Warburg Research Stock Recommendations and Price Targets

This is a list of recent ratings by Warburg Research.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
9/30/2022	ADS adidas	Set Price Target	€119.00	€185.00		N/A
9/29/2022	HBH HORNBACH Holding AG & Co. KGaA	Set Price Target	€64.00	€128.00		N/A
9/29/2022	KWS KWS SAAT SE & Co. KGaA	Set Price Target	€57.00	€71.00		N/A
9/29/2022	HLE HELLA GmbH & Co. KGaA	Set Price Target	€68.00	€67.00		N/A
9/28/2022	CEC1 Ceconomy	Set Price Target	€4.00	€1.60		N/A
9/28/2022	CBK Commerzbank	Set Price Target	€7.00	€8.20		N/A
9/27/2022	VOS Vossloh	Set Price Target	€31.00	€43.00		N/A
9/26/2022	VAR1 Varta	Set Price Target	€29.00	€53.00		N/A
9/23/2022	SZU Südzucker	Set Price Target	€12.00	€14.00		N/A
9/23/2022	HYQ Hypoport	Set Price Target	€91.00	€325.00		N/A
9/22/2022	AAD Amadeus FiRe	Set Price Target	€84.00	€170.00		N/A
9/21/2022	HEN3 Henkel AG & Co. KGaA	Set Price Target	€61.00	€70.00		N/A
9/16/2022	O2D Telefónica Deutschland	Set Price Target	€2.00	€2.60		N/A
9/16/2022	KRN Krones	Set Price Target	€91.00	€129.00		N/A
9/15/2022	SIX2 Sixt	Set Price Target	€82.00	€150.00		N/A
9/14/2022	KGX Kion Group	Set Price Target	€20.00	€41.00		N/A
9/13/2022	SAP SAP	Set Price Target	€84.00	€115.00		N/A
9/13/2022	SDF K+S Aktiengesellschaft	Set Price Target	€19.00	€30.00		N/A
9/13/2022	DB1 Deutsche Börse	Set Price Target	€168.00	€190.00		N/A
9/12/2022	PAH3 Porsche Automobil	Set Price Target	€58.00	€84.00		N/A
9/8/2022	SZU Südzucker	Set Price Target	€12.00	€14.60		N/A
9/7/2022	HEN3 Henkel AG & Co. KGaA	Set Price Target	€61.00	€70.00		N/A
9/6/2022	CBK Commerzbank	Set Price Target	€7.00	€8.20		N/A
9/2/2022	COP CompuGroup Medical SE & Co. KGaA	Set Price Target	€36.00	€67.50		N/A
9/2/2022	VNA Vonovia	Set Price Target	€22.00	€48.00		N/A
9/1/2022	AT1 Aroundtown	Set Price Target	€2.00	€6.20		N/A
9/1/2022	TEG TAG Immobilien	Set Price Target	€8.00	€14.20		N/A
8/31/2022	DIC DIC Asset	Set Price Target	€8.00	€24.70		N/A
8/26/2022	AT1 Aroundtown	Set Price Target	€2.00	€6.20		N/A
8/25/2022	DIC DIC Asset	Set Price Target	€8.00	€24.70		N/A
8/23/2022	FPE Fuchs Petrolub	Set Price Target	€23.00	€36.00		N/A
8/22/2022	FNTN freenet	Set Price Target	€19.00	€25.00		N/A
8/19/2022	HLE HELLA GmbH & Co. KGaA	Set Price Target	€68.00	€67.00		N/A
8/18/2022	PSM ProSiebenSat.1 Media	Set Price Target	€7.00	€16.00		N/A
8/18/2022	WCH Wacker Chemie	Set Price Target	€106.00	€201.00		N/A
8/16/2022	EVK Evonik Industries	Set Price Target	€17.00	€27.40		N/A
8/16/2022	LEG LEG Immobilien	Set Price Target	€61.00	€112.20		N/A
8/16/2022	BAS Basf	Set Price Target	€40.00	€60.00		N/A
8/15/2022	COK Cancom	Set Price Target	€24.00	€53.00		N/A
8/15/2022	HEN3 Henkel AG & Co. KGaA	Set Price Target	€61.00	€73.00		N/A
8/12/2022	BC8 Bechtle	Set Price Target	€37.00	€56.00		N/A
8/12/2022	SAX Ströer SE & Co. KGaA	Set Price Target	€39.00	€74.00		N/A
8/12/2022	SZU Südzucker	Set Price Target	€12.00	€14.60		N/A
8/12/2022	ARL Aareal Bank	Set Price Target	€33.00	€34.10		N/A
8/12/2022	FNTN freenet	Set Price Target	€19.00	€26.00		N/A
8/12/2022	BNR Brenntag	Set Price Target	€62.00	€86.00		N/A
8/12/2022	KGX Kion Group	Set Price Target	€20.00	€59.00		N/A
8/12/2022	KWS KWS SAAT SE & Co. KGaA	Set Price Target	€57.00	€65.50		N/A
8/11/2022	GFT GFT Technologies	Set Price Target	€31.00	€50.00		N/A
8/11/2022	VAR1 Varta	Set Price Target	€29.00	€65.20		N/A
8/11/2022	GLJ Grenke	Set Price Target	€19.00	€35.30		N/A
8/11/2022	PSM ProSiebenSat.1 Media	Set Price Target	€7.00	€18.00		N/A
8/11/2022	EVT Evotec	Set Price Target	€18.00	€38.00		N/A
8/11/2022	TIM ZEAL Network	Set Price Target	€20.00	€46.00		N/A
8/11/2022	WAC Wacker Neuson	Set Price Target	€13.00	€29.00		N/A
8/11/2022	INH INDUS	Set Price Target	€18.00	€27.00		N/A
8/10/2022	KCO Klöckner & Co SE	Set Price Target	€8.00	€11.00		N/A
8/10/2022	SIX2 Sixt	Set Price Target	€82.00	€150.00		N/A
8/10/2022	G1A GEA Group Aktiengesellschaft	Set Price Target	€33.00	€39.00		N/A
8/10/2022	ADS adidas	Set Price Target	€119.00	€185.00		N/A
8/10/2022	EVK Evonik Industries	Set Price Target	€17.00	€35.50		N/A
8/10/2022	HDD Heidelberger Druckmaschinen Aktiengesellschaft	Set Price Target	€1.00	€2.00		N/A
8/10/2022	LEG LEG Immobilien	Set Price Target	€61.00	€134.90		N/A
8/10/2022	G24 Scout24	Set Price Target	€52.00	€65.00		N/A
8/9/2022	DPW Deutsche Post	Set Price Target	€31.00	€51.00		N/A
8/9/2022	CWC CEWE Stiftung & Co. KGaA	Set Price Target	€74.00	€103.00		N/A
8/9/2022	HAB Hamborner REIT	Set Price Target	€7.00	€11.00		N/A
8/8/2022	COP CompuGroup Medical SE & Co. KGaA	Set Price Target	€36.00	€67.50		N/A
8/8/2022	SY1 Symrise	Set Price Target	€100.00	€105.00		N/A
8/8/2022	HYQ Hypoport	Set Price Target	€91.00	€447.00		N/A
8/5/2022	FME Fresenius Medical Care AG & Co. KGaA	Set Price Target	€29.00	€42.00		N/A
8/5/2022	SHA Schaeffler	Set Price Target	€5.00	€6.80		N/A
8/5/2022	FRE Fresenius SE & Co. KGaA	Set Price Target	€22.00	€42.00		N/A
8/5/2022	DUE Dürr Aktiengesellschaft	Set Price Target	€21.00	€33.50		N/A
8/5/2022	NDA Aurubis	Set Price Target	€54.00	€75.00		N/A
8/4/2022	VOS Vossloh	Set Price Target	€31.00	€43.00		N/A
8/4/2022	HDD Heidelberger Druckmaschinen Aktiengesellschaft	Set Price Target	€1.00	€2.00		N/A
8/4/2022	ZAL Zalando	Set Price Target	€20.00	€55.00		N/A
8/4/2022	UTDI United Internet	Set Price Target	€19.00	€53.00		N/A
8/4/2022	LEG LEG Immobilien	Set Price Target	€61.00	€134.90		N/A
8/3/2022	SAE Shop Apotheke Europe	Set Price Target	€41.00	€125.00		N/A
8/3/2022	PUM Puma	Set Price Target	€48.00	€100.00		N/A
8/3/2022	VNA Vonovia	Set Price Target	€22.00	€60.20		N/A
8/3/2022	BOSS Hugo Boss	Set Price Target	€48.00	€69.00		N/A
8/2/2022	DIC DIC Asset	Set Price Target	€8.00	€26.30		N/A
8/2/2022	SY1 Symrise	Set Price Target	€100.00	€102.00		N/A
8/2/2022	CBK Commerzbank	Set Price Target	€7.00	€7.65		N/A
8/2/2022	KRN Krones	Set Price Target	€91.00	€120.00		N/A
8/1/2022	DRW3 Drägerwerk AG & Co. KGaA	Set Price Target	€43.00	€48.75		N/A
8/1/2022	COP CompuGroup Medical SE & Co. KGaA	Set Price Target	€36.00	€67.50		N/A
8/1/2022	MTX MTU Aero Engines	Set Price Target	€154.00	€182.00		N/A
8/1/2022	VOW3 Volkswagen	Set Price Target	€126.00	€230.00		N/A
8/1/2022	VAR1 Varta	Set Price Target	€29.00	€65.50		N/A
7/29/2022	TTK Takkt	Set Price Target	€9.00	€16.20		N/A
7/29/2022	SKB Koenig & Bauer	Set Price Target	€11.00	€30.00		N/A
7/29/2022	SFQ SAF-Holland	Set Price Target	€6.00	€15.00		N/A
7/29/2022	FPE Fuchs Petrolub	Set Price Target	€23.00	€39.00		N/A
7/27/2022	AAD Amadeus FiRe	Set Price Target	€84.00	€170.00		N/A
7/27/2022	DB1 Deutsche Börse	Set Price Target	€168.00	€175.00		N/A
7/27/2022	O2D Telefónica Deutschland	Set Price Target	€2.00	€2.80		N/A