New Risk • Nov 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-€11m). Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (€10.5m market cap, or US$11.2m). New Risk • Nov 01
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.19m (US$9.99m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (€9.19m market cap, or US$9.99m). Minor Risk Less than 1 year of cash runway based on current free cash flow (-€11m). Reported Earnings • Oct 02
First half 2024 earnings released: €0.32 loss per share (vs €0.078 loss in 1H 2023) First half 2024 results: €0.32 loss per share (further deteriorated from €0.078 loss in 1H 2023). Revenue: €19.6m (up 7.4% from 1H 2023). Net loss: €5.12m (loss widened 306% from 1H 2023). Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Semiconductor industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. New Risk • Jun 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (€17.3m market cap, or US$18.5m). Reported Earnings • Apr 25
Full year 2023 earnings released Full year 2023 results: Revenue: €41.5m (up 22% from FY 2022). Net loss: €6.16m (down €7.11m from profit in FY 2022). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Semiconductor industry in Germany. Buy Or Sell Opportunity • Apr 03
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to €1.23. The fair value is estimated to be €1.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 57% in 2 years. Earnings are forecast to grow by 98% in the next 2 years. New Risk • Oct 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.5x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (€21.0m market cap, or US$22.0m). Reported Earnings • Oct 02
First half 2023 earnings released First half 2023 results: Revenue: €18.7m (up 6.1% from 1H 2022). Net loss: €1.26m (down 360% from profit in 1H 2022). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Semiconductor industry in Germany. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €2.20, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Semiconductor industry in Germany. Total loss to shareholders of 39% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €3.91 per share. Buying Opportunity • Aug 04
Now 21% undervalued Over the last 90 days, the stock is up 5.5%. The fair value is estimated to be €3.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings is also forecast to grow by 40% per annum over the same time period. Buying Opportunity • Jul 14
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €3.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings is also forecast to grow by 40% per annum over the same time period. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 04
First half 2022 earnings released: EPS: €0 (vs €0.031 loss in 1H 2021) First half 2022 results: EPS: €0 (improved from €0.031 loss in 1H 2021). Revenue: €18.0m (up 30% from 1H 2021). Net income: €484.0k (up €973.3k from 1H 2021). Profit margin: 2.7% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Semiconductor industry in Germany. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improved over the past week After last week's 22% share price gain to €3.90, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 17x in the Semiconductor industry in Germany. Total loss to shareholders of 24% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €7.20 per share. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 18% share price gain to €3.55, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 16x in the Semiconductor industry in Germany. Total loss to shareholders of 26% over the past year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.