Rankings Chip equipment Mycronic
Mycronic
74
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history−8
- Absolute price level and price targets−4
- Lumpy orders in Pattern Generators−4
Strengths
- Raised guidance+2
- Order book+1
- Net cash+1
How the score is built
From 100 to 74, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 290.00 SEK
- Median analyst target
- 324.50 SEK
- Upside to median
- +11.9%
- Analysts
- 4
- Target range
- 242.00 – 385.00 SEK
- 52-week change
- +33%
- P/E (trailing)
- 28.5
- Forward P/E
- 32.5
- PEG
- 2.07
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−4 of −30
- −2Quality of growthRevenue has grown from SEK 7.1bn to 8.6bn since 2024, but EPS (TTM) is SEK 8.88 vs 8.62 in 2024 – earnings per share are almost flat, and part of sales growth comes from acquisitions (Surfx, ETZ, Cowin).
- −2Weak segmentPCB Assembly Solutions (formerly High Flex) has shrunk from SEK 1,535m to 1,373m since 2023 and has negative EBIT even before SEK 39m of restructuring costs; a restructuring programme of about SEK 100m in total is to bring the margin back to about 10% by 2027 in a market without growth.
Price
Today's multiples against the company's own history and its peers. · 3 findings−15 of −35
- −8Multiples vs own historyForward P/E 39.5 (about 33 on the 2026 estimate) vs 21.3–26.6 forward in 2021–2025; EV/EBITDA 23.2 vs 17.1–19.1 and P/S 7.5 vs 3.7–5.5. Clearly above its own history after +53% in a year – and that on earnings near a cyclical peak.
- −3PeersForward P/E 39.5 vs KLA 34.7 and Applied Materials 27.7, even though KLA has an operating margin of 42% and ROIC of 67% vs Mycronic's 28% and 33%.
- −4Absolute price level and price targetsEarnings yield 2.7% and FCF yield 2.9%; the average target of SEK 316 and median of 325 are below the price of about 331, and consensus is 'hold'.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−6 of −35
- −4Lumpy orders in Pattern GeneratorsManagement itself says the PG order book has 'gaps' in the quarters into 2027, that orders for display mask writers are lower than normal, and that 2026 is lifted by a custom-built SLX worth almost USD 30m, which is a one-off order.
- −2China and export controlsChina is a large customer in both semiconductor mask writers (management calls demand 'quite strong') and High Volume (consumer electronics). The US 'Affiliates Rule', which extends export controls to subsidiaries of blacklisted Chinese companies, is only suspended until 9 Nov 2026 and is automatically reinstated without a new decision – an indirect risk to customers and the supply chain, and the EU/Sweden could follow.
Plus
Only documented strengths. · 3 findings+4 of +15
- +2Raised guidanceThe 2026 revenue forecast has been raised twice this year, most recently in July from SEK 8.75bn to 9.25bn; Q2 EBIT of SEK 698m was 26% above consensus (margin 28.9%).
- +1Order bookRecord order intake of SEK 2,917m in Q2 (+119%), an order book of SEK 5.25bn with large prepayments, and the aftermarket now makes up 24% of revenue (over SEK 2bn).
- +1
Caveats
What the score does not capture, or where the data is weak.
Set as cyclical: Pattern Generators (mask writers for display and semiconductor photomasks, about 38% of revenue) and High Volume follow customers' investment cycle in displays, chips and consumer electronics, and orders are very lumpy. 2026 is lifted by a one-off order for a custom-built SLX (about USD 30m). stockanalysis' forward P/E (39.5) is higher than price/2026 estimate (about 33); both are above own history. Only 4 analysts. Insider trading has not been examined.
Also in Chip equipment
The highest scores in the same industry.
