We have lowered our valuation for ML System by 33.0% after cutting our 2024- 2025 EBITDA estimates by 31.0% and 11.9% respectively to reflect a larger-thanexpected hit from the macroeconomic slowdown. We still expect the production of photovoltaic roof tiles and façade panels to drive the firm’s earnings in the years ahead, especially as the EU Council recently adopted its EPBD directive. It seems to us we are currently at the bottom of the macroeconomic cycle which would be still visible in the 1Q24 results of Polish construction companies. We err on the side of caution: we believe MLS is likely to improve its sales profile beyond 1Q24, but we have slashed our EBITDA estimate by 31.0% for FY 2024. We lower our FV to PLN 58.45 (down 33.0% from PLN 87.20 previously). We reiterate our BUY recommendation.   4Q23 results review: ML System’s 4Q23 results were broadly in line with the preliminary print. EBITDA amounted to PLN 12.1m (down 20.4% y/y, up 89.4% q/q) in 4Q23 while the EBITDA margin improved to 20.4% versus 16% in 3Q23. Higher sales of new quantum-era products boosted the margin in 4Q23. Revenues arrived at PLN 59m (down 47.6% y/y, up 48.6% q/q) in 4Q23. EBITDA arrived at PLN 25.7m (down 29.7% y/y) for FY 2023, triggered by a slowdown in the construction sector. At the analysts’ meeting, ML System also announced that its production lines were used by R&D activity for 50% of the time during 2023, as the firm intends to speed up research. (This is against the backdrop of European regulations advancing visibly over the past year, and EPBD regulations drawing near.) Net debt stood close to 5x net debt/EBITDA at the end of 2023: we see this as an intermediary sign during the end of the investment cycle and ahead of new sales kicking in. We expect net debt/EBITDA to fall to 3.1x in 2024E.   We believe the weak 1Q24 is already priced-in: We expect ML System’s sales to arrive at PLN 45.6m (down 1.1% y/y and 22.8% q/q) in 1Q24. We expect the firm to gradually finalize construction contracts that have been dragging on for some time (although Budimex and Cavatina may only materialize in 2Q24). We expect EBITDA at PLN 9.1m (up 22.6% y/y, down 24% q/q) in 1Q24. Overall, this suggests the start of 2024 was still being tainted by the economic slowdown, which is likely to recede in the quarters ahead.   EPBD directive imminent: The Council of the European Union voted in favour of, and formally adopted, the revised Energy Performance of Buildings Directive (EPBD). This includes new rules to reduce the energy consumption and emissions of buildings across the EU. According to the directive, energy consumption in residential buildings will be reduced by 16% by 2030 and 20-22% by 2035. As for other buildings – such as companies, hospitals, schools or offices – 16% of those in the worst condition must be renovated by 2030; and 26% by 2033. Overall, this is likely to support ML System’s sales in the years ahead, with rising sales of rooftop PV and PV tiles on building facades.  

In Q4'23, consolidated sales revenues amounted to PLN 182mn and were in line with our estimates and consensus. Sales of melting furnaces surprised positively in Q4'23, with sales of CAP AP and vacuum furnaces slightly weaker than we expected. EBITDA in Q4'23 turned out to be 30% above our estimates and 15% above consensus. Management costs turned out to be significantly lower than we had anticipated.   In Q4'23, cash flow from operations came as a strong positive surprise. As a result, year-end net debt was only PLN 13mn vs. our estimate of PLN 36mn. We also find a positive surprise at the level of the order backlog, which significantly exceeded our expectations and provides a strong basis for improved performance throughout 2024. At the same time, the Management Board is recommending a dividend of PLN 1.00 per share. The record date will be June 18, 2024, while the dividend payment date will be June 28, 2024. The recommendation is in line with our estimates.  

zug, SWITZERLAND, April 25th, 2024, Chainwire Velocity Labs is proud to announce a fiat to crypto onramp using Ramp Network through the integration of Asset Hub. Through it, Ramp will be able to service any parachain in the Polkadot ecosystem. Onramps from fiat to crypto have historically been one of the biggest pain points with regard to DeFi accessibility. Thanks to the tireless builders who identified this issue early on, and have been working with regulators, credit card issuers and other payment infrastructure providers, the high barriers to crypto entry are about to be a thing of the past.  In November of last year, Velocity Labs began talks with Ramp, the leading onramp infrastructure provider for web3. The objective was simple: maximize Asset Hub's accessibility, and to get it to its full potential.  Asset Hub is a system parachain considered the "home base" of assets in the Polkadot blockspace ecosystem. It enables the creation, management, and use of assets in the Polkadot network. As a system parachain, it has a trusted relationship with the Polkadot Relay Chain, allowing for porting of DOT from the Relay Chain to Asset Hub. Asset Hub is crucial for the emission of tokens similar to ERC-20 (the Ethereum standard powering DeFi on that chain) and the imminent and future resurgence of DeFi on Polkadot. However, Asset Hub has many constraints, particularly around UX and DevEx. Recognizing the potential of Asset Hub and its importance, Velocity has been working tirelessly to address these limitations. Ramp is a financial technology company building solutions that connect the crypto economy with today's global financial infrastructure. Through its core on- and off-ramp products, Ramp provides businesses and individuals across 150+ countries with a streamlined and smooth experience in converting between cryptocurrencies and fiat currencies. Ramp is fully integrated with the world's major payment methods, including debit and credit cards, bank transfers, Apple Pay, Google Pay, and more.  About Velocity Labs Velocity Labs is a DeFi and infrastructure development company founded with the objective of transforming the Polkadot blockspace ecosystem into a thriving hub for DeFi innovation. A team formed by Polkadot veterans and DeFi experts, Velocity Labs is committed to building critical market infrastructure and tooling to unlock Polkadot's full potential. More information on velocitylabs.org Velocity Labs actively searching for builders to join us in creating the most efficient and resilient ecosystem for DeFi on Polkadot. If you think this is you, please get in touch with us through this form.  

Camana Bay, Cayman Islands, April 22nd, 2024, Chainwire The KARRAT Foundation is pleased to announce the launch of the KARRAT Protocol, which supports transformative AI and innovations in gaming and entertainment industries: from real-time animation content for the streaming industry and emerging products for retail, telecom, education and wherever imagination takes the community in the future.  $KARRAT is the governance token of the KARRAT Protocol. Using $KARRAT, the community will determine how the KARRAT Protocol is integrated into games and products, empowering the community of players and consumers, much more than traditional entertainment titles have. My Pet Hooligan is the first gaming title to integrate the KARRAT Protocol and $KARRAT My Pet Hooligan is the first launch title for the KARRAT Protocol. The flagship IP of AMGI Studios. The My Pet Hooligan game features cutting-edge motion capture tech, AI-driven conversational non-playing characters, real-time face-driven animation in the game, and, using the KARRAT Protocol, allows players to embody an NFT in-game. My Pet Hooligan won Best Action Game at the GAM3S.GG awards in December 2023. $KARRAT empowers community decision-making over the KARRAT Protocol. Central to the ethos of the KARRAT Protocol is the concept of empowered community decision-making. Traditional gaming and entertainment industries have long operated within closed-off silos, leaving communities without a voice in crucial decisions. KARRAT shatters this paradigm, with cutting-edge, on-chain governance. With KARRAT Protocol, the community takes center stage, with a governance model that fosters inclusivity, transparency, and active participation powered by $KARRAT. Airdrop Claim for My Pet Hooligan NFT Holders. Holders of My Pet Hooligan NFTs are eligible for a $KARRAT claim. Claims can be made on the KARRAT website. $KARRAT is now available on Coinbase, Gate and KuCoin. About KARRAT FOUNDATION The KARRAT Protocol is a decentralized gaming infrastructure layer, supported by $KARRAT and empowered by a truly decentralized community with a shared vision embracing gaming, entertainment and AI products catering for the new era. About AMGI Studios AMGI Studios is an independent gaming and animation technology company that lives at the intersection of gaming, animated AI technology and storytelling. The studio develops and produces traditional entertainment IP, and gaming properties through the use of its proprietary technology, AI integration and innovations in real-time animation. With a high-caliber creative team composed of artists and creators from studios such as Pixar, Disney and Industrial Light & Magic (ILM), AMGI Studios aims to be the bridge between Hollywood and the global gaming community. AMGI's vision is simple — to empower dreamers and doers to make groundbreaking content by merging artistry and technology.

S&P 500 buyers did put up an early session fight, but were of course much to clients‘ satisfaction overpowered – and that concerns also Russell 2000 as Nasdaq performance continued being dismal with financials, industrials, energy and materials keeping acting weak. Bonds though didn‘t clearly follow to the downside to say the least, and that to me means the downswing would likely stall today, and oversold bounce would be more ready to develop in the nearest days.Way more commentary and levels with outlook logic as laid out in Wednesday‘s article (intraday clients, do request your premium ideas and tips over email), follows.Keep enjoying the lively Twitter feed via keeping my tab open at all times (notifications on aren't enough) – combine with subscribing to my Youtube channel, and of course Telegram that always delivers my extra calls (head off to Twitter to talk to me there), but getting the key daily analytics right into your mailbox is the bedrock.So, make sure you‘re signed up for the free newsletter and make use of both Twitter and Telegram - benefit and find out why I'm the most blocked market analyst and trader on Twitter. Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 3 more of them, with commentaries.Tired of seeing those red boxes instead of way more valuable information? Try the premium services based on what and how you trade.S&P 500 and NasdaqS&P 500 declined through my first target of 5,080, and on Israel attack news did slide through the second target of low 5,0xx (I prefered 5,015 but it didn‘t hold). Declining volume and deeply oversold levels though increase the odds of a bit of technical reprieve in the selling in the days ahead.Thank you for having read today‘s free analysis, which is a small part of my site‘s daily premium Monica's Trading Signals covering all the markets you're used to (stocks, bonds, gold, silver, miners, oil, copper, cryptos), and of the daily premium Monica's Stock Signals presenting stocks and bonds only. Both publications feature real-time trade calls and intraday updates. Forget not the lively intraday Telegram channels for indices, stocks, gold and oil - here is how you can join any advantageous combination of these.Go beyond the free Monica‘s Insider Club serving instant publishing notifications and other content useful for making your own trade moves. Turn notifications on, and have my Twitter profile (tweets only) opened in a fresh tab so as not to miss a thing – such as extra intraday opportunities. Thanks for all your support that makes this great ride possible!

B2Broker, a renowned Prime of Prime liquidity provider, has announced that it has increased the leverage to 1:200 for major FX pairs in response to clients’ requests. Consequently, this reduces the margin requirements from 1% to 0.5%, giving the company a competitive advantage in the market for its clients.   Keeping pace with the thriving cryptocurrency market and rising demand for higher leverage, the company also increased the leverage to 1:50 for BTCUSD and ETHUSD pairs. As a result, the margin requirements are reduced from 10% to 2%, which greatly increases end-user capabilities.   What B2Broker Can Offer B2Broker has been part of the industry since 2014, providing liquidity solutions and continually expanding its offerings. The company offers a broad spectrum of 1500+ instruments across eight asset classes: FOREX, Crypto CFDs, Spot Indices, Precious Metals, Single Stocks, ETFs, Commodities and NDF CFDs. Clients receive access to deep liquidity pools from Tier-1 providers, resulting in tight spreads and ultra-fast execution. B2Broker's modern technological platforms facilitate seamless connectivity across multiple trading systems and FIX API integrations, including B2Trader, cTrader, oneZero, PrimeXM, Centroid, TFB, TradeLocker, Your Bourse, FX Cubic, and MT4/MT5. Their infrastructure supports the aggregation and distribution of liquidity through various channels, improving execution and risk management on the platforms.    Their capabilities include offering robust infrastructure and extensive connectivity options, enabling the development of tailored liquidity setups to meet the specific needs of brokerages and exchanges. B2Broker has recently launched NDFs as a new asset class in the form of CFDs, which come with next-day settlement benefits. Moreover, they were the first to introduce crypto CFDs based on spot and then perpetual futures LPs. With the new margin revamps, B2Broker now offers one of the most competitive margin conditions in the market, achieved by serving numerous institutional clients and professional funds and improving its financial strength through the years. By offering increased leverage on popular trading pairs in critical markets such as FX and Crypto, B2Broker enables brokers to provide traders greater flexibility in managing their capital. This, in turn, broadens the appeal of their venues to a more diverse range of users.   John Murillo, Chief Dealing Officer of B2Broker Group of Companies, noted: “This strategic update not only enhances our clients' competitive edge but also augments their capacity to cater to the evolving demands of their clientele, attract new business, and elevate their service standards by leveraging our liquidity solutions.  Thanks to our robust balance sheet and extensive client base, coupled with our impressive trading volumes, we stand at the forefront of the market. Our innovative mindset has been evident throughout our journey. We were the first to introduce crypto CFDs based on spot and, later, on perpetual futures. In addition to  FOREX, today, we proudly offer over 150 crypto CFD pairs, a testament to our commitment to innovation and meeting the diverse needs of our clients.”   Conclusion Offering an all-encompassing ecosystem designed to accommodate various business models, B2Broker remains dedicated to pursuing innovation and enhancing its offerings, ensuring their clients are always at the front of the pack, leading the way in industry trends.  The most recent update from B2Broker brings a significant increase in leverage, providing institutional clients, professional traders, brokerages, hedge funds, proprietary trading desks, and other financial institutions with unbeatable conditions.  Email: sales@b2broker.net Phone: +44 208 068 8636 Website: b2broker.com  

Grand Cayman, Cayman Islands, April 18th, 2024, Chainwire The annual event is a culmination of Sui's exceptional debut Over 1,000 projects, partners, investors, and enthusiasts from 65 countries around the world gathered last week in Paris to celebrate Sui at the vaunted Layer 1's inaugural global Sui Basecamp conference. At its first-ever annual event held during Paris Blockchain Week, Sui was feted by developers and builders from around the world during a two-day event. Speakers at Sui Basecamp spanned all aspects of the industry from payments to gaming to e-commerce to major league sports, offering commentary in keynotes, panels, and fireside chats.  The event was punctuated by three major announcements. In partnership with Playtron, the Sui team announced the SuiPlay0x1, the world's first lightweight handheld gaming device designed with native Web3 capabilities, and promising new gaming experiences. Additionally, First Digital Labs, joined an announcement that FDUSD, the fastest-growing stablecoin in crypto, will be the first native dollar-backed stablecoin on Sui, a boon to Sui's DeFi ecosystem, which is already the fastest-growing in the industry. Finally, Sui announced Enoki, a suite of Web3 utilities that will make it very simple for enterprises to leverage decentralized solutions inside their applications, products and services.  Sui Basecamp attendees from 65 countries had the opportunity to meet each other face-to-face. "In building Sui, we began with a blank canvas, aiming to create the preeminent platform for decentralized applications without the structural limitations we saw in other blockchains," said Evan Cheng, Co-founder and CEO of Mysten Labs, originator of the Sui Network. "Less than a year after launching Sui's mainnet, the remarkable strength of Sui's performance has confirmed the approach. From nearly limitless horizontal scalability to industry leading speed of execution to achieving the most transactions in a single day of any blockchain ever, Sui's performance has been exceptional and the network has only scratched the surface." The industry veterans who founded Sui launched its mainnet nearly a year ago to great expectations, and the network has performed exceptionally well. Rather than cloning an existing network, the Sui team started from scratch to build an entirely new infrastructure layer that addressed the shortcomings of existing blockchains. They started by creating Move, a novel smart contract language, and on top of it created a new architecture centered around objects that enables performance and functionality that is simply not available on existing blockchains. The result is a blockchain that is singular in the industry — the universal coordination layer for intelligent assets. Sui is a industry leader with lightning-fast transactions, with time to finality clocked at just 400 milliseconds. Likewise, Sui's scalability is also at the pinnacle, reaching 297,000 TPS in a controlled environment. But the Sui team is also constantly improving its technology. At the conference, members of the Sui team unveiled the next advancement in speed and scalability in the form of Mysticeti, which significantly accelerates Sui's time to finality, and Pilotfish, which enables nearly unlimited horizontal scaling by validators. And beyond performing in test environments, at just four months old, Sui broke the record for transactions executed in a single day, achieving a higher figure than any existing blockchain while fees remained low and stable. Notably, in nearly a year of its mainnet, Sui has not experienced a single minute of downtime. Gradually, after a series of community events around the world, media stories highlighting Sui's remarkable early milestones, sustained ecosystem growth and multiple stories of builders eschewing other blockchains to leverage the Sui network, builders, developers, investors and the broader community have begun to understand the potential for Sui's groundbreaking blockchain technology. The crowds that gathered for Sui Basecamp 2024 represented the culmination of Sui's arrival. "The overwhelming turnout and the vibrant enthusiasm at the inaugural Sui Basecamp event reflects a Sui community that is captivated by Sui's potential to make people's lives better," said Greg Siourounis, Managing Director of the Sui Foundation. "In the coming months, the Sui Foundation will continue to focus on expanding the ecosystem of projects leveraging Sui and the number of users benefiting from those applications as we work to make Sui one of the blockchains most widely adopted to solve real world challenges. With cutting edge technology and the most dedicated and professional community in web3 behind it, Sui's progress so far is just a glimpse of what this network will achieve." Users can read more on the event on the Sui Blog.

Vancouver, Canada, April 18th, 2024, Chainwire ceτi AI, a leader in decentralized artificial intelligence infrastructure, is pleased to announce its acquisition of Canadian company Big Energy Investments Inc., a firm specializing in strategic investment in high-performance computing infrastructure. This acquisition marks a significant first step in ceτi AI's strategy to advance the development and accessibility of AI technologies. Strategic Acquisition and Enhanced Capabilities Following the acquisition, Big Energy Investments, Ltd. has reached agreements in principle to acquire advanced high-performance computing (HPC) infrastructure, including five HPC servers, each equipped with 8 NVIDIA H100 Tensor Core GPUs, and two NVIDIA Quantum-2 InfiniBand switches, set to be delivered in May 2024. These agreements are anticipated to be executed within the next week, underscoring the commitment to enhancing the technological capabilities promptly. This strategic enhancement is pivotal for the initial North American deployment of the ceτi AI Infrastructure Network, which will utilize the ceτi AI Intelligent Compute Fabric to manage and provide compute resources to decentralized AI networks, decentralized physical infrastructure networks (DePIN), and various other applications. Strategic Deployment and Pilot Implementation The new HPC infrastructure will underpin the first North American deployment of the ceτi AI Intelligent Compute Fabric, which manages the ceτi AI Infrastructure Network. This network is designed to provide essential compute resources to a variety of decentralized client networks and is a critical component of ceτi AI's broader mission to democratize AI technology through decentralization. The pilot implementation will not only demonstrate the capabilities of the ceτi AI solution but also initiate revenue generation and accumulation for the CETI token ecosystem. Roadmap and Future Plans The successful integration and demonstration of this infrastructure will set the stage for immediate expansion to data-center scale implementations, significantly scaling up ceτi AI's operational capabilities. Work continues to progress on the CETI token ecosystem, with its introduction being the next major milestone on the ceτi AI roadmap. Executive Insight "This acquisition marks a significant milestone in ceτi AI's growth trajectory, aligning with our strategic goals to bolster our infrastructure and accelerate the development of decentralized AI technologies. By integrating Big Energy Investments' resources and capabilities, we are better positioned to innovate and expand our reach across North America," said Dennis Jarvis, CEO of ceτi AI. Forward-Looking Statements This press release contains forward-looking statements relating to expected future events and anticipated results that are subject to significant risks and uncertainties. These include, but are not limited to, the final procurement and integration of HPC infrastructure, the deployment and performance of the ceτi AI Intelligent Compute Fabric, and the broader adoption and impact of the CETI token ecosystem. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to a variety of factors. About ceτi AI ceτi AI is at the forefront of revolutionizing artificial intelligence through decentralization. Committed to innovation and accessibility, ceτi AI develops globally distributed, high-performance, scalable AI infrastructure designed to empower developers and networks worldwide. By democratizing access to state-of-the-art resources, ceτi AI aims to accelerate the advancement of AI technologies, making them more diverse and universally accessible. Our mission extends beyond infrastructure development; we are building a foundation for the future of AI, ensuring it grows in a manner that benefits all of humanity without sacrificing freedom of choice or expression. Users are welcome to dive deeper into our mission, technology, and the future we're building along with the latest updates and community discussions by visiting: litepaper I Website I X I Telegram I Discord