Jenoptik AG : An undervalued growth story
Jenoptik is continuing its transformation towards a pure player profile in photonics. The group will present its new organisation on 25 March 2025 and is set to divest Prodomax, which we value at € 95m, by end-2025 at the latest. The valuation remains attractive at 7.9x 2025e EBITDA, giving a discount of ~20% to its five-year average. We think low visibility on H1 2025 is largely priced in now, offering an attractive entry point with substantial re-rating potential once the upturn in the semiconductors market materialises, probably as of H2 2025. Outperform rating confirmed and target raised to € 29 vs € 28.Jenoptik is a holding company. Through its subsidiaries, Co. is an optoelectronics group engaged in the production of range of products including original equipment manufacturer or standard components, modules and subsystems through to systems and production lines for numerous sectors. Co.'s operating business is organized in the following three operating segments: Laser & Optical Systems, Metrology, and Defense & Civil Systems. The operating business within the segments is further subdivided into five divisions: Lasers & Material Processing, Optical Systems, Industrial Metrology, Traffic Solutions, and Defense & Civil Systems, each of which are subdivided into several business units.
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