Rankings Chip equipment Singulus Technologies
Singulus Technologies
36
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Multiples vs own history−8
- Debt and negative equity−7
- Margin−6
Strengths
- Orders and turned earnings+3
- External validation+1
How the score is built
From 100 to 36, 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
- 12.05 EUR
- Median analyst target
- 8.70 EUR
- Upside to median
- −27.8%
- Analysts
- 3
- Target range
- 7.50 – 10.00 EUR
- 52-week change
- +635%
- P/E (trailing)
- n/a
- Forward P/E
- 113.6
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−19 of −30
- −6MarginOperating margin is −11.8% TTM, and there has been an operating loss every year in 2021-2025 (−0.8 to −EUR 12.3m). H1 2026 showed the first positive EBIT in a long time (EUR 2.7m), and guidance for 2026 is only a positive EBIT in the low single-digit millions.
- −6Capital allocation / balance sheetAccumulated deficits have produced negative equity of −EUR 62.6m, and the company has repeatedly had to refinance (the bond was extended and is now repaid with a new loan from a partner). The convertible was issued to the partner at about EUR 2, i.e. a fraction of the current price.
- −4Quality of growthRevenue fluctuates sharply (EUR 87.8m in 2022, 48.2 in 2025, guidance approx. 83 in 2026) and depends on a few large solar orders. Life Science has fallen from 51.6m (2022) to 16.1m TTM, and the semiconductor segment from 21.7 to 14.3m.
- −3Moat / segment of the futureSingulus has niche technology in vacuum coating (CIGS/perovskite solar cells, TIMARIS for sensors, MEDLINE for contact lenses), but small scale, and has lost market share in solar to Chinese suppliers; European solar equipment makers such as Manz and Meyer Burger have gone bankrupt.
Price
Today's multiples against the company's own history and its peers. · 2 findings−11 of −35
- −8Multiples vs own historyEV/Sales is 2.1 vs 0.57-0.84 in 2021-2025 and P/S 1.5 vs 0.13-0.52. Forward P/E is 94. The stock is up 574% in a year and trades far above its own history on all multiples.
- −3PeersAixtron trades at EV/Sales 8.3, but has net cash of EUR 465m and profits. European solar equipment makers without profits (Manz, Meyer Burger) have ended in insolvency. With EV/Sales 2.1, negative equity and a forward P/E of 94, Singulus is expensive for its quality.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−22 of −35
- −7Debt and negative equityNet debt is EUR 37.4m plus pension obligations of 11.3m, current ratio 0.60 and working capital −30.5m. The new loan of EUR 29m to 2031 is secured, so the partner has a lien on the company's assets.
- −6Partner dependenceThe unnamed technology partner is at once lender (EUR 29m), holder of the convertible and the most important new customer (first order in the low double-digit millions). The whole share price rise rests on a collaboration whose counterparty and volume have not been disclosed.
- −4Dilution from convertibleThe secured convertible of up to EUR 3.558m (5%, 5 years) can be converted into up to 1.8m shares, equal to 20% of the share capital, at about EUR 2 per share. The general meeting on 27/8-2026 was also to create new conditional capital for more convertibles.
- −2Change of ownership / share overhangThe Chinese anchor shareholder Triumph (CNBM group, 16.75%) is selling its entire stake to an unnamed European investor; the deal requires approval from Chinese authorities. Triumph was previously also an important solar customer.
- −3GovernanceThe administrative court in Frankfurt finally dismissed Singulus' lawsuit against the exchange's fines in March 2026. This comes on top of several years of losses and a bond extension in 2023.
Plus
Only documented strengths. · 2 findings+4 of +15
- +3Orders and turned earningsOrder intake in H1 2026 was EUR 37.9m (21.1m a year earlier), the order backlog 55.1m as of 30/6, revenue +45% to 45.3m and EBIT +2.7m (−1.3m). Guidance of approx. EUR 83m in revenue for 2026 was confirmed.
- +1External validationA leading global technology group has entered a long-term solar collaboration, refinanced all of the old debt with a five-year loan and put its own money into a convertible.
Caveats
What the score does not capture, or where the data is weak.
Singulus is NOT in restructuring: the bond (4.5%, 2016/2026, EUR 12m) and the old loans were repaid in 2026 and replaced by a secured loan of EUR 29m (to March 2031) and a secured convertible of up to EUR 3.558m from an unnamed global technology partner. The ordinary calibration is used. The share count is 8.895m (Triumph's 1,489,997 shares = 16.75%); stockanalysis shows 10.0m at the balance sheet date, which is not confirmed. Market cap is calculated at EUR 96.1m (8.895m × EUR 10.80, about DKK 717m), above Nordnet's DKK 685m. The conversion price (about EUR 1.98) is derived from EUR 3.558m / up to 1.8m shares and not confirmed in the actual terms. Equity is negative (EUR −62.6m according to stockanalysis), partly due to large customer prepayments (38.4m). The partner's identity, the loan's interest rate and security, and the buyer of Triumph's stake are unknown. Short interest has not been examined. The price target from 3 analysts (avg. EUR 7.40) is below the share price and was not used in the findings.
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