Bank-In­de­pen­dent In­vest­ment Hou­se, GBC AG

GBC AG

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

Somec Spa manufactures and distributes glass envelopes for cruise ships and other architectural projects. The Company provides balcony sliding doors, windows, balustrades, and dividers, as well as offers windscreens, skylights, skywalls, and fire resistant products. Somec serves customers globally.

<ul>
<li>BUSINESS DEVELOPMENT 9M 2025 On 17 November 2025, the Somec Group published key figures on its nine-month sales figures for the current financial year 2025.</li>
<li>According to these figures, the Somec Group achieved a slight year-on-year increase in consolidated sales of 0.4% to € 271.1 million at the end of the third quarter (9M 2024: € 270.0 million), whereby growth would have been as high as 1.3% on a constant currency basis.</li>
<li>The Somec Group's nine-month growth was driven in particular by dynamic business development in the "Mestieri" division (9M segment growth: &gt;15.0%).</li>
</ul>


BUSINESS DEVELOPMENT 9M 2025 On 17 November 2025, the Somec Group published key figures on its nine-month sales figures for the current financial year 2025.
According to these figures, the Somec Group achieved a slight year-on-year increase in consolidated sales of 0.4% to € 271.1 million at the end of the third quarter (9M 2024: € 270.0 million), whereby growth would have been as high as 1.3% on a constant currency basis.
The Somec Group's nine-month growth was driven in particular by dynamic business development in the "Mestieri" division (9M segment growth: &gt;15.0%).


Research study (Note) english - Somec S.p.A. - 03.12.2025

Scout24 AG is an operator of digital classifieds platforms. The Company specializes in the real estate and automotive sectors in Germany and other selected European countries.

<ul><li>Die beiden Strategie-Portfolios GBC Top 30 und Top 40 European Insiders basieren auf der erfolgreichen Directors Dealings Value Strategie und implementiert diese auf europäischer Basis.</li><li>Die Anlagestrategie folgt den Insidertrades der größten europäischen Unternehmen im Euro-Raum.</li><li>Aus dieser Liste werden die Top 30 bzw.</li></ul>

Die beiden Strategie-Portfolios GBC Top 30 und Top 40 European Insiders basieren auf der erfolgreichen Directors Dealings Value Strategie und implementiert diese auf europäischer Basis.Die Anlagestrategie folgt den Insidertrades der größten europäischen Unternehmen im Euro-Raum.Aus dieser Liste werden die Top 30 bzw.

Insider Aktie im Fokus – Scout24 SE - 28.11.2025

DN Group AG operates as an investment company. The Company focuses on the sustainable investments in future-orientated sectors such as mobility, energy, healthcare, artificial intelligence, and circular economy. DN Group supports impact-driven growth companies across Europe.

<ul>
<li>DN Deutsche Nachhaltigkeit AG (formerly NEON Equity AG) realigned its business model in the past financial year.</li>
<li>The company's focus is currently described as ‘impact investing’.</li>
<li>This means that in future, it will primarily invest in companies that are active in future-oriented industries.</li>
</ul>


DN Deutsche Nachhaltigkeit AG (formerly NEON Equity AG) realigned its business model in the past financial year.
The company's focus is currently described as ‘impact investing’.
This means that in future, it will primarily invest in companies that are active in future-oriented industries.


Research Note english – DN Deutsche Nachhaltigkeit AG – 24.11.2025

PFISTERER Holding SE operates as a holding company. The Company, through its subsidiaries, develops, manufactures, and supplies technology for insulating and connecting electrical conductors for power grid interfaces. PFISTERER Holding serves customers worldwide.

<ul><li>After PFISTERER was still affected by the relocation of the Wunsiedel site to Kadaň at the beginning of the year, it embarked on an impressive growth course from the second quarter of 2025 onwards.</li><li>This continued in the third quarter of 2025 with a 25.5% increase in sales, bringing sales after nine months to €326.63 million, up 14.5% on the previous year's figure of €285.16 million.</li><li> In line with the significant increase in sales, PFISTERER shows noticeable improvements at all earnings levels.</li></ul>

After PFISTERER was still affected by the relocation of the Wunsiedel site to Kadaň at the beginning of the year, it embarked on an impressive growth course from the second quarter of 2025 onwards.This continued in the third quarter of 2025 with a 25.5% increase in sales, bringing sales after nine months to €326.63 million, up 14.5% on the previous year's figure of €285.16 million. In line with the significant increase in sales, PFISTERER shows noticeable improvements at all earnings levels.

Research study (update) english – PFISTERER Holding SE – 20.11.2025

Smartbroker Holding AG is a digital brokerage platform for private investors. The Company provides multiple German-speaking finance portals, as well as associated mobile application, forums, communities, and brokerage. Smartbroker Holding serves retail investors and savers in Germany.

<ul>
<li>Smartbroker Holding AG is an integrated capital market platform provider with two complementary business segments: online brokerage and digital financial media.</li>
<li>Under the Smartbroker+ brand, the company operates a multi-award-winning online broker that is the only provider in Germany to combine the service portfolio of a traditional full-service broker with the conditions of a modern neobroker.</li>
<li>At the same time, the group operates four of the most widely read financial portals in the German-speaking world: wallstreet-online.de, boersenNews.de, FinanzNachrichten.de, and ARIVA.de.</li>
</ul>


Smartbroker Holding AG is an integrated capital market platform provider with two complementary business segments: online brokerage and digital financial media.
Under the Smartbroker+ brand, the company operates a multi-award-winning online broker that is the only provider in Germany to combine the service portfolio of a traditional full-service broker with the conditions of a modern neobroker.
At the same time, the group operates four of the most widely read financial portals in the German-speaking world: wallstreet-online.de, boersenNews.de, FinanzNachrichten.de, and ARIVA.de.


Initial Coverage english – Smartbroker Holding AG – 19.11.2025

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