2025 ahead ayondo Franchise coming soon
Happy 
xMas Holidays
xMas Holidays
xMas Holidays
|
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. ++++++++++
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||
1977255 29.08.2024 CET/CEST
P R O D U C T S U G G E S T I O N S
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.
