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May 15th, 2023 | 08:00 CEST

Gesco, Indus, Katek, Mensch und Maschine - The sun shines on small and mid-caps

  • smallcaps
  • midcaps
  • Investments
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Right on time for the start of the 35th Munich Capital Market Conference (MKK), the largest event for small and mid-caps in southern Germany, the sky in the Bavarian capital was bright white and blue. The positive mood was transmitted to the 400 participants who listened to 53 company presentations, including those from other European countries. Despite geopolitical uncertainties, high commodity prices and inflation levels well above target, optimism prevails in the SME sector. There is plenty of potential.

time to read: 4 minutes | Author: Stefan Feulner
ISIN: GESCO AG NA O.N. | DE000A1K0201 , INDUS HOLDING AG | DE0006200108 , KATEK SE | DE000A2TSQH7 , MENSCH UND MASCH.O.N. | DE0006580806

Table of contents:

    After Corona - Back to normality

    Without a doubt, the MKK, which has been held for almost 20 years, is well-established in the market and is considered a must-attend event for every professional investor beyond southern Germany. However, the event, which took place at The Charles Hotel, felt like a fresh start. For the first time since the outbreak of the coronavirus, all restrictions such as distancing rules or wearing masks were lifted. In addition, online appearances streamed during the pandemic were omitted. Thus, Manuel Hölzle, CEO and Chief Analyst of GBC AG expressed his satisfaction, stating:

    "Despite the successful introduction of new virtual formats, such as our quarterly IIF - International Investment Forum, there is no substitute for the personal contact between companies and market participants that is possible at the traditional MKK Munich Capital Market Conference."

    Around 400 participants, including journalists, investors, analysts, and fund managers, took advantage of the physical get-together, in addition to company presentations and one-on-one individual meetings, to expand their networks and discuss the latest developments in the stock market. The focus was, of course, on the 53 presenting companies, which together had a market capitalization of more than EUR 10.5 billion. As usual, the MKK also included an analyst conference of the m:access, the medium-sized companies segment of the Munich Stock Exchange, at which Rubean AG, Merkur Bank KGaA, VIB Vermögen AG, Bio-Gate AG, CPU Softwarehouse AG and ABO Wind AG presented.

    By far the most highly capitalized presenting group was Vienna Airport with EUR 3.44 billion, followed by one of the leading developers of computer-aided design, manufacturing and engineering product data management and building information modelling/management, Mensch und Maschine Software SE, with a market capitalization of EUR 868.63 million. Indus Holding, an investment company focusing on future-oriented industrial technology companies for the engineering, infrastructure and materials segments, took third place with EUR 729 million.

    The smallest companies by market capitalization, but also very interesting, were International School Augsburg, with EUR 2.6 million, the investment company coinIX, which focuses on cryptocurrencies and blockchain technology, with EUR 9.2 million, and Advanced Blockchain AG, with a market capitalization of EUR 11.92 million.

    Overall, market participants were offered a diverse mix of industries. For example, the European market leader of recreational vehicles & motorhomes, Knaus Tabbert, presented alongside the online art dealer Artnet and Altech Advanced Materials, which focuses on the development of a composite anode material based on high-purity aluminium oxide as well as stationary battery storage systems in the field of lithium-ion batteries for electromobility.

    Italian values also in demand

    The presentation by the Italian investment holding company Hamilton Global Opportunities, which is listed on the Euronext Growth Market in Paris with a current market capitalization of EUR 17.60 million and was co-founded by none other than the former Group Chairman of Barclays Bank, Sir Peter Middleton, also met with a great response. The group focuses on active investment management in the growth-stage tech, fintech and MedTech sectors, primarily in the US and Israel.

    IDNTT SA is headquartered in Balerna, Switzerland, but its shares are traded on the Milan Stock Exchange. In addition, CEO and majority shareholder Christian Traviglia manages the MarTech Content Factory, which produces omnichannel content across media and markets and generates interactions and traffic on social channels, e-commerce sites and shops, with the aim of converting content viewing into online and offline sales and thus increasing brand awareness among customers. In total, the EUR 25.16 million listed company employs over 100 people in offices in Switzerland, Spain, Italy and Romania. In addition to AC Milan, its more than 5,000 customers include industry giants such as Vodafone and the Media Markt Group.

    Moreover, the market in beautiful Italy seems to be on the rise. While Germany has seen few IPOs in the past three years, approximately 75 Italian companies dared to go public during the same period.

    Analysts see high potential

    As mentioned above, optimism prevailed among the majority of the companies present despite the geopolitical uncertainties and high raw material and energy costs; the signs are clearly pointing to growth. The analysts of GBC AG, one of the leading bank-independent investment houses in Germany and an experienced issuance expert for the German SME sector, also see high potential for the stocks they analyze. In their current study, the experts gave the global software and process consulting company CENIT a "buy" rating with a price target of EUR 19.75, which equates to an upside of more than 35% on the current price level. Other buy candidates are Deutsche Grundstücksauktionen AG, with a target price of EUR 23.55, 50% above the current price, and Syzygy AG, a full-service agency for digital marketing, for which the analysts calculated a fair value of EUR 9.35, almost 80% higher than the current price level.

    According to the analysts, UniDevice (target price: EUR 3.10; upside: 115%), Vectron (EUR 9.40; 120%) and ISA International School Augsburg (EUR 21.15; 167%) have a chance to more than double. According to the forecasts of the GBC analysts, the venture builder and investor in the blockchain industry, Advanced Blockchain (price target EUR 10.00; price potential: 214%), as well as net digital AG, a provider of digital payment and AI solutions, should more than triple. Here, the research team assigned a price target of EUR 18.20, which reflects a high price potential of almost 250%.

    Outlook on upcoming events: In the course of the year, there are still plenty of investment ideas from the SME sector that investors can look forward to. On September 13, GBC AG will host the 13th ZKK Zurich Capital Market Conference in Zurich. More than 60 company presentations are already scheduled for the big 36th MKK, which will be held again at The Charles Hotel in Munich from November 15 to 16. The conference series for the current year will also be complemented by the digital 8th IIF - International Investment Forum - (on October 10, 2023) and the 9th IIF (on December 5, 2023).

    Conflict of interest

    Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as "Relevant Persons") may in the future hold shares or other financial instruments of the mentioned companies or will bet on rising or falling on rising or falling prices and therefore a conflict of interest may arise in the future. conflict of interest may arise in the future. The Relevant Persons reserve the shares or other financial instruments of the company at any time (hereinafter referred to as the company at any time (hereinafter referred to as a "Transaction"). "Transaction"). Transactions may under certain circumstances influence the respective price of the shares or other financial instruments of the of the Company.

    Furthermore, Apaton Finance GmbH reserves the right to enter into future relationships with the company or with third parties in relation to reports on the company. with regard to reports on the company, which are published within the scope of the Apaton Finance GmbH as well as in the social media, on partner sites or in e-mails, on partner sites or in e-mails. The above references to existing conflicts of interest apply apply to all types and forms of publication used by Apaton Finance GmbH uses for publications on companies.

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    Der Autor

    Stefan Feulner

    The native Franconian has more than 20 years of stock exchange experience and a broadly diversified network.
    He is passionate about analyzing a wide variety of business models and investigating new trends.

    About the author

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