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VAT Group

SWX:VACN
Snowflake Description

High growth potential with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VACN
SWX
CHF4B
Market Cap
  1. Home
  2. CH
  3. Capital Goods
Company description

VAT Group AG, together with its subsidiaries, develops, manufactures, and supplies vacuum valves in Switzerland, rest of Europe, the United States, Japan, Korea, Singapore, rest of Asia, and internationally. The last earnings update was 102 days ago. More info.


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VACN Share Price and Events
7 Day Returns
-0.4%
SWX:VACN
-0.3%
CH Machinery
-0%
CH Market
1 Year Returns
54.5%
SWX:VACN
14.4%
CH Machinery
13.3%
CH Market
VACN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
VAT Group (VACN) -0.4% 18% 28.4% 54.5% 77.9% -
CH Machinery -0.3% 7.6% 15.7% 14.4% 26.5% 41.5%
CH Market -0% 3.2% 4.8% 13.3% 21.9% 13%
1 Year Return vs Industry and Market
  • VACN outperformed the Machinery industry which returned 14.4% over the past year.
  • VACN outperformed the Market in Switzerland which returned 13.3% over the past year.
Price Volatility
VACN
Industry
5yr Volatility vs Market

VACN Value

 Is VAT Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of VAT Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for VAT Group.

SWX:VACN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.8%
Perpetual Growth Rate 10-Year CH Government Bond Rate 3.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SWX:VACN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate 3.3%
Equity Risk Premium S&P Global 6%
Machinery Unlevered Beta Simply Wall St/ S&P Global 1.08
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.078 (1 + (1- 18%) (7.56%))
1.097
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.1
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 3.28% + (1.097 * 5.96%)
9.81%

Discounted Cash Flow Calculation for SWX:VACN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for VAT Group is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

SWX:VACN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CHF, Millions) Source Present Value
Discounted (@ 9.81%)
2020 123.30 Analyst x6 112.28
2021 155.98 Analyst x4 129.34
2022 149.00 Analyst x1 112.51
2023 152.00 Analyst x1 104.52
2024 155.45 Est @ 2.27% 97.34
2025 159.44 Est @ 2.57% 90.91
2026 163.87 Est @ 2.78% 85.09
2027 168.67 Est @ 2.93% 79.76
2028 173.79 Est @ 3.03% 74.83
2029 179.19 Est @ 3.11% 70.26
Present value of next 10 years cash flows CHF956.00
SWX:VACN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CHF179.19 × (1 + 3.28%) ÷ (9.81% – 3.28%)
CHF2,829.66
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CHF2,829.66 ÷ (1 + 9.81%)10
CHF1,109.49
SWX:VACN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CHF956.00 + CHF1,109.49
CHF2,065.49
Equity Value per Share
(CHF)
= Total value / Shares Outstanding
= CHF2,065.49 / 29.98
CHF68.88
SWX:VACN Discount to Share Price
Calculation Result
Value per share (CHF) From above. CHF68.88
Current discount Discount to share price of CHF145.65
= -1 x (CHF145.65 - CHF68.88) / CHF68.88
-111.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of VAT Group is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for VAT Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are VAT Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:VACN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in CHF CHF2.57
SWX:VACN Share Price ** SWX (2019-11-18) in CHF CHF145.65
Switzerland Machinery Industry PE Ratio Median Figure of 25 Publicly-Listed Machinery Companies 23.34x
Switzerland Market PE Ratio Median Figure of 171 Publicly-Listed Companies 19.23x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of VAT Group.

SWX:VACN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SWX:VACN Share Price ÷ EPS (both in CHF)

= 145.65 ÷ 2.57

56.75x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • VAT Group is overvalued based on earnings compared to the CH Machinery industry average.
  • VAT Group is overvalued based on earnings compared to the Switzerland market.
Price based on expected Growth
Does VAT Group's expected growth come at a high price?
Raw Data
SWX:VACN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 56.75x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
24.7%per year
Switzerland Machinery Industry PEG Ratio Median Figure of 23 Publicly-Listed Machinery Companies 1.18x
Switzerland Market PEG Ratio Median Figure of 124 Publicly-Listed Companies 2.17x

*Line of best fit is calculated by linear regression .

SWX:VACN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 56.75x ÷ 24.7%

2.3x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • VAT Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on VAT Group's assets?
Raw Data
SWX:VACN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in CHF CHF15.56
SWX:VACN Share Price * SWX (2019-11-18) in CHF CHF145.65
Switzerland Machinery Industry PB Ratio Median Figure of 25 Publicly-Listed Machinery Companies 2.3x
Switzerland Market PB Ratio Median Figure of 214 Publicly-Listed Companies 1.66x
SWX:VACN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SWX:VACN Share Price ÷ Book Value per Share (both in CHF)

= 145.65 ÷ 15.56

9.36x

* Primary Listing of VAT Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • VAT Group is overvalued based on assets compared to the CH Machinery industry average.
X
Value checks
We assess VAT Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Machinery industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Machinery industry average (and greater than 0)? (1 check)
  5. VAT Group has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

VACN Future Performance

 How is VAT Group expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
24.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is VAT Group expected to grow at an attractive rate?
  • VAT Group's earnings growth is expected to exceed the low risk savings rate of 3.3%.
Growth vs Market Checks
  • VAT Group's earnings growth is expected to exceed the Switzerland market average.
  • VAT Group's revenue growth is expected to exceed the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:VACN Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:VACN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 24.7%
SWX:VACN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 6.9%
Switzerland Machinery Industry Earnings Growth Rate Market Cap Weighted Average 14.5%
Switzerland Machinery Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 9.9%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 3.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SWX:VACN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:VACN Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 693 192 2
2022-12-31 717 171 189 3
2021-12-31 692 178 146 9
2020-12-31 628 153 119 9
2019-12-31 556 158 86 7
2019-11-18
SWX:VACN Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2019-06-30 575 143 77
2019-03-31 636 157 106
2018-12-31 698 172 136
2018-09-30 725 168 138
2018-06-30 753 165 140
2018-03-31 723 160 128
2017-12-31 692 156 116
2017-09-30 646 157 109
2017-06-30 599 158 103
2017-03-31 553 152 85
2016-12-31 508 146 67
2016-09-30 476 129 49

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • VAT Group's earnings are expected to grow significantly at over 20% yearly.
  • VAT Group's revenue is expected to grow by 6.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SWX:VACN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from VAT Group Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:VACN Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 4.70 4.70 4.70 1.00
2022-12-31 4.10 4.10 4.10 1.00
2021-12-31 4.66 5.99 3.50 10.00
2020-12-31 3.92 5.16 3.10 10.00
2019-12-31 2.84 3.97 2.23 10.00
2019-11-18
SWX:VACN Past Financials Data
Date (Data in CHF Millions) EPS *
2019-06-30 2.57
2019-03-31 3.55
2018-12-31 4.53
2018-09-30 4.59
2018-06-30 4.66
2018-03-31 4.26
2017-12-31 3.86
2017-09-30 3.72
2017-06-30 3.57
2017-03-31 3.01
2016-12-31 2.43
2016-09-30 1.87

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • VAT Group is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess VAT Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Switzerland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Switzerland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
VAT Group has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

VACN Past Performance

  How has VAT Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare VAT Group's growth in the last year to its industry (Machinery).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • VAT Group has delivered over 20% year on year earnings growth in the past 5 years.
  • VAT Group's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • VAT Group's 1-year earnings growth is negative, it can't be compared to the CH Machinery industry average.
Earnings and Revenue History
VAT Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from VAT Group Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:VACN Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 574.52 76.97 137.76
2019-03-31 636.33 106.33 145.04
2018-12-31 698.14 135.69 152.31
2018-09-30 725.36 137.75 158.64
2018-06-30 752.59 139.81 164.96
2018-03-31 722.50 127.74 161.46
2017-12-31 692.42 115.68 157.95
2017-09-30 645.62 109.10 149.91
2017-06-30 598.82 102.52 141.87
2017-03-31 553.36 84.88 132.15
2016-12-31 507.90 67.23 122.43
2016-09-30 475.81 48.71 117.37
2016-06-30 443.72 30.18 112.30
2016-03-31 427.34 18.62 108.13
2015-12-31 410.96 7.06 103.97

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • VAT Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • VAT Group used its assets more efficiently than the CH Machinery industry average last year based on Return on Assets.
  • VAT Group has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess VAT Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Machinery industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
VAT Group has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

VACN Health

 How is VAT Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up VAT Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • VAT Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • VAT Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of VAT Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from VAT Group Company Filings, last reported 4 months ago.

SWX:VACN Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 466.42 330.28 93.65
2019-03-31 466.42 330.28 93.65
2018-12-31 564.17 226.69 79.10
2018-09-30 564.17 226.69 79.10
2018-06-30 521.90 326.06 104.56
2018-03-31 521.90 326.06 104.56
2017-12-31 558.01 215.76 72.06
2017-09-30 558.01 215.76 72.06
2017-06-30 478.61 256.72 62.76
2017-03-31 478.61 256.72 62.76
2016-12-31 510.65 196.51 62.67
2016-09-30 510.65 196.51 62.67
2016-06-30 475.58 263.01 79.62
2016-03-31 475.58 263.01 79.62
2015-12-31 49.19 709.22 80.63
  • VAT Group's level of debt (70.8%) compared to net worth is high (greater than 40%).
  • Unable to establish if VAT Group's debt level has increased without past 5-year debt data.
  • Debt is well covered by operating cash flow (43.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 27.6x coverage).
X
Financial health checks
We assess VAT Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. VAT Group has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

VACN Dividends

 What is VAT Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.75%
Current annual income from VAT Group dividends. Estimated to be 3% next year.
If you bought CHF2,000 of VAT Group shares you are expected to receive CHF55 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • VAT Group's pays a higher dividend yield than the bottom 25% of dividend payers in Switzerland (1.85%).
  • VAT Group's dividend is below the markets top 25% of dividend payers in Switzerland (3.6%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SWX:VACN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
Switzerland Machinery Industry Average Dividend Yield Market Cap Weighted Average of 21 Stocks 2.2%
Switzerland Market Average Dividend Yield Market Cap Weighted Average of 163 Stocks 2.9%
Switzerland Minimum Threshold Dividend Yield 10th Percentile 1.2%
Switzerland Bottom 25% Dividend Yield 25th Percentile 1.8%
Switzerland Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SWX:VACN Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 4.50 1.00
2022-12-31 5.00 2.00
2021-12-31 4.65 10.00
2020-12-31 4.09 10.00
2019-12-31 4.21 8.00
2019-11-18
SWX:VACN Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2019-03-08 4.000 3.341
2019-03-07 4.000 4.029
2018-03-12 4.000 3.425
2017-04-24 4.000 3.023

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, VAT Group has been paying a dividend for less than 10 years.
  • VAT Group has only been paying a dividend for 3 years, and since then there has been no growth.
Current Payout to shareholders
What portion of VAT Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess VAT Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can VAT Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. VAT Group has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

VACN Management

 What is the CEO of VAT Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Mike Allison
COMPENSATION CHF1,384,298
AGE 57
TENURE AS CEO 1.7 years
CEO Bio

Mr. Michael Allison, also known as Mike, serves as Chief Operating Officer at VAT Group AG since July 17, 2019. Mr. Allison has been Chief Executive Officer of VAT Group AG since March 13, 2018 and serves as Member of Group Management Board and Head of Sales & Marketing. Mr. Allison joined VAT on January 1, 2018. Mr. Allison joined Edwards in 2008 as Vice President of Global Sales & Services and, after the acquisition by Atlas Copco in 2014, became President of the Semiconductor division at Edwards/Atlas Copco. In this role and always having sustainable value creation in mind, Mike Allison achieved substantial business success and helped transform Edwards into one of the leading companies in the Semiconductor Vacuum sector. In addition to his roles at Edwards/Atlas Copco, Mike Allison also spent 20 years with KLA-Tencor where he had many significant roles including Executive Vice President and General Manager of Global Services, based in San Jose, USA. Other roles included significant positions in business strategy, sales, marketing and technical positions in Germany, UK and the USA. Mike Allison is a member of the International Board of SEMI, the global industry association for the semiconductor equipment and material suppliers. He holds a B.Sc. Honors in Electrical & Electronic Engineering from Glasgow University.

CEO Compensation
  • Insufficient data for Mike to compare compensation growth.
  • Mike's remuneration is about average for companies of similar size in Switzerland.
Management Team Tenure

Average tenure of the VAT Group management team in years:

0.8
Average Tenure
  • The average tenure for the VAT Group management team is less than 2 years, this suggests a new team.
Management Team

Mike Allison

TITLE
CEO, COO
COMPENSATION
CHF1M
AGE
57
TENURE
1.7 yrs

Stephan Bergamin

TITLE
Chief Financial Officer
AGE
53
TENURE
0.8 yrs

V. Valentin

TITLE
Head of Human Resources & Member of Group Management Board

U. Gantner

TITLE
Member of Group Management Board & Head of Semiconductors

J. Zoller

TITLE
Member of Group Management Board and Head of GVA

G. Lutz

TITLE
Member of Group Management Board & Head of Central Engineering

M. Zickar

TITLE
Member of Group Management Board & Head of Core Technology

J. Haggerty

TITLE
Member of Group Management Board & Head of Global Service

O. Müller

TITLE
Member of Group Management Board & Head of Strategy and Business Development
TENURE
0.8 yrs

M. Jäger

TITLE
Head of Controlling
Board of Directors Tenure

Average tenure and age of the VAT Group board of directors in years:

2.5
Average Tenure
64
Average Age
  • The average tenure for the VAT Group board of directors is less than 3 years, this suggests a new board.
Board of Directors

Martin Komischke

TITLE
Chairman
COMPENSATION
CHF271K
AGE
62
TENURE
2.5 yrs

Heinz Kundert

TITLE
Vice Chairman
COMPENSATION
CHF53K
AGE
67
TENURE
1.5 yrs

Urs Leinhäuser

TITLE
Director
COMPENSATION
CHF125K
AGE
60
TENURE
3.7 yrs

Hermann Gerlinger

TITLE
Director
COMPENSATION
CHF114K
AGE
66
TENURE
2.5 yrs

Karl Schlegel

TITLE
Director
COMPENSATION
CHF120K
AGE
66
TENURE
3.7 yrs

Libo Zhang

TITLE
Director
COMPENSATION
CHF54K
AGE
49
TENURE
1.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CHF) Value (CHF)
X
Management checks
We assess VAT Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. VAT Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

VACN News

Simply Wall St News

Can VAT Group AG's (VTX:VACN) ROE Continue To Surpass The Industry Average?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … One way to conceptualize this, is that for each CHF1 of shareholders' equity it has, the company made CHF0.27 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Investors Are Undervaluing VAT Group AG (VTX:VACN) By 22.28%

by taking the foreast future cash flows of the company and discounting them back to today's value. … Discounted Cash Flows (DCF). … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

Should You Be Concerned About VAT Group AG's (VTX:VACN) Shareholders?

In this article, I'm going to take a look at VAT Group AG’s (VTX:VACN) latest ownership structure, a non-fundamental factor which is important, but remains a less discussed subject among investors. … Differences in ownership structure of companies can have a profound effect on how management's incentives are aligned with shareholder returns, and whether they adhere to corporate governance best practices. … Although this is an important factor for long-term investors, many investors can also be impacted by institutional presence and their high-volume trading.

Simply Wall St -

Why Buying VAT Group AG (VTX:VACN) For Its 3.18% Dividend Could Be A Mistake

A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. … Recently, VAT Group AG (VTX:VACN) has returned an average of 3.00% per year to shareholders in terms of dividend yield. … Check out our latest analysis for VAT Group

Simply Wall St -

Should You Sell VAT Group AG (VTX:VACN) At This PE Ratio?

and want to better understand how you can grow your money by investing in VAT Group AG (VTX:VACN). … VAT Group AG (VTX:VACN) is currently trading at a trailing P/E of 36.3x, which is higher than the industry average of 25.8x. … While VACN might seem like a stock to avoid or sell if you own it, it is important to understand the assumptions behind the P/E ratio before you make any investment decisions

Simply Wall St -

Why VAT Group AG (SWX:VACN) Should Have A Place In Your Portfolio

VAT Group AG (SWX:VACN) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … In the case of VACN, it.

Simply Wall St -

Is VAT Group AG's (SWX:VACN) Future Growth Already Accounted For In Today's Price?

VAT Group AG (SWX:VACN) closed yesterday at CHF151.3, which left some investors asking whether the high earnings potential can still be justified at this price. … Let’s take a look at some key metrics to determine whether there's any value here for current and potential future investors. … One reason why investors are attracted to VACN is the high growth potential in the near future

Simply Wall St -

Is It Too Late To Buy VAT Group AG (VTX:VACN)?

This means that if you believe the current share price should move towards its intrinsic value over time, a low beta could suggest it is not likely to reach that level anytime soon, and once it’s there, it may be hard to fall back down into an attractive buying range again. … Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at the company's future expectations. … If you believe VACN should trade below its current price, selling high and buying it back up again when its price falls towards its real value can be profitable.

Simply Wall St -

All You Need To Know About VAT Group AG's (VTX:VACN) Financial Health

Additionally, VACN has produced cash from operations of CHF155.59M in the last twelve months, leading to an operating cash to total debt ratio of 72.11%, indicating that VACN’s current level of operating cash is high enough to cover debt. … With current liabilities at CHF198.43M, it seems that the business has been able to meet these obligations given the level of current assets of CHF309.75M, with a current ratio of 1.56x. … Next Steps: VACN’s debt level is appropriate for a company its size, and it is also able to generate sufficient cash flow coverage, meaning it has been able to put its debt in good use.

Simply Wall St -

Analysts Bullish On VAT Group AG (VTX:VACN)

Net income is expected to reach CHF170.34M over the next year, exceeding the industry average growth rate of 17.53%. … The current share price for VACN is CHF156.90. … Moreover, comparing VACN's current share price to its peers based on its industry and earnings level, it's overvalued by 64.97%, with a PE ratio of 40.63x vs.

Simply Wall St -

VACN Company Info

Description

VAT Group AG, together with its subsidiaries, develops, manufactures, and supplies vacuum valves in Switzerland, rest of Europe, the United States, Japan, Korea, Singapore, rest of Asia, and internationally. The company operates through three segments: Valves, Global Service, and Industry. The Valves segment offers vacuum valves for the semiconductor, displays, photovoltaics, and vacuum coating industries, as well as for the industrial and research sectors. The Global Service segment provides spare parts, repairs, and upgrades, as well as support services. The Industry segment produces edge-welded bellows that are used as sealing elements in vacuum valve, semiconductor manufacturing, fuel injection system, and medical implant applications; and offers manufacturing parts and mechanical components for machining ancillary industry. VAT Group AG was founded in 1965 is headquartered in Sennwald, Switzerland.

Details
Name: VAT Group AG
VACN
Exchange: SWX
Founded: 1965
CHF4,367,276,798
29,984,736
Website: http://www.vatvalve.com
Address: VAT Group AG
Seelistrasse 1,
Haag,
Sennwald,
St. Gallen, 9469,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX VACN Ordinary Shares SIX Swiss Exchange CH CHF 13. Apr 2016
OTCPK VTTG.F Ordinary Shares Pink Sheets LLC US USD 13. Apr 2016
DB 19V Ordinary Shares Deutsche Boerse AG DE EUR 13. Apr 2016
LSE 0RFL Ordinary Shares London Stock Exchange GB CHF 13. Apr 2016
BMV VACN N Ordinary Shares Bolsa Mexicana de Valores MX MXN 13. Apr 2016
OTCPK VACN.Y UNSPONSORED ADS Pink Sheets LLC US USD 16. Feb 2018
Number of employees
Current staff
Staff numbers
1,714
VAT Group employees.
Industry
Industrial Machinery
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/18 22:05
End of day share price update: 2019/11/18 00:00
Last estimates confirmation: 2019/10/30
Last earnings filing: 2019/08/08
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.