Only one of our models could value this stock with confidence, so use it as a guide.
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Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, Discounted cash flow, and Graham number.
ACCE opinionVAT Group AG (VACN.SW)
Fair value
Not available
ACCE price target
CHF 610
Rating
Not rated
Horizon
12 months
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Price used: CHF 560 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, EV/EBITDA comparison, Graham number, and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
45
out of 100
P/E
82.5x
forward 29.7x
1-year return
+67.1%
Dividend yield
1.23%
VAT Group AG in four questions
Plain answers, details below
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Overview
ACCE thesis
VAT Group makes vacuum valves for semiconductor equipment, flat-panel display and industrial process tools, where its high-precision gate valves and vacuum isolation products are specified into tools built by the major wafer-fab equipment makers. The moat comes from qualification: once a valve is designed into a tool platform, it is rarely swapped out, which supports the 61.4% gross margin and 30.1% ROE. Revenue fell 8.3% in the latest reported period, so the near-term question is whether semiconductor capital spending turns and restocks the order book that the cyclical downturn drained. The stock trades at 30.2 times forward earnings against 82.5 times trailing, a gap that says the market is paying for a recovery in earnings rather than the current year's numbers. With a 21.4% operating margin and no index membership at a 17.1 billion CHF market cap, the name sits in a less-followed corner of the sector, which is worth a closer look if you want a cyclical semiconductor-capex exposure with pricing power built into the product.