AT&S Austria Tech.&Systemtech ATS.VI
AustriaTechnology · Electronic ComponentsWiener Börse · EUR
272.20 EUR (+24.0%)
5 analysts
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AT&S Austria Tech.&Systemtech. is an Austrian manufacturer of semiconductor substrates, high-tech printed circuit boards (PCBs) and interconnection components, supplying the consumer electronics, automotive, industrial and medical sectors.
Listed on Wiener Börse · Symbol ATS.VI · VIE: ATS · Currency EUR
Key points
from its scores- ✓Good share-price trend9.8
- ✓Strong growth8.9
- ✕Little or no dividend1.5
- ✕Little competitive advantage3.3
- ✕Demanding valuation4.4
AI analysis
bottom line, main risk, context and newsHold in the portfolio only for investors with high risk tolerance and a long-term horizon; the current valuation offers no margin of safety and any disappointment in growth could trigger a sharp correction.
AT&S shows spectacular revenue growth of 37.5% and exceptional price momentum (526.74% in 12 months), but its current valuation (P/E 160.22) is extremely demanding and its fundamental quality is weak (ROE 5.93%, gross margin 15.63%). The market is discounting very high future growth (forward P/E 18.68), making it a high-risk, high-reward bet where the margin for error is minimal.
The main risk is the extreme valuation (P/E 160.22) combined with the cyclical nature of the semiconductor business: if the 37.5% revenue growth decelerates, the multiple could compress drastically.
Context and risks
AT&S is an Austrian manufacturer of high-tech substrates and printed circuit boards, with strong exposure to the semiconductor supply chain and demand from consumer electronics and automotive. Its domicile in Austria implies moderate governance risk, but the main contextual risk is its dependence on a semiconductor cycle that, although currently very favorable (37.5% revenue growth), is known for its volatility and subject to geopolitical tensions in the global supply chain. The strong appreciation of the dollar could benefit its sales in that currency, but also makes its production costs more expensive if they are paid in euros. No specific regulatory or legal risks are identified beyond those general to the sector.
Is AT&S Austria Tech.&Systemtech stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 202% above the Technology median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 160.2 | 31.3 | +412% |
| EV / EBITDA | 18.9 | 20.4 | −7% |
| Price / book | 11.0 | 6.3 | +75% |
| Price / sales | 4.4 | 5.3 | −17% |
Sector: median of the 283 Technology companies analysed. In bold, the multiples used for the comparison.
Valuation score: 4.4 out of 10 (median for Technology: 5.3).
Average analyst target: 272.20 EUR, +24.0% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 3.3 (sector 6.4), Growth 8.9 (sector 7.5).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Technology medianValuation
- P/E
- 160.2
- Forward P/E
- 18.7
- EV / EBITDA
- 18.9
- Price / book
- 11.0
- Price / sales
- 4.4
- Market cap
- 8.5B EUR
- Enterprise value
- 9.5B EUR
Profitability
- ROE
- 5.9%
- ROA
- 2.2%
- ROIC (approx.)
- 8.8%
- Gross margin
- 15.6%
- Operating margin
- 13.4%
- Net margin
- 3.7%
- Free cash flow
- 107.4M EUR
- FCF yield
- 1.3%
- Cash conversion
- 21%
Solvency
- Total debt
- 2.2B EUR
- Net debt
- 965.3M EUR
- Cash
- 1.2B EUR
- EBITDA
- 503.2M EUR
- Net debt / EBITDA
- 1.92
- Debt / equity
- 142.95
- Current ratio
- 1.76
- Quick ratio
- 1.51
Growth
- Revenue growth
- +37.5%
- EPS (TTM)
- 1.37 EUR
- EPS (forward)
- 11.75 EUR
Dividend
- Dividend yield
- 0.0%
- Payout
- 0.0%
Risk and market
- Beta
- 1.21
- Analyst consensus
- Buy (5)
- Target price
- 272.20 EUR
- 52-week range
- 25.00 – 242.00
Recent news
All ATS.VI news →Compare it with its sector
All 283 in Technology →Frequently asked questions about AT&S Austria Tech.&Systemtech
Is AT&S Austria Tech.&Systemtech stock cheap or expensive?
On P/E and EV / EBITDA, it trades 202% above the Technology median on average. Valuation score: 4.4 out of 10 (median for Technology: 5.3). Average analyst target: 272.20 EUR, +24.0% versus the price. This is not investment advice.
What score does AT&S Austria Tech.&Systemtech get on MeridIAn Screener?
It scores 5.6 out of 10, rank 1,302 of 2,130 (better than 35% of the companies analysed). Its strongest category is Momentum (9.8) and its weakest, Dividend (1.5). Analysis of 08/10/2026.
What is AT&S Austria Tech.&Systemtech's P/E ratio?
Its P/E is 160.2: the share price equals 160.2 times earnings per share over the last 12 months. The Technology median is 31.3. Based on the earnings analysts expect, the forward P/E is 18.7.
How much is AT&S Austria Tech.&Systemtech worth on the stock market?
Its market capitalisation is 8.5B EUR and its enterprise value, debt included, is 9.5B EUR.
How much debt does AT&S Austria Tech.&Systemtech have?
Its net debt (debt minus cash) is 965.3M EUR. That is 1.92 times its EBITDA; the Technology median is 0.20.
Does AT&S Austria Tech.&Systemtech pay a dividend?
It pays no dividend, or almost none.
How has AT&S Austria Tech.&Systemtech stock performed over the last year?
It has risen 726.7% over the last year, excluding dividends. Over the last 52 weeks it has traded between 25.00 and 242.00 EUR. Past performance does not guarantee future results.
What do analysts think of AT&S Austria Tech.&Systemtech?
5 analysts cover it; their average recommendation is “Buy” and their average target is 272.20 EUR (+24.0% versus the price). It is an estimate, not market data.