Original-Research: Singulus Technologies AG (von NuWays AG): Halten
Source: EQSClassification of
Company
ISIN: DE000A1681X5
Reason for the research: Update
Recommendation: Halten
from:
Target price:
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Konstantin Völk
Strong order intake in Q1 should fuel FY24e growth
Topic: After a challenging FY23, order intake in the first quarter of FY24e came in at c. € 28m as stated in the CC (vs. only € 43m in total FY23), due to strong demand in the semiconductor segment. Hence, FY24e looks more promising with operating breakeven in reach (eNuW).
Solar: In FY23, a first sputtering machine for thin-film solar cells
following the CdTe process was delivered to Singulus’ most important
customer, CNBM (usually 30%-50% of Solar revenue). Thanks to the good
performance of the machine, CNBM already placed a follow-up order at the
end of last year. In addition, another machine type operating under the CSS
technology was ordered last year and will be delivered within the next two
months. Next to CNBM, the Italian energy company Enel, is also an important
customer in the Solar segment. Last year,
Life Science: Starting from a high level in FY22, revenues in Life Science came in rather soft in FY23 due to the cyclical nature of the business. The situation should remain challenging during FY24e, as the macro environment remains clouded and a low order backlog of € 5.2m (as stated in the CC) limits visibility. Hence, we expect to see only a slight increase in revenue of 5.9% yoy to € 25.3m in FY24e.
The Semiconductor segment is
Operating breakeven in reach: Based on our estimates,
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