AT&S Q3 20/21 Company News - Upbeat guidance despite mixed bag of results
Q3 20/21 top line better than expected, EBITDA in line with RBIe but below consensus32% revenue increase on new IC substrate capacities, good medical & industrial demand
20/21 sales guidance increased to +17-19% (+15% before) yoy on better Q3, EBITDA margin outlook unchanged at 20-22%, translating to EUR 1,170-1,190 mn revenues, EUR 234-262 mn EBITDA vs. EUR 253 mn consensus
Conference call highlights sustainability goals, 11.6% IC substrates CAGR 2020-25, linear capacity growth, some ramp-up cost in years ahead
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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