VAT Group AG : The bottom is identified, momentum can accelerate
>Outperform, target price adjusted to CHF 390 (vs CHF 400) - The share price was stable yesterday (-0.4%) despite orders coming in below expectations, due in our view to clearer identification of the timing and level of the bottom. The slowdown in the sequential fall in sales and expectations of a gradual pick-up in orders from Q2 confirm that the bottom will be reached in H1. At the same time, VAT struck a confident note for H2 and 2024. Recognition of the bottom is ...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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