2025-05-26-Jefferies-预约日期_2025年杰富瑞瑞士中型股工业公司之旅_8页_380kb

报告摘要

Jefferies European Midcaps Equity Research Summary

Report Focus: Analysis of Swiss Mid-Cap Industrials, published on May 27, 2025. Covers companies like Accelleron, INFICON, Burckhardt Compression, and VAT, with equity ratings and valuation insights.
Event Description:
- Swiss Mid-Cap Industrials Tour 2025: A two-day bus tour from July 2–3, 2025, featuring plant and management visits. Key stops include:
  - Wednesday (July 2): Zurich area – Burckhardt Compression (CFO meeting, workshop) and Accelleron (CFO meeting, factory tour). Group dinner at 18:30 CET.
  - Thursday (July 3): Bad Ragaz – VAT Group (management meeting, factory tour) and Inficon (lunch with management, factory tour). Contact: Abbie Stewart (registration), Martin Comtesse (head of research), and Fabian Piasta (analyst).
Key Company Valuations and Risks:
- Accelleron: Target price CHF49, DCF model implies 22x EV/EBIT or 27x P/E (FY25e). Risks include supply chain issues, competitive threats, macro risks, regulation, and FX exposure; current rating is Hold.
- INFICON: Fundamentally valued via DCF, cross-checked with peers. Downside risks: cyclical markets, client concentration, new tech, FX; upside potential from supply normalization and FX benefits; current rating is Buy.
- Burckhardt Compression: Buy-rated, target price CHF613 (as of data), reflecting strong prospects.
- VAT: Currently Hold-rated, target price CHF314.70; stability amid market conditions.
Analyst Information:
- Hosts: Martin Comtesse (European Mid-Cap Research, contact info given) and Fabian Piasta (DACH Mid-Cap Analyst). Analyst certifications emphasize independence and lack of compensation ties to recommendations.
- Jefferies analysts are employed by non-US affiliates and unregistered with FINRA, noted for potential conflicts of interest.
Ratings System:
- Buy: Expected 15–20%+ total return; volatile stocks price-$10 may aim for higher returns.
- Hold: Expected -10% to +15% total return; risk/reward balanced.
- Underperform: Expected -10% or less return.
- Other ratings: NR (temporarily suspended), CS (coverage suspended), NC (not covered), Restricted (no investment merits), Monitor (under review).
Distribution: Report intended for Jefferies clients only, general circulation without personalized advice. Key disclaimers cover conflicts of interest, equity research standards, and legal restrictions for various jurisdictions.