Analysts’ Recommendations

Research coverage facilitates transparency and feeds into fair long-term share price development. You will find coverage for downloading in the following (some of the research is in German only). Please note: The research you find here is sponsored research.

Date	Analyst	Title/Download	Recommendation	Target price in EUR
15/08/2024	SMC Research	Sound figures in a difficult environment (14 pages)	Buy	3.30
14/08/2024	montega	Q2 in line with expectation – 3U starts building Bitcoin position (13 pages)	Buy	3.50
22/05/2024	SMC Research	Q1 with highlights and lowlights (14 pages)	Buy	3.50
10/04/2024	SMC Research	Repowering the growth potential (16 pages)	Buy	3.50
08/04/2024	montega	Approval for wind farm repowering (13 pages)	Buy	2.70
15/03/2024	SMC Research	Diversification again a guarantee for success (12 pages)	Buy	3.30
09/02/2024	montega	Guidance 2024 – Sales increase and lower margin expected (13 pages)	Buy	2.70
14/11/2023	GSC Research	Mixed development in the third quarter of 2023 (9 pages)	Buy	3.10
13/11/2023	SMC Research	Weakness in the SHAC segment necessitates forecast adjustment (15 pages)	Buy	3.40
11/06/2023	montega	Q3 figures: Achievement of adjusted guidance visible (13 pages)	Buy	2,90
11/06/2023	montega	Weak development in SHAC segment leads to reduction of forecast (13 pages)	Buy	2,90
31/08/2023	montega	3U completes first takeover as part of its “Mission 2026” (13 pages)	Buy	3,05
30/08/2023	GSC Research	Good opportunity to get involved with the Marburg investment company (10 pages)	Buy	2.90
18/08/2023	montega	Confirmed forecast for 2023 and ambitious growth plans for the future (11 pages)	Buy	3,00
16/08/2023	montega	Headwind in SHAC segment leads to mixed set of figures (13 pages)	Buy	3,05
18/07/2023	Montega	3U publishes medium-term goals “MISSION 2026” (14 pages)	Buy	3,05
27/06/2023	Montega	The value potential that wind farm repowering can offer (15 pages)	Hold	2.20
01/06/2023	SMC Research	Good start to the year and ambitious goals (13 pages)	Buy	3.30
02/05/2023	SMC Research	Promising prospects even without weclapp (36 pages)	Buy	6.20
13/04/2023	GSC Research	Results 2022 heavily affected by weclapp disposal (11 pages)	Hold	5.80
20/03/2023	Montega	Initial Coverage: What’s next? (33 pages)	Buy	5.50
15/03/2023	SMC Research	Dividend much higher than expected, further growth announced (11 pages)	Buy	5.70
02/03/2023	GSC Research	Announced profit multiplication achieved (10 pages)	Buy	5.50
15/11/2022	GSC Research	Nine-month figures for 2022 marked by transaction effects (10 pages)	Buy	5.70
15/11/2022	SMC Research	Profit and liquidity over market capitalization (15 pages)	Buy	5.60
13/09/2022	GSC Research	weclapp exit fills the coffers (7 pages)	Buy	5.50
12/09/2022	SMC Research	weclapp exit ensures a jump in profits and a high payout (12 pages)	Buy	5.50
30/08/2022	GSC Research	Well on schedule in the first half of the year (9 pages)	Buy	4.10
18/08/2022	SMC Research	Profit expectations raised after strong half-year and property sale (8 pages)	Buy	3.60
19/05/2022	GSC Research	Q1 2022 results come in as expected (8 pages)	Buy	4.10
13/05/2022	SMC Research	High energy revenues drive group result upwards (14 pages)	Buy	3.70
21/04/2022	SMC Research	Acceleration of growth with stable earnings announced (16 pages)	Buy	3.70
20/04/2022	GSC Research	Stable dividend for 2021 (11 pages)	Buy	4.10
26/11/2021	GSC Research	More than 50 percent net earnings growth for 9M 2021 (9 pages)	Buy	4.50
17/11/2021	SMC Research	Light and shadows in the year to date (14 pages)	Buy	4.40
31/08/2021	SMC Research	Acquisition in growth area offers great value enhancement potential (14 pages)	Buy	3.80
23/08/2021	GSC Research	Earnings doubled in the first half of 2021 (9 pages)	Buy	4.00
16/08/2021	Hauck & Aufhäuser	Q2’21 out: Muted performance but guidance intact (11 pages)	Hold	3.20
13/07/2021	Hauck & Aufhäuser	Bolt-on deal complements weclapp’s offering (10 pages)	Hold	3.20
26/05/2021	GSC Research	Further organic growth in Q1/2021 (8 pages)	Buy	3.85
19/05/2021	SMC Research	Significant increase in quarterly earnings (12 pages)	Hold	3.50
19/05/2021	Hauck & Aufhäuser	Mixed set of results (10 pages)	Hold	3.20
09/04/2021	GSC Research	Profit above Target (10 pages)	Sell	3.15
18/03/2021	Hauck & Aufhäuser	FY’20 prelims out; bright prospects ahead (20 pages)	Buy	3.20
18/03/2021	SMC Research	Strong final sprint in 2020 (13 pages)	Buy	3.00

Note:
The research and other analysts’ statements represented here are not based on research carried out by 3U HOLDING AG but on investigations, reports, recommendations and/or evaluations of independent third parties. The presentation of the evaluations and recommendations on this website is for information purposes only. The evaluations and recommendations on this website do not represent a solicitation to purchase, hold or sell securities, nor are they an advertisement for securities. All views, forecasts, estimates or predictions stated by analysts regarding the development of the 3U share only reflect the opinions of these analysts and do not represent the views, forecasts, estimates or predictions of 3U HOLDING AG. 3U HOLDING AG explicitly states that it does not adopt the recommendations, opinions and conclusions made by analysts as its own, nor does it support or confirm these. 3U HOLDING AG assumes no liability whatsoever for the correctness and / or completeness, selection and topicality of the representations.

Archive

Date	Analyst	Title/Download	Recommendation	Target price in EUR
08/16/2018	SRC Equity Research	3U HOLDING increases sales in the first half of the year	Buy	Eur 1.60
05/18/2018	MainFirst Research	3U HOLDING: From transformation to growth	Outperform	Eur 1.50
04/23/2018	SRC Equity Research	3U Holding doubles net profit forecast after selling Hanover property	Buy	Eur 1.50
03/06/2018	SRC Equity Research	3U HOLDING with a steep hike in net profit	Buy	Eur 1.15
11/17/2017	SRC Equity Research	3U HOLDING with best group figures in five years	Buy	Eur 1.15
08/11/2017	SRC Equity Research	3U HOLDING with solid first half year	Buy	Eur 1.15
05/15/2017	SRC Equity Research	3U HOLDING with 73% growth in the bottom line	Buy	Eur 1.15
02/08/2017	SRC Equity Research	3U HOLDING delivered turnaround back to black numbers	Buy	Eur 1.10
11/15/2016	SRC Equity Research	3U with a 35% hike in 9M operating profit	Buy	Eur 1.00
08/16/2016	SRC Equity Research	Numbers in-line with expectations	Buy	Eur 1.00
05/13/2016	SRC Equity Research	3U HOLDING delivers a decent first quarter	Buy	Eur 1.00
03/23/2016	SRC Equity Research	Business year 2015 ends on a positive note	Buy	Eur 1.00
02/04/2016	SRC Equity Research	3U delivered on its original 2015 earnings targets	Buy	Eur 1.00
11/13/2015	SRC Equity Research	3U HOLDING with +28% sales in Renewable Energies	Buy	Eur 1.00
08/14/2015	SRC Equity Research	3U HOLDING AG with a decent turn-around	Buy	Eur 1.00
05/19/2015	SRC Equity Research	First quarter with turnaround in the operating profit	Buy	Eur 1.00
03/31/2015	SRC Equity Research	3U HOLDING presents annual report 2014 – numbers in-line	Buy	Eur 1.00
11/19/2014	SRC Equity Research	3U HOLDING with a rising operating profit in Q3/2014	Buy	Eur 1.00
08/20/2014	SRC Equity Research	3U HOLDING AG continues sales growth	Buy	Eur 1.00
05/22/2014	SRC Equity Research	Growth in the area of data centers – Company confirms guidance	Buy	Eur 1.00
04/24/2014	SRC Equity Research	Cost reductions have an impact	Buy	Eur 1.00
11/11/2013	SRC Equity Research	Solid growth – but still no breakthrough in the segment Services	Buy	Eur 1.00
08/22/2013	SRC Equity Research	Telephony result stable and solid growth	Buy	Eur 1.00
05/21/2013	SRC Equity Research	3U HOLDING with an improved picture after 1Q	Buy	Eur 1.00
03/19/2013	SRC Equity Research	3U HOLDING with preliminary numbers 2012	Buy	Eur 1.00
11/16/2012	SRC Equity Research	3U HOLDING with adjusted guidance	Buy	Eur 1.00
08/16/2012	SRC Equity Research	3U with profit warning and net loss in 1H 2012	Buy	Eur 1.10
05/16/2012	SRC Equity Research	3U HOLDING with a mixed 1Q picture – outlook confirmed	Buy	Eur 1.35
04/03/2012	SRC Equity Research	3U HOLDING with clear undervaluation despite excellent annual result	Buy	Eur 1.35
11/22/2011	SRC Equity Research	3U Holding develops solar project	Buy	Eur 1.35
08/16/2011	SRC Equity Research	Research update in German: 3U Holding with very good numbers – Target EUR 1.35	Buy	Eur 1.35
05/20/2011	SRC Equity Research	Research update in German: Verkauf der LambdaNet – Target EUR 1.30	Buy	Eur 1.30
04/04/2011	SRC Equity Research	Research update in German: Überraschungen beim Gewinn und operativen Ergebnis	Buy	Eur 1.10
11/15/2010	SRC Equity Research	Research update in German: Gemischte Neunmonatszahlen	Buy	Eur 1.00
08/17/2010	SRC Equity Research	Research update in German: Gutes erstes Halbjahr – Kursziel von 1,10 auf 1,20 Euro erhöht	Buy	Eur 1.20
05/20/2010	SRC Equity Research	Good results in the core business segments and further upside potential through the investments in renewable energies	Buy	Eur 1.10

Profile

3U HOLDING AG acquires, operates and sells companies in the three segments of Information and Telecommunications Technology (ITC), Renewable Energies (RE) and Sanitary, Heating and Air Conditioning Technology (SHAC) with the objective of creating value added for all stakeholders. The 3U Group operates successfully through its business models which are aligned to megatrends in all three segments. The Group strives to achieve market leadership, especially in its e-commerce business model.

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