Bank-In­de­pen­dent In­vest­ment Hou­se, GBC AG

GBC AG

Research study based on publicly available financial figures. Includes a description of the business performance, forecasts and a valuation model.

Bank-In­de­pen­dent In­vest­ment Hou­se

GBC AG, headquartered in Augsburg, is one of the leading bank-independent investment houses in Germany and an experienced issuing expert for German SMEs.

As an owner-managed company, GBC AG knows the financing needs of German SMEs and is an independent and reliable partner for all capital market issues.

Within the GBC Group, GBC AG offers corporate analysis & research, capital market & financing consulting as well as capital market conferences.

GBC Kapital GmbH complements the services in the group with corporate finance in the areas of placement & brokerage of bonds and shares.

Equity Bottom-Up

<ul>
<li>We maintain our BUY rating and increase our target price from C$2.85 to C$3.00.</li>
<li>In our view, the latest technical progress materially increases the probability that Lion could ultimately justify a valuation well above our revised base case.</li>
<li>The expected maiden resource estimate, now indicated for summer 2026 and no longer a distant 2027 milestone, is particularly important because it could move Lion from a discovery valuation toward a resource-backed and eventually economics-based valuation earlier than previously assumed.</li>
</ul>


We maintain our BUY rating and increase our target price from C$2.85 to C$3.00.
In our view, the latest technical progress materially increases the probability that Lion could ultimately justify a valuation well above our revised base case.
The expected maiden resource estimate, now indicated for summer 2026 and no longer a distant 2027 milestone, is particularly important because it could move Lion from a discovery valuation toward a resource-backed and eventually economics-based valuation earlier than previously assumed.


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