NuWays AG: Singulus Technologies AG | Rating: HOLD

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: Update
Empfehlung: HOLD
seit: 08.02.2024
Kursziel: 1.60
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Konstantin Völk

Positive outlook after a challenging 2023

Topic: Singulus looks back at a difficult FY23 due to project postponements and cyclical weakness. Nevertheless, there is sun behind the clouds and FY24e looks more promising.

During the first 9M of FY23, the Solar segment showed weakness in order intake due to postponements of larger projects. However, Singulus most important customer CNBM intends to expand the production capacity of cadmium telluride (CdTe) thin-film solar modules and Singulus already received initial orders. First deliveries are expected for Q1 FY24e in China, with follow-up orders being likely. Additionally, Singulus is relocating the final assembly of some machines from Europe to China in cooperation with CNBM to save transportation costs, while product development remains in Germany. Sales in the solar segment are expected to come in at € 56.9m for FY24e (eNuW: + 31.4% yoy).

Life science revenues were soft during FY23e (eNuW: -53% yoy) caused by a weak economic environment. The situation should remain challenging during FY24e, as global GDP growth is projected by the IMF to stay unchanged at 3.1% in 2024, which is below the historical (2000-19) average of 3.8%. On a positive note, on January 31st, Singulus announced the sale of a POLYCOATER machine to a leading Italian packaging specialist in the cosmetic industry. We expect life science revenue in FY24e to come in at € 26.3m (eNuW: + 9.6% yoy).

The semiconductor business showed a positive development in the recent quarters. Singulus has expanded the available portfolio of production modules, which can be connected to the central handling system and now addresses a variety of applications, such as μLED, RDL and metallization. By entering the larger μLED market, Singulus has a fair chance of creating enough revenue to cover its fixed costs. While revenue contribution of magnetic sensors is already strong, we expect the new μLED business to show meaningful results at earliest in FY25e (eNuW). Sales in the semiconductor segment should come in at the lower double-digit range for FY24e (eNuW: € 11.8m).

Solvency remains an issue. With c. € 44m in debt of which € 30m are effectively from CNBM as of 9M FY23, the company is highly dependent on CNBM. Due to the volatile nature of its project business, visibility as to when the company can sustainably surpass the necessary sales threshold to generate positive earnings remains low. Reiterate HOLD with an unchanged PT of € 1.60 based on DCF.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28847.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research.

Kontakt für Rückfragen
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: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++
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