VAT Group AG : Recovery well underway but limited upside on the valuation
>Neutral recommendation confirmed, target price raised to CHF 500 (vs CHF 420) - VAT’s share price was stable yesterday, with the disappointment on Q1 revenue and the guidance for Q2 offset by solid order intake (10% > forecasts). Moreover, momentum should continue over the coming quarters, with a book-to-bill anticipated at >1, largely driven by the rebound in investment in memory and the absence of a decline in demand in China. In light of these elements, we have ad...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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