Suess Microtec AG

SUESS MicroTec SE Formerly known as Suess MicroTec AG. SUESS MicroTec SE is a Germany-based holding company (the Group) that supplies process equipment for microstructuring in the semiconductor industry. The Group operates through four segments: Lithography, Bonder, Photomask Equipment and Others. The Lithography division develops, produces and sells the mask aligner, developer, and coater product lines, as well as ultraviolet (UV) projection and laser processing product lines. The Bonder division comprises the development, production and distribution of the substrate bonder product line. The Photomask Equipment division includes the development, manufacture and sale of HMx, ASx, MaskTrack and MaskTrack Pro product lines through SUSS MicroTec Photomask Equipment GmbH & Co KG. The Others division combines further activities of the Group in the area of micro-optics and lenses and the centralized Group functions.
  • TickerSMHN
  • ISINDE000A1K0235
  • SectorElectronic & Electrical Equipment
  • CountryGermany

Analysts

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Maalej
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 10/11/2019

Although there are questions about whether the group's French telecoms business (32% of revenues) has reached maturity, we are expecting it to show organic growth north of 12% out to 2021. Based on relatively cautious estimates for the international business, consolidated organic growth should average 14% per annum over 2019-2021, to which M&A and subcontracting deals must be added. Amid today’s market turbulence, the current share price is an insufficient reflection of the group’s bu...

Emmanuel Matot ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/11/2019

At the CMD on 13 November, the group will demonstrate that the price it paid for Medidata was worth it given the strategic rationale and profitable growth outlook. Medidata’s integration is set to have an accretive impact of +100bp on DSY’s structural organic growth profile and +10% on its 2020e EPS. On this basis, we have raised our target price to € 170. The recent pressure on valuation multiples offers a good entry point as the Q3 2019 results should be solid. - ...

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Maalej
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 11/10/2019

Alors que se pose la question de la maturité de l’activité Télécoms France (32% du CA), nous anticipons une croissance org >12% d’ici 2021e. Avec des estimations relativement prudentes sur l’International, la croissance org. groupe devrait se situer à 14% en moyenne par an sur 2019/2021e, à laquelle s’ajouteront le M&A et les « deals ». Dans un contexte boursier agité, le cours actuel sous-valorise le groupe dans son périmètre actuel (11.0 €) et encore plus le potentiel de futures opé...

Emmanuel Matot ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/10/2019

Lors du CMD du 13 novembre, Dassault Systèmes démontrera que le prix payé pour Medidata se justifie par son intérêt stratégique et ses perspectives de croissance rentables. Son intégration devrait avoir un impact relutif de 100 pb sur la croissance org. structurelle de DSY et de 10% sur le BPA 2020e. Cela nous amène à relever notre OC à 170 €. La récente baisse des multiples offre un bon point d’entrée alors que les résultats T3 devraient être solides. - ...

Emmanuel Matot ...
  • Stephane Houri

ODDO : How to play Q3 in a sector at the low point in the cycle, but with valuations that already look to be at record highs...?

>Relatively optimistic view retained ahead of the Q3 2019 publications season, due to the arrival at the low point in the cycle - We have a relatively positive view of the sector ahead of the Q3 2019 publications season. It is not that there has been any significant improvement to end-demand since Q2 (the macroeconomic cycle remains uncertain), but 1/ stock levels appear to be under tighter control, 2/ the first signs of stabilisation have emerged in the memory segmen...

Emmanuel Matot ...
  • Stephane Houri

ODDO : How to play Q3 in a sector at the low point in the cycle, but with valuations that already look to be at record highs...?

>Relatively optimistic view retained ahead of the Q3 2019 publications season, due to the arrival at the low point in the cycle - We have a relatively positive view of the sector ahead of the Q3 2019 publications season. It is not that there has been any significant improvement to end-demand since Q2 (the macroeconomic cycle remains uncertain), but 1/ stock levels appear to be under tighter control, 2/ the first signs of stabilisation have emerged in the memory segmen...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Comment jouer les T3 dans un secteur au point bas du cycle, mais avec des valorisations en apparence déjà au plus haut… ?

>Vision toujours plutôt optimiste, à l'approche de la saison des publications des T3 2019, en raison de l’arrivée du point bas du cycle - Nous abordons la saison des publications du T3 2019 avec une vision toujours plutôt positive sur le secteur. Non pas que la demande finale se soit significativement améliorée depuis le T2 (le cycle macroéconomique reste incertain), mais 1/ les niveaux de stocks semblent mieux maîtrisés, 2/ les 1ers signaux de stabilisation sont appa...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Worldwide sales August 2019: in line, further improvement excluding memory, September will be key

>Worldwide sales in August in line (at -15.9%). Further improvement excluding memory (-4% vs -4.8% in July) - WSTS (World Semiconductor Trade Statistics) reported worldwide semiconductor sales for August 2019 over the weekend, as usual with a one-month lag. In terms of the three-month moving average, sales came to $ 34.2bn (in line with our forecast). This represents a 15.9% decline year-on-year, after -15.5% in July and -16.5% in June. Volumes were down by 11.1% vs -...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Ventes mondiales d’août 2019 : En ligne, poursuite de l’amélioration hors mémoires, septembre sera clé

>Ventes mondiales d’août en ligne (à -15.9%). Poursuite de l’amélioration hors mémoires (-4% vs -4,8% en juillet) - Les ventes mondiales de semi-conducteurs d’août 2019 ont été publiées ce week-end par la WSTS (World Semiconductor Trade Statistics), comme d’habitude avec un mois de décalage. En données lissées (MM3 – Moyennes Mobiles 3 mois), elles ressortent à 34.2 Md$, en ligne avec notre prévision. Il s’agit d’une baisse en données annuelles de 15.9% après -15.5% e...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Apple’s Keynote: no real surprises on hardware, new focus on services

>Several products announced, with seemingly limited improvements, as expected - Apple yesterday announced a series of new products, with seemingly limited improvements: 1/ 3 iphones (the 11, 11 Pro and 11 Pro Max), 2/ an entry-level iPad with a slightly larger screen, stylet support and the emergence of the smart connector that will be available on 30 September, from € 389, and 3/ the Apple Watch is transitioning to Series 5. It has a screen which can stay lit permane...

Insider bought: A director bought 10,000 shares at 6.000EUR and

A director at Suss MicroTec Ag bought 10,000 shares at 6.000EUR and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names...

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Maalej
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 10/11/2019

Although there are questions about whether the group's French telecoms business (32% of revenues) has reached maturity, we are expecting it to show organic growth north of 12% out to 2021. Based on relatively cautious estimates for the international business, consolidated organic growth should average 14% per annum over 2019-2021, to which M&A and subcontracting deals must be added. Amid today’s market turbulence, the current share price is an insufficient reflection of the group’s bu...

Emmanuel Matot ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/11/2019

At the CMD on 13 November, the group will demonstrate that the price it paid for Medidata was worth it given the strategic rationale and profitable growth outlook. Medidata’s integration is set to have an accretive impact of +100bp on DSY’s structural organic growth profile and +10% on its 2020e EPS. On this basis, we have raised our target price to € 170. The recent pressure on valuation multiples offers a good entry point as the Q3 2019 results should be solid. - ...

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Maalej
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 11/10/2019

Alors que se pose la question de la maturité de l’activité Télécoms France (32% du CA), nous anticipons une croissance org >12% d’ici 2021e. Avec des estimations relativement prudentes sur l’International, la croissance org. groupe devrait se situer à 14% en moyenne par an sur 2019/2021e, à laquelle s’ajouteront le M&A et les « deals ». Dans un contexte boursier agité, le cours actuel sous-valorise le groupe dans son périmètre actuel (11.0 €) et encore plus le potentiel de futures opé...

Emmanuel Matot ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/10/2019

Lors du CMD du 13 novembre, Dassault Systèmes démontrera que le prix payé pour Medidata se justifie par son intérêt stratégique et ses perspectives de croissance rentables. Son intégration devrait avoir un impact relutif de 100 pb sur la croissance org. structurelle de DSY et de 10% sur le BPA 2020e. Cela nous amène à relever notre OC à 170 €. La récente baisse des multiples offre un bon point d’entrée alors que les résultats T3 devraient être solides. - ...

Christophe-Raphaël Ganet ...
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 09/30/2019

...

SUESS MICROTEC AG sees a downgrade to Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of SUESS MICROTEC AG (DE), active in the Semiconductors industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Negative. As of the analysis date August 23, 2019, the closing price was EUR 7.79 and its target price was estimated at EUR 6.56.

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Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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