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Singulus Technologies AG
ISIN: DE000A1681X5
WKN: A1681X
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Singulus Technologies AG · ISIN: DE000A1681X5 · EQS - Analysts (44 News)
Country: Germany · Primary market: Germany · EQS NID: 21305
14 November 2024 09:26AM

Hold


Original-Research: Singulus Technologies AG - from NuWays AG

14.11.2024 / 09:25 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.


Classification of NuWays AG to Singulus Technologies AG

Company Name: Singulus Technologies AG
ISIN: DE000A1681X5
 
Reason for the research: Update
Recommendation: Hold
from: 14.11.2024
Target price: EUR 1.60
Target price on sight of: 12 months
Last rating change:
Analyst: Konstantin Völk

Final Q3 results out in line with prelims; chg. est.

Topic: Singulus released solid Q3 numbers in line with preliminary results (published on 7 November).

To recap: Sales increased 44% to € 20.3m from a low comparable base due to project postponements in FY23 and supported by a solid order backlog. Sales were particularly driven by the Life Science Segment with € 9.2m sales in Q3 (+131% yoy) and the Semiconductor segment (€ 5.6m; +87% yoy). On the other hand, Solar declined by 23% to € 5.5m due to project postponements. In addition, decreasing solar module prices due to competitive pricing from China, impacts the competitiveness of European producers materially.

EBIT came in at € 0.6m, considerably above last year's numbers (€ -4.9m in Q3’23) thanks to a favorable product mix towards the more profitable Semiconductor Segment. Already since the start of the year, Semiconductor has shown a strong uptick in demand, contributing € 31.6m in order intake during 9M’24 (45% of total order intake).

In addition, the company has 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). For instance, R&D expenses decreased to € 3.6m in 9M’24 (vs. € 4.9m in 9M’23) and general administration costs decreased to € 6.1m (vs. € 6.4m in 9M’23).

Order intake increased 126% yoy to € 18.5m from a muted comparable base, leading to a solid order backlog of € 69m (vs. € 61m in Q3’23), driven by a strong demand in the Semiconductor segment.

Although Singulus’ operating business is moving in the right direction, the company is still operating subscale and needs above € 95m sales (eNuW) to achieve profitability for net income on a sustainable basis. Furthermore, Singulus has an equity deficit of € -44.8m and its financing structure is heavily dependent on its largest shareholder (17%) and customer CNBM. Although the collaboration with the Chinese partner worked out well yet, it is still a major risk which deserves consideration before investing in the stock.

We reiterate HOLD with an unchanged PT of € 1.6 based on DCF.

You can download the research here: http://www.more-ir.de/d/31305.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
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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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2030105  14.11.2024 CET/CEST

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