Jenoptik: Excellent Q1 Confirms Thesis; Raising TP to €44

Research evidence excerpt

Jenoptik: Excellent Q1 Confirms Thesis; Raising TP to €44

Deutsche Bank

Research

Rating Company Date

Buy Jenoptik 13 May 2026

Forecast Change

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 11 May 2026 (EUR) 36.30

JENGn.DE JEN GR GER JENGn

Price Target (EUR) 44.00

Technology

52-week range (EUR) 36.30 - 16.17

Semiconductors

Excellent Q1 Confirms Thesis; Raising

Valuation & Risks TP to €44

Michael Kuhn

Strong start to the year clearly supportive of our view Research Analyst

Jenoptik reported an excellent start to the year, with results significantly ahead of +49-69-910-46002

expectations, providing clear support for our Buy thesis. While the headline order

Lars Vom-Cleff

intake number was boosted by a bigger, non-recurring order, we believe the Research Analyst

underlying strength is undeniable and driven by the key Semiconductor division. +49-69-910-13526

The better-than-expected profitability suggests a more positive margin trajectory

ahead. Key changes

TP 38.00 to 44.00 ↑ 15.8%

Investment case materializing; focus on core competences reiterated Source: Deutsche Bank

The company's recent commentary reinforces our view on strategic focus. The CFO

Price/price relative

explicitly stated an aim to "further leverage this powerful foundation by focusing on

our growth opportunities" in core areas like AI-driven semi-demand, defense, and 60

AR/VR applications. Since our upgrade, Our Buy rating has been based on two 40

pillars: 1) improving momentum in key businesses, which is now clearly 20

materializing, and 2) the potential for value-accretive portfolio streamlining. While 0

the latter is likely a story for FY27 and beyond, pending the arrival of the new CEO 2024 2025 2026

(latest in October), the strong operational performance is happening now.