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

^

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.

---------------------------------------------------------------------------

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/

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

Archive at www.eqs-news.com

---------------------------------------------------------------------------

2134276 09.05.2025 CET/CEST

°