Original-Research: Singulus (von NuWays AG): Halten
Source: EQSClassification of
Company
ISIN: DE000A1681X5
Reason for the research: Update
Recommendation: Halten
Target price:
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Konstantin Völk
Good start into 2024 and strong order intake; chg. est.
Topic:
Q1 sales increased 26% yoy to € 20.6m (eNuW: € 18.6m), despite a low order
backlog of € 55m end of FY23. Q1 EBIT stood at € 0.6m (eNuW: € -1.3m), up
from last year’s Q1 (€ -0.9m). Growth was particularly driven by the Solar
(+24%) and Life Science (+50%) segments. Life Science recovered from a low
level in FY23 which was affected by a challenging macro environment and is
gaining traction again. For instance, the MEDLINE production system from
Order intake improved significantly to € 33.2m, a 136% increase yoy due to the strong demand in the semiconductor segment. Furthermore, management expects the order intake to stay at a similar high level for the second quarter.
Successful refinancing: The € 10m loan from Bank of Shanghai which expired
on
Guidance confirmed: Management confirmed its guidance of € 120-130m sales
and EBIT in the low double-digit million range. However, despite the strong
order intake of € 33.2m in Q1, the outlook appears ambitious given the
difficult macro environment and the challenging situation of the solar
industry in
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Adresse: Mittelweg 16-17, 20148
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