SAVE THE DATE - Hypoport AG

Süss MicroTec
Germany/Semiconductors Analyser
$nomcompagnie$ (Buy)
Buy
Recommendation unchanged
Share price: EUR
closing price as of 07/05/2012
Target price: EUR
Target Price unchanged
Reuters/Bloomberg
10.19
13.00
SMHNn.DE/SMH GY
Market capitalisation (EURm) 193
Current N° of shares (m) 19
Free float 100%
Daily avg. no. trad. sh. 12 mth 188,007
Daily avg. trad. vol. 12 mth (m) 2
Price high 12 mth (EUR) 11.93
Price low 12 mth (EUR) 5.57
Abs. perf. 1 mth -1.74%
Abs. perf. 3 mth 25.03%
Abs. perf. 12 mth -13.64%
Key financials (EUR) 12/11 12/12e 12/13e
Sales (m) 175 150 185
EBITDA (m) 25 18 30
EBITDA margin 14.2% 11.7% 16.5%
EBIT (m) 19 10 24
EBIT margin 10.6% 6.6% 12.8%
Net Profit (adj.)(m) 14 7 16
ROCE 14.8% 7.3% 14.8%
Net debt/(cash) (m) (43) (45) (49)
Net Debt/Equity -0.4 -0.4 -0.3
Debt/EBITDA -1.7 -2.5 -1.6
Int. cover(EBITDA/Fin. int) (488.7) 787.8 (102.1)
EV/Sales 0.4 1.0 0.8
EV/EBITDA 2.8 8.7 5.0
EV/EBITDA (adj.) 2.7 8.7 5.0
EV/EBIT 3.8 15.3 6.4
P/E (adj.) 7.3 28.5 11.9
P/BV 0.9 1.5 1.4
OpFCF yield -1.8% 5.8% 1.7%
Dividend yield 0.0% 0.0% 0.0%
EPS (adj.) 0.77 0.36 0.86
BVPS 6.33 6.68 7.54
DPS 0.00 0.00 0.00
12 vvdsvdvsdy
11
10
9
8
7
6
5
Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12
Source: Factset
Shareholders:
Analyst(s):
SUESS MICROTEC Tec Dax (Rebased)
Adrian Pehl, CFA, Equinet Bank
adrian.pehl@equinet-ag.de
+49 69 58997 438
1Q12 in line
The facts:
� SMHN released 1Q12 sales of EUR 31.2m which was in line with our
forecast of EUR 31.9m. As far as segments are concerned, deviations were
limited with the exception of Bonders (EUR 4.3m vs. equinet: EUR 3m).
� The company released an EBIT of EUR minus 0.04m which compares to
our expectation of EUR minus 0.3m. According to SMHN, negative fx
effects amounting to EUR 0.4m weighed. Otherwise, the company would
have achieved a positive result.
� The net result was said to be EUR 1.3m which included a one-off in
discontinued operations (sold test systems business) amounting to EUR
1.5m. Without this, the net result would have been negative.
1Q12 review
in EUR m 1Q12a 1Q12e delta 1Q11 yoy
Order intake 39.0 37.0 5% 48.3 -19%
Sales 31.2 31.9 -2% 32.0 -3%
Rep. EBIT 0.0 -0.3 n/m 2.5 n/a
Rep. EBIT margin -0.1% -0.9% n/m 7.7% n/m
Rep. Net result 1.3 -0.2 n/a 2.4 n/a
Rep. EPS 0.07 -0.01 n/a 0.13 n/a
Source: company data, equinet estimates
� The order intake was released at EUR 39m and thus, at the upper end of
the management guidance of EUR 30-40m. Our forecast stood at EUR
37m.
� The company altered the outlook for FY12 to reflect the acquired
Tamarack Scientific: Management now expects a top line of more than EUR
155m (equinet: more than EUR 150m) at an EBIT margin of 5-10% (as
expected).
� SMHN projects 2Q12 order intake of EUR 30-40m.
Our analysis: SMHN‟s 1Q12 is even slightly better on the operating results line.
Overall, the meaning of the March quarter is limited as expected. The altered
outlook for FY12 comes broadly as expected. We had however hoped for
management to signal further momentum as regards the 2Q12 order intake,
but we would not see this necessarily as a disappointment as the overall 1H12
bookings should be in line with our expectations.
Conclusion & Action: We confirm our PT of EUR 13 and our Buy rating.
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