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1. Company Snapshot

1.a. Company Description

Jenoptik AG engages in the optics and photonics business in Germany and internationally.The company operates through Light & Optics, Light & Production, and Light & Safety divisions.It offers imaging solutions and cameras, including microscope and thermographic camera, imaging modules, polymer-based camera modules, and digital microscope subsystem; laser and laser technology, such as laser ablation, scoring, cutting, welding, and distance meters and sensors, as well as laser OEM solutions comprising diode laser and disk laser technology, diode pumped disk lasers, laser systems, and LK heat sink; and optical modules and components for light detection and ranging sensors.


The company also provides optics and optical systems, including objective lenses for laser material processing, system partner for optics, customized and standardized objective lenses, optical measuring systems, and precision optical components; optical shaft measuring systems, optical 3D measurement technology, optical in-line inspection, vision-systems, and ultra-fast opto-electronic probe card; and optoelectronics and optoelectronic systems comprising system partner for optoelectronic systems, customized-specific optoelectronic systems, optoelectronics assemblies and subsystems, light modulation, and photodiodes and LEDs. In addition, it offers road safety solutions, such as speed enforcement, average speed cameras, red light cameras, evaluation software, and traffic services; and civil security solutions, including automatic number plate recognition and data analysis software, border security, combating organized crime, protecting public places, and monitoring suspect vehicles.The company serves automotive, defense and security, electronics and information technology, healthcare and life science, industry and mechanical engineering, semiconductor equipment, and public safety sectors.Jenoptik AG was founded in 1846 and is headquartered in Jena, Germany.

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1.b. Last Insights on JEN

Jenoptik AG's financial prospects remain strong, driven by its robust free cash flow generation. The company's fair value estimate of €44.21, significantly higher than its current share price, suggests a potential undervaluation. This positive outlook is supported by Jenoptik's strong financials, which have not been reflected in its recent stock price.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Jenoptik AG's (ETR:JEN) Stock Has Seen Strong Momentum: Does That Call For Deeper Study Of Its Financial Prospects?

Dec -02

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Is There Now An Opportunity In Jenoptik AG (ETR:JEN)?

Oct -06

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With 43% stake, Jenoptik AG (ETR:JEN) seems to have captured institutional investors' interest

Aug -15

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Is There An Opportunity With Jenoptik AG's (ETR:JEN) 47% Undervaluation?

Jul -29

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Jenoptik AG's (ETR:JEN) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?

Jun -25

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Jenoptik AG (JNPKF) Q1 2025 Earnings Call Highlights: Navigating Market Challenges with ...

May -15

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Jenoptik's (ETR:JEN) Shareholders Will Receive A Bigger Dividend Than Last Year

May -09

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Jenoptik AG (JNPKF) Q4 2024 Earnings Call Highlights: Navigating Growth Amidst Geopolitical ...

Apr -21

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.50%)

6. Segments

Advanced Photonic Solutions

Expected Growth: 8%

Jenoptik AG's Advanced Photonic Solutions segment growth is driven by increasing demand for high-precision optical components in semiconductor manufacturing, rising adoption of 5G and IoT technologies, and growing investments in autonomous driving and medical technology. Additionally, the company's strategic acquisitions and expansion into new markets contribute to its growth.

Non-photonic Portfolio Companies

Expected Growth: 6%

Jenoptik AG's non-photonic portfolio companies' 6% growth is driven by increasing demand for automation and robotics in industries, expansion into new markets, and strategic acquisitions. Additionally, investments in digitalization and process optimization, as well as a strong order backlog, contribute to the growth momentum.

Smart Mobility Solutions

Expected Growth: 9%

Jenoptik AG's Smart Mobility Solutions growth is driven by increasing demand for intelligent transportation systems, government investments in infrastructure development, and rising adoption of electric and autonomous vehicles. Additionally, the need for reduced traffic congestion, improved road safety, and enhanced passenger experience are key factors contributing to the 9% growth.

Consolidation

Expected Growth: 5%

Jenoptik AG's consolidation is driven by increasing demand for photonics and optoelectronics in industries like automotive, healthcare, and semiconductor manufacturing. The company's strategic acquisitions and investments in R&D have enhanced its product portfolio and expanded its global presence, contributing to its 5% growth. Additionally, the rising need for digitalization and automation in various sectors has fueled the demand for Jenoptik's solutions.

Other

Expected Growth: 4%

Jenoptik AG's 'Other' segment growth is driven by increasing demand for industrial metrology and laser processing solutions, particularly in the automotive and semiconductor industries. Additionally, strategic acquisitions and expansion into new markets, such as Asia, contribute to the segment's growth.

7. Detailed Products

Optical Systems

Jenoptik AG's Optical Systems segment provides optical components, systems, and solutions for various industries such as semiconductor manufacturing, medical technology, and astronomy.

Metrology

Jenoptik AG's Metrology segment offers precision measurement and testing technology for the automotive, aerospace, and industrial manufacturing industries.

Lasers & Material Processing

Jenoptik AG's Lasers & Material Processing segment provides laser systems and solutions for material processing, such as cutting, welding, and surface treatment.

Defense & Civil Systems

Jenoptik AG's Defense & Civil Systems segment offers solutions for the defense, security, and civil markets, including optronics, reconnaissance, and cybersecurity.

Light & Safety

Jenoptik AG's Light & Safety segment provides LED lighting solutions for the automotive, industrial, and consumer markets.

8. Jenoptik AG's Porter Forces

Forces Ranking

Threat Of Substitutes

Jenoptik AG operates in a niche market with specialized products, reducing the threat of substitutes.

Bargaining Power Of Customers

Jenoptik AG's customers are primarily large corporations and governments, giving them limited bargaining power.

Bargaining Power Of Suppliers

Jenoptik AG relies on a diverse supplier base, reducing the bargaining power of individual suppliers.

Threat Of New Entrants

The high barriers to entry in the photonics industry, including significant R&D investments, deter new entrants.

Intensity Of Rivalry

The photonics industry is highly competitive, with several established players, leading to intense rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 32.93%
Debt Cost 5.06%
Equity Weight 67.07%
Equity Cost 11.03%
WACC 9.06%
Leverage 49.11%

11. Quality Control: Jenoptik AG passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Growth: 8.8

Quality: 6.3

Yield: 3.1

Momentum: 9.0

Volatility: 2.3

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Hanza

A-Score: 4.6/10

Value: 3.5

Growth: 7.1

Quality: 3.9

Yield: 1.9

Momentum: 9.5

Volatility: 1.7

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A-Score: 4.6/10

Value: 5.4

Growth: 6.1

Quality: 6.7

Yield: 5.0

Momentum: 0.5

Volatility: 3.7

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Jenoptik

A-Score: 4.0/10

Value: 6.2

Growth: 6.2

Quality: 4.8

Yield: 2.5

Momentum: 0.5

Volatility: 3.7

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A-Score: 3.1/10

Value: 6.8

Growth: 4.0

Quality: 3.7

Yield: 0.0

Momentum: 4.0

Volatility: 0.0

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Nynomic

A-Score: 2.7/10

Value: 7.3

Growth: 2.9

Quality: 3.2

Yield: 0.0

Momentum: 0.5

Volatility: 2.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

19.36$

Current Price

19.36$

Potential

-0.00%

Expected Cash-Flows