Inficon : High-quality player and favourable cycle, but limited upside for a re-rating

As a leader in measurement solutions for critical environments, Inficon boasts a solid position in semiconductors (~50% of sales) and industrial niches (auto, AC, aerospace, solar). The recovery in the Wafer Fab Equipment (WFE) market and favourable cycles outside semis should support growth of +8/10% in 2026/27e and a recovery in the EBIT margin. However, the valuation (20x EBITDA), in line with the 5-year average and peers, correctly reflects Inficon’s growth profile, similar to that of WFE in our view. We are initiating coverage with a Neutral rating.