Nürnberger Beteiligungs — Storms in Germany affect company guidance

Nurnberger Beteiligungs (DB: NBG6)

Last close As at 18/03/2024

79.50

−0.50 (−0.63%)

Market capitalisation

915m

More on this equity

Research: Financials

Nürnberger Beteiligungs — Storms in Germany affect company guidance

Nürnberger Beteiligungs (NBG) posted a decline in H121 earnings (albeit versus a particularly strong H120) as stable gross premiums written, driven by new business, and a rebound in investment income were coupled with rising claims expenses largely due to severe storms and floods in Germany in 2021, and additions to the equalisation reserve. These also triggered a downward revision of management guidance in August 2021, which now assumes net income of c €60m in FY21 (down c 31% y-o-y). NBG remains optimistic about growth in new premiums at group level in FY21 and confirms its forecast for stable gross premiums written vs FY20.

Analyst avatar placeholder

Written by

Financials

Nürnberger Beteiligungs

Storms in Germany affect company guidance

Insurance

Scale research report - Update

29 September 2021

Price

€78.5

Market cap

€902m

Share price graph

Share details

Code

NBG6

Listing

Deutsche Börse Scale

Shares in issue

11.5m

Liquid resources at end-June 2021

€582.0 m

Business description

Nürnberger Beteiligungs is the parent company of a group of insurers and financial service companies. It is one of Germany’s oldest insurers, operating since 1884. It offers life, health and property and casualty insurance; the strongest demand is for unit-linked life, disability and pension insurance and standard pension insurance.

Bull

Strong financial position.

Well-established brand name and solid historical performance.

Stable annual dividend payments.

Bear

Management guidance for 2021 revised down in August 2021 due to natural disasters in Germany in June and July 2021.

Low interest rate environment.

Highly competitive industry.

Analysts

Milosz Papst

+44 (0)20 3077 5700

Anna Dziadkowiec

+44 (0)20 3077 5700

Nürnberger Beteiligungs (NBG) posted a decline in H121 earnings (albeit versus a particularly strong H120) as stable gross premiums written, driven by new business, and a rebound in investment income were coupled with rising claims expenses largely due to severe storms and floods in Germany in 2021, and additions to the equalisation reserve. These also triggered a downward revision of management guidance in August 2021, which now assumes net income of c €60m in FY21 (down c 31% y-o-y). NBG remains optimistic about growth in new premiums at group level in FY21 and confirms its forecast for stable gross premiums written vs FY20.

H121 earnings down from a strong H120

NBG’s pre-tax profit declined to €36.7m in H121 from a strong €64.5m in H120 and €39.0m in H119. In the period, a slight growth in gross premiums written (up 0.7% y-o-y to €1,807m) was assisted by a healthy 5.1% y-o-y rise in new premiums to €272.1m, supported by all segments, most notably the Property & Casualty (P&C) business (new premiums up 9.0% y-o-y). Investment income also saw positive momentum at group level in H121 (+19% y-o-y to c €430m). That said, the combined ratio in the P&C segment deteriorated to 93.6% from 90.7% in H120, affected, among other things, by higher claims expenses (€184.5m in H121 versus €175.4m in H120) due to storms and floods in Germany which, in June 2021 alone added €7m to this figure, according to management. Net income ex-minorities at group level was €37.1m (versus €42.1m in H120 and €21.3m in H119), assisted by a positive €1.0m income tax effect (versus €21.2m income tax in H120).

Management revises guidance after natural disasters

Management revised down its full-year guidance in August 2021 and now expects net income of c €60m in 2021, compared with a stable y-o-y level to which it guided earlier this year. At the same time, it maintained its FY21 guidance for meaningful y-o-y growth in new premiums and broadly stable gross premiums. It is noteworthy that in July 2021, the German Insurance Association (GDV) revised up its forecasts for growth in gross premiums in the German insurance market to 3.5% y-o-y in 2021 from the 2% that it expected earlier this year.

Valuation: Offering a 4.2% dividend yield

After c 11% share price growth in 2021 ytd, NBG is trading on an FY20 P/E of 11.7x, compared with the peer group median of 13.2x. Its dividend of €3.3 per share paid from FY20 profits implies a yield of 4.2% vs a median 4.9% for its peers.

Historical financials

Year
end

Revenue
(€m)

PBT
(€m)

EPS
(€)

DPS
(€)

P/E
(x)

Yield
(%)

12/17

4,387

147.3

8.1

3.0

9.7

3.8

12/18

4,404

97.3

5.1

3.0

15.4

3.8

12/19

4,567

81.3

5.9

3.3

13.4

4.2

12/20

4,568

92.3

6.7

3.3

11.7

4.2

Source: NBG accounts, Refinitiv

Edison Investment Research provides qualitative research coverage on companies in the Deutsche Börse Scale segment in accordance with section 36 subsection 3 of the General Terms and Conditions of Deutsche Börse AG for the Regulated Unofficial Market (Freiverkehr) on Frankfurter Wertpapierbörse (as of 1 March 2017). Two to three research reports will be produced per year. Research reports do not contain Edison analyst financial forecasts.

Lower H121 earnings y-o-y; solid growth in new business

NBG’s overall revenue, including insurance premiums, investment income and fee and commission income, reached €2,323m in H121 (versus €2,300m in H120 and €2,347m in H119), driven by growth across all components. Gross premiums written increased 0.7% y-o-y to €1,807m following y-o-y increases in the P&C and health segments (up 3.8% and 3.6% y-o-y, respectively) and a broadly stable figure in the life insurance segment. At the same time, new premiums at group level rose 5.1% y-o-y to €272.1m in H121, supported by the life and P&C insurance segments (up 4.0% and 9.0% y-o-y, respectively) despite a decline in the health insurance segment (down 4.2% y-o-y). While H121 growth in life insurance follows a 3.4% y-o-y drop in new business in H120, we note that new premiums in the P&C segment were up from a stable H120 base versus H119.

After a weak H120, affected by pandemic-induced turmoil in the financial markets, investment income grew 19.2% y-o-y to €430.3m in H121 (versus €506.0m in H119). Investment income attributable to unit-linked products stood at €29.1m in H121 (versus a €41.7m loss in H120 and a €132.7m gain in H119), while investment income in the traditional insurance business was broadly stable at €401.1m (vs €402.6m in H120). Net commission income (largely attributable to NBG’s banking services segment) increased 19.0% y-o-y to €32m and the growth was organic, driven by its subsidiary, the Fürst Fugger Privatbank, according to management. NBG’s technical reserves relating to its traditional insurance business rose by €160.9m in H121 (versus €318.0m in H120), with Zinszusatzreserve (ZZR) accounting for €99.6m (€98.3m). Moreover, reserves relating to the company’s unit-linked business grew by €892.3m (compared with a €790.0m drop in H120), corresponding to the change in value of related investments held within unit-linked products.

In the period, operating expenses went up to €297.1m from €278.0m a year earlier, driven by a €15.1m rise (or +14.1% y-o-y growth) in the P&C segment, which we believe may be partially due to higher acquisition costs given the rise in new business in this segment. Finally, NBG posted a visibly higher addition to the equalisation reserve in H121 (€23.0m in H121 versus €10.4m in H120). While the growing equalisation reserve in the P&C segment in H121 was in line with management guidance released earlier this year, we understand that the situation was exacerbated by natural disasters in Germany in June and July 2021, as reflected in the downward revision of management guidance at group level in August 2021 (see more details below).

Consequently, pre-tax profit declined to €36.7m in H121 from a strong €64.5m in H120 (or €68.2m, adjusting for €3.7m of extraordinary restructuring expenses in H120) and €39.0m in H119. Net income ex-minorities fell to a lesser extent to €37.1m in H121 from €42.1m in H120 (versus €21.3m in H119) after NBG reported a positive €1.0m income tax effect in the period, compared with €21.2m income tax in H120. This was linked to the repeal of a state decree in 2021 set by the German tax authorities in 2015, according to which, the profit of a domestic company must have been reduced by the amount of commercial income attributable to a permanent establishment located outside Germany. Based on our discussion with the management, we understand that the tax effects relating to the repeal of the state decree have been reflected in full in H121.

NBG’s balance sheet remains strong, with liquid resources (ie bank balances, cheques and cash in hand) of €582.0m at end-H121 (versus €497.4m at end-FY20 and €600.6m at end-H120). The Fitch rating (updated in September 2021) for NBG’s subsidiaries (ie NÜRNBERGER Lebensversicherung, NÜRNBERGER Allgemeine Versicherung and NÜRNBERGER Krankenversicherung) is A+ and NBG’s issuer default rating is A. The outlook for all ratings is stable.

Exhibit 1: H121 results highlights

€m

H121

H120

% y-o-y

Gross premiums written

1,807.0

1,793.7

0.7%

Premiums earned

1,618.1

1,609.0

0.6%

Net result on premium refunds

(177.7)

(147.1)

20.8%

Investment income

430.3

360.9

19.2%

Unrealised profits/losses from unit-linked insurance investments

987.3

(677.6)

N/M

Other net technical income/(expense)

(14.7)

(13.9)

5.8%

Claims expenses

(1,437.0)

(1,234.0)

16.5%

Change in other technical provisions

(1,041.7)

473.1

N/M

Operating expenses

(297.1)

(278.0)

6.8%

Change in equalisation and other reserves

(23.0)

(10.4)

120.9%

Other net (non-technical) income/(expense)

(7.7)

(13.6)

-43.3%

Goodwill amortisation

(0.1)

(0.3)

-62.2%

Extraordinary result

0.0

(3.7)

N/M

Pre-tax profit

36.7

64.5

-43.2%

Income and other taxes

1.0

(21.2)

N/M

Effective tax rate

N/M

33%

N/M

Net income (including minorities)

37.6

43.3

-13.0%

Minorities adjustment

(0.6)

(1.1)

-49.7%

Net income (ex-minorities)

37.1

42.1

-12.0%

Source: NBG accounts

Segment analysis

In the life insurance segment, gross premiums written remained broadly stable y-o-y at €1,182m in H121 (versus €1,191m in H120). New business increased 4% y-o-y to €190.4m, which we believe was assisted by lifting lockdown measures and was driven by both single- and regular premium business (up 3.4% and 5.2% y-o-y, respectively), with the highest demand in traditional and unit-linked life and pension insurance, as well as disability insurance. In the traditional life insurance business, technical reserves rose by €115.9m (versus €257.2m in H120), while investment income was slightly lower y-o-y at €349.6m in H121 (versus €355.1m in H120). Segmental net profit increased to €22.2m in H121 from €20.0m a year earlier.

In the P&C segment, new business rose 9.0% y-o-y to €74.8m, assisted by healthy growth across all insurance products, with property, liability and accident insurance up 8.8% y-o-y to €30.8m and vehicle insurance up 8.3% y-o-y to €39.3m. In the period, gross premiums written increased 3.8% y-o-y to €495.3m. That said, the combined ratio deteriorated to 93.6% in H121 from 90.7% in H120 after 5.3% y-o-y growth in premiums earned to €328.4m was more than offset by a 13.9% y-o-y increase in operating expenses to €122.7m and a 5.2% y-o-y rise in claims expenses to €184.5m. The latter included a €7.0m negative impact from claims expenses related to storms and floods in Germany in June 2021 alone, according to management (claimed expenses related to natural hazard losses were €13.6m in H121 versus €9.1m in H120). Additions to the equalisation reserve and other provisions reached €23.0m in H121, compared with €10.4m in H120. The P&C segment posted a €6.4m net loss, compared with €19.4m net income in H120.

The health insurance segment posted net profit of €3.5m in H121, slightly up from €3.1m in H120. In the period, gross premiums written increased 3.6% y-o-y to €130m, while new premiums fell 4.2% y-o-y to €6.9m after growth in supplementary health insurance products did not compensate for the decline in full health insurance products. Finally, net profit in the banking services segment improved to €5.3m in H121 from €2.2m in H120, supported by €2.9m growth in fee and commission income to €24.4m and a €1.3m rise in investment income to €3.5m.

Downward revision of management guidance

In August 2021, management revised down its guidance for net income at group level to c €60m for FY21, compared with its previous forecasts of a slight y-o-y decline (versus €78.5m in FY20), due to the headwinds it expects from natural disasters in Germany in June and July 2021. At the same time, it confirmed that at group level, the company expects a notable rise in new business and stable gross premiums written in 2021 compared to 2020. In the life insurance segment, NBG guides to significantly higher new premiums, equally driven by regular payment and single premium business, and stable gross premiums written in FY21. Management expects the health insurance segment to post a slight reduction in new premiums and higher gross premiums written in FY21, while the P&C segment will significantly grow both new business and gross premiums written. In the banking segment, the company expects growing demand for its asset management services.

In July 2021, the GDV issued new forecasts for gross premium growth in the German insurance market, which it expects to rise 3.5% y-o-y in 2021 (versus the 2% it expected earlier this year), with life insurance up 3.5% y-o-y (2%), P&C up 2% y-o-y (1.5%) and health insurance up 7% y-o-y (5%). Growth in the latter should be assisted by tariff adjustments to full insurance products.

Valuation

With an FY20 P/E ratio of 11.7x, NBG is trading at a 12% discount to its peer group median, while its FY21e P/E ratio of 12.1x is c 30% above the peer group median. We note that Refinitiv consensus on NBG are based on the estimates of one analyst, which was last updated in August 2021 (after management revised its guidance for 2021). NBG’s AGM in April 2021 voted in favour of a €3.30 dividend per share (unchanged y-o-y), which implies a 4.2% yield compared with a 4.9% median yield for its peers.

Exhibit 2: Peer group comparison

Market cap
(m)

Share price
Local ccy

P/E (x)

Dividend yield (%)

2020

2021e

2020

2021e

UNIQA Insurance Group

€2,336

7.55

67.4

8.8

2.4

6.0

Helvetia Holding

CHF5,435

102.50

21.8

11.5

4.9

5.2

Baloise Holding

CHF6,476

141.40

14.0

11.2

4.7

4.9

Ageas

€7,663

40.07

6.8

8.6

6.7

6.8

Swiss Life Holding

CHF14,730

465.40

13.7

11.7

4.4

4.9

NN Group

€14,238

44.74

11.8

8.9

5.9

5.4

CNP Assurances

€9,390

13.66

7.3

6.8

7.6

7.0

AXA

€57,150

23.60

13.0

8.3

5.9

6.4

Allianz

€79,925

193.64

11.9

9.6

5.0

5.3

Talanx

€9,288

36.74

13.5

9.7

4.1

4.4

Peer group median

13.2

9.3

4.9

5.4

Nürnberger Beteiligungs

€902

78.50

11.7

12.1

4.2

4.2

Premium/(discount)

(12.0%)

30.3%

(14.8%)

(21.7%)

Source: Refinitiv. Note: Priced at 29 September 2021. Note: Refinitiv consensus for Nürnberger Beteiligungs is based on the estimates of one analyst.

General disclaimer and copyright

Any Information, data, analysis and opinions contained in this report do not constitute investment advice by Deutsche Börse AG or the Frankfurter Wertpapierbörse. Any investment decision should be solely based on a securities offering document or another document containing all information required to make such an investment decision, including risk factors. This report has been commissioned by Deutsche Börse AG and prepared and issued by Edison for publication globally.

Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

Any Information, data, analysis and opinions contained in this report do not constitute investment advice by Deutsche Börse AG or the Frankfurter Wertpapierbörse. Any investment decision should be solely based on a securities offering document or another document containing all information required to make such an investment decision, including risk factors. This report has been commissioned by Deutsche Börse AG and prepared and issued by Edison for publication globally.

Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

Any Information, data, analysis and opinions contained in this report do not constitute investment advice by Deutsche Börse AG or the Frankfurter Wertpapierbörse. Any investment decision should be solely based on a securities offering document or another document containing all information required to make such an investment decision, including risk factors. This report has been commissioned by Deutsche Börse AG and prepared and issued by Edison for publication globally.

Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

More on Nurnberger Beteiligungs

View All

Latest from the Financials sector

View All Financials content

Research: TMT

Osirium Technologies — Accelerating customer wins

Osirium has seen demand improve during H121, with a 19% increase in bookings year-on-year and 31 new customers signed up. While average contract values were lower than in FY20, these new customers present an upsell and cross-sell opportunity for Osirium. The company continues to develop its partner channel, which should increase the international opportunity. Increasing awareness of the security risks inherent in remote working and recent high-profile ransomware attacks are driving demand for privileged access security software, resulting in greenfield opportunities for Osirium.

Continue Reading

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free