Equity Research

COMPANY FLASH 23 January 2013

page 1 see last page for disclaimer

Analyst: Guenther Hollfelder, CFA

+49 89 5150 1806 Technology Hardware

AIXTRON guenther.hollfelder@baaderbank.de

Rating: Buy

Target price: EUR 15.00

Closing price as of 22-Jan-13: EUR 10.14

Reuters / Bloomberg: AIXGn.DE / AIXA GY

LED lighting companies Cree, Osram and Everlight with positive trend

Event

● US LED chip and luminaires maker Cree reported better-than-expected results and outlook last night. Record 2Q sales of USD

346mn were above consensus of USD 331mn, and EPS of USD 0.32 beat by two cents. Sales and EPS were above guidance due

to stronger sales in LED/lighting, also resulting in higher capacity utilization. LED pricing was in line with company's expectations

but better than last year, which is positive news. According to Cree, were are seeing some improvement in the demand/supply

situation for LED chips as LED lighting adoption is making progress, although there are still overcapacities left. Commenting on the

inventory situation, Cree said that there was less channel inventory in LED chips at the end of December than at the end of

September. For 3Q, Cree gave guidance for sales of USD 325-345mn, above consensus of USD 323mn, anticipating EPS of USD

0.30-0.35 vs. consensus of USD 0.28. Cree shares were up 15% after hours.

● Cree's German competitor Osram, which is also in the LED chip/luminaires business and a customer of AIXTRON, reported a solid

profit this morning (EUR 79mn). During the conference call Siemens’ management highlighted that in particular the LED chip

business performed well.

● Furthermore, comments in Taiwan about a positive LED outlook this year from Everlight's chairman lifted LED shares incl.

Taiwan's largest LED chip maker and AIXTRON customer Epistar.

Our conclusion

● The overall trend is in line with our scenario of increasing penetration of LED lighting technology: Absorbing the overcapacities in

LED chip manufacturing over time, finally resulting in a new order cycle for equipment suppliers incl. AIXTRON.

● ASML’s recent quarterly report indicated that demand for semiconductor equipment in 2013 will be weaker than expected due to a

slow first half. This should also be true for the two German names AIXTRON and Süss MicroTec. However, demand for

semiconductor equipment should gain momentum in the second half of 2013. Due to the positive trend at LED makers this could

also materialize for AIXTRON, in our view. In the short-term, AIXTRON’s results should still be negatively impacted by the low

sales level and also the order intake is not expected to pick up materially yet.

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AIXTRON

Disclaimer

GENERAL STATEMENTS Our recommendations are based on information that has been diligently compiled by us and is partially based on publicly available sources of third parties believed to be reliable. We do not warrant the accuracy or completeness of such information of third parties. All estimates and opinions included herein represent the independent judgment of the responsible analysts of Baader Bank AG as of the date of publication of this analysis. We reserve the right to modify the views expressed herein at any time without notice. Moreover, we reserve the right not to update this information or to discontinue it altogether without notice. Neither Baader Bank AG nor any of its authorized representatives or employees nor any other person accepts any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection therewith.

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Applicable Key(s)

adidas 4; Ahold 4; AIXTRON 4; Allgeier 4; alstria office REIT 4; AMAG 4; ams 4; Andritz 4; ASML 4; Atrium 4; Aurubis 4; BASF SE 4; Bayer 4; BayWa 4; CA Immo 4; Carrefour 4; conwert 4; Dassault Systèmes 4; DATRON 4, 5; Demag Cranes 4; Deutsche EuroShop 4; Deutsche Wohnen 4; Dialog Semiconductor 4; DIC Asset 4; Dürr 4; Fielmann 4; Fuchs Petrolub Pref. 4; GAGFAH 4; GEA Group 4; GERRY WEBER 4; GILDEMEISTER 4; GSW Immobilien 4; Heidelberger Druck 4; Henkel 4; HUGO BOSS 4; Immofinanz 4; Infineon 4; IVG Immobilien 4; Jenoptik 4; Jungheinrich Pref. 4; K+S 4; Klöckner & Co 4; Krones 4; KUKA 4; LANXESS 4; Linde 4; METRO 4; Micronas 4; Nemetschek 4; NORMA Group 4; PATRIZIA Immobilien 4; Praktiker 4; Prime Office REIT 4; PUMA 4; Rational 4; REALTECH 4; RHI 4; Sage 4; Salzgitter 4; SAP 4; Semperit 4; SGL Group 4; Sixt 4; SKW Metallurgie 4; Software AG 4; STMicroelectronics 4; Süss MicroTec 4; Symrise 4; TAG Immobilien 4; Temenos 4; Tesco 4; ThyssenKrupp 4; TOM TAILOR 4; VIB Vermögen 3, 4, 5; voestalpine 4; VTG 4; Wienerberger 4 Key 1: Baader Bank AG and/or a company affiliated with it own at least 1% of the capital stock of the company that is the subject of the analysis.

Key 2: The company that is the subject of the analysis owns at least 1% of the capital stock of Baader Bank AG and/or a company affiliated with it.

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Key 10: The responsible analysts of Baader Bank AG disclosed a draft of the analysis to the company that is the subject of the analysis for fact reviewing purposes and changes were made to the analysis before publication.

Key 11: Baader Bank AG and/or a company affiliated with it may hold significant open derivative positions in the stocks of the company that is the subject of the analysis which are not delta-neutral.

page 3 23 January 2013

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COMPANY FLASH AIXTRON

RECOMMENDATIONS, RATINGS AND EVALUATION METHODOLOGY Financial analyses published in the twelve months prior to the publication of this financial analysis covering the same financial instruments or issuers.

Company Date Rating Currency Target price AIXTRON 30-Aug-12 Buy EUR 15.00

Baader Bank AG and/or a company affiliated with and/or employees or clients may take positions in, and may purchase and/or sale the securities or related financial instruments as principal or agent. Baader Bank AG uses a three-tier recommendation system for the stocks in its formal coverage: Buy, Hold, or Sell: A Buy is applied when the expected total return over the next twelve months is higher than the stock's cost of equity. A Hold is applied when the expected total return over the next twelve months is lower than its cost of equity but higher than zero. A Sell is applied when the stock's expected total return over the next twelve months is negative.

We employ three further categorizations for stocks in our coverage: Restricted: A rating and/or financial forecast and/or target price is not disclosed due to compliance or other regulatory considerations such as blackout period or conflict of interest. Coverage in transition: Due to changes in the research team, the disclosure of a stock's rating and/or target price and/or financial information are temporarily suspended. The stock remains in the research universe and disclosures of relevant information will be resumed in due course. Not rated: Suspension of coverage.

Valuation methodology Company valuations are based on the following valuation methods: Multiple-based models (P/E, P/cash flow, EV/sales, EV/EBIT, EV/EBITA, EV/EBITDA), peer-group comparisons, historical valuation approaches, discount models (DCF, DVMA, DDM), break-up value approaches or asset-based evaluation methods. Furthermore, recommendations are also based on the economic profit approach. Valuation models are dependent on macroeconomic factors, such as interest rates, exchange rates, raw materials, and on assumptions about the economy. Furthermore, market sentiment affects the valuation of companies. The valuation is also based on expectations that might change rapidly and without notice, depending on developments specific to individual industries. Our recommendations and target prices derived from the models might therefore change accordingly. The investment ratings generally relate to a 12-month horizon. They are, however, also subject to market conditions and can only represent a snapshot. The ratings may in fact be achieved more quickly or slowly than expected, or need to be revised upward or downward.

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AIXTRON

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AIXTRON

CONTACTS

Volker Bosse, CEFA Andre Remke, CFA Gerhard Schwarz, CEFA

Co-Head Equity Research Co-Head Equity Research Head of Equity Strategy

+49 89 5150 1815 +49 89 5150 1816 +49 89 5150 1812

volker.bosse@baaderbank.de andre.remke@baaderbank.de gerhard.schwarz@baaderbank.de

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