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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
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: 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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