SÜSS Micro Tec SE : Towards a change in profile - Outperform rating (vs Neutral)
>Outperform rating (vs Neutral), target price of € 80 (vs € 65) - After the very solid Q2 2024 results (14% > forecasts on revenue), we have raised our forecasts for EPS by ~25% for 2024-25e. This prompts us to revise our target price to € 80 (vs € 65), i.e. 32% upside, justifying an upgrade to Outperform (vs Neutral). After revisions, the valuation stands at 11x 2025e EBITDA, which looks attractive given the outlook (2024-2027e CAGR for EBITDA of 21%). Moreover, give...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.
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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