On December 8, MBH Corporation Plc announced the acquisition of the British interior designer du Boulay Contracts Ltd. In our opinion, MBH is thus already demonstrating, shortly after the initial listing in the Düsseldorf primary market and on Xetra, that the expansion course announced with the IPO, in which own shares are used as acquisition currency to pay the purchase price for takeovers, is being implemented consistently and plausibly. Combined with the expectation that the profits of the MBH Group in 2018 and 2019 will be higher than previously expected, we are raising our price target significantly from EUR 1.20 to EUR 1.80.

The complete study is available on the SRH AlsterResarch AG website under the following link. Please note the disclaimer at the end of this document.