Above cons. on Q2, but past this year's peak

研报英文原文证据摘录

Above cons. on Q2, but past this year's peak

Mycronic

Company description Risks

Mycronic's business model is centred on the development Mycronic faces three main risks, in our view: 1) geopolitical,

and manufacture of high-precision production equipment primarily due to its considerable sales exposure in China

for specialised niches within the electronics industry. The and the geopolitical tensions affecting the semiconductor

company's foundation is its near-global monopoly in display market, 2) technological, given that a substantial portion of the

photomask writers, from which it has expanded through both company's profits depend on its near-monopolistic position in

internal R&D and strategic acquisitions. This diversification the display mask writer market, and a loss of this position due

has established leading market positions in high-mix-low- to technological disruption would be highly detrimental, and 3)

volume PCB assembly lines, automated dispensing and suboptimal capital allocation towards acquisitions.

coating systems, and several emerging technology areas.

However, mask writers, including the more recently launched

ones aimed at mature-node semiconductors, still contribute

the vast majority of the company's EBIT.

Annual sales, order intake and margins Quarterly sales, order intake and margins

Source: ABG Sundal Collier Estimates, Company Data Source: ABG Sundal Collier Estimates, Company Data

Cash flow conversion and return on capital Net debt and leverage

Historical consensus P/E DCF sensitivity table (organic)

Source: ABG Sundal Collier Estimates

DCF sensitivity table (M&A)

Source: ABG Sundal Collier Estimates, FactSet Estimates

6 July 2026 ABG Sundal Collier 2