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
1/31/2023	FME Fresenius Medical Care AG & Co. KGaA	Set Price Target	€36.00	€22.00		N/A
1/31/2023	DUE Dürr Aktiengesellschaft	Set Price Target	€35.00	€40.00		N/A
1/31/2023	FRE Fresenius SE & Co. KGaA	Set Price Target	€27.00	€24.00		N/A
1/31/2023	CBK Commerzbank	Set Price Target	€10.00	€11.60		N/A
1/30/2023	KGX Kion Group	Set Price Target	€41.00	€44.00		N/A
1/27/2023	HDD Heidelberger Druckmaschinen Aktiengesellschaft	Set Price Target	€2.00	€2.20		N/A
1/27/2023	ADS adidas	Set Price Target	€161.00	€180.00		N/A
1/26/2023	RHM Rheinmetall	Set Price Target	€228.00	€265.00		N/A
1/26/2023	SAP SAP	Set Price Target	€112.00	€110.00		N/A
1/25/2023	DRW3 Drägerwerk AG & Co. KGaA	Set Price Target	€42.00	€42.24		N/A
1/24/2023	EVT Evotec	Set Price Target	€19.00	€29.00		N/A
1/24/2023	DIC DIC Asset	Set Price Target	€9.00	€14.60		N/A
1/24/2023	WCH Wacker Chemie	Set Price Target	€149.00	€160.00		N/A
1/23/2023	SY1 Symrise	Set Price Target	€100.00	€100.00		N/A
1/20/2023	SDF K+S Aktiengesellschaft	Set Price Target	€21.00	€30.00		N/A
1/19/2023	TEG TAG Immobilien	Set Price Target	€9.00	€11.90		N/A
1/18/2023	BOSS Hugo Boss	Set Price Target	€64.00	€70.00		N/A
1/18/2023	DB1 Deutsche Börse	Set Price Target	€167.00	€195.00		N/A
1/18/2023	BAS Basf	Set Price Target	€54.00	€57.00		N/A
1/17/2023	VNA Vonovia	Set Price Target	€27.00	€45.40		N/A
1/17/2023	NDA Aurubis	Set Price Target	€101.00	€102.00		N/A
1/16/2023	HYQ Hypoport	Set Price Target	€135.00	€265.00		N/A
1/13/2023	UTDI United Internet	Set Price Target	€22.00	€53.00		N/A
1/13/2023	GFT GFT Technologies	Set Price Target	€42.00	€50.00		N/A
1/12/2023	INH INDUS	Set Price Target	€25.00	€26.00		N/A
1/12/2023	BOSS Hugo Boss	Set Price Target	€64.00	€70.00		N/A
1/12/2023	SZU Südzucker	Set Price Target	€15.00	€17.50		N/A
1/10/2023	G1A GEA Group Aktiengesellschaft	Set Price Target	€42.00	€39.00		N/A
1/9/2023	ZAL Zalando	Set Price Target	€46.00	€52.00		N/A
1/9/2023	VNA Vonovia	Set Price Target	€27.00	€45.40		N/A
1/9/2023	SAE Shop Apotheke Europe	Set Price Target	€71.00	€99.00		N/A
1/9/2023	KGX Kion Group	Set Price Target	€41.00	€40.00		N/A
1/9/2023	HYQ Hypoport	Set Price Target	€135.00	€265.00		N/A
1/9/2023	DPW Deutsche Post	Set Price Target	€43.00	€46.50		N/A
1/9/2023	AAD Amadeus FiRe	Set Price Target	€131.00	€170.00		N/A
1/9/2023	AIXA Aixtron	Set Price Target	€28.00	€31.00		N/A
1/9/2023	RHM Rheinmetall	Set Price Target	€228.00	€225.00		N/A
1/5/2023	COK Cancom	Set Price Target	€31.00	€52.00		N/A
1/4/2023	CBK Commerzbank	Set Price Target	€10.00	€10.70		N/A
1/4/2023	GLJ Grenke	Set Price Target	€28.00	€36.00		N/A
1/3/2023	HBH HORNBACH Holding AG & Co. KGaA	Set Price Target	€85.00	€112.00		N/A
1/2/2023	NDA Aurubis	Set Price Target	€101.00	€98.00		N/A
1/2/2023	EVK Evonik Industries	Set Price Target	€22.00	€25.60		N/A
1/2/2023	CEC1 Ceconomy	Set Price Target	€4.00	€1.60		N/A
12/28/2022	HBH HORNBACH Holding AG & Co. KGaA	Set Price Target	€85.00	€112.00		N/A
12/27/2022	NDA Aurubis	Set Price Target	€101.00	€98.00		N/A
12/27/2022	EVK Evonik Industries	Set Price Target	€22.00	€25.60		N/A
12/26/2022	CEC1 Ceconomy	Set Price Target	€4.00	€1.60		N/A
12/26/2022	SAP SAP	Set Price Target	€112.00	€110.00		N/A
12/22/2022	SZU Südzucker	Set Price Target	€15.00	€17.50		N/A
12/22/2022	HBH HORNBACH Holding AG & Co. KGaA	Set Price Target	€85.00	€112.00		N/A
12/21/2022	EVK Evonik Industries	Set Price Target	€22.00	€25.60		N/A
12/21/2022	NDA Aurubis	Set Price Target	€101.00	€79.00		N/A
12/20/2022	CEC1 Ceconomy	Set Price Target	€4.00	€1.60		N/A
12/19/2022	SAP SAP	Set Price Target	€112.00	€110.00		N/A
12/19/2022	VOW3 Volkswagen	Set Price Target	€132.00	€210.00		N/A
12/16/2022	SZU Südzucker	Set Price Target	€15.00	€14.80		N/A
12/15/2022	B4B3 Metro	Set Price Target	€9.00	€8.50		N/A
12/13/2022	WAC Wacker Neuson	Set Price Target	€19.00	€25.00		N/A
12/13/2022	SAP SAP	Set Price Target	€112.00	€110.00		N/A
12/12/2022	FRE Fresenius SE & Co. KGaA	Set Price Target	€27.00	€25.00		N/A
12/9/2022	SAE Shop Apotheke Europe	Set Price Target	€71.00	€99.00		N/A
12/9/2022	LEG LEG Immobilien	Set Price Target	€75.00	€86.00		N/A
12/8/2022	DB1 Deutsche Börse	Set Price Target	€167.00	€195.00		N/A
12/7/2022	SZU Südzucker	Set Price Target	€15.00	€14.80		N/A
12/7/2022	VNA Vonovia	Set Price Target	€27.00	€45.40		N/A
12/2/2022	FNTN freenet	Set Price Target	€22.00	€25.00		N/A
12/2/2022	PSM ProSiebenSat.1 Media	Set Price Target	€10.00	€10.00		N/A
12/1/2022	AT1 Aroundtown	Set Price Target	€3.00	€3.80		N/A
12/1/2022	INH INDUS	Set Price Target	€25.00	€26.00		N/A
11/30/2022	TEG TAG Immobilien	Set Price Target	€9.00	€11.90		N/A
11/28/2022	BNR Brenntag	Set Price Target	€71.00	€80.00		N/A
11/25/2022	HAB Hamborner REIT	Set Price Target	€8.00	€10.00		N/A
11/25/2022	AT1 Aroundtown	Set Price Target	€3.00	€3.80		N/A
11/24/2022	SDF K+S Aktiengesellschaft	Set Price Target	€21.00	€32.00		N/A
11/22/2022	DUE Dürr Aktiengesellschaft	Set Price Target	€35.00	€37.00		N/A
11/21/2022	TEG TAG Immobilien	Set Price Target	€9.00	€14.20		N/A
11/21/2022	MTX MTU Aero Engines	Set Price Target	€230.00	€200.00		N/A
11/21/2022	AAD Amadeus FiRe	Set Price Target	€131.00	€170.00		N/A
11/17/2022	DIC DIC Asset	Set Price Target	€9.00	€17.00		N/A
11/17/2022	ARL Aareal Bank	Set Price Target	€33.00	€35.00		N/A
11/16/2022	VAR1 Varta	Set Price Target	€29.00	€17.50		N/A
11/16/2022	VNA Vonovia	Set Price Target	€27.00	€48.00		N/A
11/15/2022	KWS KWS SAAT SE & Co. KGaA	Set Price Target	€63.00	€73.00		N/A
11/15/2022	HYQ Hypoport	Set Price Target	€135.00	€265.00		N/A
11/15/2022	EVK Evonik Industries	Set Price Target	€22.00	€25.60		N/A
11/14/2022	COK Cancom	Set Price Target	€31.00	€52.00		N/A
11/11/2022	SAX Ströer SE & Co. KGaA	Set Price Target	€52.00	€72.00		N/A
11/11/2022	GFT GFT Technologies	Set Price Target	€42.00	€50.00		N/A
11/11/2022	TIM ZEAL Network	Set Price Target	€20.00	€46.00		N/A
11/11/2022	BC8 Bechtle	Set Price Target	€41.00	€56.00		N/A
11/11/2022	CWC CEWE Stiftung & Co. KGaA	Set Price Target	€95.00	€103.00		N/A
11/11/2022	DPW Deutsche Post	Set Price Target	€43.00	€46.50		N/A
11/10/2022	HAB Hamborner REIT	Set Price Target	€8.00	€11.10		N/A
11/10/2022	WAC Wacker Neuson	Set Price Target	€19.00	€29.00		N/A
11/10/2022	UTDI United Internet	Set Price Target	€22.00	€53.00		N/A
11/10/2022	LEG LEG Immobilien	Set Price Target	€75.00	€112.20		N/A
11/10/2022	SDF K+S Aktiengesellschaft	Set Price Target	€21.00	€29.00		N/A
11/10/2022	GLJ Grenke	Set Price Target	€28.00	€36.00		N/A
11/9/2022	SIX2 Sixt	Set Price Target	€121.00	€150.00		N/A