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: 16.04.2024
Target price: EUR 1.60
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. EUR 28m as stated in the CC (vs. only EUR 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, Singulus already delivered five
machines for their factory in Sicilia. More orders from Enel are expected
for the second quarter as they start their new project in the US. However,
due to long lead times of roughly 12 months we expect to see most of the
revenue not until FY25e. With a solid order pipeline and several orders in
reach, Solar should again be the most important segment in FY24e (eNuW: EUR
50m; + 28% yoy).
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 EUR 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 EUR 25.3m in FY24e.
The Semiconductor segment is Singulus smallest segment, however it is also
growing at a fast pace (FY23 sales: + 66%) and delivers a higher gross
margin than the other operating segments. We expect this dynamic
development to continue in FY24e (eNuW: EUR 21.8m; +112% yoy), due to the
strong order intake of EUR 11.3m (EUR 9.3m in total FY23) in Q1 FY24e and
continuously significant investments from China in the semiconductor
Operating breakeven in reach: Based on our estimates, Singulus has to reach
c. EUR 100m in revenue for FY24e (eNuW FY24e: EUR 97m) to breakeven on EBIT
level. After five years of negative EBIT (adjusted for the extraordinary
income of EUR 12.1m in FY22 from a property sale), it looks like Singulus
could reach the breakeven point this year. We reiterate HOLD with an
unchanged PT of EUR 1.60 based on DCF.

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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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The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.


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