VAT 2Q26 model update

研报英文原文证据摘录

VAT 2Q26 model update

J P M O R G A N Europe Equity Research

31 July 2026

VAT Overweight

VACN.S, VACN SW

2Q26 model update Price (31 Jul 26):CHF605.80

Price Target (Dec-27):CHF730.00

We are updating our model following VAT’s 2Q26 report. VAT reported very strong European Tech Hardware &

order intake in 2Q26 (CHF 500m) with backlog at the end of 2Q26 of CHF 648m Payments

up 120.5% YoY. For 3Q26, VAT has guided for sales of CHF 370m at the midpoint Sandeep Deshpande AC

(CHF 355-385m) which implies ~27.1% QoQ growth. The company is targeting (44-20) 7134-5276

>CHF 450m of quarterly factory output run-rate by year end (and potentially a sandeep.s.deshpande@jpmorgan.com

revenue run-rate which is higher than factory output). This implies VAT could Craig A McDowell

report revenues above CHF 2bn in FY27, hence our higher revenue estimates. In (44-20) 7742-4576

terms of FX exposure, CHF has cooled from 1H26 high levels and should support craig.mcdowell@jpmorgan.com

profitability. The company is investing in scaling revenue with new hires across Anthony Girard

(44-20) 3493-6469

Malaysia, Switzerland and Romania. The changes we made are: anthony.girard@jpmorgan.com

• On Orders, we are raising our FY26/FY27/FY28 by 14.1%/14.2%/9.9% J.P. Morgan Securities plc

driven by a stronger WFE and our expectation that order momentum should Specialist Sales contact details:

continue at VAT as a result (company has indicated Book-to-bill >1 for the rest Scott Silver - Specialist Sales -

of the year); European TMT

• On Revenue, we are raising our FY26/FY27/FY28 estimates by (44-20)scott.silver@jpmorgan.com7134-0412

3.0%/10%/9.3% driven by a strong WFE upcycle, higher orders estimates

converting to revenue and the company’s ability to scale output accordingly. Key Changes (FYE Dec)

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