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Original-Research: Mister Spex SE - from Quirin Privatbank
Kapitalmarktgeschäft

09.05.2025 / 11:05 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
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: Buy
from: 09.05.2025
Last rating change:
Analyst: Ralf Marinoni

"SpexFocus" strategy shows first successes
Mister Spex' Q1-25 results have demonstrated that its transformation
program, which was launched in August 2024, bears fruit: While net revenue
declined as expected by 13% yoy to EUR 44.7m, mainly due to strategic store
closures in international markets, the company was able to increase
profitability: The gross margin improved by 441 basis points yoy to 56.4%,
supported by the reduction of discounts in general and the continued
expansion of SpexPro, Mister Spex's private label for premium eyewear lenses
introduced in September 2024. Management explained in the conference call
that the share of its premium SpexPro lenses amounts to ~35% of sold
prescription glasses in stores - a great success. In addition, like-for-like
sales in the German offline business grew by 13% yoy. Its new subscription
model should provide recurring revenues in the future. We leave our
estimates and the DCF-based EUR 5.00 TP unchanged and confirm our Buy
recommendation.

You can download the research here: http://www.more-ir.de/d/32534.pdf
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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2134276 09.05.2025 CET/CEST

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