VAT Group AG : Recovery off to a good start but could be slower than expected
>Neutral rating maintained, 2023-2024 EPS estimates lowered by 10% - Despite order intake and Q4 guidance falling short of expectations, the stock yesterday gained 4% following confirmation that we are past the bottom and into the recovery phase (orders up 5% sequentially). We nonetheless think that this upturn stems more from a lower level of order cancellations and a normalisation of valve inventories than any real upswing in underlying demand. The recovery could th...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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