The Aixtron Share
Share Price and Volume Graph for AIXTRON SE from 01/01/2014 to 12/31/2014
- NASDAQ Composite
AIXTRON Share Price Performance
AIXTRON’s share price was volatile throughout 2014. The continuous growth in LED lighting applications and higher utilization rates across the supply chain fuelled market expectations on a broad-based order recovery. While selected LED manufacturers began actively expanding capacities, most of their peers remained hesitant. It fell short of the market anticipation.
At the beginning of 2014, increasing LED lighting demand and signals of improving profitability margins among LED manufacturers prompted expectations of stronger demand levels. Despite Management’s full-year 2014 guidance with projected 2014 revenues to be in line with those in 2013, the share price climbed to a 2014 high of EUR 12.84 (USD 12.73) on March 10.
The correction started in April 2014 as order activities remained flat. During the Q1/2014 results in April 2014 and the Q2/2014 results in July 2014, Management reiterated the full-year 2014 revenues outlook. While LED manufacturers capacity utilization rates continued running high into the mid of 2014, their reluctance in meaningful spending persisted. The capital market acknowledged the slower than expected speed of recovery and AIXTRON share price declined from its 2014 high.
At the end of September 2014, AIXTRON received a large from San’an Optoelectronics Co., Ltd for 50 the latest generation showerhead MOCVD tools. This landmark order triggered a sharp appreciation of AIXTRON share price. Sentiment improved substantially based on the revitalization of an imminent recovery prospect. Nevertheless, LED manufacturers reported temporary lower utilization rates due to seasonal effects and previously pull-forward demand for Lighting LEDs. This interim adjustment in demand combined with limited visibility about subsequent sizable orders persisted, which put pressure on AIXTRON share leading to a 2014 low of EUR 8.90 (USD 10.90) on December 16.
AIXTRON shares ended the year 2014 at EUR 9.37 (-10.9% year-on-year) in Germany and USD 11.21 (-22.8% year-on-year) in the US (versus 2013 closing prices of EUR 10.52 and USD 14.52), resulting in a market capitalization of close to EUR 1.06 billion. In comparison, the TecDAX® Index increased by 17.5% from 1,166.8 points to 1,371.4 over the year and the NASDAQ Composite® Index increased by 13.4% from 4,176.6 points to 4,736.1 points at the end of 2014.
AIXTRON shares are listed in the Prime Standard segment of the Frankfurt Stock Exchange and – in form of American Depositary Shares – on the NASDAQ® Global Select MarketSM. In line with the US listing requirements, AIXTRON complies with strict American transparency guidelines. The AIXTRON shares are included in many important indices, such as the TecDAX® or the NASDAQ Composite® Index. In addition, it is included in sustainability indices, such as the Dow Jones Sustainability Index and the Natur Aktien Index.
Due to cost reduction and environmental benefits reasons, the Company does not routinely print and circulate the AIXTRON annual report. Instead, AIXTRON offers an online report which is available directly via the Company’s website, providing additional features and functionalities for shareholders.
AIXTRON regularly published press releases and key financial figures informing shareholders and the capital markets on the current status, environment and perceived outlook for AIXTRON’s business. In addition, AIXTRON regularly participates in numerous major investor conferences and road shows in the world’s most important financial centers. Through these conferences, it hosts discussions on current financial results, strategies, products, as well as industry and market trends with institutional and private investors, journalists and financial analysts. At year-end 2014, a total of 37 analysts (2013: 35), of whom 31 are based in Europe and 6 in the United States, commented on the Company on a regular basis as part of their official coverage of the stock.
During fiscal year 2014, AIXTRON logged around 87 man-days reporting to the financial markets through Company visits, individual meetings, investor conferences and road shows worldwide, conducting close to 237 personal discussions and teleconferences with leading players in the financial markets. The Investor Relations department constantly maintained an active dialogue with many individual and institutional shareholders and stakeholders.
AIXTRON is fully dedicated to providing accurate, timely and relevant information on both its own direct business and general market developments to shareholders and the capital markets. In addition, AIXTRON commits to the compliance to the principles of good Corporate Governance.
In 2014, AIXTRON’s investor relations work was once again recognized by the annual survey of Thomson Reuters Extel and the German Investor Relations Association DIRK. According to fund managers and buy-side and sell-side analysts worldwide, AIXTRON was again ranked number one among all TecDAX® companies (2013: rank 1), receiving the award at the 2014 German IR Prize Ceremony in Frankfurt which took place in June.
AIXTRON’s Executive and Supervisory Boards were very pleased at being able to welcome, more than 250 shareholders to AIXTRON’s Annual General Meeting which took place on May 14, 2014 in Aachen/Germany. The Company’s Management provided them with a comprehensive report on the status and prospects of the Company.
As of December 31, 2014, approximately 20% of AIXTRON’s shares were held by private individuals, most of which are situated in Germany. Around 80% of the outstanding AIXTRON shares are held by institutional investors. The majority of institutional investors (around 31%) are in Germany, followed by the UK (29%). The remaining investors are located in the U.S. (13%) and the rest of Europe and the rest of the world. According to the latest announcement on voting rights, AIXTRON’s largest, non-institutional shareholder continued to be Camma B.V. (Renesse, Netherlands) in 2014, holding 6.8% of AIXTRON stock. Around 93% of the shares were free float, according to the definition of the Deutsche Börse. As of December 31, 2014, AIXTRON’s shares ranked number 11 of 30 in market capitalization (December 2013: 8) and number 11 of 30 in 2014 transaction turnover (2013: number 6) in the Deutsche Börse TecDAX® Technology Index Ranking.
At the year-end, the following investors had equity shareholdings in AIXTRON SE exceeding the 3% reporting threshold (according to public filings or voting rights announcements, pursuant to Section 26 (1) of the German Securities Trading Act/WpHG):
// Allianz Global Investors Europe GmbH, Frankfurt am Main, Germany, 8.3%
// Generation Investment Management LLP, London, UK, 5.2%
// Baillie Gifford & Co, Edinburgh, UK, 4.6%
// Vanguard International Growth Fund, Wayne, USA, 3.0%