Zurich (awp) – The registered VAT suffered significant losses on Thursday morning on the Swiss Stock Exchange. The St. Gallen vacuum valve equipment manufacturer did not meet all expectations in 2024 despite clear sales growth in a context of strong recovery in the semiconductor market. Analysts are cautious.
At 9:21 a.m., VAT shares fell 3.8% to 346.80 Swiss francs, in a stable SLI (+0.02%).
The figures published in the morning are mixed, summarizes the Zurich Cantonal Bank through the pen of its analyst Michael Inauen. The problem mainly concerns 2024 order intake, the level of which turned out to be lower than expected despite a surge of almost 50%. The semiconductor recovery is expected to be slower than expected in the first half of 2025. The “market weight” recommendation remains in place.
Fiscal year 2024 was a year of modest recovery from the slowdown experienced the previous year, Vontobel notes. The recovery has not been as dazzling as expected since certain segments of the semiconductor market (computers, connected phones and automobiles) are still lagging behind, says analyst Michael Foeth. Growth is expected to accelerate in 2025 and 2026. With its dominant position, VAT still merits a Buy recommendation.
-For Berenberg, the evolution of VAT demand and revenue remains uncertain, which still justifies a neutral positioning on the stock. Analyst Patrick Laager says VAT’s business developments in 2024 have proven anything but reassuring. The outlook remains positive, but unclear. The growth enjoyed by the Saint-Gallois group could accelerate in the second half of the year and support the share price.
In the medium term, the Haag company will continue to benefit from the recovery of the semiconductor market, which covers 80% of sales, notes Mr. Laager. High-potential applications in the fields of energy transition, care and research represent 20% of turnover. VAT is well placed to defend its undisputed positioning, with a market share of more than 90% for certain products.
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