Aixtron SE : Confirmation that 2025 will be another year of transition - The valuation suggests significant upsides on the first signs of recovery
>Outperform rating reiterated, target price adjusted to € 21 (vs € 23) - Our takeaways from the Q3 2024 results are: 1/ no collapse in orders (€ 140m, +21% y-o-y, -18% q-o-q) despite an unfavourable context; 2/ recognition of the fact that 2025 will again be a transition year (flat or down slightly vs 2024), which was broadly expected at this stage. We adjust our estimates accordingly. We expect 2025e sales to be down 2% (vs +3%) and cut our 2025e EPS estimates by ~...Aixtron is a provider of deposition equipment to the semiconductor industry. Co.'s technology solutions are used by customers to build components for electronic and opto-electronic applications based on compound, silicon, or organic semiconductor materials. The components are used in displays, signaling, lighting, fiber optic communication systems, wireless and mobile telephony applications, optical and electronic storage devices, computing, as well and other technologies. Co. supplies to customers both full production-scale chemical vapor deposition systems and small scale systems for research and development use.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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