09.04.2024 Singulus Technologies AG  DE000A1681X5

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


 

Original-Research: Singulus Technologies AG - from NuWays AG

Classification of NuWays AG to Singulus Technologies AG

Company Name: Singulus Technologies AG
ISIN: DE000A1681X5

Reason for the research: Update
Recommendation: Halten
from: 09.04.2024
Target price: EUR 1.60
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Konstantin Völk

Uninspiring FY23 results, positive outlook for FY24e; chg. est.

Topic: Singulus reported uninspiring FY23 figures with top- and bottom-line below the company’s guidance and our estimates. More importantly, FY24 could feature significant sales and EBIT growth.

FY23 sales decreased 17% yoy to € 73m (eNuW: € 77m), missing the in July adjusted guidance of € 90-100m due to a cyclically weak Life Science segment and postponements of some larger projects in the Solar segment. Q4 sales came in at € 16.7m, 18% lower yoy (eNuW: € 21m). FY23 EBIT stood at € -10.1m (eNuW: € -8.9m; FY22: € 5.9m), falling short of the guidance (positive low single digit €m). FY23 order intake decreased 25% yoy to € 43m, leading to a backlog of € 55m (FY22: € 85m).

Positively, sales in the Solar segment increased 30% yoy to € 39m (eNuW: € 43m), despite the postponement of larger projects with CNBM and a customer in the US. The US business was particularly strong, benefiting from subsidies related to the inflation reduction act. The Solar segment should be a major contributor to sales growth in FY24e, due to the realization of projects with CNBM and potential follow up orders in the package. Starting from a high level in FY22, the Life Science segment showed weakness in top-line growth due to the cyclical nature of the business. Sales came in at € 23.9m, 54% lower yoy (eNuW: € 24m). The situation should remain challenging during FY24e, as the macro environment is still clouded. The Semiconductor segment saw solid sales of € 10.3m, increasing 66% yoy (eNuW: € 9.5). The outlook in the Semiconductor segment looks positive, fueled by new products in the pipeline such as in the field of μLED. By leaving the niche market and entering the larger μLED market, Singulus has a fair chance of creating enough revenue to cover its fixed costs.

Management released a strong guidance for FY24e and expects to see € 120-130m in sales and EBIT in the low double-digit million range, implying 72% sales growth at midpoint (eNuW: € 97m sales; € -0.3m EBIT). However, the outlook appears ambitious given the reduced order backlog of € 55m (FY22: € 85m), even taken into account order intake of € 28m in Q1 as stated in the CC. Further, a challenging macro environment, uncertainty of subsidies in the Solar segment and the long lead times of the products will make it difficult to reach the top-line guidance. That said, the midterm prospects remain intact with the potential of larger orders from CNBM for CdTe thin-film modules and a fast-growing μLED business. Hence, we reiterate HOLD with an unchanged PT of € 1.60 based on DCF.

You can download the research here:
http://www.more-ir.de/d/29347.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: [email protected]
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. ++++++++++

-------------------transmitted by 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.



Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 90,00 127,50 79,00 29,50 68,70 87,80 72,50
EBITDA1,2 0,70 9,10 -3,30 -25,90 -8,60 9,50 -7,30
EBITDA-Marge3 0,78 7,14 -4,18 -87,80 -12,52 10,82
EBIT1,4 -1,20 6,80 -7,50 -36,80 -12,40 5,90 -10,10
EBIT-Marge5 -1,33 5,33 -9,49 -124,75 -18,05 6,72 -13,93
Jahresüberschuss1 -3,20 0,80 -10,70 -36,20 -14,20 -0,10 -9,80
Netto-Marge6 -3,56 0,63 -13,54 -122,71 -20,67 -0,11 -13,52
Cashflow1,7 -14,10 2,50 -3,20 2,70 24,10 -22,60 -26,30
Ergebnis je Aktie8 -0,39 0,09 -1,20 -4,07 -1,60 -0,01 -1,10
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Baker Tilly

INVESTOR-INFORMATIONEN
©boersengefluester.de
Singulus Technologies
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A1681X 1,785 15,88
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
7,14 2,21 3,23 -1,58
KBV KCV KUV EV/EBITDA
-0,36 - 0,22 -7,90
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,00 0,00 0,00 25.07.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
15.05.2024 14.08.2024 13.11.2024 08.04.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
24,30% 2,94% 8,51% -27,73%
    
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