Put companies on watchlist
Singulus Technologies AG
ISIN: DE000A1681X5
WKN: A1681X
About
Company Snapshot
New: Enable Investor Alerts
Be informed about new publications
New: AI Factsheet

Corporate News meets AI! 
Content analysis and summary

Singulus Technologies AG · ISIN: DE000A1681X5 · EQS - Analysts (14 News)
Country: Germany · Primary market: Germany · EQS NID: 18297
16 November 2023 09:02AM

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 ++++++++++
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. ++++++++++

-------------------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.

Visual performance / price development - Singulus Technologies AG
Smart analysis and research tools can be found here.

This publication was provided by our content partner EQS3.

EQS Newswire
via EQS - Newsfeed
EQS Group AG ©2024
(DGAP)
Contact:
Karlstraße 47 D-80333 München
+49 (0) 89 444 430-000

The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.


The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.

If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.

For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.


1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.