Original-Research: Singulus Technologies AG (von NuWays AG): HOLD
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Original-Research: Singulus Technologies AG - from NuWays AG
Classification of NuWays AG to Singulus Technologies AG
Final Q2 numbers out // successful financing agreement Topic: Singulus released its final Q2 report yesterday in line with preliminary numbers. Even more importantly, the company has successfully concluded an agreement with CNBM on the restructuring of the financing in August 2024. To recap: Q2 sales decreased by 21% to € 20.1m from a high comparable base. Thanks to a stronger contribution of the Semiconductor segment, the Q2 gross profit margin increased to 33.8% (Q2’23: 25.2%). OPEX remained roughly on last year’s level, leading to a Q2 EBIT of € 0.5m, up from € 0.2m in Q2’23. Order intake stood at a solid € 19.1m (+91% yoy), but was below our expectations after the dynamic demand in the first quarter. H1 order intake came in at € 52.3m (+117% yoy), leading to € 70.4m in order backlog. Sales in the Semiconductor segment increased to € 3.7m (Q2’23: € 2.1m) due to a strong demand for TIMARIS coating machines. Semiconductor order intake came in at a solid € 24.4m in H1’24 (47% of total H1 order intake), which should lead to a positive effect on gross margins in the future. Solar sales decreased 22% to € 12.3m due to project postponements. However, CNBM is further investing in CdTe and as stated in the CC, more CSS machines will be delivered to CNBM in the near future. Life Science sales came in at € 4.1m (Q2’23: € 7.5m). Reorganization of financing completed: CNBM is directly and indirectly the counterpart for € 30m of Singulus’ outstanding debt – directly as provider of a € 20m loan, granted in two tranches in March and April 2023 that were callable on August 4 th and on September 28th and indirectly as guarantor for another € 10m granted by Bank of Shanghai. In order to secure further financing, Singulus has now successfully negotiated the reorganization of the € 20m loan. Further, CNBM guarantees Singulus to cover its financial obligations until March 31st 2025. Nevertheless, Singulus’ Going Concern beyond March 2025 looks still questionable and would require further improving operations in our view. As soon as long-term financing is secured, one should refocus again on the improving operating business with new innovative product solutions such as in the field of micro-LED, hydrogen and solid-state batteries, which have the potential to bring Singulus back in the black. We change our rating to Hold (old: Under Review) with a PT of € 1.60 based on DCF You can download the research here: http://www.more-ir.de/d/30665.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 ++++++++++ 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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1977255 29.08.2024 CET/CEST
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 | ||||||
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| 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 |
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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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