First Read VAT Group AG Results call takeaways with the CEO & CFO

研报英文原文证据摘录

First Read VAT Group AG Results call takeaways with the CEO & CFO

cencies UBS Cons.

of some CHF200m could see some delays (as they are mainly qualified for the most 12/26E 11.31 10.48

recent innovative platforms). Hence we think VAT could reach up to CHF2bn sales by 12/27E 15.76 15.20

2027E, which implies upside risk to consensus earnings of 10-25% we think. 12/28E 19.98 18.00

Other takeaways: More capacity planned Joern Iffert, CFA

Analyst

(1) VAT stated its current infrastructure set-up would allow a total revenue output of joern.iffert@ubs.com

cCHF2.5-2.6bn with some room for more. In Malaysia, the company has real estate and +41-44-239 88 00

can expand capacity further. Recall, VAT targets factory output of above CHF450m by

Sebastian Vogel, CFA

the end of 2026 (including c10-15% services & other, total revenue output is CHF500-

550m). Capacity planning will meet demand we think. (2) On EBITDA margins, the sebastian.vogel@ubs.com

company sees strong progress in H2 26E over H1 supported by operating leverage. For +41-44 239 90 45

the full year, VAT sees an EBITDA margin approaching the mid point of the MT targets

Francois-Xavier Bouvignies

being 33.5% as realistic (implies H2 26E EBITDA margin of up to 37% vs 29% in H1). (3) Analyst

Orders from Chinese local OEMs are still growing and VAT sees good prospects. francois.bouvignies@ubs.com

+44-20-7568 7105

Valuation: DCF-based PT of CHF745; conclusion

Results and outlook fundamentals were strong today, but investors expectations after

the share price doubled too. We continue to see upside risk to consensus of more than

10% for 2027E triggered by today's order intake. With orders likely flattening near

term, we think we are currently in the peak of the positive consensus revision cycle for

2027E.