Comet : Europe’s most leveraged play on the memory supercycle
Comet has one of the strongest exposures in Europe to memory (>1/3 of revenue), the segment expected to grow the fastest in 2026-27 (strong supply-demand imbalance). Added to this are the adoption of the Synertia system, tech transitions and strong operational leverage, with EPS tripling over 2 years. The valuation (17x EBITDA) does not anticipate this change in the earnings trajectory. We initiate coverage with an Outperform rating and a target price of CHF 310.Comet Holding AG is a Switzerland-based manufacturer of systems and components for the non-destructive testing, security applications, and plasma excitation in the fabrication of memory chips, flat screens and solar panels. The Company is organized, along with its subsidiaries, into two segments: the Modules & Components segment develops, manufactures and markets components and modules for industrial x-ray applications, and components and radio frequency (RF) modules for a range of applications in vacuum capacitors and for semiconductor fabrication plants, and the Systems segment is a vendor of systems and services for non-destructive testing, using x-ray technology and computed tomography. The Company operates through its subsidiaries in Switzerland, Germany, Denmark, the United States, China and Japan.
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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