AT&S AG : New profit warning, raising questions about the investment case and liquidity issues – Underperform rating reiterated, TP adjusted to € 15 (vs € 19)
>Underperformance rating reiterated following a PW raising questions about the investment case and liquidity risk - Target price adjusted to € 15 (vs € 19) - Yesterday, AT&S announced a new profit warning linked to a number of issues (pricing pressure, volatile orders from one customer, weakness of auto/industry, delay in the ramp-up of the AMD fab). We are lowering our EBITDA by ~10% over the next three years and adjusting our target price to €15 (DCF + multiple) vs ...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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