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Süss MicroTec Germany/ Technology Hardware & Equipment Post results note Investment Research 7 November 2014 Hold FY14e outlook in line – 4Q14 FCF most likely red from Accumulate Still waiting for 3D - Downgrade to ‘Hold’/PT EUR 5 Share price: EUR 4.65 The facts: Please remember that SMHN released preliminary figures already on closing price as of 06/11/2014 Target price: EUR 5.00 October 13, 2014. 3Q14 sales and order intake were already known as well as the Target Price unchanged order intake forecast for 4Q14. The EBIT came to EUR minus 3.3m in the quarter, but contained a c. EUR 1m severance amount. Consequently, the EBIT would have Reuters/Bloomberg SMHNn.DE/SMH GY been at EUR minus 2.3m on an adjusted basis and thus between our forecast of Daily avg. no. trad. sh. 12 mth 396,450 EUR 1.5m and the consensus of EUR minus 2.8m. Daily avg. trad. vol. 12 mth (m) 1,883.66 Price high 12 mth (EUR) 9.15 We noted that the Litho segment sales were in line with our forecast of EUR 16m, Price low 12 mth (EUR) 3.90 while 3Q14 Bonders were weak at EUR 1.3m (equinet: EUR 2m) and Mask Cleaning Abs. perf. 1 mth 5.6% came to EUR 6.8m (EUR 6m). The Litho margin in 3Q14 was negative. Abs. perf. 3 mth -38.5% Management repeated the sales target of EUR 135-145m for the full year while the Abs. perf. 12 mth -41.8% EBIT expectation became now more concrete. Here, SMHN forecasts now EUR Market capitalisation (EURm) 89 2-4m (equinet: EUR 2.9m). Current N° of shares (m) 19 The contract of CFO Knopp was prolonged (before due) until July 2020. There was Free float 100% no news so far on the CEO search. Key financials (EUR) 12/13 12/14e 12/15e Main takeaways from the conference call: 1/The Litho margin was negative in Sales (m) 135 135 143 3Q14 due to coater and developer product line. SMHN admitted to have problems in EBITDA (m) (13) 7 10 the 300mm Advanced Packaging business. The competition with for example TEL EBITDA margin nm 5.3% 7.0% EBIT (m) (19) 3 6 remains fierce, partly exacerbated due to fx. SMHN is working on new products to EBIT margin nm 2.1% 4.2% improve customer total ownership. 2/The Tamarack top line is still quite small Net Profit (adj.)(m) (3) 2 4 (scanners and projection litho). Laser ablation is still in its infancy, but some tools ROCE -5.1% 2.6% 4.6% were implemented in the market. The development to be able to reach a broader Net debt/(cash) (m) (36) (31) (32) Net Debt Equity -0.3 -0.3 -0.3 customer based will take some time. However margins are promising here while Net Debt/EBITDA 2.7 -4.3 -3.2 scanner margins need to be improved. 3/We learned that the 4Q14 FCF might be Int. cover(EBITDA/Fin.int) (100.8) 31.8 79.8 slightly negative. CFO Knopp mentioned EUR minus 4m to EUR minus 7m for the EV/Sales 0.7 0.5 0.4 full year as possible without giving concrete guidance (9M14: EUR minus 4m) as EV/EBITDA nm 8.5 6.0 EV/EBITDA (adj.) nm 8.5 6.0 customer prepayments will look lighter at year end. Capex will nevertheless remain EV/EBIT nm 21.0 10.2 low at only EUR 2.5-2.8m. 4/Other operating expenses of EUR 1.7m (1H14: EUR P/E (adj.) nm nm 23.1 1m) were influenced by fx. 5/Advanced Packaging customers appear reluctant P/BV 1.1 0.8 0.8 OpFCF yield 17.8% -6.0% 0.3% as could be seen parallel to the Ultratech reporting. CFO Knopp expects however a Dividend yield 0.0% 0.0% 0.0% better development going forward. 6/As regards 3D Integration (temporary EPS (adj.) (0.15) 0.09 0.20 bonders), there appears still no real volume production (e.g. mobile) to happen BVPS 5.72 5.82 6.02 at the customer level. Only some high-end chip manufacturing is taking place. DPS 0.00 0.00 0.00 SMHN actually got 3D orders for certain process steps in the past quarters, but nothing comparable to Samsung’s evaluation bookings. CFO Knopp reminded that the initial 3D developments reach back into 2009. Originally the thinking was to realize vvdsvdvsdy 10 mass production in 2013. Now volume production seems not possible before 2016 9 and respective orders in the next 9 months are not visible. Obviously, the uncertainty 8 remains high. The problem seems to be that the technology appears still too 7 expensive. The TMAT process was deemed to be good again by the CFO in terms of 6 stability and yield. But precursor processes are too many yet. 7/CFO Knopp clarified 5 that the OPEX base is already low and the EBIT level can only improve through 4 higher sales/gross margin. The respective visibility for FY15e appears however not 3 Okt 13 Nov 13 Dez 13 Jan 14 Feb 14 Mrz 14 Apr 14 Mai 14 Jun 14 Jul 14 Aug 14 Sep 14 Okt 14 Nov 14 to be high, we reckon. Source: Factset SUESS MICROTEC Tec Dax (Rebased) Conclusion & Action: Based on a lack of current trigger, we lower our rating from Shareholders: ‘Accumulate’ to ‘Hold’. We confirm our PT on basically unchanged estimates. Analyst(s): Adrian Pehl, CFA +49 69 58997 438 [email protected] For important disclosure information, please refer to the disclaimer page of this report For company description please see summary table footnote Produced by: All ESN research is available on Bloomberg (“ESNR”), Thomson-Reuters, Capital IQ, FactSet Distributed by the Members of ESN (see last page of this report) Süss MicroTec Süss MicroTec: Summary tables PROFIT & LOSS (EURm) 12/2011 12/2012 12/2013 12/2014e 12/2015e 12/2016e Sales 175 164 135 135 143 156 Cost of Sales & Operating Costs -149 -147 -135 -128 -132 -142 Non Recurrent Expenses/Income -1.4 1.8 -13.2 0.0 0.0 0.0 EBITDA 24.9 18.6 -13.4 7.2 10.0 14.5 EBITDA (adj.)* 26.3 16.8 -0.2 7.2 10.0 14.5 Depreciation -2.1 -2.2 -2.6 -2.6 -2.7 -2.8 EBITA 22.8 16.4 -16.0 4.7 7.4 11.7 EBITA (adj)* 24.2 14.6 -2.8 4.7 7.4 11.7 Amortisations and Write Downs 0.0 0.0 0.0 0.0 0.0 0.0 of which PPA amortisation 0.0 -0.6 -0.8 -0.8 -0.8 -0.8 EBIT 18.6 11.7 -19.4 2.9 5.9 10.5 EBIT (adj.)* 20.0 10.5 -5.4 3.7 6.7 11.3 Net Financial Interest 0.1 0.0 -0.1 -0.2 -0.1 0.0 Other Financials 1.0 0.0 0.0 0.0 0.0 0.0 Associates 0.0 0.0 0.0 0.0 0.0 0.0 Other Non Recurrent Items 0.0 0.0 0.0 0.0 0.0 0.0 Earnings Before Tax (EBT) 19.6 11.8 -19.6 2.7 5.8 10.5 Tax -5.8 -4.1 3.6 -0.9 -2.0 -3.5 Tax rate 29.5% 35.2% 18.3% 35.0% 34.0% 33.0% Discontinued Operations 0.0 1.5 0.0 0.0 0.0 0.0 Minorities -0.3 0.0 0.0 0.0 0.0 0.0 Net Profit (reported) 13.5 9.1 -16.0 1.7 3.8 7.0 Net Profit (adj.) 14.5 7.3 -2.8 1.7 3.8 7.0 CASH FLOW (EURm) 12/2011 12/2012 12/2013 12/2014e 12/2015e 12/2016e Cash Flow from Operations before change in NWC 18.4 14.7 -8.3 4.3 8.9 12.0 Change in Net Working Capital -16.6 -16.0 33.6 -6.8 -4.4 -5.4 Cash Flow from Operations 1.8 -1.3 25.3 -2.5 4.6 6.6 Capex -3.6 -4.2 -3.3 -2.8 -4.3 -4.7 Net Financial Investments 0.5 -6.0 -8.5 0.0 0.0 0.0 Free Cash Flow -1.4 -11.5 13.5 -5.3 0.3 2.0 Dividends 0.0 0.0 0.0 0.0 0.0 0.0 Other (incl. Capital Increase & share buy backs) 6.5 1.6 -10.4 0.6 0.4 0.4 Change in Net Debt 5.1 -9.9 3.1 -4.7 0.7 2.3 NOPLAT 14.1 6.8 -4.4 2.4 4.4 7.6 BALANCE SHEET & OTHER ITEMS (EURm) 12/2011 12/2012 12/2013 12/2014e 12/2015e 12/2016e Net Tangible Assets 9.5 12.1 20.9 20.2 21.1 22.2 Net Intangible Assets (incl.Goodwill) 22.2 22.9 19.8 19.1 18.4 17.9 Net Financial Assets & Other 0.7 0.9 0.6 0.6 0.6 0.6 Total Fixed Assets 32.3 35.8 41.3 39.8 40.0 40.7 Inventories 71.6 82.2 71.1 60.8 64.1 70.2 Trade receivables 17.8 21.8 11.1 16.2 17.1 18.7 Other current assets 8.9 3.5 8.9 8.5 8.9 9.3 Cash (-) -57.2 -37.1 -47.5 -41.8 -42.4 -44.8 Total Current Assets 155 145 139 127 133 143 Total Assets 188 180 180 167 173 184 Shareholders Equity 120 127 109 111 115 122 Minority 0.7 0.0 0.0 0.0 0.0 0.0 Total Equity 120 127 109 111 115 122 Long term interest bearing debt 4.3 4.0 10.3 9.3 9.3 9.3 Provisions 9.3 8.1 9.8 8.0 9.0 10.0 Other long term liabilities 27.2 30.5 34.7 22.1 22.1 24.0 Total Long Term Liabilities 40.8 42.5 54.8 39.4 40.4 43.3 Short term interest bearing debt 10.1 0.3 1.2 1.2 1.2 1.2 Trade payables 7.6 6.9 5.6 6.8 7.1 7.8 Other current liabilities 8.9 3.5 8.9 8.5 8.9 9.3 Total Current Liabilities 26.6 10.7 15.6 16.5 17.2 18.3 Total Liabilities and Shareholders' Equity 188 180 180 167 173 184 Net Capital Employed 114 133 118 110 114 122 Net Working Capital 63.4 79.4 45.9 52.7 57.0 62.4 GROWTH & MARGINS 12/2011 12/2012 12/2013 12/2014e 12/2015e 12/2016e Sales growth 26.1% -6.6% -17.9% 0.4% 5.6% 9.5% EBITDA (adj.)* growth 30.3% -36.3% n.m.
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    WoB-Index 185 IV AE-Seite WOMEN-ON-BOARD-INDEX 185 IV Frauenanteil auf Anteilseignerseite des Aufsichtsrats der 160 im DAX, MDAX und SDAX und der 26 paritätisch mitbestimmten, im Regulierten Markt notierten Unternehmen zum Gesamtaufsichtsrat (Stand 15.01.2021 - aktualisiert zum 22.03.2021) Anteil Gesamt Zahl Anteil Ges.zahl Zahl Position Frauen Unternehmen zahl AR- Frauen Frauen Anteilseig Frauen 22.03.2021 AE-Seite Mitgl. AR AR nerseite AE-Seite Notierung z Ges-AR 1 HORNBACH HOLDING AG & Co. KGaA SDAX 6 4 66,67% 6 4 66,67% 2 Global Fashion Group S.A. SDAX 6 3 50,00% 6 3 50,00% 2 MorphoSys AG MDAX / TecDAX 6 3 50,00% 6 3 50,00% 4 AIXTRON SE MDAX / TecDAX 5 2 40,00% 5 2 40,00% 4 NORMA Group SE SDAX 5 2 40,00% 5 2 40,00% 4 SAF-HOLLAND SE SDAX 5 2 40,00% 5 2 40,00% 7 Aareal Bank AG SDAX 12 5 41,67% 8 4 33,33% 7 ADVA Optical Networking SE SDAX 3 1 33,33% 3 1 33,33% 7 Alstria office REIT-AG MDAX 6 2 33,33% 6 2 33,33% 7 Aroundtown S.A. MDAX 6 2 33,33% 6 2 33,33% 7 Brenntag SE MDAX 6 2 33,33% 6 2 33,33% 7 CANCOM SE MDAX / TecDAX 6 2 33,33% 6 2 33,33% 7 CTS Eventim AG & Co. KGaA MDAX 3 1 33,33% 3 1 33,33% 7 Deutsche EuroShop AG SDAX 9 3 33,33% 9 3 33,33% 7 Deutsche Wohnen SE DAX 6 2 33,33% 6 2 33,33% 7 EVOTEC SE MDAX / TecDAX 6 2 33,33% 6 2 33,33% 7 Fresenius Medical Care AG & Co.
  • Süss Microtec

    Süss Microtec

    Süss MicroTec Germany/ Technology Hardware & Equipment Preview note Investment Research 1 May 2014 Hold 1Q14 preview – catching up with postponed revenues Recommendation unchanged Confirm ‘Hold’/PT EUR 8 Share price: EUR 7.00 The facts: Süss MicroTec (SMHN) will report 1Q14 figures on Thursday, May 8. closing price as of 30/04/2014 Target price: EUR 8.00 Our analysis: Please remember that SMHN booked relatively low 4Q13 sales of EUR Target Price unchanged 40.6m (down 27% yoy) and pointed to revenue recognition and shipping delays. For this reason, we forecast a solid top line March quarter and expect revenues of Reuters/Bloomberg SMHNn.DE/SMH GY EUR 34.5m, up 14.6% yoy as the company should be capable of compensating for Daily avg. no. trad. sh. 12 mth 29,088 the lost revenue terrain. Daily avg. trad. vol. 12 mth (m) 201.65 Price high 12 mth (EUR) 9.02 Please recall that SMHN has been shutting down its permanent bonder business. Price low 12 mth (EUR) 6.05 Some remaining tools shipped in this division will dilute the margin and in general, the Abs. perf. 1 mth 0.1% product mix should not allow for a strong gross result. Consequently, we forecast Abs. perf. 3 mth -3.3% a 1Q14 gross margin of 28.7%. Thanks to relative OPEX discipline, the EBIT loss Abs. perf. 12 mth -19.5% should come to ‘only’ EUR minus 1.2m. Market capitalisation (EURm) 134 We expect the 1Q14 net result to be released at EUR minus 1m. This would equal Current N° of shares (m) 19 an EPS of EUR minus 0.05.
  • Weekly Screener 29 March – 5 April 2021, Week 13

    Weekly Screener 29 March – 5 April 2021, Week 13

    AlsterResearch Weekly Screener Page 1 of 5 Weekly Screener 29 March – 5 April 2021, Week 13 Momentum Target Q1 2021 is ending, and we take a look at the momentum stocks so far this year. Method Calculate total share performance (closing price change plus dividends) from 31.12.2020 until 26.03.2021. Result from AlsterResearch universe: Highest Momentum Name YTD performance EV/EBIT 2022E Sartorius AG 26,0% 33,9x mic AG 25,8% 6,2x Hugo Boss AG 24,8% 13,7x wallstreet:online AG 19,7% 11,4x Formycon AG 19,2% negative MAKING SENSE OF THE NUMBERS: Sartorius AG (AlsterResearch view: HOLD / PT EUR 445 / closing price EUR 439,60 / upside 1%) Sartorius is profiteer of the current pandemic. After an outstanding 2020, order intake for 2021 beat expectations and guidance for 2021 was raised. All this seems reflected in the current rich valuation. mic AG (AlsterResearch view: BUY / PT EUR 5,40 / closing price EUR 3,10 / upside 74%) After a reverse IPO totally transformed the business, the new mic is gradually getting the attention it deserves. Most recently, a value accretive acquisition put the company into the spotlight. Still way to go. Hugo Boss AG (AlsterResearch view: BUY / PT EUR 37 / closing price EUR 33,06 / upside 12%) The pandemic took a big toll on Hugo Boss, with sales slumping 33% and steep losses in 2020. A brightening outlook is providing tailwinds for the stock. But despite playing catch-up, it is still far below pre-Covid levels. wallstreet:online AG (AlsterResearch view: BUY / PT EUR 30 / closing price EUR 19,05 / upside 57%) Darling of the stock market in February, as the stock rallied more than 60%.