Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to Kč3,248, the stock trades at a forward P/E ratio of 53x. Average forward P/E is 17x in the Electronic industry in Europe. Total returns to shareholders of 377% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Kč5,806 per share. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to Kč2,578, the stock trades at a forward P/E ratio of 57x. Average forward P/E is 16x in the Electronic industry in Europe. Total returns to shareholders of 298% over the past three years. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Kč1,797, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 17x in the Electronic industry in Europe. Total returns to shareholders of 182% over the past three years. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to Kč1,398, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 16x in the Electronic industry in Europe. Total returns to shareholders of 122% over the past three years. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Kč987, the stock trades at a trailing P/E ratio of 22x. Average forward P/E is 19x in the Electronic industry in Europe. Total returns to shareholders of 33% over the past three years. Duyuru • Dec 09
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, Annual General Meeting, Jul 09, 2026 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, Annual General Meeting, Jul 09, 2026. Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Kč772, the stock trades at a trailing P/E ratio of 16.9x. Average forward P/E is 19x in the Electronic industry in Europe. Total loss to shareholders of 7.3% over the past three years. Reported Earnings • Nov 10
Second quarter 2026 earnings released: €0.31 loss per share (vs €0.85 loss in 2Q 2025) Second quarter 2026 results: €0.31 loss per share (improved from €0.85 loss in 2Q 2025). Revenue: €447.4m (flat on 2Q 2025). Net loss: €12.0m (loss narrowed 64% from 2Q 2025). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Electronic industry in Europe. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Kč624, the stock trades at a trailing P/E ratio of 18.8x. Average forward P/E is 19x in the Electronic industry in Europe. Total loss to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Kč535, the stock trades at a trailing P/E ratio of 17x. Average forward P/E is 19x in the Electronic industry in Europe. Total loss to shareholders of 42% over the past three years. New Risk • Aug 05
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Reported Earnings • Aug 03
First quarter 2026 earnings released: €1.44 loss per share (vs €0.99 loss in 1Q 2025) First quarter 2026 results: €1.44 loss per share (further deteriorated from €0.99 loss in 1Q 2025). Revenue: €398.9m (up 14% from 1Q 2025). Net loss: €55.9m (loss widened 46% from 1Q 2025). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Electronic industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. New Risk • Aug 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings are forecast to decline by an average of 11% per year for the foreseeable future. High level of non-cash earnings (27% accrual ratio). Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Kč435, the stock trades at a trailing P/E ratio of 12x. Average forward P/E is 20x in the Electronic industry in Europe. Total loss to shareholders of 61% over the past three years. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Kč480, the stock trades at a trailing P/E ratio of 10.2x. Average forward P/E is 17x in the Electronic industry in Europe. Total loss to shareholders of 54% over the past three years. Reported Earnings • Jun 09
Full year 2025 earnings released: EPS: €1.86 (vs €1.40 loss in FY 2024) Full year 2025 results: EPS: €1.86 (up from €1.40 loss in FY 2024). Revenue: €1.59b (up 2.6% from FY 2024). Net income: €72.2m (up €126.4m from FY 2024). Profit margin: 4.5% (up from net loss in FY 2024). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Electronic industry in Europe. New Risk • May 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 21% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings are forecast to decline by an average of 21% per year for the foreseeable future. High level of non-cash earnings (25% accrual ratio). Duyuru • Feb 27
At & S Austria Technologie & Systemtechnik Aktiengesellschaft Appoints Dr. Michael Mertin as Ceo, Effective May 1, 2025 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft announced appointment of Dr. Michael Mertin as member of the Management Board and Chief Executive Officer (CEO) of the company with effect from May 1, 2025 and a term of three years. He will succeed Andreas Gerstenmayer, who stepped down from this position as of October 1, 2024. Dr. Michael Mertin studied physics at RWTH Aachen and subsequently earned a PhD in laser material processing and surface technology at the Fraunhofer Institute for Laser Technology (FHG-ILT). Following a ten-year career at Carl Zeiss, Dr. Mertin joined JENOPTIK AG as CTO/COO and served as CEO from July 2007 until 2017. Until Feb. 26, 2025, he has been active as an independent consultant at Dr.-Ing. Michael Mertin Management Consulting focusing on private equity and M&A, and carried out numerous acquisition and divestment projects. Furthermore, Dr. Mertin was President of the European technology platform Photonics 21, which designs the high-tech agenda of the EU in cooperation with the European Commission. He was also Chairman of the University Council of the Illmenau University of Technology and is an advisory board member of HDI Insurance Group and Deutsche Bank AG. Dr. Michael Mertin held several senior management functions over the past decades, including the position of CEO of JENOPTIK AG for ten years. Reported Earnings • Feb 06
Third quarter 2025 earnings released: €0.95 loss per share (vs €1.19 loss in 3Q 2024) Third quarter 2025 results: €0.95 loss per share (improved from €1.19 loss in 3Q 2024). Revenue: €396.8m (up 1.4% from 3Q 2024). Net loss: €37.0m (loss narrowed 20% from 3Q 2024). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Electronic industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 06
Second quarter 2025 earnings released: €0.85 loss per share (vs €1.20 profit in 2Q 2024) Second quarter 2025 results: €0.85 loss per share (down from €1.20 profit in 2Q 2024). Revenue: €450.5m (flat on 2Q 2024). Net loss: €33.1m (down 171% from profit in 2Q 2024). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Electronic industry in Europe. Duyuru • Sep 24
SO.MA.CI.S. S.p.A. agreed to acquire At&S Korea Co. Ltd from AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (WBAG:ATS) for €400 million. SO.MA.CI.S. S.p.A. agreed to acquire At&S Korea Co. Ltd from AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (WBAG:ATS) for €400 million on September 23, 2024. A cash consideration of €405 million will be paid by SO.MA.CI.S. S.p.A. As part of consideration, €405 million is paid towards common equity of At&S Korea Co. Ltd. Reported Earnings • Aug 02
First quarter 2025 earnings released: €0.88 loss per share (vs €0.18 loss in 1Q 2024) First quarter 2025 results: €0.88 loss per share (further deteriorated from €0.18 loss in 1Q 2024). Revenue: €349.4m (down 3.4% from 1Q 2024). Net loss: €34.0m (loss widened 397% from 1Q 2024). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Electronic industry in Europe. Reported Earnings • Jun 09
Full year 2024 earnings released: €1.40 loss per share (vs €3.03 profit in FY 2023) Full year 2024 results: €1.40 loss per share (down from €3.03 profit in FY 2023). Revenue: €1.55b (down 14% from FY 2023). Net loss: €54.2m (down 146% from profit in FY 2023). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Electronic industry in Europe. New Risk • May 16
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 04
Third quarter 2024 earnings released: €1.07 loss per share (vs €0.20 loss in 3Q 2023) Third quarter 2024 results: €1.07 loss per share (further deteriorated from €0.20 loss in 3Q 2023). Revenue: €391.2m (down 6.7% from 3Q 2023). Net loss: €41.7m (loss widened 440% from 3Q 2023). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Electronic industry in Europe. Duyuru • Jan 21
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft Revises Earnings Guidance for the Financial Year 2023/24 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft revised earnings guidance for the financial year 2023/24. The company has adjusted its revenue forecast for the current financial year 2023/24 due to lower demand caused by high inventory levels, particularly for servers, as well as an unfavourable product mix and increased price pressure. The company expects to generate annual revenue of around €1.6 billion in the financial year 2023/24 (previously: between €1.7 and €1.9 billion). Reported Earnings • Nov 04
Second quarter 2024 earnings released: EPS: €1.31 (vs €3.17 in 2Q 2023) Second quarter 2024 results: EPS: €1.31 (down from €3.17 in 2Q 2023). Revenue: €452.2m (down 20% from 2Q 2023). Net income: €51.0m (down 59% from 2Q 2023). Profit margin: 11% (down from 22% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Electronic industry in Europe. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Aug 04
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Shares are highly illiquid. High level of non-cash earnings (34% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (1.2% net profit margin). Reported Earnings • Aug 03
First quarter 2024 earnings released: €0.18 loss per share (vs €2.35 profit in 1Q 2023) First quarter 2024 results: €0.18 loss per share (down from €2.35 profit in 1Q 2023). Revenue: €361.7m (down 28% from 1Q 2023). Net loss: €6.84m (down 108% from profit in 1Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Electronic industry in Europe. Upcoming Dividend • Jul 19
Upcoming dividend of €0.40 per share at 1.3% yield Eligible shareholders must have bought the stock before 25 July 2023. Payment date: 27 July 2023. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Czech dividend payers (8.7%). Lower than average of industry peers (1.7%). Reported Earnings • Jun 10
Full year 2023 earnings released: EPS: €3.03 (vs €2.39 in FY 2022) Full year 2023 results: EPS: €3.03 (up from €2.39 in FY 2022). Revenue: €1.79b (up 13% from FY 2022). Net income: €117.9m (up 27% from FY 2022). Profit margin: 6.6% (up from 5.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Electronic industry in Europe. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Kč690, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Electronic industry in Europe. Total returns to shareholders of 78% over the past three years. Duyuru • May 12
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft Proposes the Distribution of Dividend for the Financial Year 2022/23 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft's Management Board to propose a dividend of EUR 0.40 per share (Previous Year: EUR 0.78 per share and special dividend of EUR 0.12 per share) for the financial year 2022/23 to the 29th Annual General Meeting on July 6, 2023. Reported Earnings • Feb 07
Third quarter 2023 earnings released: €0.077 loss per share (vs €1.06 profit in 3Q 2022) Third quarter 2023 results: €0.077 loss per share (down from €1.06 profit in 3Q 2022). Revenue: €419.1m (down 6.7% from 3Q 2022). Net loss: €3.00m (down 107% from profit in 3Q 2022). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Electronic industry in Europe. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 02
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft Revises Earnings Guidance for the Financial Year 2022-2023 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft revised earnings guidance for the financial year 2022-2023. For the year, due to weak demand, especially in the market for IC substrates, the company expects to generate annual revenues of around €1.8 billion against previous guidance of around €2.1 billion. Reported Earnings • Nov 05
Second quarter 2023 earnings released: EPS: €3.17 (vs €0.55 in 2Q 2022) Second quarter 2023 results: EPS: €3.17 (up from €0.55 in 2Q 2022). Revenue: €567.5m (up 49% from 2Q 2022). Net income: €123.3m (up 475% from 2Q 2022). Profit margin: 22% (up from 5.6% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Electronic industry in Europe. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 04
First quarter 2023 earnings released: EPS: €2.35 (vs €0.19 loss in 1Q 2022) First quarter 2023 results: EPS: €2.35 (up from €0.19 loss in 1Q 2022). Revenue: €502.6m (up 58% from 1Q 2022). Net income: €91.3m (up €98.7m from 1Q 2022). Profit margin: 18% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 29%, compared to a 14% growth forecast for the industry in Czech Republic. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 19
Upcoming dividend of €0.90 per share Eligible shareholders must have bought the stock before 26 July 2022. Payment date: 28 July 2022. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Czech dividend payers (6.5%). Lower than average of industry peers (1.8%). Duyuru • Feb 02
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, Annual General Meeting, Jul 06, 2023 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, Annual General Meeting, Jul 06, 2023. 
