Netex Knowledge Factory S A : Morningstar – Quantitative Report – Julio 2023

Quantitative Equity Research Report | Release: 26 Jul 2023, 22:33 UTC | Reporting Currency: EUR | Trading Currency: EUR | Exchange: BOLSA DE MADRID			Page 1 of 5
Netex Knowledge Factory SA NTX QQQQ 26 Jul 2023, 22:44 UTC
Economic Moat Q	Uncertainty Q	Price/Fair Value Q	ESG Risk Rating Assessment1	Trailing Dividend Yield %	Market Cap	Investment Style	Sector	Industry
None	Very High	0.9	-	-	26.4173 Mil	Small Growth	Technology	Software - Application

20

15

10

5

0.5

2013	2014	2015	2016	2017	2018	2019	2020	2021
-	-	-	-	-	0.64	0.88	1.11	0.62
-	-	-	-	-	-34.85	7.75	164.75	-1.63
-	-	-	-	-	-23.28	-7.52	176.66	-12.34

As of 26 Jul 2023 | Index: Morningstar Spain GR EUR. Fair Value data as of 26 Jul 2023, 22:44 UTC.

2022YTD

0.62 0.86

-9.12-6.38

-7.90-26.53

Fair ValueQ

3.59

Last Close

3.08

Overvalued

Fairly Valued

Undervalued

Performance

Price/Fair Value Total Return % +/- Index

1The ESG Risk Rating Assessment is a representation of Sustainalytics' ESG Risk Rating. Lee Davidson, Chief Analytics Officer for Morningstar, Inc, oversees the methodology that supports Quantitative Fair Value Estimates and Quantitative Star Ratings. Mr. Davidson is guided by the Morningstar, Inc. Code of Ethics in carrying out his responsibilities. For information regarding Conflicts of Interests, visit http://global.morningstar.com/equitydisclosures.

Key Metrics as of 25 Jul 2023

							NTX
Earnings Yield (%)	-5.0
Sales Yield (%)	78.8
Book Value Yield (%)	8.9
Return on Assets (%)*	-6.0
Revenue(Mil)*	23.0
Market Value (Mil)	29.2
Enterprise Value (Mil)	47.0
EVMV Ratio	1.6
Volatility TTM (%)	35.5
Drawdown TTM (%)	27.9
Volume (K)	1.9
*30 Sep 2022	0% 25	50	75 100
						Percentile in Sector
Economic Moat	History as of 26 Jul 2023
1.0										Wide Moat
										Narrow Moat
										No Moat
									NTX
0.5

0.0

2018 2019 2020 2021 2022 2023

Business Description

Netex Knowledge Factory SA develops applications and service-based-solutions to deliver digital learning in companies and academic institutions. The company's portfolio includes learningCloud, a personalized learning environment that facilitates video, gamification, online/offline mobile learning, micro learning, social learning, interoperability, and real-time conferencing features for the modern workforce in corporations; and smartED, a solution for publishing houses and universities.

Valuationas of 27 Jul 2023

Morningstar maintains a 3-star quantitative star rating for Netex Knowledge Factory, derived from the firm's valuation and uncertainty scores.

The company's shares last closed at 3.08, below our quantitative fair value estimate of 3.59. These shares have traded between a 53.23% and 13.33% discount to their fair value estimate over the past year. In Morningstar's equity coverage universe for this methodology, the company's valuation rating lands at the 70th percentile; in the technology sec- tor, the firm's score lies at the 65th percentile (meaning the shares are more undervalued than 65% of stocks in the sector).

Furthermore, Netex Knowledge Factory maintains a quantitative valuation uncertainty rating of Very High.

The company has held this star rating over the past year. The uncertainty rating for Netex Knowledge Factory has remained Very High since the previous rating of Extreme, which was last assigned on 06/ 14/2023.

The key factors behind these ratings are the com- pany's EV-MV ratio and drawdown. The enterprise value-to-market value ratio is 1.60, and its maximum trailing 12-month maximum drawdown is 38.69%. The EV-MV ratio falls at the 90th percent-

ile in the technology sector while the drawdown is at the 47th percentile. Over the past year, the com- pany's EV-MV ratio has been between 1.27 and 1.75; its drawdown has ranged between 21.75% and 38.69%.

Economic Moat as of 26 Jul 2023

With a Morningstar quantitative moat rating of None, the quantitative moat score for Netex Knowledge Factory falls at the 56th percentile in both the technology sector and equity coverage uni- verse. The company has maintained its None quantitative moat rating since after 07/18/2023, when it was downgraded from Narrow.

We also assign a Moderate quantitative financial health rating to Netex Knowledge Factory. The company's raw score on this metric, termed Distance to Default, ranks at the 20th percentile overall and 18th in the technology sector. Furthermore, this financial health rating has stayed Moderate over the last year.

Supporting these ratings are the company's enterprise value and annualized trailing 12-month volat- ility. The enterprise value of 47.47 million, ranks at the 29th percentile in the covered equity universe and at the 27th percentile among its peers. Mean- while, its annualized trailing 12-month volatility of 35.43%, falls at the 54th percentile in the universe and the 44th percentile in the technology sector.

Fundamentals as of 27 Jul 2023

The earnings per share for Netex Knowledge Factory is -0.15. The company earns a return on invested capital of -2.76%, falling at the 33rd percentile in the technology sector. The company did not report a dividend. We calculate the above figures over a trailing 12-month period.

©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions	ß®
presented herein do not constitute investment advice; are provided solely for informational purposes and therefore is not an offer to buy or sell a security; are not warranted to be correct, complete or accurate; and are
subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or
opinions or their use. The information herein may not be reproduced, in any manner without the prior written consent of Morningstar. Please see important disclosures at the end of this report.

Quantitative Equity Research Report | Release: 26 Jul 2023, 22:33 UTC | Reporting Currency: EUR | Trading Currency: EUR | Exchange: BOLSA DE MADRID				Page 2 of 5
Netex Knowledge Factory SA NTX QQQQ 26 Jul 2023, 22:44 UTC
Economic Moat Q	Uncertainty Q	Price/Fair Value Q	ESG Risk Rating Assessment1	Trailing Dividend Yield %	Market Cap	Investment Style	Sector	Industry
None	Very High	0.9	-	-	26.4173 Mil	Small Growth	Technology	Software - Application
Earnings as of 25 Jul 2023				Dividends as of 26 Jul 2023			Valuation as of 26 Jul 2023

Earnings	%		Percentile in Sector
Dividend Yield*	-		-
Payout Ratio*	-		-
Price to Earnings	-		-
Price to Cash Flow	-		-
ROIC**	-2.8	33.0
*-		0% 25	50	75 100
**30 Sep 2022

Stock Price	Payout Ratio
20	4.00%
		Fair ValueQ
15	3.00	3.59
UncertaintyQ :
		Very High
10	2.00	Last Close
		3.08
5	1.00
0	0.00

14 15 16 17 18 19 20 21 22 23

©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions	ß®
presented herein do not constitute investment advice; are provided solely for informational purposes and therefore is not an offer to buy or sell a security; are not warranted to be correct, complete or accurate; and are
subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or
opinions or their use. The information herein may not be reproduced, in any manner without the prior written consent of Morningstar. Please see important disclosures at the end of this report.

Quantitative Equity Research Report | Release: 26 Jul 2023, 22:33 UTC | Reporting Currency: EUR | Trading Currency: EUR | Exchange: BOLSA DE MADRID

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Quantitative Equity Reports Overview

The quantitative report on equities consists of data, statistics and quantitative equity ratings on equity securities. Morningstar, Inc.'s quantitative equity ratings are forward looking and are generated by a statistical model that is based on Morningstar Inc.'s analyst-driven equity ratings and quantitative statistics. Given the nature of the quantitative report and the quantitative ratings, there is no one analyst in which a given report is attributed to; however, Mr. Lee Davidson, Head of Quantitative Research for Morningstar, Inc., is responsible for overseeing the methodology that supports the quantitative equity ratings used in this report. As an employee of Morningstar, Inc., Mr. Davidson is guided by Morningstar, Inc.'s Code of Ethics and Personal Securities Trading Policy in carrying out his responsibilities.

Quantitative Equity Ratings

Morningstar's quantitative equity ratings consist of: (i) Quantitative Fair Value Estimate, (ii) Quantitative Star Rating, (iii) Quantitative Uncertainty, (iv) Quantitative Economic Moat, and (v) Quantitative Financial Health (collectively the "Quantitative Ratings).

The Quantitative Ratings are calculated daily and derived from the analyst- driven ratings of a company's peers as determined by statistical algorithms. Morningstar, Inc. ("Morningstar", "we", "our") calculates Quantitative Ratings for companies whether or not it already provides analyst ratings and qualitative coverage. In some cases, the Quantitative Ratings may differ from the analyst ratings because a company's analyst-driven ratings can significantly differ from other companies in its peer group.

1. Quantitative Fair Value Estimate: Intended to represent Morningstar's estimate of the per share dollar amount that a company's equity is worth today. Morningstar calculates the Quantitative Fair Value Estimate using a statistical model derived from the Fair Value Estimate Morningstar's equity analysts assign to companies. Please go to http://global.morningstar.com/ equitydisclosures for information about Fair Value Estimate Morningstar's equity analysts assign to companies.
2. Quantitative Economic Moat: Intended to describe the strength of a firm's competitive position. It is calculated using an algorithm designed to predict the Economic Moat rating a Morningstar analyst would assign to the stock. The rating is expressed as Narrow, Wide, or None.
   Narrow - assigned when the probability of a stock receiving a "Wide Moat" rating by an analyst is greater than 70% but less than 99%.
   Wide - assigned when the probability of a stock receiving a "Wide Moat" rating by an analyst is greater than 99%.
   None - assigned when the probability of an analyst receiving a "Wide Moat" rating by an analyst is less than 70%.
3. Quantitative Star Rating: Intended to be the summary rating based on the combination of our Quantitative Fair Value Estimate, current market price, Quantitative Uncertainty Rating, and momentum. The rating is expressed as One-Star,Two-Star,Three-Star,Four-Star, and Five-Star.
   Q - the stock is overvalued with a reasonable margin of safety.
   Log (Quant FVE/Price) < -1*Quantitative Uncertainty Micro-Caps: Log (Quant FVE/Price) < -1.5*Quantitative Uncertainty

1. - the stock is somewhat overvalued.
   Log (Quant FVE/Price) between (-1*Quantitative Uncertainty, -0.5*Quantitative

Uncertainty)

Micro-Caps: Log (Quant FVE/Price) between (-1.5*Quantitative Uncertainty, - 0.75*Quantitative Uncertainty)

1. - the stock is approximately fairly valued.

Log (Quant FVE/Price) between (-0.5*Quantitative Uncertainty, 0.5*Quantitative Uncertainty)

Micro-Caps: Log (Quant FVE/Price) between (-0.75*Quantitative Uncertainty, 0.75*Quantitative Uncertainty)

1. - the stock is somewhat undervalued.

Log (Quant FVE/Price) between (0.5*Quantitative Uncertainty, 1*Quantitative Uncertainty)

Micro-Caps: Log (Quant FVE/Price) between (0.75*Quantitative Uncertainty, 1.5*Quantitative Uncertainty)

1. - the stock is undervalued with a reasonable margin of safety.
   Log (Quant FVE/Price) > 1*Quantitative Uncertainty Micro-Caps: Log (Quant FVE/Price) > 1.5*Quantitative Uncertainty

After the initial calculation for the star rating, there is a final filtering step based on the momentum of the company. We rank the companies based on their 12-1 month momentum, then restrict those below the 30th percentile to a maximum of 3 stars.

1. Quantitative Uncertainty: Intended to represent Morningstar's level of uncertainty about the accuracy of the Quantitative Fair Value Estimate. Generally, the lower the Quantitative Uncertainty, the narrower the potential range of outcomes for that particular company. The rating is expressed as Low, Medium, High, Very High, and Extreme.
   Low - the interquartile range for possible fair values is less than 10% Medium - the interquartile range for possible fair values is less than 15%
   but greater than 10%
   High - the interquartile range for possible fair values is less than 35% but greater than 15%
   Very High - the interquartile range for possible fair values is less than 80% but greater than 35%
   Extreme - the interquartile range for possible fair values is greater than 80%
2. Quantitative Financial Health: Intended to reflect the probability that a firm will face financial distress in the near future. The calculation uses a predictive model designed to anticipate when a company may default on its financial obligations. The rating is expressed as Weak, Moderate, and Strong.
   Weak - assigned when Quantitative Financial Health < 0.2
   Moderate - assigned when Quantitative Financial Health is between 0.2 and 0.7
   Strong - assigned when Quantitative Financial Health > 0.7

Other Definitions

1. Last Close - Price of the stock as of the close of the market of the last trading day before date of the report.
2. Quantitative Valuation- Using the below terms, intended to denote the relationship between the security's Last Price and Morningstar's quantitative fair value estimate for that security.
   Undervalued - Last Price is below Morningstar's quantitative fair value estimate.
   Farily Valued - Last Price is in line with Morningstar's quantitative fair value estimate.
   Farily Valued - Last Price is in line with Morningstar's quantitative fair value estimate.
   Overvalued - Last Price is above Morningstar's quantitative fair value estimate.

Sustainalytics ESG Risk Rating Assessment: The ESG Risk Rating Assessment is provided by Sustainalytics; a Morningstar company. Sustainalytics' ESG Risk Ratings measure the degree to which company's economic value at risk is driven by environment, social and governance (ESG) factors.

Sustainalytics analyzes over 1,300 data points to assess a company's exposure to and management of ESG risks. In other words, ESG Risk Ratings measures a company's unmanaged ESG Risks represented as a quantitative score.

Unmanaged Risk is measured on an open-ended scale starting at zero (no risk) with lower scores representing less unmanaged risk and, for 95% of cases, the unmanaged ESG Risk score is below 50.

Based on their quantitative scores, companies are grouped into one of five Risk

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Quantitative Equity Research Report | Release: 26 Jul 2023, 22:33 UTC | Reporting Currency: EUR | Trading Currency: EUR | Exchange: BOLSA DE MADRID

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Categories (negligible, low, medium, high, severe). These risk categories are absolute, meaning that a 'high risk' assessment reflects a comparable degree of unmanaged ESG risk across all subindustries covered.

The ESG Risk Rating Assessment is a visual representation of Sustainalytics ESG Risk Categories on a 1 to 5 scale. Companies with Negligible Risk = 5 Globes, Low Risk = 4, Medium Risk = 3 Globes, High Risk = 2 Globes, Severe Risk = 1 Globe. For more information, please visit sustainalytics.com/esg- ratings/

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Quantitative Equity Research Report | Release: 26 Jul 2023, 22:33 UTC | Reporting Currency: EUR | Trading Currency: EUR | Exchange: BOLSA DE MADRID

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