Jenoptik JEN.DE
What does Jenoptik do?
Jenoptik is a technology group headquartered in Jena that specializes in photonics. The company develops and manufactures optical, laser-based and sensor systems, modules and components. These include imaging solutions and cameras, lasers and laser systems, optics and micro-optics, as well as measurement and inspection technology for industrial manufacturing processes. A large part of the business consists of supplying industrial customers as a development and manufacturing partner.
The business is divided into the areas Semiconductor & Advanced Manufacturing, Biophotonics, Metrology & Production Solutions and Smart Mobility Solutions. Customers include mainly semiconductor equipment makers, medical and analytical technology companies and the automotive industry. Public-sector customers in traffic safety and traffic monitoring are also served. In competition, Jenoptik positions itself as a specialized provider of niche solutions with deep technological expertise, holding its own against larger groups and other photonics providers through application knowledge and long-term customer relationships.
Score profile
Rank vs. Electronic Components (22 companies). 10 = top of the group, 5 = middle. Calculated from the metrics below, without AI.
Metrics compared with the industry
On profitability and quality, Jenoptik ranks in the middle in the group Electronic Components (4.5/10). On growth, the company ranks below average in the group Electronic Components (2.7/10). On valuation (higher = cheaper), the stock ranks above average in the group Electronic Components (6.0/10). On financial strength, Jenoptik ranks in the middle in the group Electronic Components (5.9/10).
| Metric | Stock | Group median | Ranking |
|---|---|---|---|
| Forward P/E | 14.4x | 16.8x | better than 70 % |
| Trailing P/E | 24.7x | 28.9x | better than 79 % |
| PEG ratio | 1.1x | 0.9x | better than 38 % |
| EV/EBITDA | 12.4x | 14.9x | better than 80 % |
| Price/sales | 2.0x | 2.2x | better than 52 % |
| Price/book | 2.1x | 4.0x | better than 84 % |
| Revenue growth | 2.8% | 21.5% | better than 2 % |
| Earnings growth | 53.8% | 46.5% | better than 52 % |
| Gross margin | 34.5% | 33.7% | better than 52 % |
| Operating margin | 13.8% | 14.2% | better than 48 % |
| Net margin | 8.3% | 7.7% | better than 52 % |
| Return on equity | 8.9% | 13.9% | better than 30 % |
| Debt/equity | 42.4% | 41.8% | better than 48 % |
| Current ratio | 2.4x | 1.9x | better than 60 % |
| Free cash flow yield | 4.4% | 2.2% | better than 70 % |
| Dividend yield | 1.1% | 1.0% | – |
| Payout ratio | 26.5% | 26.9% | – |
| Beta | 1.25 | 1.36 | – |
Valuation: what is Jenoptik worth?
Two valuation approaches – a discounted cash flow model and a valuation at the industry’s median multiples – give Jenoptik a model range of 19.99 EUR to 45.99 EUR per share.
9 analysts, average rating “Buy”, average price target 50.78 EUR (+36.4%).
The full DCF matrix, the reverse DCF (what growth the price implies) and scenarios are part of the Pro analysis.
What the business depends on
- Semiconductor equipment makers' demand for optical and sensor components significantly influences utilization and earnings.
- Investment in industrial manufacturing, metrology and automation determines sales of measurement and production solutions.
- Public contracts for traffic safety and traffic monitoring provide project-based revenue and contribute to diversification.
Risks
- Dependence on cyclical industries such as semiconductors and automotive makes revenue and earnings prone to fluctuation.
- A few large customers in individual segments can cause noticeable shortfalls if orders are postponed or work is insourced.
- Technological change, competitive pressure and geopolitical trade restrictions can weigh on market access, supply chains and margins.
What to look for with Jenoptik
The EBITDA margin shows how profitably the company operates in the cyclical photonics business despite high development and manufacturing costs, and how well pricing and utilization work out.