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
Mixed Q3 preview // guidance looks ambitious Topic: Singulus will release its Q3 report on November 13th. We expect solid top-line growth and bottom-line improvement. However, to become profitable, the company still has to overcome major obstacles. Sales should increase 49% to € 21m (eNuW) from a low comparable base due to project postponements in H2’23. We expect EBIT to come in at € -1.5m, up from € -4.5m yoy, thanks to a higher sales contribution from the more profitable Semiconductor Segment and several cost-cutting measures. With € 24.4m order intake in H1’24e (47% of total order intake), the Semiconductor segment experienced a strong demand, which should benefit gross-profit margins in the coming quarters. Several cost saving measures in place: Already in 2022, Singulus closed the Fürstenfeldbruck site, which saves the company c. € 2m in OPEX (as stated in the Q1’23 CC). Beyond that, Singulus is relocating parts of the assembly for thin-film solar-modules to China. This will not only reduce shipping costs but also save money as several components for solar modules are cheaper in China. Ambitious FY guidance: Singulus revised its guidance in July to € 95-105m sales (old: € 120-130m) and an EBIT in the range of € 3.0-6.5m (old: low double-digit €m). For us, the revised guidance still looks ambitious considering the current order backlog of € 70m (vs. € 67m H1’23) and the development of major projects. Hence, we expect only € 86m in sales and € -1.9m in EBIT for FY24e. Reorganization of financing: In August, the company announced the reorganization of its € 20m loan from CNBM. Further, CNBM guarantees Singulus to cover its financial obligations until March 31st 2025. Although CNBM has made a verbal promise to provide Singulus with the necessary liquidity beyond thatdate, 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, i.e. in the fields of microLED, hydrogen and solid-state batteries, which have the potential to bring Singulus back to black numbers. 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/31191.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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2023285 06.11.2024 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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