Original-Research: Mister Spex SE (von Quirin Privatbank Kapitalmarktgeschäf...

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Original-Research: Mister Spex SE - from Quirin Privatbank

Kapitalmarktgeschäft

30.03.2026 / 15:33 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of Quirin Privatbank Kapitalmarktgeschäft to Mister Spex SE

Company Name: Mister Spex SE

ISIN: DE000A3CSAE2

Reason for the research: update

Recommendation: Hold

from: 30.03.2026

Target price: 2.00

Last rating change:

Analyst: Ralf Marinoni

Business remains challenging

Mister Spex fulfilled its FY 2025 guidance; its outlook for the current

business (revenue is expected to be flat to down 10%) indicates further

adjustments in its business model and company structure. To reflect this, we

changed our assumptions in the DCF model and derive a new TP of EUR 2.00

(EUR 5.00). We change our recommendation from Buy to Hold.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=d4e5e3ce7f63eda504d24f4fbe4f8363

For additional information visit our website:

https://research.quirinprivatbank.de/

Contact for questions:

Quirin Privatbank AG

Institutionelles Research

Schillerstraße 20

60313 Frankfurt am Main

research@quirinprivatbank.de

https://research.quirinprivatbank.de/

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2300460 30.03.2026 CET/CEST

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