VAT Group AG : Slower-than-expected recovery – Neutral rating maintained, target price adjusted to CHF 500 (vs CHF 580)
>Neutral rating confirmed, target price adjusted to CHF 500 (vs CHF 580) - VAT’s share price has shed 12% since last Thursday. The reason is that, even adjusting for a one-off related to the implementation of an ERP which will see a two-week production stoppage in August (impact of ~CHF 20m), the Q3 revenue guidance is still disappointing (CHF 235-255m vs css at CHF 283m). It points to a slower recovery than expected up to now. We have therefore adjusted our revenue g...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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