Original-Research: Singulus Technologies AG (von NuWays AG): Under Review
Source: EQS
Classification of
Going Concern at risk // preliminary Q2 figures out; chg. est. Topic:
Q2 sales came in at € 20.1m, (-21% yoy, -2.4% qoq) below our estimates of € 22.5m (eNuW). With € 19.1m in order intake, demand in Q2 fell short of our expectations (-43% qoq; eNuW: € 30m). Order backlog decreased slightly (-1.7% qoq) to € 70.4m but remains at a solid level. EBIT came in at solid € 0.6m (vs € 0.2m in Q2´23, vs eNuW: € 0.5m), thanks to several cost-cutting measures. Guidance revised. Management cut its FY24e sales guidance from € 120-130m to € 95-105m (eNuW old: € 97m) and EBIT from “low double-digit € m” to € 3.0-6.5m (eNuW old: € 0.2m). As flagged in our last update, the profit warning was already well anticipated. However, the soft order intake put also a question mark behind the new guidance and should burden top- and bottom line for the remainder of the year. We hence conservatively expecting only € 85.7m in sales and € -1.9m in EBIT in FY24e. Financing beyond August not yet secured. CNBM is directly and indirectly the counterpart for € 30m of Singulus’ outstanding debt – directly as provider of a € 20m loan, granted in two tranches in March and Going Concern at risk. In the case that CNBM will reject to support further financing, a Going Concern of the company is at risk in our view. In light of the depency of CNBM from You can download the research here: http://www.more-ir.de/d/30253.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 ++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++
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1949625 19.07.2024 CET/CEST