AT&S 4Q 19/20 - Weathering the Chinese covid storm better than expected
AT&S managed to hit the EUR 1 bn revenue mark in FY 2019/20 and thus beat our and consensus estimates thanks to a growing Mobile Devices & Substrates (MD&S) segment while Automotive, Industrial, Medical (AIM) segment revenues were in line and profitability was below expectations. Results were significantly supported by USD effects to the tune of EUR 32 mn on EBITDA, which is more than we expected and explains about half of the beat on operating results. Net income undershot our and consensus forecasts on the back of higher taxes.AT&S Austria Technologie und Systemtechnik is engaged in the production of printed circuit boards. Co. has three core printed circuit board businesses: Mobile Devices, Automotive and Industrial. Co.'s product assortment ranges from single and double-sided printed circuit boards to multilayer, flexible and rigid, insulated metallic substrate, nucleus, to laser drilled circuit boards. Co.'s products are used as electromechanical linking elements, mainly in the telecommunication sector, automobile industry and medical technology applications, defense and aerospace.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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