Pfeiffer Vacuum AG : Despite more negative end-market data points, Q2 should be reassuring for short- and medium-term prospects

>Expecting Q2 2018 to be a reassuring quarter for 2018 targets - We believe Pfeiffer Vacuum AG (PFV) executed solidly on Q2 business and will thus reassure the market on its full-year outlook and mid-term business prospects. While we doubt Q2e order entry matched the record level of Q1 2018 (€ 194m), we nevertheless expect Q2e order entry to be broadly in line with the quarterly run rate of the last 4 quarters (€ 170m). This would translate into a backlog of € ~150m a...