A very warm welcome to the Edison conference book for the Deutsches Eigenkapitalforum 2018. Performance in the equity markets this October has been one of the weakest in recent history. While risk factors such as ongoing trade disputes, slow-moving BREXIT negotiations and concerns about the Italian budget, to name just a few, are numerous, they are also well known and not new. As this downturn did not have a clear trigger, there is arguably also no clear path to recovery. Our strategist, Alastair George, views these equity declines as a continuation of an ongoing derating of equities. Accordingly, he retains a cautious position on developed market equities. On the positive side, European and UK stocks no longer appear to be overvalued on a price- to-book basis. A valuation close to the long-term average is, however, not a strong buying signal either. Most value is to be found in specific situations. Despite all headwinds from macro factors, 2018 has been a record year for IPOs, with 18 companies going public so far and further transactions in process at the time of writing this article. These IPOs spanned all market caps, sectors and segments. The breadth and variety of the companies going public is a strong sign of the health of the ecosystem. You will have the chance to see a good portion of these newly listed companies here at the Eigenkapitalforum. It is also noteworthy that Deutsche Börse’s support for companies looking for growth funding starts before they go public. The Deutsche Börse Venture Network offers unlisted companies a platform to support their development. As in the previous year, you will have the chance to attend the presentation and meet a selection of these interesting start-ups. We hope you find this conference book a useful guide to the companies participating in this forum and that it helps you to identify attractive investment opportunities. Our analysts have prepared profiles of c 50 issuers presenting at the conference. Please do not hesitate to get in touch if you would like to chat about any of these stocks. Our research remains free to access post-MiFID II. We are pleased to be a partner to Deutsche Börse for the Eigenkapitalforum and congratulate the team for organising another great investor conference. The number of participating issuers is significantly up from last year. 20–30% of the participating investors and analysts, as well as c 15% of the presenting companies are from outside Germany, demonstrating that the Deutsches Eigenkapitalforum has an attraction beyond German borders. We hope that all of you have interesting discussions and successful meetings over the coming three days. Klaus Schinkel Director of Edison Germany Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison is a registered investment adviser regulated by the state of New York. We welcome any comments/suggestions our readers may have. Neil Shah Director of Research For more information please contact Director of Edison Germany Klaus Schinkel +49 (0)69 78 8076 960 [email protected] Contents Prices, information and consensus estimates as at 2 November 2018 Edison research clients* Note: Edison client PBT and EPS are normalised Published 9 November 2018 Global perspectives ......................................................................................................................................................... 4 Floor plans and programme............................................................................................................................................. 9 Consumer ...................................................................................................................................................................... 16 bet-at-home ................................................................................................................................................................ 17 Borussia Dortmund* ................................................................................................................................................... 18 Lotto24 ....................................................................................................................................................................... 19 Financials ...................................................................................................................................................................... 20 creditshelf................................................................................................................................................................... 21 Deutsche Beteiligungs* .............................................................................................................................................. 22 Deutsche Börse ......................................................................................................................................................... 23 Ferratum .................................................................................................................................................................... 24 FinLab* ...................................................................................................................................................................... 25 German Startups Group* ........................................................................................................................................... 26 Heliad Equity Partners* .............................................................................................................................................. 27 Noratis* ...................................................................................................................................................................... 28 Industrials ...................................................................................................................................................................... 29 2G Energy* ................................................................................................................................................................ 30 ABO Wind .................................................................................................................................................................. 31 CFT ............................................................................................................................................................................ 32 EDAG Engineering Group .......................................................................................................................................... 33 Encavis ...................................................................................................................................................................... 34 FACC ......................................................................................................................................................................... 35 Francotyp-Postalia ..................................................................................................................................................... 36 Max Automation ......................................................................................................................................................... 37 Nanogate* .................................................................................................................................................................. 38 NFON ......................................................................................................................................................................... 39 paragon* .................................................................................................................................................................... 40 Voltabox ..................................................................................................................................................................... 41 Investment companies ................................................................................................................................................... 42 Mutares* .................................................................................................................................................................... 43 Mining ............................................................................................................................................................................ 44 Rock Tech Lithium* .................................................................................................................................................... 45 Pharmaceutical & healthcare ......................................................................................................................................... 46 CO.DON....................................................................................................................................................................