VAT Group's third-quarter orders surged 193% year on year to a record CHF 697 million, lifting its backlog to CHF 980 million. Sales rose 46% to CHF 376 million, while management now expects 2027 revenue well above its prior CHF 1.7 billion upper target.
Faster-than-expected ramp in leading-edge WFE spending would disproportionately benefit VAT given its higher share of wallet on leading-edge tools, driving revenue and margins above our base case.
A WFE downturn would compress profits, with simultaneous multiple compression amplifying share price drawdowns well beyond the earnings impact.
Metric | VACN | AMAT | LRCX |
|---|---|---|---|
Price/Earnings (Normalized) | 76.60 | 36.17 | 34.89 |
Price/Book Value | 23.92 | 12.24 | 21.18 |
Price/Sales | 15.97 | 10.24 | 11.35 |
Price/Cash Flow | 59.19 | 35.02 | 32.85 |
Metric | VACN | AMAT | LRCX |
|---|---|---|---|
Quick Ratio | 1.26 | 1.67 | 1.79 |
Current Ratio | 2.38 | 2.42 | 2.48 |
Interest Coverage | — | 33.00 | 64.06 |
Metric | VACN | AMAT | LRCX |
|---|---|---|---|
Return on Assets (Normalized) | 16.95% | 22.69% | 37.28% |
Return on Equity (Normalized) | 31.14% | 39.18% | 74.15% |
Return on Invested Capital (Normalized) | 20.42% | 25.01% | 54.67% |
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