Original-Research: Singulus Technologies AG (von NuWays AG): HOLD

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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: Update
Empfehlung: HOLD
seit: 08.02.2024
Kursziel: 1.60
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Konstantin Völk

Positive outlook after a challenging 2023

Topic: Singulus looks back at a difficult FY23 due to project postponements
and cyclical weakness. Nevertheless, there is sun behind the clouds and
FY24e looks more promising.

During the first 9M of FY23, the Solar segment showed weakness in order
intake due to postponements of larger projects. However, Singulus most
important customer CNBM intends to expand the production capacity of
cadmium telluride (CdTe) thin-film solar modules and Singulus already
received initial orders. First deliveries are expected for Q1 FY24e in
China, with follow-up orders being likely. Additionally, Singulus is
relocating the final assembly of some machines from Europe to China in
cooperation with CNBM to save transportation costs, while product
development remains in Germany. Sales in the solar segment are expected to
come in at EUR 56.9m for FY24e (eNuW: + 31.4% yoy).

Life science revenues were soft during FY23e (eNuW: -53% yoy) caused by a
weak economic environment. The situation should remain challenging during
FY24e, as global GDP growth is projected by the IMF to stay unchanged at
3.1% in 2024, which is below the historical (2000-19) average of 3.8%. On a
positive note, on January 31st, Singulus announced the sale of a POLYCOATER
machine to a leading Italian packaging specialist in the cosmetic industry.
We expect life science revenue in FY24e to come in at EUR 26.3m (eNuW: + 9.6%
yoy).

The semiconductor business showed a positive development in the recent
quarters. Singulus has expanded the available portfolio of production
modules, which can be connected to the central handling system and now
addresses a variety of applications, such as LED, RDL and metallization.
By entering the larger LED market, Singulus has a fair chance of creating
enough revenue to cover its fixed costs. While revenue contribution of
magnetic sensors is already strong, we expect the new LED business to show
meaningful results at earliest in FY25e (eNuW). Sales in the semiconductor
segment should come in at the lower double-digit range for FY24e (eNuW: EUR
11.8m).

Solvency remains an issue. With c. EUR 44m in debt of which EUR 30m are
effectively from CNBM as of 9M FY23, the company is highly dependent on
CNBM. Due to the volatile nature of its project business, visibility as to
when the company can sustainably surpass the necessary sales threshold to
generate positive earnings remains low. Reiterate HOLD with an unchanged PT
of EUR 1.60 based on DCF.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28847.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.

Kontakt für Rückfragen
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
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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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-------------------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.

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Quelle: dpa-AFX