22. January 2024
Olivier Aeschlimann, Senior Financial Analyst
VAT is the world leader in vacuum chamber valves. Its products are mainly used for the manufacture of semiconductors, solar panels and displays. The company’s sales are strongly correlated with investments by semiconductor suppliers (WFE, standing for wafer fab equipment). These investments were strongly impacted initially by the reorganization of supply chains, then by the rise in interest rates. This led VAT to introduce partial unemployment measures in 2023. However, these measures were lifted last December, a sign that the company has better visibility on its sales. This improvement was confirmed by the publication of preliminary sales for the fourth quarter of 2023, which show a clear sequential improvement, significantly higher than market expectations.