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

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

We hence reiterate HOLD with a reduced PT of € 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: [email protected]
LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++
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-------------------übermittelt durch die EQS Group AG.-------------------

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