QM · rank #6 · 2026-09-08
JEN
XETRA · EUR · $2.73B (USD)
The exact numbers the algorithm saw.
| Momentum 12-1 Return from 12 months ago to 1 month ago. | +107.80% |
|---|---|
| ROE TTM Return on equity, trailing 12 months. | +8.8% |
| Profit margin Net profit margin, trailing 12 months. | +8.3% |
| Market cap (USD) Size filter: > $300M required (USD-equivalent). | $2.73B |
| Anchor (recent) Close on 2026-08-07 | $39.12 |
| Anchor (far) Close on 2025-08-08 | $18.83 |
The AI research card
Independent qualitative review of each pick before the order is placed. On the rare day the research service is unavailable, the paper book trades on the quant ranking alone and no card appears here.
Summary
Jenoptik is a German photonics OEM supplier serving semiconductor equipment, advanced manufacturing, biophotonics, and defense markets with optical and photonic components and systems.
Rationale
The quality-momentum signal is reinforced by a 53% H1 2026 order intake surge, a 1.4 book-to-bill, rising EBITDA margins (~390bps expansion), and raised full-year guidance — all consistent with a name where improving fundamentals are driving price momentum rather than pure sentiment rotation.
Material risks
- 1OEM customer insourcing or multi-sourcing of photonics components is a concrete disqualifier risk — Jenoptik explicitly lacks sole-source moats, and large semiconductor equipment OEMs have both the scale and incentive to internalize specialized optics, which would directly compress margins and erode the €825m backlog's conversion quality.
- 2Semiconductor capex cycle exposure means the H1 2026 order surge could reverse sharply if leading-edge fab investment slows or customers defer tool orders, quickly unwinding the book-to-bill and backlog metrics underpinning the momentum signal.
AI verdict council
Each pick is reviewed independently by 3 models before any order. 3 of 3 voted to proceed.