Report
Richard Williamson

AT&S - Making the future interconnected

AT&S is the second largest manufacturer of high-end printed circuit boards (PCBs) globally. It is well placed to benefit from rising demand for data servers and interconnected devices. Management is partway through a programme to expand its integrated circuit (IC) substrate capacity at least fivefold, with the aim of trebling revenues to c €3bn by FY26 with an EBITDA margin of 27–32% (adjusted EBITDA margin of 16.0% in Q122) and becoming one of three largest suppliers of IC substrates globally.
Underlying
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft

AT&S Austria Technologie und Systemtechnik is engaged in the production of printed circuit boards. Co. has three core printed circuit board businesses: Mobile Devices, Automotive and Industrial. Co.'s product assortment ranges from single and double-sided printed circuit boards to multilayer, flexible and rigid, insulated metallic substrate, nucleus, to laser drilled circuit boards. Co.'s products are used as electromechanical linking elements, mainly in the telecommunication sector, automobile industry and medical technology applications, defense and aerospace.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Richard Williamson

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