New Risk • Dec 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€38m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€38m free cash flow). Share price has been highly volatile over the past 3 months (45% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€15m net loss in 2 years). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (€11.9m market cap, or US$12.5m). New Risk • Dec 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 25% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Market cap is less than US$10m (€7.69m market cap, or US$8.05m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€38m). Currently unprofitable and not forecast to become profitable over next 2 years (€15m net loss in 2 years). Shareholders have been diluted in the past year (20% increase in shares outstanding). Major Estimate Revision • Dec 10
Consensus revenue estimates fall by 26% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €230.7m to €170.0m. Forecast losses increased from -€1.17 to -€3.09 per share. Semiconductor industry in Germany expected to see average net income decline 4.8% next year. Consensus price target down from €8.35 to €6.15. Share price rose 22% to €4.85 over the past week. New Risk • Dec 09
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: €35m Forecast net loss in 2 years: €15m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. 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 (-€38m). Currently unprofitable and not forecast to become profitable over next 2 years (€15m net loss in 2 years). Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (€49.3m market cap, or US$52.1m). Reported Earnings • Nov 29
Third quarter 2024 earnings released: €1.78 loss per share (vs €0.077 loss in 3Q 2023) Third quarter 2024 results: €1.78 loss per share (further deteriorated from €0.077 loss in 3Q 2023). Revenue: €41.4m (down 27% from 3Q 2023). Net loss: €15.2m (loss widened €14.6m from 3Q 2023). Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Semiconductor industry in Germany. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 54% per year, which means it is significantly lagging earnings. New Risk • Nov 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. 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 (-€28m). Currently unprofitable and not forecast to become profitable over next 2 years (€80k net loss in 2 years). Share price has been volatile over the past 3 months (8.1% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (€59.2m market cap, or US$63.5m). Price Target Changed • Sep 06
Price target decreased by 13% to €8.35 Down from €9.57, the current price target is an average from 2 analysts. New target price is 58% above last closing price of €5.30. Stock is down 62% over the past year. The company is forecast to post a net loss per share of €1.17 next year compared to a net loss per share of €0.28 last year. Breakeven Date Change • Sep 06
Forecast breakeven date pushed back to 2026 The 2 analysts covering Manz previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of €3.03m in 2026. Average annual earnings growth of 91% is required to achieve expected profit on schedule. Major Estimate Revision • Aug 09
Consensus EPS estimates upgraded to €0.30 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -€1.05 to -€0.30 per share. Revenue forecast unchanged from €242.0m at last update. Semiconductor industry in Germany expected to see average net income growth of 1.7% next year. Consensus price target broadly unchanged at €9.40. Share price fell 4.0% to €5.30 over the past week. Reported Earnings • Aug 07
Second quarter 2024 earnings released: €0.97 loss per share (vs €0.36 profit in 2Q 2023) Second quarter 2024 results: €0.97 loss per share (down from €0.36 profit in 2Q 2023). Revenue: €67.9m (down 3.9% from 2Q 2023). Net loss: €8.31m (down 366% from profit in 2Q 2023). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Semiconductor industry in Germany. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 55% per year, which means it is significantly lagging earnings. Announcement • Jul 24
Harro Höfliger Verpackungsmaschinen GmbH completed the acquisition of Manz Hungary Gépgyártó Korlátolt Felelosségu Társaság from Manz AG (XTRA:M5Z). Harro Höfliger Verpackungsmaschinen GmbH agreed to acquire Manz Hungary Gépgyártó Korlátolt Felelosségu Társaság from Manz AG (XTRA:M5Z) for HUF 3.108 billion on May 8, 2024. The HUF 3.108 billion received from the transaction will additionally strengthen Manz AG's liquidity. subject to contractually agreed conditions precedent and possible official approvals . A corresponding agreement was signed today by both parties. The transaction is expected to be completed in the second quarter of 2024.
Harro Höfliger Verpackungsmaschinen GmbH completed the acquisition of Manz Hungary Gépgyártó Korlátolt Felelosségu Társaság from Manz AG (XTRA:M5Z) on July 24, 2024. Major Estimate Revision • Jul 02
Consensus EPS estimates fall by 248% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €263.7m to €242.0m. Losses expected to increase from €0.30 per share to €1.05. Semiconductor industry in Germany expected to see average net income decline 7.7% next year. Consensus price target down from €12.00 to €9.57. Share price fell 27% to €5.30 over the past week. Breakeven Date Change • Jul 01
Forecast breakeven date pushed back to 2025 The 3 analysts covering Manz previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of €1.33m in 2025. Average annual earnings growth of 77% is required to achieve expected profit on schedule. New Risk • May 29
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 7.2% 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 (-€53m). Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (€64.2m market cap, or US$69.7m). Reported Earnings • May 26
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: €0.28 loss per share (improved from €1.50 loss in FY 2022). Revenue: €280.6m (up 1.2% from FY 2022). Net loss: €2.39m (loss narrowed 80% from FY 2022). Revenue missed analyst estimates by 9.1%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Semiconductor industry in Germany. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 48% per year, which means it is performing significantly worse than earnings. Announcement • May 23
Manz AG to Report Fiscal Year 2023 Final Results on May 23, 2024 Manz AG announced that they will report fiscal year 2023 final results at 9:00 AM, Central European Standard Time on May 23, 2024 New Risk • Jan 31
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€47m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€47m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Market cap is less than US$100m (€88.5m market cap, or US$96.0m). New Risk • Jan 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €91.4m (US$99.6m) This is considered a minor 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 Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€47m). Market cap is less than US$100m (€91.4m market cap, or US$99.6m). Announcement • Jan 05
Manz AG, Annual General Meeting, Jul 02, 2024 Manz AG, Annual General Meeting, Jul 02, 2024. Location: Filharmonie Filderstadt Germany Price Target Changed • Nov 10
Price target decreased by 17% to €16.53 Down from €19.97, the current price target is an average from 3 analysts. New target price is 61% above last closing price of €10.28. Stock is down 60% over the past year. The company is forecast to post earnings per share of €0.25 next year compared to a net loss per share of €1.50 last year. Reported Earnings • Nov 08
Third quarter 2023 earnings released: €0.077 loss per share (vs €0.64 profit in 3Q 2022) Third quarter 2023 results: €0.077 loss per share (down from €0.64 profit in 3Q 2022). Revenue: €60.8m (down 14% from 3Q 2022). Net loss: €654.0k (down 112% from profit in 3Q 2022). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Semiconductor industry in Germany. Over the last 3 years on average, earnings per share has fallen by 30% per year whereas the company’s share price has fallen by 26% per year. New Risk • Nov 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 9.0% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Share price has been highly volatile over the past 3 months (9.0% average weekly change). High level of non-cash earnings (66% accrual ratio). Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to €11.36, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 16x in the Semiconductor industry in Germany. Total loss to shareholders of 60% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €10.29 per share. New Risk • Oct 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €89.7m (US$95.0m) This is considered a minor 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 Risks Interest payments are not well covered by earnings (1.7x net interest cover). High level of non-cash earnings (66% accrual ratio). Minor Risk Market cap is less than US$100m (€89.7m market cap, or US$95.0m). Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €11.38, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 14x in the Semiconductor industry in Germany. Total loss to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €16.81 per share. Buying Opportunity • Sep 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 28%. The fair value is estimated to be €17.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 20% in 2 years. Earnings is forecast to grow by 178% in the next 2 years. Buying Opportunity • Sep 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be €17.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 20% in 2 years. Earnings is forecast to grow by 178% in the next 2 years. New Risk • Aug 04
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (66% accrual ratio). Minor Risk Shareholders have been diluted in the past year (10% increase in shares outstanding). Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: €0.36 (vs €0.38 loss in 2Q 2022) Second quarter 2023 results: EPS: €0.36 (up from €0.38 loss in 2Q 2022). Revenue: €72.4m (up 2.6% from 2Q 2022). Net income: €3.12m (up €6.04m from 2Q 2022). Profit margin: 4.3% (up from net loss in 2Q 2022). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Semiconductor industry in Germany. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 31
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: €1.50 loss per share (improved from €2.89 loss in FY 2021). Revenue: €293.3m (up 23% from FY 2021). Net loss: €12.1m (loss narrowed 46% from FY 2021). Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 139%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 8.9% 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 89 percentage points per year, which is a significant difference in performance. Announcement • Jan 04
Manz AG, Annual General Meeting, Jul 04, 2023 Manz AG, Annual General Meeting, Jul 04, 2023. Price Target Changed • Nov 16
Price target decreased to €35.33 Down from €46.50, the current price target is an average from 3 analysts. New target price is 46% above last closing price of €24.20. The company is forecast to post a net loss per share of €0.34 next year compared to a net loss per share of €2.89 last year. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: €0.64 (vs €0.72 loss in 3Q 2021) Third quarter 2022 results: EPS: €0.64 (up from €0.72 loss in 3Q 2021). Revenue: €70.2m (up 34% from 3Q 2021). Net income: €5.33m (up €10.9m from 3Q 2021). Profit margin: 7.6% (up from net loss in 3Q 2021). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Semiconductor industry in Germany. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • Aug 05
Second quarter 2022 earnings released: €0.38 loss per share (vs €0.059 loss in 2Q 2021) Second quarter 2022 results: €0.38 loss per share (down from €0.059 loss in 2Q 2021). Revenue: €75.0m (up 14% from 2Q 2021). Net loss: €2.92m (loss widened €2.46m from 2Q 2021). Over the next year, revenue is forecast to grow 46%, compared to a 9.7% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Announcement • Aug 05
Manz AG Provides Earnings Forecast for the Fiscal Year 2022 Manz AG provides earnings forecast for the fiscal year 2022. For the period, Board forecasts revenue growth in the low to mid double-digit percentage range compared to the previous year as well as a balanced EBIT. Announcement • Jun 01
Manz AG (XTRA:M5Z) acquired 40% stake in Customcells Tübingen Gmbh from Custom Cells Itzehoe GmbH. Manz AG (XTRA:M5Z) acquired 40% stake in Customcells Tübingen Gmbh from Custom Cells Itzehoe GmbH on May 31, 2022.
Manz AG (XTRA:M5Z) Completed it's acquisition of 40% stake in Customcells Tübingen Gmbh from Custom Cells Itzehoe GmbH on May 31, 2022. Announcement • May 24
Daimler Truck Holding AG (XTRA:DTG) agreed to acquire a 51% stake in Manz AG (XTRA:M5Z) for €30.6 million. Daimler Truck Holding AG (XTRA:DTG) agreed to acquire a 51% stake in Manz AG (XTRA:M5Z) for €30.6 million on May 24, 2022. The transaction is subject to antitrust approval. Reported Earnings • May 09
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: €0.86 loss per share (down from €1.33 profit in 1Q 2021). Revenue: €64.0m (up 23% from 1Q 2021). Net loss: €6.70m (down 165% from profit in 1Q 2021). Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 43%, compared to a 15% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Price Target Changed • Apr 27
Price target decreased to €58.50 Down from €63.83, the current price target is an average from 3 analysts. New target price is 54% above last closing price of €37.95. Stock is down 33% over the past year. The company is forecast to post earnings per share of €0.69 next year compared to a net loss per share of €2.89 last year. Announcement • Apr 01
Manz AG Provides Earnings Guidance for the Year 2022 Manz AG provided earnings guidance for the year 2022. Profitable growth expected with a revenue increase in the mid double-digit percentage range compared to 2021. Announcement • Mar 10
Manz AG Provides Earnings Guidance for the Financial Year 2022 Manz AG provided earnings guidance for the financial year 2022. For the year, the managing Board expects a significant increase in revenues in the mid double-digit percentage range, an EBIT margin in the low to mid positive single-digit percentage range. Announcement • Feb 24
Manz AG (XTRA:M5Z) agreed to acquire an unknown minority interest in MetOx Technologies, Inc. Manz AG (XTRA:M5Z) agreed to acquire an unknown minority interest in MetOx Technologies, Inc. on February 23, 2022. Announcement • Jan 30
Manz AG Announces Realignment of Group Organization and Adjustment of Reporting Segments Manz AG adjusted the Group's organizational structure and reporting segments as of January 01, 2022. Starting in the 2022 fiscal year, Manz AG will report in the two reporting segments Mobility & Battery Solutions and Industry Solutions. Mobility & Battery Solutions will essentially comprise the business activities of the former Energy Storage segment, with a clear focus on the growth market of e-mobility. In the Industry Solutions reporting segment, Manz AG combines the activities of the two business areas Electronics (semiconductor back-end production, Fan-Out Panel Level Packaging and display technologies) and Industrial Automation (industrial assembly solutions for the production of consumer electronics, power electronics and other components of the electric powertrain). Reported Earnings • Nov 10
Third quarter 2021 earnings released: €0.72 loss per share (vs €0.22 profit in 3Q 2020) The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: €54.1m (up 8.1% from 3Q 2020). Net loss: €5.59m (down 424% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 17% share price gain to €52.50, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 31x in the Semiconductor industry in Germany. Total returns to shareholders of 93% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €85.70 per share. Major Estimate Revision • Aug 12
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from €0.92 to €1.05. Revenue forecast unchanged at €256.2m. Net income forecast to grow 26% next year vs 37% growth forecast for Semiconductor industry in Germany. Consensus price target up from €62.33 to €67.67. Share price rose 7.3% to €60.50 over the past week. Reported Earnings • Aug 09
Second quarter 2021 earnings released: €0.059 loss per share (vs €0.087 profit in 2Q 2020) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: €65.6m (up 3.9% from 2Q 2020). Net loss: €460.0k (down 169% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 08
Price target increased to €66.00 Up from €59.00, the current price target is an average from 3 analysts. New target price is 14% above last closing price of €58.00. Stock is up 169% over the past year. Price Target Changed • Jul 26
Price target increased to €62.33 Up from €55.18, the current price target is an average from 3 analysts. New target price is 6.4% below last closing price of €66.60. Stock is up 214% over the past year. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improved over the past week After last week's 22% share price gain to €70.00, the stock trades at a forward P/E ratio of 57x. Average forward P/E is 36x in the Semiconductor industry in Germany. Total returns to shareholders of 99% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €75.70 per share. Major Estimate Revision • May 21
Consensus EPS estimates fall to €0.92 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from €269.3m to €256.3m. EPS estimate also fell from €1.24 to €0.92. Net income forecast to shrink 4.4% next year vs 28% growth forecast for Semiconductor industry in Germany . Consensus price target of €59.00 unchanged from last update. Share price rose 7.4% to €51.70 over the past week. Major Estimate Revision • May 11
Consensus EPS estimates increase to €1.24 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from €258.1m to €269.3m. EPS estimate increased from €1.05 to €1.24 per share. Net income forecast to grow 23% next year vs 24% growth forecast for Semiconductor industry in Germany. Consensus price target of €59.00 unchanged from last update. Share price fell 3.5% to €47.05 over the past week. Reported Earnings • May 06
First quarter 2021 earnings released: EPS €1.33 (vs €0.21 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €69.6m (up 9.3% from 1Q 2020). Net income: €10.3m (up €8.60m from 1Q 2020). Profit margin: 15% (up from 2.6% in 1Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Apr 13
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from €1.52 to €1.33 per share. Revenue forecast steady at €258.5m. Net income forecast to grow 201% next year vs 62% growth forecast for Semiconductor industry in Germany. Consensus price target up from €48.43 to €55.18. Share price rose 3.1% to €60.20 over the past week. Major Estimate Revision • Apr 06
Consensus revenue estimates fall to €261.0m The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from €364.3m to €261.0m. EPS estimate fell from €2.89 to €1.52 per share. Net income forecast to grow 241% next year vs 41% growth forecast for Semiconductor industry in Germany. Consensus price target up from €43.68 to €48.43. Share price rose 21% to €58.40 over the past week. Reported Earnings • Apr 03
Full year 2020 earnings released: EPS €0.44 (vs €1.43 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €242.6m (down 9.9% from FY 2019). Net income: €3.43m (up €14.5m from FY 2019). Profit margin: 1.4% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Mar 31
Manz AG Provides Earnings Guidance for the Year 2021 Manz AG provided earnings guidance for the year 2021. For 2021, the Management Board anticipates profitable growth due to the overall positive industry outlook in the countries and markets relevant for Manz AG. Compared to 2020, a slight to moderate increase in revenues, and an EBIT margin in the low to mid, positive single-digit percentage range are therefore forecast. The forecast remains subject to the assumption that the COVID-19 pandemic will have no additional negative impact on the development of the business in fiscal 2021. Announcement • Feb 24
Manz AG Receives A Follow-Up Order from Automotive Supplier TE Connectivity with A Total Volume in the Lower Double-Digit Million-Euro Range Manz AG has received a follow-up order from automotive supplier TE Connectivity with a total volume in the lower double-digit million-euro range. Manz has been working successfully with TE Connectivity for years in the field of manufacturing cell contacting systems and has already delivered several orders for fully integrated assembly lines. The order underscores the trusting cooperation with the customer on the one hand and the market dynamics in electromobility on the other. The order in the Electronics segment will impact sales and earnings in 2021. Cell contacting systems are a central component of the e-power train of electric cars and plug-in hybrids: Depending on their size and capacity, several battery modules are integrated and interconnected in each battery-powered e-car. Each of these modules has its own cell contacting system that connects individual battery cells to form modules and handles current collection and various sensor functions for battery management, such as measuring temperature and voltage. Announcement • Feb 05
Manz AG (XTRA:M5Z) acquired an unknown minority stake in CADIS Engineering GmbH. Manz AG (XTRA:M5Z) acquired an unknown minority stake in CADIS Engineering GmbH on February 4, 2021.
Manz AG (XTRA:M5Z) completed the acquisition of an unknown minority stake in CADIS Engineering GmbH on February 4, 2021. Announcement • Jan 26
Lam Research Corporation (NasdaqGS:LRCX) completed the acquisition of 80.5% stake in Talus Manufacturing Ltd. from Manz AG (XTRA:M5Z). Lam Research Corporation (NasdaqGS:LRCX) is exercising the contractually agreed option to acquire 80.5% stake in Talus Manufacturing Ltd. from Manz AG (XTRA:M5Z) on November 11, 2020. The exact date from which the acquisition will be legally effective is still subject to regulatory approvals in Taiwan. The proceeds from the sale are to be invested in the expansion of the dynamically growing Energy Storage segment, thus strengthening the core business.
Lam Research Corporation (NasdaqGS:LRCX) completed the acquisition of 80.5% stake in Talus Manufacturing Ltd. from Manz AG (XTRA:M5Z) on January 26, 2021. As on January 26, 2021, all regulatory approvals in Taiwan were granted for the transaction. Is New 90 Day High Low • Jan 23
New 90-day high: €46.90 The company is up 62% from its price of €29.00 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 37% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €172 per share. Announcement • Jan 13
Manz AG Receives Order from Us Manufacturer of Electric Vehicles for an Assembly Line for Li-Ion Battery Modules Manz AG, has received an order in the Energy Storage segment from a US manufacturer of electric vehicles for an assembly line for battery modules in the lower double-digit million-euro range. The order will be recognized in sales and earnings in fiscal years 2021 and 2022. The order from the new North American customer, whose battery modules are to be constructed from highly efficient round cells, underscores the great market potential of battery technology for Manz. Following orders from the German AKASOL AG and the Slovakian InoBat Auto, Manz was able to convince the third customer from the e-mobility industry of its solution expertise within a short period of time. The first systems are expected to be installed in the United States as early as 2021, which is planned to take place on schedule despite the ongoing Covid-19 restrictions. Price Target Changed • Jan 05
Price target raised to €39.28 Up from €34.42, the current price target is an average from 2 analysts. The new target price is close to the current share price of €37.80. As of last close, the stock is up 69% over the past year. Is New 90 Day High Low • Jan 04
New 90-day high: €34.90 The company is up 20% from its price of €29.00 on 06 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €240 per share. Major Estimate Revision • Dec 01
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from €0.38 to €0.53. Revenue estimate for the same period was approximately flat at €246.9m. Net income is expected to grow by 243% next year compared to 124% growth forecast for the Semiconductor industry in Germany. The consensus price target increased from €34.42 to €36.22. Share price is up 3.7% to €33.50 over the past week. Announcement • Nov 19
Manz AG Receives Order from TE Connectivity Manz AG has received an order from TE Connectivity with a total volume in the lower double-digit million-euro range. Both companies had already signed a Letter of Intent in this regard at the end of September. After TE Connectivity ordered the first fully integrated assembly line for the automated production of cell contacting systems in 2018, Manz is now continuing its successful cooperation by supplying a second assembly line. The order in the Electronics segment will affect revenues and earnings already in 2020, but mainly in 2021. Cell contacting systems are a central component of the electric powertrain of e-cars and plug-in hybrids: Depending on size and capacity, several battery modules are integrated and interconnected in every battery-powered e-car. Each of these modules has its own cell contacting system that connects individual battery cells to modules and takes care of power consumption as well as various sensor functions for battery management, such as measuring temperature and voltage. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS €0.22 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: €51.5m (down 24% from 3Q 2019). Net income: €1.72m (up €7.51m from 3Q 2019). Profit margin: 3.4% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Nov 05
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 21%. Earnings per share (EPS) exceeded analyst estimates by 4.2%. Over the next year, revenue is forecast to grow 42%, compared to a 19% growth forecast for the Semiconductor industry in Germany. Price Target Changed • Nov 05
Price target raised to €34.42 Up from €30.62, the current price target is an average from 5 analysts. The new target price is 14% above the current share price of €30.20. As of last close, the stock is up 59% over the past year. Price Target Changed • Oct 03
Price target raised to €30.62 Up from €26.98, the current price target is an average from 4 analysts. The new target price is 5.2% above the current share price of €29.10. As of last close, the stock is up 63% over the past year. Is New 90 Day High Low • Sep 29
New 90-day high: €24.00 The company is up 35% from its price of €17.80 on 01 July 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €198 per share.