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Suss Microtec
(XETRA:SMHN)
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Rating:64Neutral
Price Target:
€89.00
▲(24.13% Upside)
Action:Reiterated
Date:08/10/26
The score is driven primarily by solid financial stability (strong balance sheet) but tempered by weaker cash-flow consistency and recent revenue/margin cooling. Earnings-call signals are constructive (record orders/backlog and maintained guidance), while technicals are mixed-to-soft (negative MACD) and valuation remains a headwind due to the high P/E despite a strong dividend yield.
Positive Factors
Record orders and multi-year backlog
Record orders and a historically high backlog provide stronger revenue visibility across 2026 and 2027. This supports capacity planning and indicates sustained customer demand for SUSS tools in advanced packaging and related semiconductor processes.
Negative Factors
Recent revenue and profitability deterioration
The recent decline shows that strong structural demand has not yet translated into consistent reported growth. Lower revenue and margin versus prior periods may persist if order timing, product mix and fixed-cost absorption remain unfavorable.
Read all positive and negative factors
Positive Factors
Negative Factors
Record orders and multi-year backlog
Record orders and a historically high backlog provide stronger revenue visibility across 2026 and 2027. This supports capacity planning and indicates sustained customer demand for SUSS tools in advanced packaging and related semiconductor processes.
Read all positive factors
Suss Microtec (SMHN) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€1.38B
Dividend Yield0.05%
Average Volume (3M)90.52K
Price to Earnings (P/E)49.9
Beta (1Y)1.44
Revenue Growth-15.45%
EPS Growth-51.36%
CountryDE
Employees1,605
SectorGeneral
Sector StrengthN/A
IndustrySemiconductors
Share Statistics
EPS (TTM)1.45
Shares Outstanding19,115,538
10 Day Avg. Volume69,171
30 Day Avg. Volume90,524
Financial Highlights & Ratios
PEG Ratio-1.47
Price to Book (P/B)2.37
Price to Sales (P/S)1.49
P/FCF Ratio-34.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€108.10Price Target Upside50.77% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)1.82
Revenue Forecast (FY)€473.46M
Suss Microtec Business Overview & Revenue Model
Company Description
SÜSS MicroTec SE, alongside its affiliated companies, specializes in designing, manufacturing, and marketing advanced equipment vital for the production of microelectronic devices, microelectromechanical systems (MEMS), and other associated high-t...
How the Company Makes Money
SUSS MicroTec primarily makes money by selling capital equipment (semiconductor manufacturing tools) and by providing recurring after-sales support tied to its installed base. Key revenue streams typically include: (1) Tool sales: Revenue from the...
Suss Microtec Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive operational picture: record order intake, an all-time high order book, improving quarterly EBIT margin, and positive free cash flow all signal strong demand momentum and execution. Headwinds include year-over-year revenue decline, segment timing effects (notably Photomask Solutions), a EUR 2.1M one-time charge, elevated R&D/OpEx in a transition year, and the fact that a significant portion of new orders is scheduled for 2027 (limiting 2026 revenue upside). Taken together, the positive indicators (order book strength, major customer wins, margin recovery in Q2, and cash generation) outweigh the challenges tied mainly to timing and mix.Positive Updates
Record Order Intake and Quarterly Peak
Order intake of EUR 410.0M in H1 2026 with an exceptionally strong Q2 contribution of EUR 260M; Q2 represented the highest quarterly order intake in company history and marked a third consecutive quarter of sequential growth.
Negative Updates
Revenue Decline Year-over-Year
Sales for H1 2026 were EUR 202.8M, down EUR 63.8M versus H1 2025; Q1 was a weak quarter with recovery in Q2 (Q2 sales EUR 160.2M) but H1 remains below prior-year level.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Order Intake and Quarterly Peak
Order intake of EUR 410.0M in H1 2026 with an exceptionally strong Q2 contribution of EUR 260M; Q2 represented the highest quarterly order intake in company history and marked a third consecutive quarter of sequential growth.
Read all positive updates
Company Guidance
Management confirmed 2026 guidance of sales EUR 425–485m, a gross profit margin of 35–37% (H1 already 37.2%), and an EBIT margin of 8–10% (Q1 4.3%, Q2 9%), citing an expected stronger second half; they flagged key underlying metrics including H1 sales of EUR 202.8m, order intake of EUR 410m YTD (Q2 EUR 260m, incl. a EUR 115m coater order), a record order book of EUR 473.7m with roughly EUR 240m scheduled to convert in H2 2026 and ~EUR 220m currently scheduled for 2027, positive free cash flow of EUR 16.4m and cash of EUR 112.3m, but stressed the window for additional 2026-convertible orders is closing.Suss Microtec Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
86
Very Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 439.51M | 503.18M | 446.15M | 304.26M | 259.97M | 263.44M |
| Gross Profit | 155.74M | 179.37M | 178.35M | 103.89M | 110.07M | 94.19M |
| EBITDA | 54.39M | 71.95M | 86.17M | 35.61M | 37.65M | 29.61M |
| Net Income | 27.61M | 46.11M | 110.34M | 4.70M | 24.52M | 16.02M |
Balance Sheet | ||||||
| Total Assets | 552.50M | 552.96M | 538.23M | 369.73M | 353.16M | 279.17M |
| Cash, Cash Equivalents and Short-Term Investments | 112.29M | 98.70M | 136.37M | 49.02M | 61.51M | 53.60M |
| Total Debt | 48.72M | 49.63M | 13.29M | 15.18M | 20.00M | 18.32M |
| Total Liabilities | 226.41M | 237.47M | 258.49M | 193.12M | 175.43M | 122.29M |
| Stockholders Equity | 326.09M | 315.48M | 279.75M | 176.62M | 177.73M | 156.88M |
Cash Flow | ||||||
| Free Cash Flow | 22.04M | -21.57M | 26.64M | 434.00K | 16.04M | 14.71M |
| Operating Cash Flow | 36.23M | -1.00M | 33.49M | 3.79M | 23.94M | 24.33M |
| Investing Cash Flow | -18.32M | -25.01M | 71.85M | -8.18M | -17.84M | -9.62M |
| Financing Cash Flow | -4.54M | -10.20M | -7.90M | -8.02M | -6.77M | -3.83M |
Suss Microtec Technical Analysis
Positive
71.70
Price Trends
77.71
Negative
83.16
Negative
65.77
Positive
Market Momentum
-1.94
Negative
49.72
Neutral
80.38
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:SMHN, the sentiment is Positive. The current price of 71.7 is below the 20-day moving average (MA) of 74.04, below the 50-day MA of 77.71, and above the 200-day MA of 65.77, indicating a neutral trend. The MACD of -1.94 indicates Negative momentum. The RSI at 49.72 is Neutral, neither overbought nor oversold. The STOCH value of 80.38 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:SMHN.
Suss Microtec Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | €192.58M | 10.00 | 15.59% | 2.31% | -11.39% | -26.05% | |
64 Neutral | €1.38B | 49.93 | 8.73% | 0.05% | -15.45% | -51.36% | |
62 Neutral | €4.41B | 69.52 | 6.36% | 0.38% | -24.00% | -46.54% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | €325.80M | -12.60 | -34.65% | 0.47% | -27.00% | -5153.47% | |
48 Neutral | €680.34M | -464.09 | -0.99% | 5.26% | -3.63% | -106.89% |
* General Sector Average
DE:SMHN
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178.16%
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DE:CTNK
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.