Hello my dears,

Today I've been looking for another "fallen angel" for you.

AI is here to stay and has also arrived in Germany. By now, word should have gotten around in companies that AI implementation makes working life easier and more efficient.

Even though software shares are not in high demand at the moment, I see momentum emerging in the share I am presenting to you today.

Perhaps investors have realized that this software should only benefit from AI.

Dear readers, what do you think?

I look forward to many comments.

(@Get_Rich_or_Die_Tryin , @Klein-Anleger )

$EXL (-7,37%)

EXASOL AG is a company based in Germany. The company is active in the field of analytical database management software. The company's product is Exasol, a memory-oriented, column-oriented, relational database management system.

Number of employees: 157

Whether as a standalone data warehouse, analytics accelerator or AI/ML model enabler, Exasol ensures reliable, high-performance analytics in both on-premises and hybrid environments.

Madeleine Corneli leads product development for AI and ML at Exasol. She focuses on opening up critical AI and ML use cases for customers and expanding Exasol's value proposition. She focuses on classic machine learning and generative AI across all industries. Madeleine has extensive experience in analytics and deeply understands how data can empower people and solve problems.

Exasol positions itself in the market as a specialist in high-speed analytics. The core of its business model is an in-memory database technology designed to process complex data queries extremely quickly. Exasol solves the widespread problem of slow business intelligence dashboards for customers. A central component of the current portfolio is "Exasol Espresso". This solution acts as a plug-and-play accelerator for existing BI tools such as Tableau or Microsoft Power BI, without customers having to replace their entire existing data infrastructure. This approach significantly lowers the barriers to entry for new customers, as it does not require costly "rip-and-replace" projects, but integrates seamlessly into existing cloud or on-premise architectures.

On January 26, Montega AG added the share to its rating with a "buy" recommendation and a target price of EUR 3.60. In their assessment, the experts pointed out, among other things, that Exasol has been able to report annual sales growth of 12.9% since 2019. After a transition phase, the profitable and more predictable growth path could be resumed. The analysis states: "In the future, the expected sales growth (CAGR 2024-2031e: 7.9%) should lead to pronounced earnings growth (EBITDA CAGR 2024-2031e: 29.0%) due to the strong scaling of the cost base with high marginal margins. According to our DCF model, these assumptions result in a fair value of EUR 3.60 per share. In our view, the current EV/EBITDA of 13.0 (2025e) does not reflect the strong earnings growth with high cash conversion due to negative working capital and minimal CAPEX requirements."

On the chart, the breakout above the GD 20 and a resistance line on January 26 already gave two procyclical buy signals.

Exasol_Trading_Update_9M_2025.pdf

EUR in millions of EUR

Estimates

Year Turnover Change

2024 39,63 11,95 %

2025 42,15 6,36 %

2026 41,65 -1,19 %

2027 45,85 10,08 %

Year EBIT Change

2023 -8,3 44,3 %

2024 0,2324 102,83 %

2025 2,4 908,78 %

2026 3,45 43,75 %

2027 5,3 53,62 %

Year Net result Change

2023 -8,217 45,22 %

2024 0,2293 102,79 %

2025 2,2 859,27 %

2026 3,05 38,64 %

2027 4,65 52,46 %

Year Net debt CAPEX

2023 -13,3 0,1

2024 -15 0,18

2025 -18,6 0,2

2026 -21,9 0,25

2027 27,1 0,25

Year Free cash flow Change

2023 -6,392 56,1

2024 1,203 118,82 %

2025 3,6 199,25 %

2026 3,35 -6,94 %

2027 5,15 53,73 %

Year EBIT margin ROE

2023 -23,45 % -166,44 %

2024 0,6 % 5,11 %

2025 5,69 % 42,8 %

2026 8,28 % 41,9 %

2027 11,56 % 41,35 %

Year Earnings per share Change

2023 -0,3056 50,25 %

2024 0,0085 102,78 %

2025 0,08 841,18 %

2026 0,115 43,75 %

2027 0,175 52,17 %

Year P/E ratio PEG

2023 -10.3x 0.2x

2024 274x -3x

2025 34.4x 0x

2026 23.9x 0.5x

2027 15.7x 0.3x

Market value 73.11

Number of shares (in thousands) 26,584

Date of publication 18.03.2025

$EXL (-7,37%)

$EXL (-7,37%)

@Multibagger I would actually be interested in your opinion on my above question. How do you see the share in the future?

BICO Group AB has bought back convertible bonds + Intel in talks about the sale of Altera + Jefferies raises STMicro to 'Buy' with target up to 34 euros + AI and robotics hopes at Meta remain in focus + Exasol with preliminary consolidated figures for 2024

BICO Group AB $BICO (-0,92%)has repurchased convertible bonds worth SEK 276 million

• On March 19, 2021, BICO Group AB (publ) ("BICO" or the "Company") issued senior unsecured convertible bonds with an aggregate principal amount of SEK 1,500,000,000 (the "Convertible Bonds").
• On February 18, 2025, the Company repurchased Convertible Bonds with an aggregate principal amount of SEK 276,000,000 at a purchase price of 89.4719 percent (excluding accrued but unpaid interest) of the principal amount of the Convertible Bonds.
• The total purchase price for the repurchased convertible bonds thus amounted to SEK 246,942,500 (the "Repurchase").
• After the Repurchase and together with the Convertible Bonds repurchased by BICO on November 22, 2024 (as notified separately), the aggregate principal amount of Convertible Bonds repurchased by BICO amounts to SEK 394,000,000, leaving SEK 1,106,000,000 of Convertible Bonds outstanding.
• The reason for the repurchase was to optimize BICO's capital structure and was made possible by the company's strong liquidity position.
• BICO will continue to monitor the bond market and may repurchase additional convertible bonds in the market from time to time, depending on the company's liquidity needs.
• The repurchase was executed under a safe harbor approach with Carnegie Investment Bank AB (publ) as Dealer Manager.

Intel $INTC (+0,63%)in discussions regarding the sale of Altera

• Silver Lake is in talks to acquire a majority stake in Intel's Altera division.
• The chipmaker hired advisors last year to find private equity investors willing to build a significant stake in Altera.
• Intel acquired Altera in 2015 for around 17 billion US dollars.
• Intel believes that a share sale could increase the value of Altera and create the conditions for a complete exit.
• Altera has attracted interest from rival chipmakers, but Silver Lake, a US private equity firm, has emerged as Intel's preferred option, according to three people familiar with the matter.

(Financial Times)

Jefferies raises STMicro $STMPA (-4,03%)to 'Buy' - target up to 34 euros

• The analyst firm Jefferies has upgraded STMicroelectronics from "Hold" to "Buy" and raised its price target from 23 to 34 euros.
• The night is always darkest before the dawn, said analyst Janardan Menon above his buy recommendation on Wednesday.
• He no longer anticipates consensus corrections at the chip group, but expects growth to pick up from the second half of the year.
• The demand cycle for chips for industry and the automotive sector is picking up and deserves a revaluation

AI and robot hopes at Meta $META (-2,34%)remain in focus

• The prospect of bright business around AI technology has been driving the shares since mid-January - since then they have risen by around 20 percent.
• With AI, Meta has recently provided additional momentum for its important advertising business.
• However, AI is to be used much more widely.
• With a share price of just under 737 US dollars as at Friday's close, Meta now has a market capitalization of almost 1.9 trillion dollars.
• At the end of January, Meta CEO Mark Zuckerberg reaffirmed his ambitions in the artificial intelligence (AI) business when publishing his financial figures.
• He expects an "intelligent and personalized AI assistant to reach more than one billion people this year", he said.
• And this is likely to be the company's own Meta AI software.
• The provider of social networks and communication platforms such as Facebook, Instagram and WhatsApp plans to invest "hundreds of billions of dollars" in the expansion of its AI infrastructure over time, Zuckerberg said at the time.
• For this year alone, the company had announced investments of more than 60 billion dollars, primarily for data centers.
• Meta emphasizes that AI is driving the business forward, including through software that advertisers can use to create ads.
• The important business with advertisements that are personalized for individual users is booming. Revenue and profit increased significantly in 2024.
• The increased personalization of AI services is positive because it creates even stronger customer loyalty on the part of users and advertisers.
• The high inflow of funds in the advertising business also enables Meta to continue to bear losses in the billions in the digital worlds business, which is important to Zuckerberg.
• The Reality Labs division, which is primarily known for VR goggles, posted an operating loss of billions in the last quarter.
• In the long term, however, the high investments in the business should pay off.
• As the news agency Bloomberg reported at the end of last week, citing people familiar with the matter, Meta is creating a business unit in the Reality Labs division that will develop AI-driven humanoid robots that can assist people with physical activities.
• According to the report, Metatree is planning to develop its own humanoid robot hardware - initially with a focus on household tasks.
• The bigger goal, however, is to develop the underlying AI, sensors and software for robots.
• These are then to be manufactured and sold by a number of companies. Meta is already talking to robotics companies such as Unitree Robotics and Figure AI about its plans.
• With a price target of 765 dollars, the analysts at Bank of America see only limited upside potential.
• Expert Brent Thill from the investment firm Jefferies sees a little more room up to his target of 810 dollars.

Exasol $EXL (-7,37%)with preliminary Group figures for 2024

• Positive EBITDA, net income and cash flow for the first time since IPO
• Profit zone sustainably reached: EBITDA rises to EUR 2.0 million and is at the upper end of the forecast (EUR 1.5 to 2.0 million); positive consolidated net income of EUR 0.3 million
• Cash and cash equivalents increase by EUR 1.7 million to EUR 15.0 million and are well above expectations (forecast: EUR 11 to 13 million)
• Annual recurring revenue (ARR) increased by 3.7% to EUR 42.3 million, thus within the forecast range
• Strong growth in strategic focus industries (+19%) confirms focus on on-premise and hybrid solutions
• Forecast for 2025: EBITDA growth of at least 50% to EUR 3 to 4 million and mid-single-digit percentage revenue growth
• Sustained strong growth in the double-digit percentage range in focus sectors

Wednesday: Stock market dates, economic data, quarterly figures

Economic data

08:00 DE: Manufacturing orders on hand and order backlog December

08:00 UK: Consumer prices January

08:00 UK: Producer prices January

10:00 EU: ECB, Eurozone Current Account December

10:00 CH: WTO, General Council Meeting (since 18.02.)

14:30 US: Housing Starts/Permits January

19:00 DE: CDU leader Merz, CDU election campaign event, Vechta

20:00 US: Fed, minutes of the FOMC meeting on January 28/29

Analyst updates, 14.11. 👇🏼

⬆️⬆️⬆️

- JEFFERIES raises the price target for TESLA from USD 195 to USD 300. Hold. $TSLA (-0,52%)

- WARBURG RESEARCH raises the price target for INIT from EUR 49.50 to EUR 53. Buy $INIT

- WARBURG RESEARCH raises the price target for DEUTSCHE BANK from EUR 21.10 to EUR 21.30. Buy. $DBK (+0,22%)

- DEUTSCHE BANK RESEARCH raises the price target for AUTO1 from EUR 11 to EUR 12. Buy. $AG1 (-7,82%)

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS ENERGY from EUR 43 to EUR 52. Buy. $ENR (+3,77%)

- BERENBERG raises the price target for SCOUT24 from EUR 83 to EUR 110. Buy. $G24 (-5,64%)

- GOLDMAN raises the target price for RIVIAN from USD 10 to USD 12. Neutral. $RIVN (-0,57%)

- GOLDMAN raises the price target for MOLLER-MAERSK from DKK 12000 to DKK 12300. Neutral. $MAERSK B (-2,12%)

- UBS raises the price target for CISCO from USD 55 to USD 62. Neutral. $CSCO (+2,99%)

⬇️⬇️⬇️

- WARBURG RESEARCH downgrades PORSCHE SE from Buy to Hold and lowers price target from EUR 60 to EUR 36. $PAH3 (-0,87%)

- WARBURG RESEARCH lowers the price target for EXASOL from EUR 6.30 to EUR 6. Buy. $EXL (-7,37%)

- WARBURG RESEARCH lowers the price target for BRENNTAG from EUR 75 to EUR 69. Buy. $BNR (+1,56%)

- WARBURG RESEARCH lowers the price target for INFINEON from EUR 43 to EUR 39. Buy. $IFX (-2,41%)

- DEUTSCHE BANK RESEARCH lowers the price target for VERBIO from EUR 20 to EUR 17. Hold. $VBK (+2,17%)

- DEUTSCHE BANK RESEARCH lowers the price target for JENOPTIK from EUR 45 to EUR 39. Buy. $JEN (-1,6%)

- DEUTSCHE BANK RESEARCH lowers the price target for ELRINGKLINGER from EUR 6 to EUR 4.50. Hold. $ZIL2 (-0,18%)

- DEUTSCHE BANK RESEARCH lowers the price target for BAYER from EUR 29 to EUR 23. Hold. $BAYN (-0,04%)

- HAUCK AUFHÄUSER IB lowers the target price for SAF-HOLLAND from EUR 30 to EUR 28. Buy. $SFQ (+1,91%)

- KEPLER CHEUVREUX lowers the target price for RWE from EUR 40 to EUR 36. Buy. $RWE (+1,84%)

- METZLER lowers the price target for JUNGHEINRICH from EUR 42 to EUR 38. Buy. $JUN3 (-0,11%)

- BARCLAYS lowers the target price for RTL from EUR 33 to EUR 26.50. Equal-Weight. $RTLL (-3,65%)

- BERENBERG downgrades VESTAS from Buy to Hold and lowers target price from DKK 180 to DKK 120. $VWS (-0,02%)

Stop loss, has run below the lowest level.

9.50 before the share sells off like TemaViewer.

9.50 before the share sells off like TemaViewer.

Snowflake deutsclands is still in its infancy. Forward-looking database.