley +44 20 3465 2746 Javier Gonzalez Lastra +44 20 3465 2719 MED. TECH/SERVICES TECHNOLOGY
Fraser Donlon +44 20 3465 2674 Ellis Gooden +44 20 3753 3199 Beatrice Allen +44 20 3465 2662 Nay Soe Naing +44 20 3753 3131
Anna Frontani +44 20 3465 2697 FOOD MANUFACTURING AND HPC Sam England +44 20 3465 2687 Tammy Qiu +44 20 3465 2673
Remi Grenu +44 20 3207 7806 Fulvio Cazzol +44 20 3207 7840 Tom Jones +44 20 3207 7877 MEDIA
Christoph Greulich +44 20 3753 3119 Samantha Darbyshire +44 20 3753 3144 Victoria Lambert +44 20 3753 7829 Jamie Bass +44 20 3753 3217
Vasiliki Kotlida +44 20 3207 7844 James Targett +44 20 3207 7873 Edward Leane +44 20 3753 3047 Laura Janssens +44 20 3465 2639
Andreas Markou +44 20 3753 3022 GENERAL RETAIL Odysseas Manesiotis +44 20 3753 3200 Saim Saeed +44 20 3465 2748
Giovanni Selvetti +44 20 3753 2660 Sam Parry +44 20 3465 2690 PHARMACEUTICALS Sarah Simon +44 20 3207 7830
Axel Stasse +44 20 3753 3191 Graham Renwick +44 20 3207 7851 Xian Deng +44 20 3753 3014 TELECOMMUNICATIONS
Trion Reid +44 20 3753 3113 Luisa Hector +44 20 3753 3266 Usman Ghazi +44 20 3207 7824
MID CAP - UK ENERGY Kerry Holford +44 20 3207 7934 Laura Janssens +44 20 3465 2639
Charlotte Barrie +44 20 3753 3123 OIL & GAS Diana Na +44 20 3753 3181 Abhilash Mohapatra +44 20 3465 2644
Calum Battersby +44 20 3753 3118 Daniel Bothe +44 20 3753 3231 Ellie Roberts +44 20 3753 3127 Carl Murdock-Smith +44 20 3207 7918
James Bayliss +44 20 3753 3274 James Carmichael +44 20 3465 2749
Michael Benedict +44 20 3753 3175 Richard Dawson +44 20 3207 7835 INDUSTRIALS ECONOMICS
Joseph Bloomfield +44 20 3753 3248 David Eves +44 20 3207 7843 AEROSPACE & DEFENCE Kallum Pickering +44 20 3465 2672
Alexander Bowers +44 20 3753 3275 Henry Tarr +44 20 3207 7827 Ross Law +44 20 3465 2692 Holger Schmieding +44 20 3207 7889
Robert Chantry +44 20 3207 7861 UTILITIES George McWhirter +44 20 3753 3163 EQUITY STRATEGY
Thomas Davies +44 20 3753 3104 Andrew Fisher +44 20 3207 7937 AUTOMOTIVES Edward Abbott +44 20 3207 7871
Joseph George +44 20 3207 7880 Amber Gleeson +44 20 3753 3034 Romain Gourvil +44 20 3465 2722 Jonathan Stubbs +44 20 3207 7916
Ned Hammond +44 20 3753 3017 Marc Ip Tat Kuen +44 20 3465 2682 Adrian Yanoshik +44 20 3753 3073 ESG
Tom Horne +44 20 3207 7913 CAPITAL GOODS Ned Hammond +44 20 3753 3017
Edward James +44 20 3207 7811 FINANCIALS Laurence Brunt +44 20 3753 3162 INVESTMENT TRUSTS
Lydia Kenny +44 20 3753 3105 BANKS AND DIVERSIFIED FINANCIALS Marta Bruska +44 20 3753 3187 Myrto Charamis +44 20 3465 2716
Kieran Lee +44 20 3465 2736 Adam Barrass +44 20 3207 7923 Philip Buller +44 20 3753 3071 Max Haycock +44 20 3753 3098
William Lindsay +44 20 3753 3242 Michael Christodoulou +44 20 3207 7920 Philippe Lorrain +44 20 3207 7823 THEMATIC RESEARCH
Lush Mahendrarajah +44 20 3207 7896 Andrew Lowe +44 20 3465 2743 Anthony Manning +44 20 3753 3092 Toni Gurhy +44 20 3753 3185
Benjamin May +44 20 3465 2667 Hugh Moorhead +44 20 3207 7859 Philip Modu +44 20 3465 2620
Bharath Nagaraj +44 20 3753 3044 Joel Spungin +44 20 3207 7867
Ekaterina Naumova +44 20 3753 3055
Ashton Olds +44 20 3753 3236
James Pardon +44 20 3207 7893
Anthony Plom +44 20 3207 7908
Annita Ramanen +44 20 3753 3191
Jonathan Richards +44 20 3753 3171
Owen Shirley +44 20 3465 2731
Donald Tait +44 20 3753 3031

BERENBERG CAPITAL MARKETS LLC Member FINRA & SIPC Internet www.berenberg-us.com E-mail: firstname.lastname@berenberg-us.com

EQUITY RESEARCH HEALTHCARE

CONSTRUCTION BIOTECH/THERAPEUTICS REAL ESTATE ECONOMICS
Daniel Wang +1 646 949 9025 Esther Hong +1 646 949 9039 Justin Ages +1 646 949 9077 Mahmoud Abu Ghzalah +1 646 949 9098
Avantika Joshi +1 646 949 9059 Keegan Carl +1 646 949 9052 Mickey Levy +1 646 949 9099
CONSUMER DISCRETIONARY Amy Qian +1 646 949 9049 Nate Crossett +1 646 949 9030
Anthony Graziano +1 646 949 9023 Zhiqiang Shu +1 917 797 7610 Connor Siversky +1 646 949 9037
Brian C. McNamara +1 646 949 9046
Alok Patel +1 646 285 2687 HEALTHCARE TECHNOLOGY SOFTWARE & IT SERVICES
Zachary Silverberg +1 646 949 9074 Gaurav Goparaju +1 646 949 9024 Andrew DeGasperi +1 646 949 9044
John Stansel +1 646 901 7301 Dev Weerasuriya +1 646 949 9076 Sunil Rajgopal +1 646 949 9089
Rudy Yang +1 646 949 9047 Alexandra Yaseen            +1 646 949 9075
PHARMACEUTICALS
INDUSTRIAL TECHNOLOGY Anita Dushyanth +1 646 949 9027
Andrew Azzi +1 646 949 9096
Andrew Buscaglia +1 646 949 9040 INDUSTRIAL MATERIALS
Michael Filatov +1 646 949 9070 Paretosh Misra +1 646 949 9031
Alexander Leach +1 646 949 9038 Christopher Rieger +1 646 949 9075
Jared Maymon +1 646 949 9065
Adam Stryer +1 646 949 9067

10
Breakfast Briefing
Berenberg Conference Special

Please note that the use of this research report is subject to the conditions and restrictions set forth in the “General investment-related
disclosures” and the “Legal disclaimer” at the end of this document.
For analyst certification and remarks regarding foreign investors and country-specific disclosures, please refer to the respective paragraph
at the end of this document.

Disclosures in respect of Article 20 of Regulation (EU) No. 596/2014 of the European Parliament and of the
Council of 16 April 2014 on market abuse and the UK Market Abuse Regulation (market abuse regulation – MAR)

Company Disclosures
Barco NV no disclosures
Boku Inc 2
Crayon Group Holding ASA 5
Criteo SA no disclosures
Esker SA no disclosures
flatexDEGIRO AG no disclosures
Media and Games Invest SE 3
Molten Ventures plc 2, 3
PATRIZIA AG no disclosures
Scout24 SE no disclosures
SECO SpA 3
Shop Apotheke Europe NV no disclosures
Tecan Group AG 3

(1) Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as “the Bank”) and/or its affiliate(s) was Lead Manager or Co-
Lead Manager over the previous 12 months of a public offering of this company.
(2) The Bank acts as Designated Sponsor/Market Maker for this company.
(3) Over the previous 12 months, the Bank and/or its affiliate(s) has effected an agreement with this company for investment
banking services or received compensation or a promise to pay from this company for investment banking services.
(4) The Bank and/or its affiliate(s) holds 5% or more of the share capital of this company.
(5) The Bank holds a long position of more than 0.5% in shares of this company.
(6) The Bank holds a short position of more than 0.5% in shares of this company.

Positions held within investment funds managed by the Bank fall within disclosure (5) above and are calculated using the latest
available data at the time of publication of this report.

Production of the recommendation completed: 24.05.2022, 10:16

Historical price target and rating changes for Barco NV in the last 12 months

Date Price target - EUR Rating First dissemination GMT Initiation of coverage
14 December 21 27.00 Buy 2021-12-15 07:03 30 August 17

Historical price target and rating changes for Boku Inc in the last 12 months

Date Price target - GBp Rating First dissemination GMT Initiation of coverage
20 July 21 260 Buy 2021-07-20 08:23 16 September 20
19 January 22 270 Buy 2022-01-19 08:49

Historical price target and rating changes for Crayon Group Holding ASA in the last 12 months

Date Price target - NOK Rating First dissemination GMT Initiation of coverage
27 August 21 215.00 Buy 2021-08-31 06:32 27 August 21
29 October 21 260.00 Buy 2021-11-01 07:03

Historical price target and rating changes for Criteo SA in the last 12 months

Date Price target - USD Rating First dissemination GMT Initiation of coverage
05 August 21 57.00 Buy 2021-08-05 08:51 17 October 16
04 November 21 66.00 Buy 2021-11-04 07:47
23 March 22 58.50 Buy 2022-03-24 07:18

11
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Berenberg Conference Special

Historical price target and rating changes for Esker SA in the last 12 months

Date Price target - EUR Rating First dissemination GMT Initiation of coverage
14 July 21 320.00 Buy 2021-07-15 07:01 27 July 20
05 January 22 400.00 Buy 2022-01-06 07:07
28 March 22 300.00 Buy 2022-03-29 07:22

Historical price target and rating changes for flatexDEGIRO AG in the last 12 months

Date Price target - EUR Rating First dissemination GMT Initiation of coverage
26 May 21 165.00 Buy 2021-05-27 07:10 30 January 18
04 August 21 150.00 Buy 2021-08-05 06:55
03 September 21 37.50 Buy 2021-09-03 13:06
22 November 21 40.00 Buy 2021-11-23 07:39
11 January 22 39.00 Buy 2022-01-12 07:18
28 April 22 38.00 Buy 2022-04-28 07:56

Historical price target and rating changes for Media and Games Invest SE in the last 12 months

Date Price target - EUR Rating First dissemination GMT Initiation of coverage
16 August 21 8.20 Buy 2021-08-17 06:29 16 August 21
01 March 22 7.00 Buy 2022-03-02 06:58
09 May 22 5.50 Buy 2022-05-10 07:33

Historical price target and rating changes for Molten Ventures plc in the last 12 months

Date Price target - GBp Rating First dissemination GMT Initiation of coverage
30 June 21 1,000 Buy 2021-07-01 07:02 29 June 20
21 September 21 1,200 Buy 2021-09-22 07:05
29 November 21 1,300 Buy 2021-11-30 07:03

Historical price target and rating changes for PATRIZIA AG in the last 12 months

Date Price target - EUR Rating First dissemination GMT Initiation of coverage
19 May 22 21.80 Buy 2022-05-19 08:36 16 November 09

Historical price target and rating changes for Scout24 SE in the last 12 months

Date Price target - EUR Rating First dissemination GMT Initiation of coverage
10 December 21 70.00 Buy 2021-12-13 06:58 10 December 21

Historical price target and rating changes for SECO SpA in the last 12 months
Date Price target - EUR Rating First dissemination GMT Initiation of coverage
01 December 21 11.00 Buy 2021-12-02 06:55 01 December 21
24 March 22 10.00 Buy 2022-03-25 07:20

Historical price target and rating changes for Shop Apotheke Europe NV in the last 12 months

Date Price target - EUR Rating First dissemination GMT Initiation of coverage
06 July 21 215.00 Buy 2021-07-07 07:11 21 November 16
05 October 21 210.00 Buy 2021-10-06 07:06
11 January 22 175.00 Buy 2022-01-12 07:10
08 March 22 125.00 Buy 2022-03-09 07:08

Historical price target and rating changes for Tecan Group AG in the last 12 months

Date Price target - CHF Rating First dissemination GMT Initiation of coverage
08 September 21 655.00 Buy 2021-09-09 06:37 23 November 10
02 March 22 551.00 Buy 2022-03-03 07:07
21 March 22 467.00 Buy 2022-03-22 07:13

12
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Berenberg Conference Special

Click here for a list of all recommendations on any financial instrument or issuer that were disseminated during the preceding 12-
month period.
Berenberg Equity Research ratings distribution and in proportion to investment banking services on a quarterly basis, as of
1 April 2022

Buy 63.75 % 18.84 %

Sell 2.42 % 0.00 %
Hold 33.83 % 2.49 %

Valuation basis/rating key

The recommendations for companies analysed by Berenberg’s Equity Research department are made on an absolute basis for
which the following three-step rating key is applicable:
Buy: Sustainable upside potential of more than 15% to the current share price within 12 months;
Sell: Sustainable downside potential of more than 15% to the current share price within 12 months;
Hold: Upside/downside potential regarding the current share price limited; no immediate catalyst visible.
NB: During periods of high market, sector, or stock volatility, or in special situations, the recommendation system criteria may be
breached temporarily.

Competent supervisory authority

Financial Conduct Authority, 12 Endeavour Square, London E20 1JN, United Kingdom; Bundesanstalt für
Finanzdienstleistungsaufsicht (BaFin) - Federal Financial Supervisory Authority, Graurheindorfer Straße 108, 53117 Bonn and
Marie-Curie-Str. 24-28, 60439 Frankfurt am Main, Germany.

General investment-related disclosures

Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as “the Bank”) has made every effort to carefully research all information
contained in this financial analysis. The information on which the financial analysis is based has been obtained from sources which
we believe to be reliable such as, for example, Thomson Reuters, Bloomberg and the relevant specialised press as well as the company
which is the subject of this financial analysis.
Only that part of the research note is made available to the issuer (who is the subject of this analysis) which is necessary to properly
reconcile with the facts. Should this result in considerable changes a reference is made in the research note.
Opinions expressed in this financial analysis are our current opinions as of the issuing date indicated on this document. The
companies covered by Berenberg are continuously followed by the analyst. Based on developments with the relevant company, the
sector or the market which may have a material impact on the research views, research reports will be updated as it deems
appropriate.
The functional job title of the person/s responsible for the recommendations contained in this report is “Equity Research Analyst”
unless otherwise stated on the cover.
The following internet link provides further remarks on our financial analyses:
https://www.berenberg.de/files/Investment Banking/Equity Research/Hinweise_zu_Finanzanalysen_ENG.pdf

Legal disclaimer
This document has been prepared by Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as “the Bank”). This document does
not claim completeness regarding all the information on the stocks, stock markets or developments referred to in it.
On no account should the document be regarded as a substitute for the recipient procuring information for himself/herself or
exercising his/her own judgements.
The document has been produced for information purposes for institutional clients or market professionals.
Private customers, into whose possession this document comes, should discuss possible investment decisions with their customer
service officer as differing views and opinions may exist with regard to the stocks referred to in this document.
This document is not a solicitation or an offer to buy or sell the mentioned stock.
The document may include certain descriptions, statements, estimates, and conclusions underlining potential market and company
development. These reflect assumptions, which may turn out to be incorrect. The Bank and/or its employees accept no liability

13
Breakfast Briefing
Berenberg Conference Special

whatsoever for any direct or consequential loss or damages of any kind arising out of the use of this document or any part of its
content.
The Bank and/or its employees may hold, buy or sell positions in any securities mentioned in this document, derivatives thereon or
related financial products. The Bank and/or its employees may underwrite issues for any securities mentioned in this document,
derivatives thereon or related financial products or seek to perform capital market or underwriting services.

Analyst certification
I, Trion Reid, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and all of
the subject securities or issuers discussed herein.
In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific
recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction
performed by the Bank or its affiliates.

I, William Lindsay, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and
all of the subject securities or issuers discussed herein.
In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific
recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction
performed by the Bank or its affiliates.

I, Karl-Oskar Vikström, hereby certify that all of the views expressed in this report accurately reflect my personal views about any
and all of the subject securities or issuers discussed herein.
In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific
recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction
performed by the Bank or its affiliates.

I, Sarah Simon, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and all
of the subject securities or issuers discussed herein.
In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific
recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction
performed by the Bank or its affiliates.

I, Andreas Markou, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and
all of the subject securities or issuers discussed herein.
In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific
recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction
performed by the Bank or its affiliates.

I, Christoph Greulich, hereby certify that all of the views expressed in this report accurately reflect my personal views about any
and all of the subject securities or issuers discussed herein.
In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific
recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction
performed by the Bank or its affiliates.

I, Edward James, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and
all of the subject securities or issuers discussed herein.
In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific
recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction
performed by the Bank or its affiliates.

I, Benjamin May, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and
all of the subject securities or issuers discussed herein.
In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific
recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction
performed by the Bank or its affiliates.

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Berenberg Conference Special

I, Kai Klose, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and all of
the subject securities or issuers discussed herein.
In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific
recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction
performed by the Bank or its affiliates.

I, Anna Frontani, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and
all of the subject securities or issuers discussed herein.
In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific
recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction
performed by the Bank or its affiliates.

I, Gerhard Orgonas, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and
all of the subject securities or issuers discussed herein.
In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific
recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction
performed by the Bank or its affiliates.

I, Igor Kim, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and all of
the subject securities or issuers discussed herein.
In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific
recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction
performed by the Bank or its affiliates.

Remarks
The preparation of this document is subject to regulation by German law, where prepared by analysts in Germany. Where prepared
by analysts in the UK, preparation of this document is subject to UK law. The distribution of this document in other jurisdictions may
be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any
such restrictions. This document is meant exclusively for institutional investors and market professionals, but not for private
customers. It is not for distribution to or the use of private investors or private customers.

United States of America

This document has been prepared exclusively by the Bank. Although Berenberg Capital Markets, LLC (“BCM”), an affiliate of the Bank
and registered US broker-dealer, distributes this document to certain investors, BCM does not provide input into its contents, nor
does this document constitute research of BCM. In addition, this document is meant exclusively for institutional investors and market
professionals, but not for retail investors or private customers. It is not for distribution to or the use of retail investors or private
customers. BCM accepts responsibility for this research document’s contents and institutional investors receiving this research and
wishing to effect any transactions in any security discussed herein should do so through BCM and not the Bank.
Please contact Berenberg Capital Markets, LLC (+1 646 949 9000) if you require additional information.

Third-party research disclosures

Company Disclosures
Barco NV no disclosures
Boku Inc no disclosures
Crayon Group Holding ASA no disclosures
Criteo SA no disclosures
Esker SA no disclosures
flatexDEGIRO AG no disclosures
Media and Games Invest SE no disclosures
Molten Ventures plc no disclosures
PATRIZIA AG no disclosures
Scout24 SE no disclosures
SECO SpA no disclosures
Shop Apotheke Europe NV no disclosures
Tecan Group AG no disclosures

(1) BCM or its affiliates owned 1% or more of the outstanding shares of any class of the subject company by the end of the prior
month.

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Berenberg Conference Special

(2) The subject company is or was, during the 12-month period preceding the date of distribution of this report, a client of BCM
or its affiliates. BCM or its affiliates provided the subject company non-investment banking, securities-related services.
(3) BCM or its affiliates received compensation from the subject company during the past 12 months for products or services other
than investment banking services.
(4) During the previous 12 months, BCM or its affiliates has managed or co-managed any public offering for the subject company.
(5) BCM is making a market in the subject securities at the time of the report.
(6) The subject company is or was, during the 12-month period preceding the date of distribution of this report, a client of BCM or its
affiliates. BCM or its affiliates provided the subject company investment banking, securities-related services.
(7) BCM or its affiliates received compensation for investment banking services in the past 12 months, or expects to receive such
compensation in the next 3 months.
(8) There is another potential conflict of interest of the analyst(s), BCM, of which the analyst knows or has reason to know at the
time of publication of this research report.
(9) The research analyst or a member of the research analyst’s household serves as an officer, director, or advisory board member
of the subject company
(10) The research analyst or a member of the research analyst’s household has a financial interest in the equity or debt securities
of the subject company (including options, rights, warrants, or futures).
(11) The research analyst has received compensation from the subject company in the previous 12 months.
* For disclosures regarding affiliates of Berenberg Capital Markets LLC please refer to the ‘Disclosures in respect of section 34b of the
German Securities Trading Act (Wertpapierhandelsgesetz – WpHG)’ section above.

Copyright
The Bank reserves all the rights in this document. No part of the document or its content may be rewritten, copied, photocopied or
duplicated in any form by any means or redistributed without the Bank’s prior written consent.

© 2022 Joh. Berenberg, Gossler & Co. KG

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