Original-Research: Singulus Technologies AG (von NuWays AG): Under Review
Original-Research: Singulus Technologies AG - from NuWays AG
19.07.2024 / 09:02 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: |
Under Review |
from: |
19.07.2024 |
Last rating change: |
|
Analyst: |
Konstantin Völk |
Going Concern at risk // preliminary Q2 figures out; chg. est.
Topic: Singulus released its preliminary Q2 numbers with sales slightly below and EBIT in line with our estimates. Even more importantly, financing of the company is currently unsecured, jeopardizing the Going Concern, which leads us to suspend our rating.
Q2 sales came in at € 20.1m, (-21% yoy, -2.4% qoq) below our estimates of € 22.5m (eNuW). With € 19.1m in order intake, demand in Q2 fell short of our expectations (-43% qoq; eNuW: € 30m). Order backlog decreased slightly (-1.7% qoq) to € 70.4m but remains at a solid level. EBIT came in at solid € 0.6m (vs € 0.2m in Q2´23, vs eNuW: € 0.5m), thanks to several cost-cutting measures.
Guidance revised. Management cut its FY24e sales guidance from € 120-130m to € 95-105m (eNuW old: € 97m) and EBIT from “low double-digit € m” to € 3.0-6.5m (eNuW old: € 0.2m). As flagged in our last update, the profit warning was already well anticipated. However, the soft order intake put also a question mark behind the new guidance and should burden top- and bottom line for the remainder of the year. We hence conservatively expecting only € 85.7m in sales and € -1.9m in EBIT in FY24e.
Financing beyond August not yet secured. CNBM is directly and indirectly the counterpart for € 30m of Singulus’ outstanding debt – directly as provider of a € 20m loan, granted in two tranches in March and April 2023 that are callable on August 4 th and on September 28th and indirectly as guarantor for another € 10m granted by the Bank of Shanghai. In order to secure the financing beyond August/September, Singulus has negotiated with CNBM the reorganization of the € 20m for months but has so far not reached an agreement yet. As a result, the company has requested CNBM to provide a solution for further financing by August 23rd . Further, Singulus is in parallel discussions with Bank of Shanghai regarding another € 10m loan with CNBM as guarantor. Still, Singulus has not come to a successful agreement yet.
Going Concern at risk. In the case that CNBM will reject to support further financing, a Going Concern of the company is at risk in our view. In light of the depency of CNBM from Singulus 1) as a supplier especially for Close Spaced Sublimation (CSS) machines in the production of CdTe solar modules and 2) as a shareholder, holding 16.75%, we see a certain likelihood that CNBM will be constructive in the end. However, as the financing and with that the Going Concern is at risk, we take the stock under review until the Going Concern of the business is secured.
You can download the research here: http://www.more-ir.de/d/30253.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. ++++++++++
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com
|
1949625 19.07.2024 CET/CEST
Die wichtigsten Finanzdaten auf einen Blick
|
|
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
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. ![](/wp-content/uploads/assets/icon/pdf_24x24.png)
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 |
1,675 |
|
14,90 |
KGV 2025e |
KGV 10Y-Ø |
BGFL-Ratio |
Shiller-KGV |
16,75 |
10,32 |
1,62 |
-1,48 |
KBV |
KCV |
KUV |
EV/EBITDA |
-0,33 |
- |
0,21 |
-7,77 |
Dividende '22 in € |
Dividende '23 in € |
Div.-Rendite '23 in % |
Hauptversammlung |
0,00 |
0,00 |
0,00 |
25.07.2024 |
Q1-Zahlen |
Q2-Zahlen |
Q3-Zahlen |
Bilanz-PK |
15.05.2024 |
28.08.2024 |
13.11.2024 |
08.04.2024 |
Abstand 60Tage-Linie |
Abstand 200Tage-Linie |
Performance YtD |
Performance 52 Wochen |
20,33% |
11,30% |
1,82% |
-27,17% |
|
|