Vishay Intertechnology, Inc.: Encouraging trends, but we see risk to 2H; valuation stretched; PO to $28

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Vishay Intertechnology, Inc.: Encouraging trends, but we see risk to 2H; valuation stretched; PO to $28

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Vishay Intertechnology, Inc.

Encouraging trends, but we see risk to 2H;

valuation stretched; PO to $28

Reiterate Rating: UNDERPERFORM | PO: 28.00 USD | Price: 38.50 USD

Progress continues but we see some risks 14 May 2026

VSH reported F1Q26 rev/EPS of $839mn/$0.05, above our est of $830mn/$0.04. The Equity

quarter showed continued progress with revenues improving across verticals and

regions. We see the near-term as strong as book-to-bill is high (1.34 overall, with 1.47 in

Key Changessemi and 1.23 in passives) and improving backlog. POS was up 10.7% q/q and sales can

benefit in the near-term from inventory replenishment at distribution. F2Q rev mid-pt (US$) Previous Current

was guided $10mn above our prior est, while implied EPS is slightly lower partly on Price Obj. 18.00 28.00

higher tax rate. However, we remain cautious. Raw material cost increases can 2026E Rev (m) 3,509.1 3,647.6

negatively impact margins. VSH is likely benefiting from some pull-forward of demand, 2027E Rev (m) 3,814.8 4,166.8

and we see uncertain impact of price increases on end market demand. Street ests have 2028E Rev (m) 4,005.6 4,705.5

moved higher (higher bar to beat). Shares have re-rated 109% higher since April 1st and 2026E EPS 0.82 0.86

we see valuation as stretched based on our assessment of earnings power for the 2027E EPS 1.60 1.84

company. Reit Underperform as we remain cautious on the sustainability of the recovery. 2028E EPS 2.22 2.53

We see material risks to achieving long-term targets

Management continues to target the long-term revenue, and margin targets set during RupluResearchBhattacharyaAnalyst