VAT Group AG "UBS Rheintal Pearl Tour takeaways with the CEO, CFO and IR" (Buy)

研报英文原文证据摘录

VAT Group AG "UBS Rheintal Pearl Tour takeaways with the CEO, CFO and IR" (Buy)

Global Research

18 May 2026ab

VAT Group AG Equities

SwitzerlandUBS Rheintal Pearl Tour takeaways with the CEO,

CFO and IR Industrial, Diversified

12-month rating Buy

12m price target CHF650.00Big picture view

We observed a confident management tone on the semi end-market acceleration, the

medium-term targets and long-term prospects. We think VAT is on track to reach Price (15 May 2026) CHF592.60

consensus estimates for 2026E with order intake further accelerating sequentially. Some RIC: VACN.S BBG: VACN SW

supply chain ramp bottlenecks need to be considered for 2026E prospects and hence we

think book-to-bill will remain above 1x for a prolonged period. The largest incremental Trading data and key metrics

management concerns are linked to supply chain risks & bottlenecks amid a very likely 52-wk range CHF620.40-257.70

scenario of a strong semi ramp over a long time period. We think the positive consensus Market cap. CHF17.8b/US$22.6b

revision cycle over 2026-27E will continue to support investor sentiment. Shares o/s 30.0m (ORD)

Free float 90%

Current momentum, adjacency update and 2027E targets Avg. daily volume ('000) 92.3

VAT is confident about its guidance of a sequential order intake increase from here. Avg. daily value (m) CHF49.6

Additionally, the company plans for q/q sales growth of 20-30%+ for the near future Common s/h equity (12/26E) CHF0.94b

and confirmed consensus estimates look reasonable for 2026E. For 2027E, the company P/BV (12/26E) 19.0x

sees further growth prospects, backed by client interactions, and is confident on its Net debt to EBITDA (12/26E) 0.1x

2027E sales target of CHF1.5-1.7bn (cons. cCHF1.6bn), implying another 20-25% y/y