VAT Group AG : Disappointment on the speed of the recovery
>Neutral rating confirmed, target price cut to CHF 430 (vs CHF 500) - VAT's share price lost 1% yesterday. Whilst the group’s Q3 publication disappointed on order intake and revenue, a share of this disappointment was probably already anticipated following the low level of order intake at ASML in Q3, indicating a slow recovery in demand for semiconductors excluding AI (notably on smartphones/PCs). We have therefore lowered our revenue forecasts for 2024 (7% vs 12%) an...VAT Group AG is a Switzerland-based company engaged in the manufacture of industrial valves. The Company focuses on designing and producing vacuum valves for semiconductor, display and solar panel manufacturing, as well as for a range of industry and research applications. Its activities are divided into three business areas: Valves, Global Services and Industry. The Valves division provides isolation, control and transfer valves used in vacuum-based manufacturing processes. The Global Services area offers advisory and after sales services, such as trainings, equipment repair and overhaul, valve upgrade and spare parts sale. The Industry segment manufactures and markets welded bellows, machine parts, mechanical components and assemblies. The Company operates worldwide.
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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