Last close As at 05/08/2026
USD4.44
▲ −0.16 (−3.48%)
Market capitalisation
USD292m
Research: TMT
Since SCHMID last provided an update on order intake (16 June), the company has received a €37m single order from a Chinese customer. This is a follow-on order for a facility for which SCHMID supplied equipment in 2025. To help fund working capital for the growing backlog, the company has arranged a new $20m convertible bond, which adds to the c $10m already received from the standby equity facility since it was established in May. Management is reviewing FY26 guidance and expects to provide a further update on 14 July, at which point we will review our forecasts.
| Year end | Revenue (€m) | EBITDA (€m) | EPS (€) | DPS (€) | P/E (x) | EV/sales (x) | EV/EBITDA (x) |
|---|---|---|---|---|---|---|---|
| 12/24 | 60.8 | (2.9) | (0.34) | 0.00 | N/A | 4.9 | N/A |
| 12/25 | 66.9 | 1.7 | (0.15) | 0.00 | N/A | 4.5 | 176.7 |
| 12/26e | 100.3 | 18.1 | 0.12 | 0.00 | 33.7 | 3.0 | 16.5 |
| 12/27e | 114.7 | 22.7 | 0.18 | 0.00 | 22.8 | 2.6 | 13.2 |
The company has received a repeat order worth more than €37m from a Chinese customer for advanced high-density interface multilayer (HDI-ML) and modified semi-additive process (mSAP) production equipment. SCHMID originally supplied InfinityLine H+ and V+ tools for use in next-generation AI server boards and optical module applications in 2025, and this order is for the second phase of capacity expansion.
Order intake for H126 totalled €44.3m (Q1: €13.6m, Q2: €30.7m) and since receiving this order, order intake year-to-date is €81.7m.
Management is currently reviewing whether an upward revision of guidance for FY26 is warranted and expects to provide a trading update on 14 July. As a reminder, current guidance is for order intake growth of 20% (to €114m), revenue of at least €100m and an EBITDA margin well in excess of 12%.
To provide adequate working capital for the growing backlog, the company has entered into an agreement with Linden Advisors for a $20m convertible bond. Linden is also the investor in the $30m convertible issued in January/March this year, of which $12m remains unconverted. The new convertible pays a coupon of 5% and matures on 14 January 2029. The exercise price is the lower of $10.50 and 97% of the volume weighted average price, with a floor of $1.93.
Since we initiated coverage, the company has issued 1.49m shares via the standby equity purchase agreement, which we estimate generated proceeds approaching $10m.
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Research: Healthcare
Cereno Scientific has cleared another important execution milestone for CS014, completing participant dosing and follow-up in its Phase I pharmacokinetic (PK) bridging study (n=14). The programme remains on track for a Q326 top-line readout following database lock and analysis, with supportive data expected to underpin the planned H226 investigational new drug submission and potentially enable a direct transition into Phase IIb (in 2027), bypassing additional non-clinical safety studies and the conventional Phase IIa step. If successful, we expect this to materially improve the programme’s development economics by reducing both timelines and capital requirements, while accelerating the first efficacy evaluation in pulmonary hypertension associated with interstitial lung disease (PH-ILD). We believe this will also strengthen Cereno’s broader investment case, positioning the company to advance two Phase IIb HDAC programmes in parallel and further diversifying pipeline risk.