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: Q3 Review
Empfehlung: HOLD
seit: 16.11.2023
Kursziel: EUR 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 EUR 14.1m (eNuW: EUR 22.0m) and EBIT came in at EUR
-4.9m (eNuW: EUR -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 EUR 8.0m in Q3 2022 to EUR -4.9m
(eNuW: EUR -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 EUR 8.2m in order intake for the
recent quarter, which is 35.4% lower than last year, leading to a
significantly reduced backlog of EUR 61.3m, down 34.4% yoy.

Despite the challenging situation in the first nine months, management
still maintains its guidance of EUR 90-100m in sales (eNuW: EUR 76.8m) and a
low single-digit EUR m in EBIT (eNuW: EUR -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 EUR 105m) remains low.

We hence reiterate HOLD with a reduced PT of EUR 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
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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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