Original-Research: Singulus Technologies AG (von NuWays AG): Halten
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. € 28m as stated in the CC (vs. only € 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: € 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 € 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 € 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: € 21.8m; +112% yoy), due to the strong order intake of € 11.3m (€ 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. € 100m in revenue for FY24e (eNuW FY24e: € 97m) to breakeven on EBIT level. After five years of negative EBIT (adjusted for the extraordinary income of € 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 € 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.
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.
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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.
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 127,50 | 79,00 | 29,50 | 68,70 | 87,80 | 72,50 | 86,00 | |
| EBITDA1,2 | 9,10 | -3,30 | -25,90 | -8,60 | 9,50 | -7,30 | 5,80 | |
| EBITDA-Margin3 | 7,14 | -4,18 | -87,80 | -12,52 | 10,82 | -10,07 | 6,74 | |
| EBIT1,4 | 6,80 | -7,50 | -36,80 | -12,40 | 5,90 | -10,10 | 2,40 | |
| EBIT-Margin5 | 5,33 | -9,49 | -124,75 | -18,05 | 6,72 | -13,93 | 2,79 | |
| Net Profit (Loss)1 | 0,80 | -10,70 | -36,20 | -14,20 | -0,10 | -9,80 | -0,20 | |
| Net-Margin6 | 0,63 | -13,54 | -122,71 | -20,67 | -0,11 | -13,52 | -0,23 | |
| Cashflow1,7 | 2,50 | -3,20 | 2,70 | 24,10 | -22,60 | -26,30 | 0,00 | |
| Earnings per share8 | 0,09 | -1,20 | -4,07 | -1,60 | -0,01 | -1,10 | -0,02 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Baker Tilly
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Singulus Technologies | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A1681X | DE000A1681X5 | AG | 10,28 Mio € | 25.11.1997 | 9F2F32J2+GP | |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 16,50 | 2,04 | 8,10 | -1,02 | -0,23 | -0,39 | 0,14 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 21.05.2025 | 13.05.2025 | 13.08.2025 | 13.11.2024 | 28.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -13,81% | -18,72% | -29,79% | -28,92% | -99,99% |
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