VAT Group AG: 2026 London TMT conference: what did we learn?

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VAT Group AG: 2026 London TMT conference: what did we learn?

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VAT Group AG

2026 London TMT conference: what did we

learn?

Reiterate Rating: BUY | PO: 711.00 CHF | Price: 629.60 CHF

Semi ramp is steeper than expected; On track for capacity 11 June 2026

We hosted VAT CEO Urs Gantner and IR Christopher Wickli at our London TMT Equity

conference. VAT stated the semis ramp is steeper than expected, with continued order

acceleration expected in 2026E. VAT expects to increase capacity 20–30% qoq for the OliverResearchWongAnalyst>>

next two quarters and likely also in Q4, with Romania entering full production next year. MLI (UK)

We reiterate Buy with PO of CHF 711 on 33x FY27E EV/EBITDA. +44oliver.wong2@bofa.com20 7995 9014

Potential upside to 2027 guide; Visibility into 2028 DidierResearchScemamaAnalyst >>

VAT acknowledged upside potential to its 2027 guidance and pointed to visibility into MLI+44 (UK)20 7995 6751

2028E. 2026E and 2027E look set to be record years, with early signs that 2028 could didier.scemama@bofa.com

also remain at elevated levels. VAT referenced roughly 110 fabs being built globally, at Amelia Banks >>

Research Analyst

an estimated $10–20bn per fab, making a path to $200bn+ WFE credible. Growth is MLI (UK)

being driven by three reinforcing factors: more fabs and chip volume, more process +44 20 7995 3554

amelia.banks@bofa.com

steps as chips move to next-generation nodes, and greater equipment intensity. VAT

reiterated its plan to outgrow WFE by 2x, supported by higher share of wallet in leading-

edge applications and by growth in adjacencies.

Stock Data

Other tidbits: NAND, China localization, pricing Price 629.60 CHF

(A) VAT’s current demand is driven by leading-edge logic and DRAM, and while it has not Price Objective 711.00 CHF