Original-Research: Singulus Technologies AG (von NuWays AG): HOLD
Original-Research: Singulus Technologies AG - von NuWays AG
Einstufung von NuWays AG zu Singulus Technologies AG
Unternehmen: Singulus Technologies AG
ISIN: DE000A1681X5
Anlass der Studie: Q3 Review
Empfehlung: HOLD
seit: 16.11.2023
Kursziel: € 1,60
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Konstantin Völk
Discouraging Q3 results due to project postponements; chg.
Topic: Singulus reported disappointing Q3 results below expectations. Sales decreased 39.5% yoy down to € 14.1m (eNuW: € 22.0m) and EBIT came in at € -4.9m (eNuW: € -0.4m).
Although we don’t have audited figures on the operating segments, the management gave some colour in the conference call. The Solar segment showed weakness in top-line growth due to the postponements of some larger projects. The European market was particular soft caused by uncertain government subsidies which resulted in lower investments. Revenues in the life science segment declined significantly caused by a weaker economic environment. In contrast to the Solar segment, Life Science is more sensitive to the overall economy. On a positive note, the Semiconductor segment saw solid sales, despite a difficult macro environment. Demand was especially positive in China, where Singulus is seen to receive further orders for its cluster tool platform TIMARIS coming in the fourth quarter.
Singulus EBIT for Q3 2023 decreased from € 8.0m in Q3 2022 to € -4.9m (eNuW: € -0.4m). However, last year’s operating profit was affected by a net positive high single-digit million one-off from a property sale at the Fürstenfeldbruck site. The negative EBIT is mainly attributed to the decrease in top-line and reflects sub-scale operations with insufficient fixed cost coverage. The company recorded € 8.2m in order intake for the recent quarter, which is 35.4% lower than last year, leading to a significantly reduced backlog of € 61.3m, down 34.4% yoy.
Despite the challenging situation in the first nine months, management still maintains its guidance of € 90-100m in sales (eNuW: € 76.8m) and a low single-digit € m in EBIT (eNuW: € -8.9m). However, the outlook appears too ambitious given the reduced order-backlog and ongoing project postponements, in our view. That said, the midterm prospects remain intact with the potential of some larger orders from CNBM for CdTe thin-film modules coming in the next quarters.
Singulus still operates sub-scale and has difficulties covering its fixed costs. Due to the volatile nature of its project business, visibility as to when the company can sustainably surpass the necessary sales threshold to generate a positive net income (eNuW: around € 105m) remains low.
We hence reiterate HOLD with a reduced PT of € 1.60 based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28297.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
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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-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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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