AT&S' lower capex, higher liquidity help drive shares higher

AT & S Austria Technologie & Systemtechnik AG

14/05/2024 11:03

** Shares in Austrian semiconductor firm AT&S  ATSV.VI  rise
3.8% after it reported its full year results with higher
liquidity 
    ** "As expected, FY 23/24 was weak, but AT&S surprised with
significantly lower capex and thus higher liquidity," Raiffeisen
Research says in a note
    ** The brokerage considers the better-than-expected cash
position at year-end of EUR 676 mln as the positive highlight
    ** AT&S' reported net capex of 855 million euros ($922.55
million) for the year, down by 14% compared to last year's
level, against the company's guidance of 1.1 billion euros
    ** Raiffeisen expects AT&S to continue facing price pressure
but in its view volume recovery resulting from ramp-up of new
plants and improved capacity utilization should mitigate the
headwind
    ** AT&S' stock tops the Austrian traded index  .ATX  

($1 = 0.9268 euros)

 (Reporting by Tristan Veyet)
 ((Tristan.chabba@thomsonreuters.com))