Pauli has published a new company report on Tamtron. 
Tamtron issued a profit warning relatively early in the year, which, combined with the earnings disappointments of recent years, increases uncertainty regarding competitiveness and sustainable earnings levels. On the other hand, according to the announcement, the background factor is the weak development of system sales, which is quite cyclical and can occasionally fluctuate due to the impact of individual orders. We find the company’s growth story interesting, e.g., due to the internationalization of system sales and high-margin SaaS service sales, but growth figures have not developed in line with the story in recent years. Following the forecast cuts, we no longer find the valuation particularly attractive relative to the uncertainty surrounding the forecasts, which is why we are lowering our recommendation to Reduce (prev. Accumulate) and the target price to 5.0 euros (prev. €6.0).