The Aixtron Share
Price and volume chart for AIXTRON SE shares from January 1, 2013 to December 31, 2013
- NASDAQ Composite
AIXTRON Share Price Performance
AIXTRON’s share price fluctuated considerably in 2013. While accelerating LED market penetration buoyed anticipation of a near term order recovery, visibility on capacity expansions from the LED supply chain remained low. The resulting uncertainty in the overall direction of the market created share price volatility.
In Q1/2013, views that the equipment orders may have been reaching a trough level triggered a quick rebound in share price, but this was soon reversed, resulting in a 2013 low of EUR 9.10 (USD 12.21) on February 19.
Encouraged by new attractively-priced consumer LED light bulbs, the market assumed that the increasing adoption of LED lighting would quickly transfer into higher equipment demand. AIXTRON’s share price subsequently rose through March. Following the introduction of AIXTRON’s restructuring and “5-Point-Program” in May, the share price reached a 2013 high of EUR 13.80 (USD 17.87) on May 31. Good progress on the execution of the program, as reported in the Company’s H1/2013 results at the end of July, combined with strong momentum driven by the ongoing adoption of LED lighting, resulted in AIXTRON shares outperforming indices into Q3/2013.
From mid-September 2013, AIXTRON’s share price came under pressure due to prolonged hesitation in customer purchasing. The downward price movement was in contrast to indices, which remained on an upward trend supported by strong global equity markets.
At the end of October 2013, AIXTRON increased its share capital by 10.2 million new shares through use of authorized capital, in the process generating gross proceeds of approximately EUR 101 million. The proceeds from the issue are being used to further strengthen the Company’s technological leadership by focused investments into future growth areas for the Company. Additionally, the capital increase strengthened the financial flexibility of AIXTRON by reinforcing its balance sheet and cash position.
AIXTRON shares ended the year 2013 at EUR 10.52 (+18.5% year-on-year) in Germany and USD 14.52 (+21.5% year-on-year) in the US (versus 2012 closing prices of EUR 8.88 and USD 11.95), resulting in a market capitalization of close to EUR 1.2 billion. In comparison, the TecDAX® Index increased by 40.9% from 828.1 points to 1,166.8 over the year and the NASDAQ Composite® Index increased by 38.3% from 3,019.5 points to 4,176.6 points at the end of 2013.
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. 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.
In 2012, AIXTRON has decided for both cost reduction and environmental reasons, that the Company would no longer 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 our shareholders. We are convinced that this change represents a more modern and improved service to our shareholders and we remain fully dedicated to providing our shareholders and the capital markets with accurate, timely and relevant information on both our own direct business and general market developments. In addition AIXTRON remains committed to complying with the principles of good Corporate Governance.
We continue to regularly publish press releases and key financial figures into the public domain that inform 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 2013, a total of 35 analysts (2012: 30), of whom 28 are based in Europe and 7 in the United States, commented on the Company on a regular basis as part of their official coverage of the stock.
Following the Management change in 2013, the availability of Executive Board members for investor meetings has shifted mainly to the favor of closer direct customer contacts as part of the 5-Point-Program. During fiscal year 2013, AIXTRON still logged around 100 man-days reporting to the financial markets through Company visits, individual meetings, investor conferences and road shows worldwide, conducting close to 300 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. In 2013, 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 ranked number one among all TecDAX® companies (2012: rank 3), receiving the award at the 2013 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, yet again, a significant number of shareholders to AIXTRON’s Annual General Meeting. On May 23, 2013, more than 500 shareholders and visitors attended the meeting in Aachen, many of whom regularly attend the Company Meeting, and the Company’s Management provided them with a comprehensive report on the status and prospects of the Company.
As of December 31, 2013, 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 30%) are in Germany, followed by the UK (26%) and the US (23%). The remaining investors are located throughout other parts of Europe and the rest of the world. In 2013, AIXTRON’s largest, non-institutional shareholder continued to be Camma B.V. (Renesse, Netherlands), 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, 2013, AIXTRON’s shares ranked number 8 in market capitalization (December 2012: 10) and number 6 in 2013 transaction turnover (2012: number 1) in the Deutsche Börse TecDAX® Technology Index Ranking.
At the year-end, the following investors had shareholdings in AIXTRON SE exceeding the 3% reporting threshold (shares held as of the reporting date, pursuant to Section 26 (1) of the German Securities Trading Act/WpHG):
// Allianz Global Investors Europe GmbH, Frankfurt am Main, Germany, 6.1%
// Generation Investment Management LLP, London, UK, 5.2%
// Baillie Gifford & Co, Edinburgh, UK, 4.6%
// Vanguard International Growth Fund, Wayne, USA, 3.0%