Original research: Singulus Technologies AG (of NuWays AG): HOLD

Original research: Singulus Technologies AG – by NuWays AG

NEW: 57. Activated Auflage:
>250,000 Read: Der Leitfaden für Ihr Power!
Order here for free …

29.08.2024 / 09:01 Central European Time/Central European Time

Dissemination of a survey, broadcast by EQS News – a service of EQS

Group AG.

The publisher is solely responsible for the content of this research.

the results of this research do not constitute investment advice or a

invitation to conduct certain stock exchange transactions.

Classification of NuWays AG to Singulus Technologies AG

Company Name: Singulus Technologies AG

ISIN code: DE000A1681X5

Reason for the investigation: Update

Recommendation: KEEP

from: 29.08.2024

Target price: EUR 1.60

Last review change:

Analyst: Konstantin Völk

Final Q2 figures announced // successful financing agreement

Subject: Singulus published its final Q2 report yesterday in line with

preliminary figures. More importantly, the company is successful

has entered into an agreement with CNBM on the restructuring of the financing in

August 2024.

In summary, second-quarter revenues declined 21% to EUR 20.1 million from a high comparable level.

Gross profit increased in the second quarter thanks to a stronger contribution from the Semiconductor segment

Profit margin increased to 33.8% (Q2’23: 25.2%). OPEX remained approximately the same

The result was an EBIT of EUR 0.5 million in the second quarter, up from EUR 0.2 million in the second quarter of 2023.

Order intake amounted to a solid EUR 19.1 million (+91% yoy), but was below our expectations.

expectations after the dynamic demand in the first quarter. H1 order intake

amounted to EUR 52.3 million (+117% yoy), leading to an order book of EUR 70.4 million.

Sales in the Semiconductor segment increased to EUR 3.7 million (Q2’23: EUR 2.1 million) as a result of

to a strong demand for TIMARIS coating machines. Order intake for semiconductors

came in at a solid EUR 24.4 million in H1’24 (47% of total order intake in H1), which

should have a positive impact on gross margins in the future. Solar energy sales

decreased by 22% to EUR 12.3 million due to project postponement. However, CNBM is

Further investment in CdTe and as indicated in the CC more CSS machines will be added

soon to be delivered to CNBM. Life Science turnover amounted to EUR 4.1 million

(Q2’23: EUR 7.5 million).

Financing reorganization completed: CNBM is directly and indirectly the

counterparty for EUR 30 million of Singulus’ outstanding debt – directly as provider

of a loan of EUR 20 million, provided in two tranches in March and April 2023, which

due on August 4 and September 28 and indirectly as guarantor

for another 10 million euros, provided by Bank of Shanghai. In order to further

financing, Singulus has now successfully negotiated the reorganization of

the loan of 20 million euros. Furthermore, CNBM guarantees that Singulus will cover its financial obligations

obligations until March 31, 2025. Nevertheless, Singulus’ Going Concern

after March 2025 still seems doubtful and would require further

which we believe improves business operations.

Once long-term financing is secured, the focus should be on the

improving operational management with new innovative product solutions such as

in the field of micro LED, hydrogen and solid-state batteries, which

the opportunity to make Singulus profitable again.

We change our rating to Hold (old: Under Review) with a PT of EUR 1.60 based on

on DCF

You can download the study here: http://www.more-ir.de/d/30665.pdf

For more information, please visit our website: www.nuways-ag.com/research

Contact us for questions:

NuWays AG – Equity Research

Website: www.nuways-ag.com

E-mail: (email protected)

LinkedIn: https://www.linkedin.com/company/nuwaysag

Address: Mittelweg 16-17, 20148 Hamburg, Germany

++++++++++

This notification is not an anlageberatung or aufforderung zum Abschluss

best listed companies.

Possible consequences for conflict of interest according to § 85 WpHG in the case of above

Analyze analyses that occur in the full analysis.

++++++++++

The EQS distribution services include regulatory announcements,

Financial/business news and press releases.

Archive at www.eqs-news.com

1977255 29.08.2024 Central European Time/Central European Time

°

Source: dpa-AFX