reports
- Martin Marandon-Carlhian
- Stephane Houri
Inficon : High-quality player and favourable cycle, but limited upside...
As a leader in measurement solutions for critical environments, Inficon boasts a solid position in semiconductors (~50% of sales) and industrial niches (auto, AC, aerospace, solar). The recovery in the Wafer Fab Equipment (WFE) market and favourable cycles outside semis should support growth of +8/10% in 2026/27e and a recovery in the EBIT margin. However, the valuation (20x EBITDA), in line with the 5-year average and peers, correctly reflects Inficon’s growth profile, similar to that of WFE in...
- Martin Marandon-Carlhian
- Stephane Houri
Inficon : Acteur de qualité et cycle favorable, mais levier limité pou...
Leader des solutions de mesure pour environnements critiques, Inficon bénéficie d’une position solide sur les semiconducteurs (~50% du CA) et des niches industrielles (auto, AC, aérospatial, solaire). La reprise du WFE (Wafer Fab Equipment) et des cycles favorables hors semi devraient soutenir une croissance de 8/10% en 2026/27e et un redressement de la MOP. La valorisation (20x l’EBITDA), en ligne avec sa moyenne historique et ses comparables, reflète cependant correctement son profil de croiss...
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