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Suss Microtec (DE:SMHN)
XETRA:SMHN
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Suss Microtec
(XETRA:SMHN)
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Rating:73Outperform
Price Target:
€41.00
▼(-7.03% Downside)
Suss Microtec's overall score is driven by strong technical indicators and a solid financial position, despite cash flow challenges. The valuation is reasonable, but earnings call insights highlight significant risks in order intake and margin pressure.
Positive Factors
Revenue Growth
Consistent revenue growth indicates strong demand for Suss Microtec's products, supporting long-term business expansion and market presence.
Strong Balance Sheet
Low leverage enhances financial stability, providing Suss Microtec with flexibility to invest in growth opportunities and withstand economic fluctuations.
New Facility in Taiwan
The new facility enhances production capacity and positions Suss Microtec to capitalize on growth in the semiconductor industry, particularly in Asia.
Negative Factors
Decreased Order Intake
A significant drop in order intake suggests weakening demand, which could impact future revenue and profitability if not addressed.
Pressure on Margins
Margin pressure from product mix challenges may reduce profitability, necessitating strategic adjustments to sustain earnings.
Negative Free Cash Flow
Negative free cash flow indicates potential liquidity issues, limiting Suss Microtec's ability to fund operations and growth without external financing.
Suss Microtec (SMHN) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€895.37M
Dividend Yield0.78%
Average Volume (3M)140.91K
Price to Earnings (P/E)15.9
Beta (1Y)1.62
Revenue Growth34.77%
EPS Growth52.20%
CountryDE
Employees1,370
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.48
Shares Outstanding19,115,538
10 Day Avg. Volume199,875
30 Day Avg. Volume140,911
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)3.32
Price to Sales (P/S)2.08
P/FCF Ratio34.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€43.50Price Target Upside-1.36% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Suss Microtec Business Overview & Revenue Model
Company DescriptionSÜSS MicroTec SE, together with its subsidiaries, develops, manufactures, and markets machines for the production of microelectronics, microelectromechanical systems, and related applications. It operates through five divisions: Photomask Equipment, Lithography, Bonder, Microoptics, and Others. The company develops, manufactures, and sells mask aligners, coaters and developers, UV projection scanners, and laser processing tool. It develops, produces, and sells bonder systems, including microelectromechanical systems, compound semiconductors, and 3D integration markets. In addition, the company develops, manufactures, and sells specialized tools for the cleaning and processing of photomasks for the semiconductor industry. Further, it is involved in the production and sale of micro lenses and specialized optics for various industrial applications. It operates in Europe, the Middle East, Africa, North America, and the Asia Pacific. The company distributes its products through production facilities, as well as through distribution companies and trade representatives. SÜSS MicroTec SE was founded in 1949 and is headquartered in Garching, Germany.
How the Company Makes MoneySuss Microtec generates revenue primarily through the sale of its specialized equipment and systems used in semiconductor manufacturing. The company offers a range of products that cater to various stages of the microelectronics production process, including development and high-volume manufacturing. Key revenue streams include direct sales of equipment, maintenance services, and consumables. Additionally, Suss Microtec benefits from long-term partnerships with major semiconductor manufacturers and research institutions, which provide a stable customer base and opportunities for collaborative development projects. The company's focus on innovation and technology advancement also positions it favorably for growth in emerging markets, such as the automotive electronics sector, further contributing to its earnings.
Suss Microtec Earnings Call Summary
Earnings Call Date:Nov 06, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 30, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook with positive developments in sales performance and cost management, but significant challenges remain in terms of order intake, margin pressure, and cash flow. The company is optimistic about future orders and new product launches, but current figures indicate areas of concern.Q3-2025 Updates
Positive Updates
Sales and Revenue On Track
After 3 quarters, the company reached EUR 384 million, which is 78% of the midpoint of their sales forecast, indicating they are on track to meet their expectations for the year.
Strong Performance in Imaging and Coating Systems
Imaging and Coating Systems showed year-on-year sales growth of over 50% each, indicating robust demand in these areas.
New Facility in Taiwan
The opening of a new site in Zhubei, Taiwan, with large clean rooms, indicates readiness for future growth and received strong support from key industry figures.
Cost Management Success
Short-term cost-cutting measures resulted in savings of over EUR 5 million compared to Q2, demonstrating effective financial management.
Negative Updates
Decreased Order Intake
The order intake was EUR 70 million in Q3, and the order book is down 35.9% compared to the previous year, indicating a significant drop in demand.
Pressure on Margins
Gross profit margin faced significant pressure, with a decrease to 31.7% in Q3 due to an unfavorable product mix and postponed high-margin projects.
Challenges in Photomask Solutions
The Photomask Solutions segment experienced a very low order intake, with orders from China down EUR 32 million compared to the previous year.
Negative Free Cash Flow
Free cash flow from continuing operations was minus EUR 0.7 million in the third quarter, with a total of minus EUR 28.2 million after 3 quarters.
Company Guidance
In the recent conference call, SUSS MicroTec SE provided guidance for its financial performance, highlighting several key metrics. The company reported a low order intake of EUR 70 million in Q3 but anticipates orders exceeding EUR 100 million in Q4. Year-to-date sales reached EUR 384 million, or 78% of the midpoint of their sales forecast, with a Q3 sales figure of EUR 118 million. For Q4, sales are expected to range between EUR 85 million and EUR 125 million to meet their annual forecast. The current gross profit margin stands at 31.7%, impacted by an unfavorable product mix, while the EBIT margin has been adjusted following cost management efforts. The order book at the end of September was EUR 276.1 million, down 35.9% from the previous year. Free cash flow for the first three quarters was negative EUR 28.2 million, with expectations to end the year slightly positive. SUSS anticipates a CapEx level of EUR 25 million for the year, driven mainly by their new facility in Taiwan. The company remains optimistic about future growth and improving its cost structure, with details to be discussed at their Capital Markets Day on November 17.Suss Microtec Financial Statement Overview
Summary
Suss Microtec shows strong revenue growth and robust profitability margins, supported by a solid balance sheet with low leverage. However, significant challenges in cash flow management, particularly in free cash flow generation, present a potential risk.Income Statement
Suss Microtec shows strong revenue growth with a TTM increase of 9.24%. The gross profit margin is healthy at 39.62%, and the EBIT margin is robust at 17.66%. However, the net profit margin has decreased from 24.73% in 2024 to 11.89% in TTM, indicating pressure on net profitability.Balance Sheet
The company maintains a low debt-to-equity ratio of 0.05, indicating prudent financial leverage. Return on equity is strong at 21.93% in TTM, reflecting efficient use of equity. The equity ratio is stable, suggesting a solid financial position.Cash Flow
Cash flow performance is mixed, with a significant decline in free cash flow growth at -160.07% in TTM. The operating cash flow to net income ratio is low, indicating challenges in converting income into cash. However, the free cash flow to net income ratio remains relatively high, suggesting some resilience.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 535.29M | 446.15M | 304.26M | 259.97M | 263.44M | 252.91M |
| Gross Profit | 199.44M | 178.35M | 103.89M | 110.07M | 94.19M | 84.49M |
| EBITDA | 93.50M | 86.17M | 35.61M | 37.65M | 29.61M | 28.21M |
| Net Income | 53.00M | 110.34M | 4.70M | 24.52M | 16.02M | 12.36M |
Balance Sheet | ||||||
| Total Assets | 522.94M | 538.23M | 369.73M | 353.16M | 279.17M | 231.41M |
| Cash, Cash Equivalents and Short-Term Investments | 94.94M | 136.37M | 49.02M | 61.51M | 53.60M | 41.03M |
| Total Debt | 50.53M | 13.29M | 15.18M | 20.00M | 18.32M | 20.49M |
| Total Liabilities | 218.69M | 258.49M | 193.12M | 175.43M | 122.29M | 94.90M |
| Stockholders Equity | 304.25M | 279.75M | 176.62M | 177.73M | 156.88M | 136.50M |
Cash Flow | ||||||
| Free Cash Flow | -25.46M | 26.64M | 434.00K | 16.04M | 14.71M | 47.21M |
| Operating Cash Flow | -6.32M | 33.49M | 3.79M | 23.94M | 24.33M | 55.16M |
| Investing Cash Flow | -24.77M | 71.85M | -8.18M | -17.84M | -9.62M | -11.16M |
| Financing Cash Flow | -10.39M | -7.90M | -8.02M | -6.77M | -3.83M | -13.28M |
Suss Microtec Technical Analysis
Positive
44.10
Price Trends
35.49
Positive
32.94
Positive
34.85
Positive
Market Momentum
2.26
Negative
67.48
Neutral
89.74
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:SMHN, the sentiment is Positive. The current price of 44.1 is above the 20-day moving average (MA) of 39.93, above the 50-day MA of 35.49, and above the 200-day MA of 34.85, indicating a bullish trend. The MACD of 2.26 indicates Negative momentum. The RSI at 67.48 is Neutral, neither overbought nor oversold. The STOCH value of 89.74 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:SMHN.
Suss Microtec Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | €224.32M | 6.49 | 34.03% | ― | 94.73% | 83.64% | |
76 Outperform | €2.34B | 24.38 | 10.99% | 0.88% | -3.93% | -20.93% | |
74 Outperform | €1.84B | 14.71 | 22.08% | 1.08% | -5.55% | 21.30% | |
73 Outperform | €895.37M | 15.89 | 19.94% | 0.78% | 34.77% | 52.20% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
52 Neutral | €1.62B | -57.35 | -1.40% | 0.43% | -5.17% | -128.32% |
* Technology Sector Average
DE:SMHN
Suss Microtec
44.10
2.43
5.82%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.