SRH AlsterResearch AG Initiation: Aixtron SE - MOCVD: Tools for Megatrends

Aixtron SE (Initiation) Technology MCap EUR 2.5bn BUY, PT EUR 28.00 (+27% potential) Research update Strong Q1 order intake and an upgrade of the 2021 guidance have already provided some tailwinds to Aixtron’s share price. However, order momentum looks set to continue on the back of strong and sustainable end markets, driven by global megatrends like energy efficiency, cloudification, 5G networks, the EV revolution, 3D sensing and renewable energies. Aixtron as the clear market and technology leader in MOCVD equipment is almost guaranteed to provide the tools for these revolutions. Aixtrons’s sales CAGR 20-23E in excess of 30% looks remarkable, so investors looking for growth need not look any further. We initiate coverage of Aixtron with a BUY rating and a PT of EUR 28,00, based on DCF and FCF yield 2024E. For 5 current investment ideas, check our Weekly Screener. This week we are looking for stocks that offer growth at a reasonable price. Please note that AlsterResearch publishes MiFID II compliant research only. For a detailed discussion on MiFID II, please visit https://www.research-hub.de