Comet Holding falls on lower FY guidance

Comet Holding AG

14/04/2023 08:22

** Shares in Comet Holding  COTNE.S  fall 4.6% after
publishing new FY guidance driven by semiconductor industry
cyclical downturn
    ** The company now expects for full year net sales between
CHF 440-480 mln and EBITDA margin of 13-15%, which is below
consensus and Vontobel's expectations
    ** "Lower end of the guidance implies hardly any sequential
improvement through the year, which looks cautious," Vontobel
says
    ** The brokerage cuts FY2023/2024 EBITDA expectations by
31%/11% and lowers PT by c. 3.6% to CHF 265, while anticipating
recovery in the sector in FY2024 it keeps "buy" rating unchanged
    ** Comet also reported Q1 sales of CHF 108 mln (down 14%
Y/Y), line with consensus expectations Vontobel says
    ** Comet is the worst performer of the Swiss mid-cap index
 .SMIM , shares on track for its worst day since mid-Feb
    

 (Reporting by Amir Orusov)
 ((Amir.orusov@thomsonreuters.com))