Original-Research: Singulus Technologies AG (von NuWays AG): Halten
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^ Original-Research: Singulus Technologies AG - from NuWays AG Classification of NuWays AG to Singulus Technologies AG Company Name: Singulus Technologies AG ISIN: DE000A1681X5 Reason for the research: Update Recommendation: Halten from: 09.04.2024 Target price: EUR 1.60 Target price on sight of: 12 Monaten Last rating change: Analyst: Konstantin Völk Uninspiring FY23 results, positive outlook for FY24e; chg. est. Topic: Singulus reported uninspiring FY23 figures with top- and bottom-line below the company's guidance and our estimates. More importantly, FY24 could feature significant sales and EBIT growth. FY23 sales decreased 17% yoy to EUR 73m (eNuW: EUR 77m), missing the in July adjusted guidance of EUR 90-100m due to a cyclically weak Life Science segment and postponements of some larger projects in the Solar segment. Q4
sales came in at EUR 16.7m, 18% lower yoy (eNuW: EUR 21m). FY23 EBIT stood at EUR
-10.1m (eNuW: EUR -8.9m; FY22: EUR 5.9m), falling short of the guidance (positive low single digit EURm). FY23 order intake decreased 25% yoy to EUR 43m, leading to a backlog of EUR 55m (FY22: EUR 85m). Positively, sales in the Solar segment increased 30% yoy to EUR 39m (eNuW: EUR 43m), despite the postponement of larger projects with CNBM and a customer in the US. The US business was particularly strong, benefiting from subsidies related to the inflation reduction act. The Solar segment should be a major contributor to sales growth in FY24e, due to the realization of projects with CNBM and potential follow up orders in the package. Starting from a high level in FY22, the Life Science segment showed weakness in top-line growth due to the cyclical nature of the business. Sales came in at EUR 23.9m, 54% lower yoy (eNuW: EUR 24m). The situation should remain challenging during FY24e, as the macro environment is still clouded. The Semiconductor segment saw solid sales of EUR 10.3m, increasing 66% yoy (eNuW: EUR 9.5). The outlook in the Semiconductor segment looks positive, fueled by new products in the pipeline such as in the field of LED. By leaving the niche market and entering the larger LED market, Singulus has a fair chance of creating enough revenue to cover its fixed costs. Management released a strong guidance for FY24e and expects to see EUR 120-130m in sales and EBIT in the low double-digit million range, implying 72% sales growth at midpoint (eNuW: EUR 97m sales; EUR -0.3m EBIT). However, the outlook appears ambitious given the reduced order backlog of EUR 55m (FY22: EUR 85m), even taken into account order intake of EUR 28m in Q1 as stated in the CC. Further, a challenging macro environment, uncertainty of subsidies in the Solar segment and the long lead times of the products will make it difficult to reach the top-line guidance. That said, the midterm prospects remain intact with the potential of larger orders from CNBM for CdTe thin-film modules and a fast-growing LED business. Hence, we reiterate HOLD with an unchanged PT of EUR 1.60 based on DCF. You can download the research here: http://www.more-ir.de/d/29347.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: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++
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