First Read: Jenoptik AG "SMID Pan-European Conference 2026 - Feedback" (Neutral)

研报英文原文证据摘录

First Read: Jenoptik AG "SMID Pan-European Conference 2026 - Feedback" (Neutral)

Global Research

13 May 2026ab

First Read

EquitiesJenoptik AG

SMID Pan-European Conference 2026 - Germany

Feedback Advanced Industrial Equipment

12-month rating Neutral

12m price target €29.50

Jenoptik at the SMID Pan-European Conference 2026

We hosted Dr. Prisca Havranek-Kosicek, Chief Financial Officer, and Andreas Theisen,

Head of Investor Relations, at our SMID Pan-European Conference today for group Price (13 May 2026) €42.90

meetings. RIC: JENGn.DE BBG: JEN GR

Trading data and key metrics

Key takeaways

52-wk range €42.90-16.17

Management reiterated group guidance for the year, stressing Jenoptik’s technology

Market cap. €2.46b/US$2.88b

positioning within semiconductors, particularly lithography and inspection, while

acknowledging relatively limited near-term visibility given customer demand uncertainty Shares o/s 57.2m (ORD)

and ongoing tool output adjustments. 1Q26 order intake (see results yesterday) reached Free float 89%

a record level, building on signals given at FY results, though management cautioned Avg. daily volume ('000) 243

that revenue conversion will remain uneven due to mix, non-recurring orders (LDD €m Avg. daily value (m) €7.3

amount in 1Q26 in semis that should be seen as annual, not recurring each quarter) and Common s/h equity (12/26E) €1.08b

timing effects. The tone on inspection seemed more constructive longer term; while on P/BV (12/26E) 2.3x

lithography order discussions improved from December 2025 after a postponement of Net debt to EBITDA (12/26E) 1.2x

the initial assumption of a semi ramp in 2H25. Outside semis, biophotonics and defense

EPS (UBS, diluted) (EUR)

are positioned as stabilisers, with strong defence demand, lumpy but multi-year

UBS Cons.