SUSS MicroTec (SMHN) — Backlog, Cash Flow & Stock Analysis 2026–2030
SMHNA linked financial model of SUSS MicroTec’s Advanced Backend and Photomask businesses. Explore how order conversion, equipment mix, development spending and customer advances affect revenue, EBITDA, EBIT and cash across Base, Bear and Bull cases. Stock Analysis links a 2028 EV/EBIT framework to the operating model.
AnnualStock Analysis
EURk · Base, Bear, Bull · Model horizon: 2026-01-01 – 2030-12-31
Financial risks · Forecasts depend on assumptions. Investing can result in a total loss.
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Stock Analysis · Base
| Metric | Value |
|---|---|
| Financial metric (EURk) | 104,325.81 |
| Net debt (subtract) (EURk) | -149,611.38 |
| Other equity bridge (add / subtract) (EURk) | -6,227 |
| Valuation share count (shares) | 19,115,538 |
Stock Analysis · Bear
| Metric | Value |
|---|---|
| Financial metric (EURk) | 42,147.24 |
| Net debt (subtract) (EURk) | -12,914.6 |
| Other equity bridge (add / subtract) (EURk) | -6,227 |
| Valuation share count (shares) | 19,115,538 |
Stock Analysis · Bull
| Metric | Value |
|---|---|
| Financial metric (EURk) | 119,480.58 |
| Net debt (subtract) (EURk) | -164,353.47 |
| Other equity bridge (add / subtract) (EURk) | -6,227 |
| Valuation share count (shares) | 19,115,538 |
Annual · Base
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Free Cash Flow to Firm | 35,088.06 | 18,751.99 | 59,453.16 | 71,663.85 | 102,697.16 |
| Free Cash Flow to Equity | 29,571.36 | 13,588.24 | 54,496.79 | 68,172.41 | 100,068.84 |
| Equity bridge · net debt | -82,426.36 | -95,564.6 | -149,611.38 | -216,370.79 | -314,739.63 |
| Change in receivables | -2,101.41 | -11,397.26 | -3,369.86 | -5,753.42 | -3,698.63 |
| Change in inventory | -1,972.04 | -29,247.95 | -11,916.44 | -14,598.63 | -3,957.53 |
| Change in payables | 1,798.74 | 6,803.42 | 3,775.68 | 3,583.9 | 1,812.33 |
| Change in other working capital | 17,481 | 1,300 | -2,000 | -1,750 | 6,675 |
| D&A add-back | 14,406.33 | 17,892.04 | 21,449.19 | 23,535.71 | 26,464.28 |
| Other non-cash items | 0 | 0 | 0 | 0 | 0 |
| Cash flow from operations | 56,721.36 | 42,738.24 | 82,646.79 | 93,359.41 | 123,968.84 |
| Capital expenditure | -22,600 | -24,600 | -23,600 | -21,600 | -20,600 |
| Cash flow from investing | -22,600 | -24,600 | -23,600 | -21,600 | -20,600 |
| Debt issuance | 0 | 0 | 0 | 0 | 0 |
| Debt repayment | -4,550 | -4,550 | -4,550 | -3,587 | -3,300 |
| Revolver draw / (repayment) | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | -765 | -5,000 | -5,000 | -5,000 | -5,000 |
| Cash flow from financing | -5,315 | -9,550 | -9,550 | -8,587 | -8,300 |
| Change in cash | 28,806.36 | 8,588.24 | 49,496.79 | 63,172.41 | 95,068.84 |
| Free cash flow | 34,121.36 | 18,138.24 | 59,046.79 | 71,759.41 | 103,368.84 |
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Revenue (EURk) | 455,000 | 585,000 | 665,000 | 735,000 | 780,000 |
| Cost of goods sold (EURk) | -281,600 | -352,550 | -391,925 | -429,300 | -448,200 |
| Gross profit (EURk) | 173,400 | 232,450 | 273,075 | 305,700 | 331,800 |
| Other operating income (EURk) | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 |
| SG&A (EURk) | -122,000 | -136,000 | -149,300 | -161,600 | -174,000 |
| Depreciation & amortization (EURk) | -14,406.33 | -17,892.04 | -21,449.19 | -23,535.71 | -26,464.28 |
| EBITDA (EURk) | 53,400 | 98,450 | 125,775 | 146,100 | 159,800 |
| EBIT (EURk) | 38,993.67 | 80,557.96 | 104,325.81 | 122,564.29 | 133,335.72 |
| Interest expense (EURk) | -2,329.62 | -2,127.46 | -1,925.32 | -1,723.16 | -1,554.72 |
| Earnings before tax (EURk) | 37,651.03 | 79,705.53 | 103,761.42 | 122,697.01 | 134,268.61 |
| Taxes (EURk) | -10,542.29 | -22,317.55 | -29,053.2 | -34,355.16 | -37,595.21 |
| Net income (EURk) | 27,108.74 | 57,387.98 | 74,708.22 | 88,341.85 | 96,673.4 |
| Revenue growth (%) | -9.58 | 28.57 | 13.68 | 10.53 | 6.12 |
| Gross margin (%) | 38.11 | 39.74 | 41.06 | 41.59 | 42.54 |
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Cash & Cash Equivalents | 127,503.36 | 136,091.6 | 185,588.38 | 248,760.79 | 343,829.63 |
| Accounts receivable | 39,890.41 | 51,287.67 | 54,657.53 | 60,410.96 | 64,109.59 |
| Inventory | 173,589.04 | 202,836.99 | 214,753.42 | 229,352.05 | 233,309.59 |
| Accounts payable | 27,002.74 | 33,806.16 | 37,581.85 | 41,165.75 | 42,978.08 |
| Other current assets | 93,275 | 114,075 | 123,025 | 128,625 | 128,700 |
| Other current liabilities | 120,392 | 142,492 | 149,442 | 153,292 | 160,042 |
| Long-term debt | 45,077 | 40,527 | 35,977 | 32,390 | 29,090 |
| Required revolving funding | 0 | 0 | 0 | 0 | 0 |
| Property, plant & equipment | 104,992 | 112,556.3 | 115,763.44 | 113,827.73 | 107,963.45 |
| Other non-current assets | 23,961.67 | 23,105.33 | 22,049 | 22,049 | 22,049 |
| Other non-current liabilities | 28,914 | 28,914 | 28,914 | 28,914 | 28,914 |
| Total current assets | 434,257.81 | 504,291.25 | 578,024.34 | 667,148.8 | 769,948.81 |
| Total assets | 563,211.48 | 639,952.88 | 715,836.79 | 803,025.54 | 899,961.26 |
| Book equity | 341,825.74 | 394,213.72 | 463,921.94 | 547,263.78 | 638,937.18 |
| Total liabilities & equity | 563,211.48 | 639,952.88 | 715,836.79 | 803,025.54 | 899,961.26 |
Business Lines
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Value · Advanced Backend Solutions (EURk) | 335,000 | 440,000 | 505,000 | 555,000 | 580,000 |
| Value · Photomask Solutions (EURk) | 120,000 | 145,000 | 160,000 | 180,000 | 200,000 |
| Value · ABS production cost before D&A (EURk) | 214,400 | 272,800 | 305,525 | 333,000 | 342,200 |
| Value · Photomask production cost before D&A (EURk) | 67,200 | 79,750 | 86,400 | 96,300 | 106,000 |
| Value · Sales and service (EURk) | 26,000 | 29,000 | 32,000 | 34,000 | 36,000 |
| Value · Administration (EURk) | 43,000 | 45,000 | 47,000 | 49,000 | 51,000 |
| Value · Research and development (EURk) | 50,000 | 59,000 | 67,000 | 75,000 | 83,000 |
| Value · Other operating expense (EURk) | 3,000 | 3,000 | 3,300 | 3,600 | 4,000 |
| Value · Other operating income (EURk) | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 |
| Value · Trade receivables (EURk) | 39,890.41 | 51,287.67 | 54,657.53 | 60,410.96 | 64,109.59 |
| Value · Equipment and component inventory (EURk) | 173,589.04 | 202,836.99 | 214,753.42 | 229,352.05 | 233,309.59 |
| Value · Trade payables (EURk) | 27,002.74 | 33,806.16 | 37,581.85 | 41,165.75 | 42,978.08 |
| Value · Contract assets (EURk) | 72,800 | 87,750 | 93,100 | 95,550 | 93,600 |
| Value · Other current operating assets (EURk) | 20,475 | 26,325 | 29,925 | 33,075 | 35,100 |
| Value · Customer advances / current contract liabilities (EURk) | 77,350 | 99,450 | 106,400 | 110,250 | 117,000 |
| Value · Other current liabilities and provisions (EURk) | 43,042 | 43,042 | 43,042 | 43,042 | 43,042 |
| Value · Owned tangible assets and cash investment (EURk) | 22,000 | 24,000 | 23,000 | 21,000 | 20,000 |
| Value · Existing leased assets (EURk) | 0 | 0 | 0 | 0 | 0 |
| Value · Purchased intangible investment (EURk) | 600 | 600 | 600 | 600 | 600 |
| Value · Goodwill (EURk) | 18,372 | 18,372 | 18,372 | 18,372 | 18,372 |
| Value · Other non-current and deferred-tax assets (EURk) | 2,777 | 2,777 | 2,777 | 2,777 | 2,777 |
| Value · Pension obligations (EURk) | 1,851 | 1,851 | 1,851 | 1,851 | 1,851 |
| Value · Other non-current liabilities (EURk) | 27,063 | 27,063 | 27,063 | 27,063 | 27,063 |
| Value · Bank borrowings (EURk) | 2,787 | 1,537 | 287 | 0 | 0 |
| Value · Lease liabilities (EURk) | 42,290 | 38,990 | 35,690 | 32,390 | 29,090 |
| Value · Interest on opening cash (EURk) | 986.97 | 1,275.03 | 1,360.92 | 1,855.88 | 2,487.61 |
| Value · Current tax (%) | 28 | 28 | 28 | 28 | 28 |
| Value · Cash distributions (EURk) | 765 | 5,000 | 5,000 | 5,000 | 5,000 |
Annual · Bear
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Free Cash Flow to Firm | -23,826.97 | -13,502.34 | 15,009.39 | 31,999.51 | 50,555.67 |
| Free Cash Flow to Equity | -29,343.67 | -19,090.28 | 9,393.55 | 27,523.85 | 46,650.46 |
| Equity bridge · net debt | -23,511.33 | -3,971.05 | -12,914.6 | -39,025.45 | -83,975.91 |
| Change in receivables | -8,786.34 | -6,027.4 | -4,931.51 | -2,835.62 | -2,616.44 |
| Change in inventory | -18,969.3 | -23,386.64 | -9,195.21 | -4,041.44 | -2,013.01 |
| Change in payables | 954.9 | 3,209.93 | 2,512.33 | 1,958.56 | 1,817.12 |
| Change in other working capital | -4,844 | -9,750 | -4,500 | -4,000 | 2,050 |
| D&A add-back | 14,120.61 | 16,749.19 | 19,377.76 | 20,964.28 | 23,750 |
| Other non-cash items | 0 | 0 | 0 | 0 | 0 |
| Cash flow from operations | -6,193.67 | 2,059.72 | 32,543.55 | 50,710.85 | 70,550.46 |
| Capital expenditure | -18,600 | -16,600 | -18,600 | -19,600 | -20,600 |
| Cash flow from investing | -18,600 | -16,600 | -18,600 | -19,600 | -20,600 |
| Debt issuance | 0 | 0 | 0 | 0 | 0 |
| Debt repayment | -4,550 | -4,550 | -4,550 | -3,587 | -3,300 |
| Revolver draw / (repayment) | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | -765 | -5,000 | -5,000 | -5,000 | -5,000 |
| Cash flow from financing | -5,315 | -9,550 | -9,550 | -8,587 | -8,300 |
| Change in cash | -30,108.67 | -24,090.28 | 4,393.55 | 22,523.85 | 41,650.46 |
| Free cash flow | -24,793.67 | -14,540.28 | 13,943.55 | 31,110.85 | 49,950.46 |
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Revenue (EURk) | 425,000 | 480,000 | 525,000 | 565,000 | 605,000 |
| Cost of goods sold (EURk) | -272,800 | -306,275 | -332,475 | -352,900 | -371,850 |
| Gross profit (EURk) | 152,200 | 173,725 | 192,525 | 212,100 | 233,150 |
| Other operating income (EURk) | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 |
| SG&A (EURk) | -123,000 | -128,000 | -133,000 | -138,200 | -144,500 |
| Depreciation & amortization (EURk) | -14,120.61 | -16,749.19 | -19,377.76 | -20,964.28 | -23,750 |
| EBITDA (EURk) | 31,200 | 47,725 | 61,525 | 75,900 | 90,650 |
| EBIT (EURk) | 17,079.39 | 30,975.81 | 42,147.24 | 54,935.72 | 66,900 |
| Interest expense (EURk) | -2,329.62 | -2,127.46 | -1,925.32 | -1,723.16 | -1,554.72 |
| Earnings before tax (EURk) | 15,736.74 | 29,534.23 | 40,666.91 | 53,701.47 | 66,059.44 |
| Taxes (EURk) | -4,406.29 | -8,269.59 | -11,386.73 | -15,036.41 | -18,496.64 |
| Net income (EURk) | 11,330.45 | 21,264.65 | 29,280.17 | 38,665.06 | 47,562.8 |
| Revenue growth (%) | -15.54 | 12.94 | 9.38 | 7.62 | 7.08 |
| Gross margin (%) | 35.81 | 36.19 | 36.67 | 37.54 | 38.54 |
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Cash & Cash Equivalents | 68,588.33 | 44,498.05 | 48,891.6 | 71,415.45 | 113,065.91 |
| Accounts receivable | 46,575.34 | 52,602.74 | 57,534.25 | 60,369.86 | 62,986.3 |
| Inventory | 190,586.3 | 213,972.95 | 223,168.15 | 227,209.59 | 229,222.6 |
| Accounts payable | 26,158.9 | 29,368.84 | 31,881.16 | 33,839.73 | 35,656.85 |
| Other current assets | 97,750 | 110,400 | 115,500 | 124,300 | 127,050 |
| Other current liabilities | 102,542 | 105,442 | 106,042 | 110,842 | 115,642 |
| Long-term debt | 45,077 | 40,527 | 35,977 | 32,390 | 29,090 |
| Required revolving funding | 0 | 0 | 0 | 0 | 0 |
| Property, plant & equipment | 101,277.72 | 101,984.87 | 102,263.44 | 100,899.16 | 97,749.17 |
| Other non-current assets | 23,961.67 | 23,105.33 | 22,049 | 22,049 | 22,049 |
| Other non-current liabilities | 28,914 | 28,914 | 28,914 | 28,914 | 28,914 |
| Total current assets | 403,499.97 | 421,473.74 | 445,094 | 483,294.9 | 532,324.81 |
| Total assets | 528,739.36 | 546,563.94 | 569,406.44 | 606,243.06 | 652,122.98 |
| Book equity | 326,047.45 | 342,312.1 | 366,592.27 | 400,257.33 | 442,820.13 |
| Total liabilities & equity | 528,739.36 | 546,563.94 | 569,406.44 | 606,243.06 | 652,122.98 |
Business Lines
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Value · Advanced Backend Solutions (EURk) | 315,000 | 355,000 | 390,000 | 420,000 | 450,000 |
| Value · Photomask Solutions (EURk) | 110,000 | 125,000 | 135,000 | 145,000 | 155,000 |
| Value · ABS production cost before D&A (EURk) | 207,900 | 232,525 | 253,500 | 268,800 | 283,500 |
| Value · Photomask production cost before D&A (EURk) | 64,900 | 73,750 | 78,975 | 84,100 | 88,350 |
| Value · Sales and service (EURk) | 26,000 | 27,000 | 28,000 | 29,000 | 30,000 |
| Value · Administration (EURk) | 43,000 | 44,000 | 45,000 | 46,000 | 47,000 |
| Value · Research and development (EURk) | 50,000 | 53,000 | 56,000 | 59,000 | 63,000 |
| Value · Other operating expense (EURk) | 4,000 | 4,000 | 4,000 | 4,200 | 4,500 |
| Value · Other operating income (EURk) | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 |
| Value · Trade receivables (EURk) | 46,575.34 | 52,602.74 | 57,534.25 | 60,369.86 | 62,986.3 |
| Value · Equipment and component inventory (EURk) | 190,586.3 | 213,972.95 | 223,168.15 | 227,209.59 | 229,222.6 |
| Value · Trade payables (EURk) | 26,158.9 | 29,368.84 | 31,881.16 | 33,839.73 | 35,656.85 |
| Value · Contract assets (EURk) | 76,500 | 86,400 | 89,250 | 96,050 | 96,800 |
| Value · Other current operating assets (EURk) | 21,250 | 24,000 | 26,250 | 28,250 | 30,250 |
| Value · Customer advances / current contract liabilities (EURk) | 59,500 | 62,400 | 63,000 | 67,800 | 72,600 |
| Value · Other current liabilities and provisions (EURk) | 43,042 | 43,042 | 43,042 | 43,042 | 43,042 |
| Value · Owned tangible assets and cash investment (EURk) | 18,000 | 16,000 | 18,000 | 19,000 | 20,000 |
| Value · Existing leased assets (EURk) | 0 | 0 | 0 | 0 | 0 |
| Value · Purchased intangible investment (EURk) | 600 | 600 | 600 | 600 | 600 |
| Value · Goodwill (EURk) | 18,372 | 18,372 | 18,372 | 18,372 | 18,372 |
| Value · Other non-current and deferred-tax assets (EURk) | 2,777 | 2,777 | 2,777 | 2,777 | 2,777 |
| Value · Pension obligations (EURk) | 1,851 | 1,851 | 1,851 | 1,851 | 1,851 |
| Value · Other non-current liabilities (EURk) | 27,063 | 27,063 | 27,063 | 27,063 | 27,063 |
| Value · Bank borrowings (EURk) | 2,787 | 1,537 | 287 | 0 | 0 |
| Value · Lease liabilities (EURk) | 42,290 | 38,990 | 35,690 | 32,390 | 29,090 |
| Value · Interest on opening cash (EURk) | 986.97 | 685.88 | 444.98 | 488.92 | 714.15 |
| Value · Current tax (%) | 28 | 28 | 28 | 28 | 28 |
| Value · Cash distributions (EURk) | 765 | 5,000 | 5,000 | 5,000 | 5,000 |
Annual · Bull
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Free Cash Flow to Firm | 39,593.74 | 28,161.88 | 60,146.81 | 91,636.6 | 113,380.2 |
| Free Cash Flow to Equity | 34,077.03 | 23,030.57 | 55,290.87 | 88,251.3 | 111,002.59 |
| Equity bridge · net debt | -86,932.03 | -109,512.6 | -164,353.47 | -251,191.77 | -360,494.37 |
| Change in receivables | -4,293.19 | -8,876.71 | -6,643.84 | -4,917.81 | -5,753.42 |
| Change in inventory | -6,070.67 | -30,373.29 | -16,790.07 | -9,300.68 | -11,708.56 |
| Change in payables | 3,064.49 | 7,254.11 | 4,835.27 | 3,941.1 | 3,507.19 |
| Change in other working capital | 23,806 | 6,500 | -525 | -450 | 8,525 |
| D&A add-back | 14,653.95 | 18,706.33 | 23,044.42 | 26,092.85 | 30,021.42 |
| Other non-cash items | 0 | 0 | 0 | 0 | 0 |
| Cash flow from operations | 64,427.03 | 56,380.57 | 89,640.87 | 120,638.3 | 142,102.59 |
| Capital expenditure | -25,800 | -28,800 | -29,800 | -28,800 | -27,800 |
| Cash flow from investing | -25,800 | -28,800 | -29,800 | -28,800 | -27,800 |
| Debt issuance | 0 | 0 | 0 | 0 | 0 |
| Debt repayment | -4,550 | -4,550 | -4,550 | -3,587 | -3,300 |
| Revolver draw / (repayment) | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | -765 | -5,000 | -5,000 | -5,000 | -5,000 |
| Cash flow from financing | -5,315 | -9,550 | -9,550 | -8,587 | -8,300 |
| Change in cash | 33,312.03 | 18,030.57 | 50,290.87 | 83,251.3 | 106,002.59 |
| Free cash flow | 38,627.03 | 27,580.57 | 59,840.87 | 91,838.3 | 114,302.59 |
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Revenue (EURk) | 480,000 | 620,000 | 725,000 | 815,000 | 890,000 |
| Cost of goods sold (EURk) | -294,800 | -370,450 | -420,875 | -461,975 | -498,550 |
| Gross profit (EURk) | 185,200 | 249,550 | 304,125 | 353,025 | 391,450 |
| Other operating income (EURk) | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 |
| SG&A (EURk) | -125,000 | -144,300 | -163,600 | -183,000 | -201,500 |
| Depreciation & amortization (EURk) | -14,653.95 | -18,706.33 | -23,044.42 | -26,092.85 | -30,021.42 |
| EBITDA (EURk) | 62,200 | 107,250 | 142,525 | 172,025 | 191,950 |
| EBIT (EURk) | 47,546.05 | 88,543.67 | 119,480.58 | 145,932.15 | 161,928.58 |
| Interest expense (EURk) | -2,329.62 | -2,127.46 | -1,925.32 | -1,723.16 | -1,554.72 |
| Earnings before tax (EURk) | 46,203.41 | 87,736.3 | 119,055.66 | 146,212.29 | 163,209.67 |
| Taxes (EURk) | -12,936.95 | -24,566.16 | -33,335.58 | -40,939.44 | -45,698.71 |
| Net income (EURk) | 33,266.45 | 63,170.13 | 85,720.07 | 105,272.85 | 117,510.97 |
| Revenue growth (%) | -4.61 | 29.17 | 16.94 | 12.41 | 9.2 |
| Gross margin (%) | 38.58 | 40.25 | 41.95 | 43.32 | 43.98 |
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Cash & Cash Equivalents | 132,009.03 | 150,039.6 | 200,330.47 | 283,581.77 | 389,584.37 |
| Accounts receivable | 42,082.19 | 50,958.9 | 57,602.74 | 62,520.55 | 68,273.97 |
| Inventory | 177,687.67 | 208,060.96 | 224,851.03 | 234,151.71 | 245,860.27 |
| Accounts payable | 28,268.49 | 35,522.6 | 40,357.88 | 44,298.97 | 47,806.16 |
| Other current assets | 96,000 | 114,700 | 126,875 | 134,475 | 137,950 |
| Other current liabilities | 129,442 | 154,642 | 166,292 | 173,442 | 185,442 |
| Long-term debt | 45,077 | 40,527 | 35,977 | 32,390 | 29,090 |
| Required revolving funding | 0 | 0 | 0 | 0 | 0 |
| Property, plant & equipment | 107,777.72 | 118,627.72 | 126,406.3 | 129,113.45 | 126,892.02 |
| Other non-current assets | 24,128.33 | 23,372 | 22,349 | 22,349 | 22,349 |
| Other non-current liabilities | 28,914 | 28,914 | 28,914 | 28,914 | 28,914 |
| Total current assets | 447,778.89 | 523,759.47 | 609,659.24 | 714,729.03 | 841,668.61 |
| Total assets | 579,684.95 | 665,759.19 | 758,414.54 | 866,191.48 | 990,909.64 |
| Book equity | 347,983.45 | 406,153.59 | 486,873.66 | 587,146.51 | 699,657.47 |
| Total liabilities & equity | 579,684.95 | 665,759.19 | 758,414.54 | 866,191.48 | 990,909.64 |
Business Lines
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Value · Advanced Backend Solutions (EURk) | 355,000 | 465,000 | 550,000 | 620,000 | 670,000 |
| Value · Photomask Solutions (EURk) | 125,000 | 155,000 | 175,000 | 195,000 | 220,000 |
| Value · ABS production cost before D&A (EURk) | 225,425 | 285,975 | 327,250 | 359,600 | 385,250 |
| Value · Photomask production cost before D&A (EURk) | 69,375 | 84,475 | 93,625 | 102,375 | 113,300 |
| Value · Sales and service (EURk) | 27,000 | 31,000 | 35,000 | 39,000 | 43,000 |
| Value · Administration (EURk) | 44,000 | 47,000 | 50,000 | 53,000 | 56,000 |
| Value · Research and development (EURk) | 51,000 | 63,000 | 75,000 | 87,000 | 98,000 |
| Value · Other operating expense (EURk) | 3,000 | 3,300 | 3,600 | 4,000 | 4,500 |
| Value · Other operating income (EURk) | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 |
| Value · Trade receivables (EURk) | 42,082.19 | 50,958.9 | 57,602.74 | 62,520.55 | 68,273.97 |
| Value · Equipment and component inventory (EURk) | 177,687.67 | 208,060.96 | 224,851.03 | 234,151.71 | 245,860.27 |
| Value · Trade payables (EURk) | 28,268.49 | 35,522.6 | 40,357.88 | 44,298.97 | 47,806.16 |
| Value · Contract assets (EURk) | 74,400 | 86,800 | 94,250 | 97,800 | 97,900 |
| Value · Other current operating assets (EURk) | 21,600 | 27,900 | 32,625 | 36,675 | 40,050 |
| Value · Customer advances / current contract liabilities (EURk) | 86,400 | 111,600 | 123,250 | 130,400 | 142,400 |
| Value · Other current liabilities and provisions (EURk) | 43,042 | 43,042 | 43,042 | 43,042 | 43,042 |
| Value · Owned tangible assets and cash investment (EURk) | 25,000 | 28,000 | 29,000 | 28,000 | 27,000 |
| Value · Existing leased assets (EURk) | 0 | 0 | 0 | 0 | 0 |
| Value · Purchased intangible investment (EURk) | 800 | 800 | 800 | 800 | 800 |
| Value · Goodwill (EURk) | 18,372 | 18,372 | 18,372 | 18,372 | 18,372 |
| Value · Other non-current and deferred-tax assets (EURk) | 2,777 | 2,777 | 2,777 | 2,777 | 2,777 |
| Value · Pension obligations (EURk) | 1,851 | 1,851 | 1,851 | 1,851 | 1,851 |
| Value · Other non-current liabilities (EURk) | 27,063 | 27,063 | 27,063 | 27,063 | 27,063 |
| Value · Bank borrowings (EURk) | 2,787 | 1,537 | 287 | 0 | 0 |
| Value · Lease liabilities (EURk) | 42,290 | 38,990 | 35,690 | 32,390 | 29,090 |
| Value · Interest on opening cash (EURk) | 986.97 | 1,320.09 | 1,500.4 | 2,003.3 | 2,835.82 |
| Value · Current tax (%) | 28 | 28 | 28 | 28 | 28 |
| Value · Cash distributions (EURk) | 765 | 5,000 | 5,000 | 5,000 | 5,000 |
Modeling Rationale
SUSS enters the second half of 2026 with a much stronger order book than its current sales suggest. The central question is how quickly that demand becomes accepted equipment and cash, particularly as coating orders reach production in 2027. Advanced Backend Solutions and Photomask Solutions are modeled separately because their delivery cycles and margins differ. Base assumes a recovery supported by the June backlog, followed by slower growth as the initial delivery wave matures. Bear combines delayed acceptance, retained inventory and weaker advance payments while protecting R&D. Bull requires faster execution and better cost absorption, with additional service and investment spending. Neither the backlog nor management’s 2030 ambition is treated as guaranteed revenue. The useful comparison is not just a higher sales line: it is whether profit survives the cost of equipment, development and working capital. A model-linked 2028 EV/EBIT framework makes those trade-offs visible without adding a terminal-value-heavy DCF.
Key assumptions
The forecast begins from the audited 31 December 2025 balance sheet and runs annually through 2030. FY2026 revenue is EUR455m Base, EUR425m Bear and EUR480m Bull, compared with reported H1 EUR202.769m and management’s EUR425–485m range. Segment allocations and subsequent delivery paths are independent assumptions. Base reaches EUR780m sales in 2030; Bull EUR890m requires both execution and follow-on orders, while Bear reaches EUR605m. Production-cost ratios reflect utilization and equipment mix. Sales, administration and R&D are explicit expenses, with development protected even in Bear. All forecast functional costs exclude D&A, which is charged once below EBITDA. Native Gross Profit therefore differs from IFRS gross profit. Base 2026 EBIT margin is about 8.6%; Bear about 4.0% deliberately falls below guidance, and Bull about 9.9% requires a stronger H2. Inventory, billed receivables, unbilled contract assets and customer advances have separate drivers. Cash follows these balances, capital spending, bank and lease repayments and distributions; no automatic funding plug is used. Owned assets, existing lease assets and finite-life intangibles have separate depreciation schedules. New acquisitions and non-cash lease additions are not forecast. Stock Analysis uses each scenario’s 2028 EBIT and net debt, with 19,115,538 dated shares held unchanged. The private 14x EV/EBIT assumption is a judgment for comparison, not an observed peer average. Pension, cash-settled compensation and restricted cash are separate bridge deductions. No market reference price, required return, scenario probabilities or unconditional target is supplied. Public visitors make their own valuation choices.
Notes
Research cutoff: 24 October 2026. Latest reported period: H1 2026, released 6 August; Q3 is scheduled for 5 November. Main sources: SUSS Annual Report 2025 pp.183–189, 226–227 and 270–273; Annual Report 2024 FY2023 comparatives; Half-yearly Financial Report 2026 pp.5–9 and 14–20; October 2026 investor presentation pp.22, 29 and 38. Reports are available in SUSS Investor Relations, Financial Reports; share data in its Share section. Reported FY2023–2025 income, balance sheets and cash flows are accessible through the Revenue, Total assets, Operating cash flow and Equity comments. They are reference history, not forecast periods labeled as actuals. FY2024 figures and FY2023 closing balances use the later restatement; FY2023 income/cash flow use the earlier comparative basis because a fully restated income series was not published. The Micro Optics disposal distorts 2024 total profit and cash; continuing earnings are shown separately. Historical currency effects, OCI and non-cash lease additions cannot be faithfully replayed through the available annual statement structure. The forecast therefore starts from audited opening balances. Rounded reported components can differ by EUR1k. Deferred tax and miscellaneous liabilities are simplified, no future FX or actuarial movements are forecast, and the model is not a contractual lease or customer shipment schedule. Ticker SMHN on Xetra; ISIN DE000A1K0235. Shares are dated 30 June 2026. Private Stock calculations refer to 31 December 2028, not today; they are not discounted current targets. Material input comments explain the operating assumptions and can be retained when publishing or forking.
Published inputs and structure
Input data uses full functional-currency amounts. Rates retain their native percentage convention. Result tables state their display units in the caption or beside each metric.
- Calendar
Calendar (4)
- Actual Years
- 0
- Calculation
- annual
- Fiscal Year End
fiscalYearEnd (2)
- Day
- 31
- Month
- 12
- Start Year
- 2026
- This line currently uses the existing Simple assumptions.
This line currently uses the existing Simple assumptions. (10)
- Allow Zero
- true
- Calendar
calendar (3)
- Actual Years
- 0
- Fiscal Year End
fiscalYearEnd (2)
- Day
- 31
- Month
- 12
- Start Year
- 2026
- Minimum Cash
- 0
- Name
- SUSS MicroTec (SMHN) — Backlog, Cash Flow & Stock Analysis 2026–2030
- Opening debt
opening (15)
- Accounts payable
- 25204000
- Accounts receivable
- 37789000
- Total assets
- 507448000
- Cash & Cash Equivalents
- 98697000
- Long-term debt
- 49627000
- Equity Value
- 315482000
- Inventory
- 171617000
- Other current assets
- 78585000
- Other current liabilities
- 88221000
- Other non-current assets
- 24618000
- Other non-current liabilities
- 28914000
- Property, plant & equipment
- 96142000
- Revenue
- 503180000
- Required revolving funding
- 0
- Share Capital
- 19116000
- Other CARate
- 0
- Other CLRate
- 0
- Revolver Limit
- 0
- Type
- industrial
- Year view
years (5)
- 0
0 (13)
- Capital expenditure
- 0
- Depreciation & amortization
- 0
- Long-term debt
- 49627000
- Days inventory outstanding
- 0
- Days payable outstanding
- 0
- Days sales outstanding
- 0
- Gross margin
- 35
- Revenue growth
- 0
- Interest rate
- 4.5
- Dividend payout / net income
- 0
- Revenue
- —
- SG&A / revenue
- 25
- Tax rate
- 28
- 1
1 (20)
- Ar Adjustment
- 0
- Capital expenditure
- 0
- Depreciation & amortization
- 0
- Long-term debt
- 49627000
- Days inventory outstanding
- 0
- Days payable outstanding
- 0
- Days sales outstanding
- 0
- Equipment Purchase
- 0
- Extra DA
- 0
- Extra Dividend
- 0
- Gross margin
- 35
- Revenue growth
- 0
- Interest rate
- 4.5
- Inventory Adjustment
- 0
- Dividend payout / net income
- 0
- Revenue
- —
- Scenario Borrowing
- 0
- Scenario Repayment
- 0
- SG&A / revenue
- 25
- Tax rate
- 28
- 2
2 (20)
- Ar Adjustment
- 0
- Capital expenditure
- 0
- Depreciation & amortization
- 0
- Long-term debt
- 49627000
- Days inventory outstanding
- 0
- Days payable outstanding
- 0
- Days sales outstanding
- 0
- Equipment Purchase
- 0
- Extra DA
- 0
- Extra Dividend
- 0
- Gross margin
- 35
- Revenue growth
- 0
- Interest rate
- 4.5
- Inventory Adjustment
- 0
- Dividend payout / net income
- 0
- Revenue
- —
- Scenario Borrowing
- 0
- Scenario Repayment
- 0
- SG&A / revenue
- 25
- Tax rate
- 28
- 3
3 (20)
- Ar Adjustment
- 0
- Capital expenditure
- 0
- Depreciation & amortization
- 0
- Long-term debt
- 49627000
- Days inventory outstanding
- 0
- Days payable outstanding
- 0
- Days sales outstanding
- 0
- Equipment Purchase
- 0
- Extra DA
- 0
- Extra Dividend
- 0
- Gross margin
- 35
- Revenue growth
- 0
- Interest rate
- 4.5
- Inventory Adjustment
- 0
- Dividend payout / net income
- 0
- Revenue
- —
- Scenario Borrowing
- 0
- Scenario Repayment
- 0
- SG&A / revenue
- 25
- Tax rate
- 28
- 4
4 (20)
- Ar Adjustment
- 0
- Capital expenditure
- 0
- Depreciation & amortization
- 0
- Long-term debt
- 49627000
- Days inventory outstanding
- 0
- Days payable outstanding
- 0
- Days sales outstanding
- 0
- Equipment Purchase
- 0
- Extra DA
- 0
- Extra Dividend
- 0
- Gross margin
- 35
- Revenue growth
- 0
- Interest rate
- 4.5
- Inventory Adjustment
- 0
- Dividend payout / net income
- 0
- Revenue
- —
- Scenario Borrowing
- 0
- Scenario Repayment
- 0
- SG&A / revenue
- 25
- Tax rate
- 28
- Objects
Objects (28)
- 0
0 (15)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- revenue
- Id
- obj-1
- Instrument Id
- —
- Kind
- driver
- Name
- Advanced Backend Solutions
- Opening debt
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (2)
- Calculation method
- amount
- Value
- 335000000
- 2027 01 01
2027-01-01 (2)
- Calculation method
- amount
- Value
- 440000000
- 2028 01 01
2028-01-01 (2)
- Calculation method
- amount
- Value
- 505000000
- 2029 01 01
2029-01-01 (2)
- Calculation method
- amount
- Value
- 555000000
- 2030 01 01
2030-01-01 (2)
- Calculation method
- amount
- Value
- 580000000
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 1
1 (15)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- revenue
- Id
- obj-2
- Instrument Id
- —
- Kind
- driver
- Name
- Photomask Solutions
- Opening debt
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (2)
- Calculation method
- amount
- Value
- 120000000
- 2027 01 01
2027-01-01 (2)
- Calculation method
- amount
- Value
- 145000000
- 2028 01 01
2028-01-01 (2)
- Calculation method
- amount
- Value
- 160000000
- 2029 01 01
2029-01-01 (2)
- Calculation method
- amount
- Value
- 180000000
- 2030 01 01
2030-01-01 (2)
- Calculation method
- amount
- Value
- 200000000
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 2
2 (15)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- cogs
- Id
- obj-3
- Instrument Id
- —
- Kind
- driver
- Name
- ABS production cost before D&A
- Opening debt
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 64
- Ref
- obj-1
- 2027 01 01
2027-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 62
- Ref
- obj-1
- 2028 01 01
2028-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 60.5
- Ref
- obj-1
- 2029 01 01
2029-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 60
- Ref
- obj-1
- 2030 01 01
2030-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 59
- Ref
- obj-1
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 3
3 (15)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- cogs
- Id
- obj-4
- Instrument Id
- —
- Kind
- driver
- Name
- Photomask production cost before D&A
- Opening debt
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 56
- Ref
- obj-2
- 2027 01 01
2027-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 55
- Ref
- obj-2
- 2028 01 01
2028-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 54
- Ref
- obj-2
- 2029 01 01
2029-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 53.5
- Ref
- obj-2
- 2030 01 01
2030-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 53
- Ref
- obj-2
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 4
4 (15)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- sga
- Id
- obj-5
- Instrument Id
- —
- Kind
- driver
- Name
- Sales and service
- Opening debt
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (2)
- Calculation method
- amount
- Value
- 26000000
- 2027 01 01
2027-01-01 (2)
- Calculation method
- amount
- Value
- 29000000
- 2028 01 01
2028-01-01 (2)
- Calculation method
- amount
- Value
- 32000000
- 2029 01 01
2029-01-01 (2)
- Calculation method
- amount
- Value
- 34000000
- 2030 01 01
2030-01-01 (2)
- Calculation method
- amount
- Value
- 36000000
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 5
5 (15)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- sga
- Id
- obj-6
- Instrument Id
- —
- Kind
- driver
- Name
- Administration
- Opening debt
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (2)
- Calculation method
- amount
- Value
- 43000000
- 2027 01 01
2027-01-01 (2)
- Calculation method
- amount
- Value
- 45000000
- 2028 01 01
2028-01-01 (2)
- Calculation method
- amount
- Value
- 47000000
- 2029 01 01
2029-01-01 (2)
- Calculation method
- amount
- Value
- 49000000
- 2030 01 01
2030-01-01 (2)
- Calculation method
- amount
- Value
- 51000000
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 6
6 (15)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- sga
- Id
- obj-7
- Instrument Id
- —
- Kind
- driver
- Name
- Research and development
- Opening debt
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (2)
- Calculation method
- amount
- Value
- 50000000
- 2027 01 01
2027-01-01 (2)
- Calculation method
- amount
- Value
- 59000000
- 2028 01 01
2028-01-01 (2)
- Calculation method
- amount
- Value
- 67000000
- 2029 01 01
2029-01-01 (2)
- Calculation method
- amount
- Value
- 75000000
- 2030 01 01
2030-01-01 (2)
- Calculation method
- amount
- Value
- 83000000
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 7
7 (15)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- sga
- Id
- obj-8
- Instrument Id
- —
- Kind
- driver
- Name
- Other operating expense
- Opening debt
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (2)
- Calculation method
- amount
- Value
- 3000000
- 2027 01 01
2027-01-01 (2)
- Calculation method
- amount
- Value
- 3000000
- 2028 01 01
2028-01-01 (2)
- Calculation method
- amount
- Value
- 3300000
- 2029 01 01
2029-01-01 (2)
- Calculation method
- amount
- Value
- 3600000
- 2030 01 01
2030-01-01 (2)
- Calculation method
- amount
- Value
- 4000000
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 8
8 (15)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- otherOperatingIncome
- Id
- obj-9
- Instrument Id
- —
- Kind
- driver
- Name
- Other operating income
- Opening debt
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (4)
- Assumption Id
- assumption-005d053b-f3e3-d4ff-6703-4a37e092308b
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Calculation method
- amount
- Value
- 2000000
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-005d053b-f3e3-d4ff-6703-4a37e092308b
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-005d053b-f3e3-d4ff-6703-4a37e092308b
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-005d053b-f3e3-d4ff-6703-4a37e092308b
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-005d053b-f3e3-d4ff-6703-4a37e092308b
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 9
9 (15)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- ar
- Id
- obj-10
- Instrument Id
- —
- Kind
- driver
- Name
- Trade receivables
- Opening debt
- 37789000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (3)
- days
- 32
- Calculation method
- days
- Ref
- revenue
- 2027 01 01
2027-01-01 (3)
- days
- 32
- Calculation method
- days
- Ref
- revenue
- 2028 01 01
2028-01-01 (3)
- days
- 30
- Calculation method
- days
- Ref
- revenue
- 2029 01 01
2029-01-01 (3)
- days
- 30
- Calculation method
- days
- Ref
- revenue
- 2030 01 01
2030-01-01 (3)
- days
- 30
- Calculation method
- days
- Ref
- revenue
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 10
10 (15)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- inventory
- Id
- obj-11
- Instrument Id
- —
- Kind
- driver
- Name
- Equipment and component inventory
- Opening debt
- 171617000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (3)
- days
- 225
- Calculation method
- days
- Ref
- cogs
- 2027 01 01
2027-01-01 (3)
- days
- 210
- Calculation method
- days
- Ref
- cogs
- 2028 01 01
2028-01-01 (3)
- days
- 200
- Calculation method
- days
- Ref
- cogs
- 2029 01 01
2029-01-01 (3)
- days
- 195
- Calculation method
- days
- Ref
- cogs
- 2030 01 01
2030-01-01 (3)
- days
- 190
- Calculation method
- days
- Ref
- cogs
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 11
11 (15)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- ap
- Id
- obj-12
- Instrument Id
- —
- Kind
- driver
- Name
- Trade payables
- Opening debt
- 25204000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (5)
- Assumption Id
- assumption-636ead63-bc00-6db5-6cc1-087b0065fea5
- days
- 35
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Calculation method
- days
- Ref
- cogs
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-636ead63-bc00-6db5-6cc1-087b0065fea5
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-636ead63-bc00-6db5-6cc1-087b0065fea5
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-636ead63-bc00-6db5-6cc1-087b0065fea5
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-636ead63-bc00-6db5-6cc1-087b0065fea5
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 12
12 (15)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- otherCA
- Id
- obj-13
- Instrument Id
- —
- Kind
- driver
- Name
- Contract assets
- Opening debt
- 58669000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 16
- Ref
- revenue
- 2027 01 01
2027-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 15
- Ref
- revenue
- 2028 01 01
2028-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 14
- Ref
- revenue
- 2029 01 01
2029-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 13
- Ref
- revenue
- 2030 01 01
2030-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 12
- Ref
- revenue
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 13
13 (15)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- otherCA
- Id
- obj-14
- Instrument Id
- —
- Kind
- driver
- Name
- Other current operating assets
- Opening debt
- 19916000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (5)
- Assumption Id
- assumption-933c0950-f971-508a-1ff2-2458cfbb9342
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Calculation method
- percent
- Interest rate (%)
- 4.5
- Ref
- revenue
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-933c0950-f971-508a-1ff2-2458cfbb9342
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-933c0950-f971-508a-1ff2-2458cfbb9342
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-933c0950-f971-508a-1ff2-2458cfbb9342
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-933c0950-f971-508a-1ff2-2458cfbb9342
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 14
14 (15)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- otherCL
- Id
- obj-15
- Instrument Id
- —
- Kind
- driver
- Name
- Customer advances / current contract liabilities
- Opening debt
- 45179000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 17
- Ref
- revenue
- 2027 01 01
2027-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 17
- Ref
- revenue
- 2028 01 01
2028-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 16
- Ref
- revenue
- 2029 01 01
2029-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 15
- Ref
- revenue
- 2030 01 01
2030-01-01 (3)
- Calculation method
- percent
- Interest rate (%)
- 15
- Ref
- revenue
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 15
15 (15)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- otherCL
- Id
- obj-16
- Instrument Id
- —
- Kind
- driver
- Name
- Other current liabilities and provisions
- Opening debt
- 43042000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (4)
- Assumption Id
- assumption-9798f107-1d66-9e11-1d2b-69d7803e4399
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Calculation method
- amount
- Value
- 43042000
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-9798f107-1d66-9e11-1d2b-69d7803e4399
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-9798f107-1d66-9e11-1d2b-69d7803e4399
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-9798f107-1d66-9e11-1d2b-69d7803e4399
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-9798f107-1d66-9e11-1d2b-69d7803e4399
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 16
16 (19)
- Active
- true
- Asset Class
- tangible
- Opening driver value
- 0
- Convention
- halfYear
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- capex
- Id
- obj-17
- Instrument Id
- —
- Kind
- capex
- Useful life (years)
- 7
- Name
- Owned tangible assets and cash investment
- Opening debt
- 51691000
- Opening Life
- 6
- Periods
periods (5)
- 2026 01 01
2026-01-01 (2)
- Calculation method
- amount
- Value
- 22000000
- 2027 01 01
2027-01-01 (2)
- Calculation method
- amount
- Value
- 24000000
- 2028 01 01
2028-01-01 (2)
- Calculation method
- amount
- Value
- 23000000
- 2029 01 01
2029-01-01 (2)
- Calculation method
- amount
- Value
- 21000000
- 2030 01 01
2030-01-01 (2)
- Calculation method
- amount
- Value
- 20000000
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 17
17 (19)
- Active
- true
- Asset Class
- tangible
- Opening driver value
- 0
- Convention
- halfYear
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- capex
- Id
- obj-18
- Instrument Id
- —
- Kind
- capex
- Useful life (years)
- 15
- Name
- Existing leased assets
- Opening debt
- 44451000
- Opening Life
- 15
- Periods
periods (5)
- 2026 01 01
2026-01-01 (4)
- Assumption Id
- assumption-83f12fe0-c9cd-1998-52a3-359c3831e654
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Calculation method
- amount
- Value
- 0
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-83f12fe0-c9cd-1998-52a3-359c3831e654
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-83f12fe0-c9cd-1998-52a3-359c3831e654
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-83f12fe0-c9cd-1998-52a3-359c3831e654
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-83f12fe0-c9cd-1998-52a3-359c3831e654
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 18
18 (19)
- Active
- true
- Asset Class
- intangible
- Opening driver value
- 0
- Convention
- halfYear
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- capex
- Id
- obj-19
- Instrument Id
- —
- Kind
- capex
- Useful life (years)
- 3
- Name
- Purchased intangible investment
- Opening debt
- 3469000
- Opening Life
- 3
- Periods
periods (5)
- 2026 01 01
2026-01-01 (4)
- Assumption Id
- assumption-085aadf2-642b-2112-a1b3-7af6c57b0a86
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Calculation method
- amount
- Value
- 600000
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-085aadf2-642b-2112-a1b3-7af6c57b0a86
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-085aadf2-642b-2112-a1b3-7af6c57b0a86
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-085aadf2-642b-2112-a1b3-7af6c57b0a86
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-085aadf2-642b-2112-a1b3-7af6c57b0a86
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 19
19 (16)
- Active
- true
- Opening driver value
- 0
- Cash Flow Treatment
- investing
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- otherNCA
- Id
- obj-20
- Instrument Id
- —
- Kind
- driver
- Name
- Goodwill
- Opening debt
- 18372000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (4)
- Assumption Id
- assumption-3f9a626f-7d2e-c0d1-af14-5f8fe0e62059
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Calculation method
- amount
- Value
- 18372000
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-3f9a626f-7d2e-c0d1-af14-5f8fe0e62059
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-3f9a626f-7d2e-c0d1-af14-5f8fe0e62059
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-3f9a626f-7d2e-c0d1-af14-5f8fe0e62059
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-3f9a626f-7d2e-c0d1-af14-5f8fe0e62059
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 20
20 (16)
- Active
- true
- Opening driver value
- 0
- Cash Flow Treatment
- operating
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- otherNCA
- Id
- obj-21
- Instrument Id
- —
- Kind
- driver
- Name
- Other non-current and deferred-tax assets
- Opening debt
- 2777000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (4)
- Assumption Id
- assumption-9ac38da6-f4e5-5f84-1476-4bb6b04ac96c
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Calculation method
- amount
- Value
- 2777000
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-9ac38da6-f4e5-5f84-1476-4bb6b04ac96c
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-9ac38da6-f4e5-5f84-1476-4bb6b04ac96c
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-9ac38da6-f4e5-5f84-1476-4bb6b04ac96c
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-9ac38da6-f4e5-5f84-1476-4bb6b04ac96c
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 21
21 (16)
- Active
- true
- Opening driver value
- 0
- Cash Flow Treatment
- operating
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- otherNCL
- Id
- obj-22
- Instrument Id
- —
- Kind
- driver
- Name
- Pension obligations
- Opening debt
- 1851000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (4)
- Assumption Id
- assumption-ae5ad084-4859-b670-534a-c530884c2ffc
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Calculation method
- amount
- Value
- 1851000
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-ae5ad084-4859-b670-534a-c530884c2ffc
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-ae5ad084-4859-b670-534a-c530884c2ffc
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-ae5ad084-4859-b670-534a-c530884c2ffc
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-ae5ad084-4859-b670-534a-c530884c2ffc
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 22
22 (16)
- Active
- true
- Opening driver value
- 0
- Cash Flow Treatment
- operating
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- otherNCL
- Id
- obj-23
- Instrument Id
- —
- Kind
- driver
- Name
- Other non-current liabilities
- Opening debt
- 27063000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (4)
- Assumption Id
- assumption-a7c3a21d-f9e5-676d-1176-46f1a54ab7d9
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Calculation method
- amount
- Value
- 27063000
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-a7c3a21d-f9e5-676d-1176-46f1a54ab7d9
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-a7c3a21d-f9e5-676d-1176-46f1a54ab7d9
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-a7c3a21d-f9e5-676d-1176-46f1a54ab7d9
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-a7c3a21d-f9e5-676d-1176-46f1a54ab7d9
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 23
23 (16)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- debt
- Id
- obj-24
- Instrument Id
- —
- Kind
- debt
- Name
- Bank borrowings
- Opening debt
- 4037000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (4)
- Calculation method
- amount
- Interest rate (%)
- 3.5
- Target Closing
- 2787000
- Value
- 0
- 2027 01 01
2027-01-01 (4)
- Calculation method
- amount
- Interest rate (%)
- 3.5
- Target Closing
- 1537000
- Value
- 0
- 2028 01 01
2028-01-01 (4)
- Calculation method
- amount
- Interest rate (%)
- 3.5
- Target Closing
- 287000
- Value
- 0
- 2029 01 01
2029-01-01 (4)
- Calculation method
- amount
- Interest rate (%)
- 3.5
- Target Closing
- 0
- Value
- 0
- 2030 01 01
2030-01-01 (4)
- Calculation method
- amount
- Interest rate (%)
- 3.5
- Target Closing
- 0
- Value
- 0
- Interest rate (%)
- 3.5
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 24
24 (16)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- debt
- Id
- obj-25
- Instrument Id
- —
- Kind
- debt
- Name
- Lease liabilities
- Opening debt
- 45590000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (4)
- Calculation method
- amount
- Interest rate (%)
- 4.8
- Target Closing
- 42290000
- Value
- 0
- 2027 01 01
2027-01-01 (4)
- Calculation method
- amount
- Interest rate (%)
- 4.8
- Target Closing
- 38990000
- Value
- 0
- 2028 01 01
2028-01-01 (4)
- Calculation method
- amount
- Interest rate (%)
- 4.8
- Target Closing
- 35690000
- Value
- 0
- 2029 01 01
2029-01-01 (4)
- Calculation method
- amount
- Interest rate (%)
- 4.8
- Target Closing
- 32390000
- Value
- 0
- 2030 01 01
2030-01-01 (4)
- Calculation method
- amount
- Interest rate (%)
- 4.8
- Target Closing
- 29090000
- Value
- 0
- Interest rate (%)
- 4.8
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 25
25 (15)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- interestIncome
- Id
- obj-26
- Instrument Id
- —
- Kind
- driver
- Name
- Interest on opening cash
- Opening debt
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (5)
- Assumption Id
- assumption-2c719c30-8d7e-353a-888b-0200842629e2
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Calculation method
- percent
- Interest rate (%)
- 1
- Ref
- previous:cash
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-2c719c30-8d7e-353a-888b-0200842629e2
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-2c719c30-8d7e-353a-888b-0200842629e2
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-2c719c30-8d7e-353a-888b-0200842629e2
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-2c719c30-8d7e-353a-888b-0200842629e2
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- EUR
- 26
26 (15)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- tax
- Id
- obj-27
- Instrument Id
- —
- Kind
- driver
- Name
- Current tax
- Opening debt
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (5)
- Amount / quantity
- 0
- Assumption Id
- assumption-165e082b-5906-3759-dd23-883b7f570a29
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Calculation method
- preTaxIncome
- Value
- 28
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-165e082b-5906-3759-dd23-883b7f570a29
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-165e082b-5906-3759-dd23-883b7f570a29
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-165e082b-5906-3759-dd23-883b7f570a29
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-165e082b-5906-3759-dd23-883b7f570a29
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- percent
- 27
27 (15)
- Active
- true
- Opening driver value
- 0
- Description
- Entity Id
- entity-1
- Events
events (0)
- Group
- equity
- Id
- obj-28
- Instrument Id
- —
- Kind
- driver
- Name
- Cash distributions
- Opening debt
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (3)
- Amount / quantity
- 765000
- Calculation method
- distributionAmount
- Value
- 0
- 2027 01 01
2027-01-01 (3)
- Amount / quantity
- 5000000
- Calculation method
- distributionAmount
- Value
- 0
- 2028 01 01
2028-01-01 (3)
- Amount / quantity
- 5000000
- Calculation method
- distributionAmount
- Value
- 0
- 2029 01 01
2029-01-01 (3)
- Amount / quantity
- 5000000
- Calculation method
- distributionAmount
- Value
- 0
- 2030 01 01
2030-01-01 (3)
- Amount / quantity
- 5000000
- Calculation method
- distributionAmount
- Value
- 0
- Check the rule conditions and increments.
- —
- Source
- user
- Unit
- percent
- Driven by Advanced Model
Driven by Advanced Model (16)
- Accounts payable
- detail
- Accounts receivable
- detail
- Capital expenditure
- detail
- Cost of goods sold
- detail
- Long-term debt
- detail
- Equity Value
- detail
- Interest income
- detail
- Inventory
- detail
- Other current assets
- detail
- Other current liabilities
- detail
- Other non-current assets
- detail
- Other non-current liabilities
- detail
- Other operating income
- detail
- Revenue
- detail
- SG&A / revenue
- detail
- Taxes
- detail
- Stock Analysis
Stock Analysis (11)
- Adjustments
adjustments (0)
- Exchange
- Xetra
- Inputs
inputs (12)
- Revenue growth
growth (2)
- Source
- manual
- Value
- —
- Linked Value
linkedValue (2)
- Source
- dcf.ev
- Value
- —
- Metric
metric (2)
- Source
- model
- Value
- —
- Multiple
multiple (2)
- Source
- manual
- Value
- 14
- Net debt
netDebt (2)
- Source
- model
- Value
- —
- Other Bridge
otherBridge (2)
- Source
- manual
- Value
- -6227000
- Reference Price
referencePrice (2)
- Source
- manual
- Value
- —
- Required Return
requiredReturn (2)
- Source
- manual
- Value
- —
- Share Change
shareChange (2)
- Source
- manual
- Value
- 0
- Shares
shares (2)
- Source
- manual
- Value
- 19115538
- Terminal Multiple
terminalMultiple (2)
- Source
- manual
- Value
- —
- Wacc
wacc (2)
- Source
- manual
- Value
- —
- Issuer
- SUSS MicroTec SE
- Calculation method
- evEbit
- Methodology
- EV / EBIT on FY2028 model-linked operating profit, valued at 31 December 2028. The year allows the 2027 delivery wave to mature without treating management’s 2030 ambition as achieved today. EBIT retains the economic cost of owned and leased equipment; EBITDA alone would obscure that investment burden. 14x is an independent private modeling assumption, not a peer median or market quote. Its reciprocal is about a 7.1% pre-tax operating earnings yield before the cash bridge. It balances growth potential against cyclicality, customer concentration and execution risk. Test 12x–16x and weaker delivery conversion rather than reading the default as a fair-value fact. All scenarios use 14x so operating differences are not amplified by automatic multiple expansion. Model-linked 2028 net debt includes bank and lease liabilities less total cash. Other bridge subtracts EUR1.851m pension liability, EUR3.747m cash-settled compensation (1.596m provision + 0.861m vested non-current award + 1.290m current award) and EUR0.629m restricted cash, all held at opening levels. No double lease deduction. Other operating liabilities and deferred tax remain in the operating valuation, not separate debt claims. Shares 19,115,538 at 30 June 2026 (H1 EPS/share capital), held unchanged. These are dated basic shares, not a forecast Fully Diluted claim. No market price, required return or scenario probabilities are supplied. Conditional values are future-date calculations, not discounted current targets. Public visitors choose their own valuation inputs.
- Period Id
- 2028-01-01
- Reference Date
- Terminal Mode
- Ticker
- SMHN
- Version
- 1
- Notes
Notes (33)
- Total assets
- REPORTED BALANCE SHEET — EURk, FY2023 | FY2024 | FY2025. AR2025 pp.185–186, including restated opening 2024 for FY2023 closing. Intangible assets: 5499 | 4616 | 3469 Goodwill: 18494 | 18631 | 18372 Property, plant and equipment including ROU: 31129 | 33815 | 96142 Other non-current assets: 511 | 845 | 1128 Deferred tax assets: 684 | 697 | 1649 Non-current assets: 56317 | 58604 | 120760 Inventory: 165685 | 210672 | 171617 Trade receivables: 28828 | 26991 | 37789 Contract assets: 35271 | 48936 | 58669 Other current financial assets: 1009 | 1204 | 971 Securities: 9895 | 0 | 0 Current tax assets: 123 | 67 | 5828 Cash: 38114 | 136239 | 98697 Other current assets: 10779 | 17037 | 13117 Assets held for sale: 33864 | 0 | 0 Current assets: 323568 | 441146 | 386688 Total assets: 379885 | 499750 | 507448 Equity: 180343 | 283103 | 315482 Non-current liabilities: 27880 | 38640 | 74158 Current liabilities: 171662 | 178007 | 117808 Total equity and liabilities: 379885 | 499750 | 507448 Bank debt, current and non-current: 6562 | 5329 | 4037 Lease debt, current and non-current: 8616 | 7966 | 45590 Trade payables: 29232 | 34740 | 25204 Contract liabilities, current and non-current: 94566 | 96188 | 45925 Pension obligations: 1584 | 1800 | 1851 Native forecast begins at audited 31 December 2025. Finite intangibles join the depreciation schedule; goodwill stays separate. Historical OCI, FX on cash and non-cash lease additions cannot be faithfully replayed as native actuals. The historical figures here are reported reference data, not fabricated modeling periods.
- Cash & Cash Equivalents
- Audited opening cash EUR98.697m includes restricted EUR0.629m. Forecast cash is generated by the linked statements, after explicit bank/lease repayments and distributions. No automatic borrowing balances it. H1 2026 cash EUR112.287m is a cross-check, not a June forecast endpoint. Bear tests delayed acceptance, retained inventory and weaker advance financing together. No guarantee of access to the entire reported credit facility is assumed.
- Cash flow from operations
- REPORTED CASH FLOWS — EURk, FY2023 | FY2024 | FY2025. AR2024 pp.236–237; AR2025 pp.187–188. Operating cash flow, continuing: 12485 | 32562 | -1001 Operating cash flow, discontinued: -8697 | 929 | 0 Operating cash flow, total: 3788 | 33491 | -1001 Tangible cash investment: -3353 | -6846 | -20568 Intangible cash investment: -1250 | -718 | -1003 Investing cash flow, continuing: -4555 | 2331 | -21571 Investing cash flow, discontinued: -3627 | 69522 | -3441 Investing cash flow, total: -8182 | 71853 | -25012 Financing cash flow, total: -8017 | -7900 | -10202 FX on cash: -196 | 38 | -1327 Opening cash including discontinued operations: 51364 | 38757 | 136239 Closing cash including discontinued operations: 38757 | 136239 | 98697 Dividends paid: -3823 | -3823 | -5735 2023 cash-flow closing cash includes discontinued operations; the balance-sheet continuing cash line is EUR38.114m. Rounded components may differ by EUR1k. FY2024 cash benefited from the Micro Optics disposal; that windfall is not recurring operating cash. FY2025 advances unwound sharply, explaining weak CFO despite profit. H1 2026 CFO recovered to EUR20.917m with new advances. The forecast links profit, depreciation and working capital; no cash target or revolver plug is used.
- Equity Value
- REPORTED EQUITY BRIDGE — EURk. FY2024: opening restated 180,343 + net income 109,974 − OCI 1,959 − dividends 3,823 − divestment effect 1,432 = 283,103. FY2025: opening 283,103 + net income 46,107 − OCI 7,994 − dividends 5,735 = 315,481 versus reported 315,482 (EUR1k rounding). Source AR2025 pp.184,189. FY2023 closing restated equity is 180,343 versus originally reported 176,617. Forecast equity changes only with net income and explicit cash distributions. No invented share issue or OCI balancing entry is used. Share denominator: 19,115,538 at 30 June 2026; no assumed dilution or buybacks.
- Gross profit
- Forecast Gross Profit excludes all D&A; reported IFRS gross profit includes depreciation allocated to manufacturing. All forecast functional costs are before D&A, which is charged once below EBITDA. No unsupported functional depreciation allocation is asserted. Compare EBIT and cash as well as the production contribution; do not compare these two gross-margin definitions directly.
- Obj 1
- H1 2026 sales EUR148.9m, orders EUR326.2m and closing backlog EUR361.7m anchor the delivery outlook (H1 report, p.8). Coating, imaging and bonding serve advanced packaging; the mix matters as much as unit demand. The roughly EUR115m Taiwan OSAT coater order is already in the June backlog, not additional forecast revenue. About EUR220m of total group backlog was scheduled for 2027. Base sales EUR335m in 2026 require approximately EUR186.1m in H2. Bear EUR315m needs EUR166.1m; Bull EUR355m needs EUR206.1m. These are independent delivery assumptions, not management segment guidance. The Base path then reaches EUR440m, 505m, 555m and 580m. Bear converts orders more slowly; Bull requires timely acceptance, capacity ramp-up and follow-on orders. No customer-level shipment timetable is available, and backlog is neither a revenue floor nor a second sales line.
- Obj 10
- Opening trade receivables EUR37.789m are distinct from unbilled contract assets. Base collection days 32, 32, 30, 30, 30 apply to annual sales on a 365-day convention. Bear extends them to 40–38 days; Bull improves to 28. Acceptance and billing delays can push cash out even after equipment leaves the factory. These are aggregate proxies, not reported customer payment terms.
- Obj 11
- Opening inventories EUR171.617m rose to EUR182.334m at June 2026. Long build cycles and preparation for 2027 deliveries tie up cash before revenue. Base days of production cost are 225, 210, 200, 195, 190; Bear 255, 255, 245, 235, 225; Bull 220, 205, 195, 185, 180. Base deliberately builds stock in 2026 rather than assuming a cash release from lower sales. Days use modeled cost before D&A, so they are not reported IFRS DIO.
- Obj 12
- Opening EUR25.204m; 35 days of production cost in all cases. Supplier terms are held constant instead of funding expansion through an unsupported extension of credit. Procurement and customer advances are separate cash-flow drivers.
- Obj 13
- Opening unbilled contract assets EUR58.669m reached EUR72.788m at June 2026. Base holds 16% of revenue in 2026, easing to 12% by 2030 as acceptance catches up. Bear stays at 18–16%; Bull improves to 11%. This is execution and billing exposure, not freely collectible cash. Increasing this balance consumes CFO without inventing extra revenue.
- Obj 14
- Opening EUR19.916m combines other financial assets 0.971m, tax assets 5.828m and other current assets 13.117m. Base uses 4.5% of sales; Bear 5%, Bull 4.5%. This aggregate proxy includes tax timing; it is not a forecast of individual refunds or derivative settlements.
- Obj 15
- Opening EUR45.179m rose to EUR79.004m at June 2026 as orders recovered. Base year-end advances are 17%, 17%, 16%, 15%, 15% of revenue; Bear 14%, 13%, 12%, 12%, 12%; Bull 18%, 18%, 17%, 16%, 16%. Bear tests weaker new-order financing while inventory and unbilled work remain elevated. Strong backlog is not all incremental cash: advances already received unwind on delivery. Non-current contract liabilities EUR0.746m are held separately.
- Obj 16
- Opening EUR43.042m = provisions 4.685m + tax liabilities 18.380m + other financial liabilities 16.376m + other liabilities 3.601m. These are not all borrowings. The aggregate is held constant, avoiding an unsupported cash release; modeled bank and lease debt sit in financing. Forecast tax expense is paid currently, so this is not a complete tax-settlement schedule. The EUR1.290m current LTI award within other financial liabilities is included in the separate Stock compensation deduction (AR2025 p.257).
- Obj 17
- Opening owned PP&E EUR51.691m = total PP&E 96.142m less ROU 44.451m (AR2025 pp.226–227). Base cash additions EUR22m, 24m, 23m, 21m, 20m plus small intangible investment broadly follow management’s EUR22m annual average ambition for 2026–2030. Expansion is front-loaded ahead of revenue; Bear defers some investment, Bull invests more. Six-year opening remaining life, seven-year new life and half-year additions are estimates, not the asset register. No acquisition spending is assumed.
- Obj 18
- Opening ROU assets EUR44.451m are depreciated over an assumed 15-year blended remaining life. The new Taiwan site has a 20-year lease commencing April 2025; shorter leases make the blended life shorter. No new non-cash lease additions are forecast. Replacement equipment is included in cash capex; lease principal and interest remain separate financing cash flows. The model does not reproduce a full IFRS 16 contract ledger.
- Obj 19
- Opening finite-life intangibles EUR3.469m exclude goodwill. Three-year opening remaining life, three-year new life and half-year additions are estimates. Annual cash additions EUR0.6m Base/Bear and EUR0.8m Bull cover purchased software and similar assets; no automatic capitalization of expensed R&D.
- Obj 2
- H1 2026 sales fell to EUR53.9m while orders recovered to EUR83.8m; June backlog was EUR112m (H1 report, p.8). Cleaning systems are high-value, lumpy purchases. Chinese investment, leading-edge mask demand, acceptance timing and export restrictions can all shift deliveries. Base 2026 sales EUR120m require about EUR66.1m in H2; Bear EUR110m needs EUR56.1m and Bull EUR125m EUR71.1m. Base then reaches EUR145m, 160m, 180m and 200m. This is a measured recovery from FY2025 EUR153.448m, not an extrapolation of one strong quarter. GreenTec wafer cleaning was launched in October; no separate sales contribution or new reporting segment is fabricated before orders and reporting become available.
- Obj 22
- Reported pension liability EUR1.851m is held constant. No actuarial OCI is forecast. Stock deducts this obligation separately from equity value; it is not included in bank/lease net debt.
- Obj 23
- Opening EUR27.063m includes deferred tax 22.669m, cash-settled compensation 1.596m, other financial liabilities 1.656m, provisions 0.396m and contract liabilities 0.746m. Held constant rather than fabricating settlement vintages. Cash-settled compensation does not create shares. Stock deducts both the EUR1.596m provision and the EUR0.861m vested LTI award within other financial liabilities, plus the EUR1.290m current award: EUR3.747m in total (AR2025 pp.252,257). Deferred-tax assets and liabilities remain fixed.
- Obj 24
- Opening bank debt EUR4.037m; the H1 repayment EUR0.625m supports a EUR1.25m annual initial run-down. Closing balances EUR2.787m, 1.537m, 0.287m, zero, zero are explicit assumptions, not a reproduced maturity schedule. A 3.5% rate applies to opening debt, conservatively ignoring intrayear repayment timing. No new draws or automatic revolver are used. The EUR115m syndicated facility includes guarantees; it is not treated as unconditionally available cash.
- Obj 25
- Opening current and non-current lease liabilities total EUR45.590m. Principal reductions EUR3.3m per year approximate H1 2026 EUR1.657m, with 4.8% interest on opening debt. The rate is an independent blended estimate consistent with higher Taiwan lease financing cost, not a disclosed contract rate. No refinancing, new leases or lease termination is assumed. Stock net debt includes this entire liability; it is not deducted again in other adjustments.
- Obj 26
- Assumed 1% yield on opening total cash. Reported H1 2026 interest income EUR0.553m is an anchor, not a guaranteed reinvestment yield. Opening restricted cash EUR0.629m is small and held constant; the yield proxy includes it, while Stock explicitly removes it from the cash bridge. Intrayear cash timing and currency are simplified.
- Obj 27
- 28% of positive pre-tax profit, aligned with the tax-rate context in the October 2026 ambition presentation. No cash tax benefit on losses. Actual H1 2026 tax was higher as a proportion of earnings; jurisdiction mix and loss utilization remain risks. Deferred-tax balances stay fixed and current forecast tax is paid in the same year.
- Obj 28
- FY2026 cash dividend EUR0.765m is reported in the H1 cash-flow statement (EUR0.04 per share, rounded). Later distributions are assumed at EUR5m per year, unchanged across cases, to avoid treating all future earnings as available excess cash. This is not a company dividend forecast or a mechanical implementation of its 20–40% FCF policy. No share issue, buyback or equity-settled compensation is assumed.
- Obj 3
- Independent cash production-cost ratios: Base 64%, 62%, 60.5%, 60%, 59%; Bear 66%, 65.5%, 65%, 64%, 63%; Bull 63.5%, 61.5%, 59.5%, 58%, 57.5%. Higher utilization at the expanded Taiwan site and more common equipment platforms can improve absorption. Lower temporary-bonder mix, warranty work, component prices and commissioning delays can offset that benefit. H1 ABS IFRS gross margin was 34.7%, including a EUR2.1m product withdrawal charge. These forecast ratios exclude all group D&A. Native Gross Profit is contribution before depreciation, not the issuer’s IFRS gross profit. R&D and functional overhead are modeled separately; no disclosed product-level margin is claimed.
- Obj 4
- Photomask H1 2026 IFRS gross margin was 41.5% (H1 report, p.8). Base production cost before D&A is 56%, 55%, 54%, 53.5%, 53% of sales. Bear retains 59% initially and reaches only 57%; Bull improves from 55.5% to 51.5%. A cleaner-heavy delivery mix and factory utilization support recovery, but a few delayed systems can change annual margins materially. All depreciation is below EBITDA; these ratios cannot be directly compared with reported IFRS gross margins.
- Obj 5
- Base 2026 selling/service expense EUR26m is close to twice reported H1 EUR12.728m. It rises to EUR36m by 2030 as installations and the installed base grow. Bull requires more field capacity; Bear retains most of the organization despite slower deliveries. Functional costs are modeled before D&A, with all depreciation charged separately; personnel is not added a second time.
- Obj 6
- Base 2026 administration EUR43m is anchored to H1 EUR21.577m. Spending reaches EUR51m in 2030, allowing revenue to grow faster than support costs. Bear assumes little immediate scope for restructuring. The forecast does not repeat the FY2024-to-2025 cost step every year or assume that international expansion is free.
- Obj 7
- H1 R&D was EUR24.874m. Base budgets EUR50m in 2026, rising to EUR83m in 2030; Bull EUR98m at higher sales. This supports bonding, imaging, coating and cleaning development rather than treating backlog as a reason to stop investing. Bear preserves development effort, creating real operating deleverage. Spending is expensed; the small purchased-intangible budget is separate. The company’s 2030 ambition of roughly 11% R&D/sales is a context check, not a guaranteed margin input.
- Obj 8
- EUR3m Base expense retains some currency and miscellaneous operating cost after H1 EUR3.881m. It does not assume recurring subsidiary-loan FX losses at exactly the interim level. Bear retains EUR4m initially; later expenses scale modestly. No disposal loss from the exited Micro Optics business is forecast.
- Obj 9
- EUR2m annual normalized income is intentionally below FY2025 EUR9.105m. No repeat windfall, grant or asset-sale gain is needed to make the operating cases work. This assumption is common to the scenarios and can be changed across linked years.
- Opening Balances
- Audited 31 December 2025 opening assets EUR507.448m and equity EUR315.482m. Display EURk: entering 1 means EUR1,000. Revenue Comment contains historical income, Total assets Comment the historical balance sheets, Operating cash flow Comment the historical cash flows, and Equity Comment the OCI bridge. Forecasts begin FY2026; the reported history is deliberately kept distinct.
- Revenue
- REPORTED INCOME — EURk, FY2023 | FY2024 | FY2025. 2023 from AR2024 p.232; 2024/2025 from AR2025 p.183. 2024 is retrospectively adjusted; 2023 income was not republished on that basis. Revenue: 304262 | 446654 | 503180 Cost of sales: -200370 | -269825 | -323810 Gross profit: 103892 | 176829 | 179370 Selling: -21374 | -27403 | -27762 Research and development: -31309 | -39973 | -46954 Administration: -24197 | -32482 | -43157 Other operating income: 7311 | 3784 | 9105 Other operating expense: -6537 | -6141 | -4730 EBIT: 27786 | 74614 | 65872 Financial income: 955 | 3216 | 1704 Financial expense: -418 | -466 | -1807 Profit before tax, continuing: 28323 | 77364 | 65769 Income tax: -10988 | -25675 | -16248 Net income, continuing: 17335 | 51689 | 49521 Discontinued operations: -12638 | 58285 | -3414 Net income, total: 4697 | 109974 | 46107 D&A from cash-flow statement: 6865 | 7821 | 11804 EBITDA, calculated continuing EBIT plus D&A: 34651 | 82435 | 77676 Forecast sales are the two segments below. H1 2026 group sales EUR202.769m and EBIT EUR14.169m are interim reference points, not full-year actuals. October guidance: sales EUR425–485m, IFRS gross margin 35–37%, EBIT margin 8–10%. Base 2026 assumes EUR455m sales; delivery and customer acceptance remain the key uncertainty.
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