Northbaze Group: Acquired uncertainties

Northbaze's Q3'19 report delivered results below our expectations. As the Smart Mobility segment is underperforming with an uncertain outlook, we have decreased our short and long-term topline projections. The valuation effects of lowered sales estimates are partly mitigated by improved profitability with increased EBITDA results in the near term, achieved by reduced OPEX in conjunction with the cost savings program. All in all, our changes narrows down into a decreased base case valuation..