Inficon: Q2‘26 Review: Guide and consensus continues to edge higher for 2026 and outer years, preparing for step-up

研报英文原文证据摘录

Inficon: Q2‘26 Review: Guide and consensus continues to edge higher for 2026 and outer years, preparing for step-up

Craig A McDowell AC Europe Equity Research

(44-20) 7742-4576 30 July 2026 J P M O R G A N

craig.mcdowell@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

Inficon is well positioned to benefit from higher wafer

fabrication equipment (WFE) spending in the medium term. Our

analysis suggests that the company can deliver growth at least in

line with global WFE in the medium term, supported by existing

design-in, broad exposure across process steps, benign pricing

and growing content. Primarily driven by growth in the

Semiconductor & Vacuum Coating division, our forecasts

indicate that Inficon Group can deliver a multi-year period of

revenue and earnings growth with a recovery in operating

YTD 1m 3m 12m margins on restructuring, price and volume leverage.

Abs 49.2% -15.6% 2.6% 34.5%

Rel 40.0% -17.4% -8.5% 13.4% Valuation

Our Dec’27 PT is set at 200 CHF (unchanged). We value InficonCompany Data

on ‘28 EBIT, applying a multiple of 19.5x (previously 22.0x;

Shares O/S (mn) 24

52-week range (CHF) 189.00-91.20 reduced to reflect multiple compression across the index). Our

Market cap ($ mn) 4,427.92 selected multiple is a ~20% discount to key Swiss-listed peer

Exchange rate 0.81 VAT which is a ~35% premium to the broader sub-system

Free float (%) 69.4%

3M ADV (mn) 0.06 supplier group (reflecting more reliable growth, higher returns

3M ADV ($ mn) 13.0 and a lower cost of capital). Our PT implies P/E of 30x and 24x

Volatility (90 Day) 52 in 2027 and 2028, respectively.

Index SWISS MARKET

BBG ANR (Buy | Hold | Sell) 7|4|2

Key Metrics (FYE Dec) Performance Drivers

$ in millions FY25A FY26E FY27E FY28E

Financial Estimates