VAT Group AG Orders above and small acquisition announced

Research evidence excerpt

VAT Group AG Orders above and small acquisition announced

les, orders, UBS Cons.

margins, earnings and FCF y/y. Consensus is looking for a 2026 sales of +22% y/y to 12/26E 11.31 10.48

CHF1,307m (UBSe CHF1,381m) with an EBITDA of cCHF440m (UBSe CHF467m) which 12/27E 15.76 15.20

implies a H2 26E EBITDA margin of c37% (possible but depends on further ramp speed). 12/28E 19.98 18.00

We continue to see low to mid single digit consensus earnings upside risk to 2026E and

more than 10% for 2027E. Amid strong growth, VAT stated to revisit its 2027E revenue Joern Iffert, CFA

Analyst

targets of CHF1.5-1.7bn (UBSe CHF1.85bn, cons. CHF1.7bn).

joern.iffert@ubs.com

+41-44-239 88 00

Smaller acquisition announced

Sebastian Vogel, CFA

VAT announced the acquisition of 100% in the privately held company Atonarp (Japan)

which was founded in 2019, a specialised mass spectrometer provider also for smaller sebastian.vogel@ubs.com

nod sizes such as 2nm logic in semi (link). These mass spectrometers support to monitor, +41-44 239 90 45

analyse and improve production yields at eg, semi chip production. It is complementary

Francois-Xavier Bouvignies

to VAT`s product portfolio and the second acquisition of VAT in this field (VAT acquired a Analyst

start up some years ago). The transaction price of CHF110m (c0.5% of market cap) is francois.bouvignies@ubs.com

paid in cash. We estimate Antronap`s revenues are minor and revenue generation is less +44-20-7568 7105

than CHF10m we estimate. We think the acquisition could provide prospects to increase

the value add of VAT`s vacuum valves and modules.

Valuation: DCF based PT of CHF745; conclusion

Though post the recent share price rally, investors expectations are high, we think the

results/ outlook is fundamentally reassuring.