VAT Group AG

VACN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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VAT Group: Leading-Edge Leverage in a Growing Semiconductor Vacuum Market; Shares Overvalued

Joachim Kotze

Jun 1, 2026

We initiate coverage of VAT Group, the dominant global manufacturer of high-precision vacuum valves for the semiconductor capital equipment industry, with approximately 70% market share in its core application.

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VAT Group AG

VAT Group: Leading-Edge Leverage in a Growing Semiconductor Vacuum Market; Shares Overvalued

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