Original-Research
Singulus Technologies AG (von NuWays AG): Halten
- Original-Research: Singulus Technologies AG - von NuWays AG
- Klassifizierung von NuWays AG zu Singulus Technologies AG
- Empfehlung: Halten, Zielkurs: EUR 1.60, starke Auftragslage in Q1, Solarsegment vielversprechend, Life Science herausfordernd, Semiconductor wächst schnell, operativer Break-even in Reichweite.
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Original-Research: Singulus Technologies AG - from NuWays AG
Classification of NuWays AG to Singulus Technologies AG
Company Name: Singulus Technologies AG
ISIN: DE000A1681X5
Reason for the research: Update
Recommendation: Halten
from: 16.04.2024
Target price: EUR 1.60
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Konstantin Völk
Strong order intake in Q1 should fuel FY24e growth
Topic: After a challenging FY23, order intake in the first quarter of FY24e came in at c. EUR 28m as stated in the CC (vs. only EUR 43m in total FY23), due to strong demand in the semiconductor
segment.
Hence, FY24e looks more promising with operating breakeven in reach (eNuW).
Solar: In FY23, a first sputtering machine for thin-film solar cells following the CdTe process was delivered to Singulus' most important customer, CNBM (usually 30%-50% of Solar revenue). Thanks
to the good performance of the machine, CNBM already placed a follow-up order at the end of last year. In addition, another machine type operating under the CSS technology was ordered last year and
will be delivered within the next two months. Next to CNBM, the Italian energy company Enel, is also an important customer in the Solar segment. Last year, Singulus already delivered five machines
for their factory in Sicilia. More orders from Enel are expected for the second quarter as they start their new project in the US. However, due to long lead times of roughly 12 months we expect to
see most of the revenue not until FY25e. With a solid order pipeline and several orders in reach, Solar should again be the most important segment in FY24e (eNuW: EUR 50m; + 28% yoy).
Life Science: Starting from a high level in FY22, revenues in Life Science came in rather soft in FY23 due to the cyclical nature of the business. The situation should remain challenging during
FY24e, as the macro environment remains clouded and a low order backlog of EUR 5.2m (as stated in the CC) limits visibility. Hence, we expect to see only a slight increase in revenue of 5.9% yoy to
EUR 25.3m in FY24e.
The Semiconductor segment is Singulus smallest segment, however it is also growing at a fast pace (FY23 sales: + 66%) and delivers a higher gross margin than the other operating segments. We expect
this dynamic development to continue in FY24e (eNuW: EUR 21.8m; +112% yoy), due to the strong order intake of EUR 11.3m (EUR 9.3m in total FY23) in Q1 FY24e and continuously significant investments
from China in the semiconductor industry.
Operating breakeven in reach: Based on our estimates, Singulus has to reach c. EUR 100m in revenue for FY24e (eNuW FY24e: EUR 97m) to breakeven on EBIT level. After five years of negative EBIT
(adjusted for the extraordinary income of EUR 12.1m in FY22 from a property sale), it looks like Singulus could reach the breakeven point this year. We reiterate HOLD with an unchanged PT of EUR
1.60 based on DCF.
You can download the research here:
http://www.more-ir.de/d/29429.pdf
For additional information visit our website
www.nuways-ag.com/research.
Lesen Sie auch
Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen
befinden sich in der vollständigen Analyse. ++++++++++
transmitted by EQS Group AG.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
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Die Singulus Technologies Aktie wird zum Zeitpunkt der Veröffentlichung der Nachricht mit einem Plus von +7,02 % und einem Kurs von 1,600EUR auf Tradegate (16. April 2024, 08:39 Uhr) gehandelt.
Analyst: