VAT Group AG : Reprise bien engagée mais avec peu d’upside sur la valorisation
>Opinion Neutre confirmée, OC révisé à 500 CHF (vs 420 CHF) - Le titre VAT était stable hier, la déception autour du CA T1 et de la guidance T2 ayant été compensées par de solides prises de commandes (10% > aux attentes). Le momentum devrait par ailleurs se poursuivre sur les prochains trimestres, avec un BtB attendu >1, tiré notamment par le rebond des investissements dans la mémoire et l’absence de baisse de la demande en Chine. Compte tenu de ces éléments, nous aju...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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