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Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>mic is still in the midst of a major and, to some extent, painful refocusing process. It is to be hoped that the major unpleasant surprises are behind us but we are still some way short of having a firm basis for valuation. All of mic&#8217;s operating investments are at an early stage of development. Of three major high-potential business units only one has generated material revenue.</p>

mic is still in the midst of a major and, to some extent, painful refocusing process. It is to be hoped that the major unpleasant surprises are behind us but we are still some way short of having a firm basis for valuation. All of mic&#8217;s operating investments are at an early stage of development. Of three major high-potential business units only one has generated material revenue.

mic AG

Refocusing in progress