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1. Company Snapshot

1.a. Company Description

Comet Holding AG, together with its subsidiaries, provides X-ray and radio frequency (RF) power technology solutions in Switzerland, Germany, the rest of Europe, North America, China, Japan, the rest of Asia, and internationally.It operates through Plasma Control Technologies, X-Ray Systems, and Industrial X-Ray Modules divisions.The Plasma Control Technologies division develops, manufactures, and markets vacuum capacitors, RF generators, and RF impedance matching networks for the high-precision control of plasma processes required in the production of memory chips and flat panel displays.


The X-Ray Systems division develops, manufactures, and markets X-ray systems and related services for non-destructive examination using X-ray and microfocus technology, and computed tomography.The Industrial X-Ray Modules division develops, manufactures, and markets compact X-ray sources and portable X-ray modules for non-destructive examination, steel metrology, and security inspection.The company offers its products under the Comet and Yxlon brand names.


It serves electronics, automotive, aerospace, energy, semiconductor, and security sectors.Comet Holding AG was founded in 1948 and is headquartered in Flamatt, Switzerland.

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1.b. Last Insights on COTN

Comet Holding AG's recent performance has been positively driven by its strategic move into the next-generation semiconductor packaging space. The company's IXS division joined the JOINT3 consortium, bolstering its expertise in x-ray inspection systems. This alliance positions Comet for a larger role in the industry's transformation. Additionally, the European market's resilience, with the STOXX Europe 600 Index rising by 1.77% and 2.35% in recent weeks, has provided a favorable backdrop. The company's robust innovation potential and adaptability to evolving economic conditions have also been highlighted.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.20%)

6. Segments

Plasma Control Technologies

Expected Growth: 8.38%

Comet Holding AG's Plasma Control Technologies segment growth of 8.38% is driven by increasing demand for plasma-based solutions in semiconductor manufacturing, rising adoption of IoT devices, and growing need for advanced plasma etch and deposition technologies in display and memory applications.

X-Ray Systems

Expected Growth: 7.77%

Comet Holding AG's X-Ray Systems segment growth of 7.77% is driven by increasing demand for digital radiography systems, rising adoption of AI-powered imaging solutions, and growing need for precise diagnostic tools in healthcare. Additionally, expanding applications in non-destructive testing and security inspection contribute to the segment's growth.

Industrial X-Ray Modules

Expected Growth: 8.37%

Comet Holding AG's Industrial X-Ray Modules segment growth of 8.37% is driven by increasing demand for non-destructive testing in aerospace, automotive, and electronics industries. Growing adoption of Industry 4.0 technologies, rising need for quality control, and expanding applications in additive manufacturing and battery inspection also contribute to this growth.

7. Detailed Products

X-Ray Tubes

Comet Holding AG designs and manufactures X-ray tubes for a wide range of applications, including medical, industrial, and security inspection.

X-Ray Sources

Comet Holding AG offers a range of X-ray sources, including high-voltage and low-voltage X-ray generators, for various applications.

Dental X-Ray Systems

Comet Holding AG provides dental X-ray systems for dental clinics and hospitals, offering high-quality imaging solutions.

Industrial X-Ray Systems

Comet Holding AG designs and manufactures industrial X-ray systems for non-destructive testing and inspection.

CT Scanners

Comet Holding AG offers computed tomography (CT) scanners for industrial and medical applications.

Radiation-Based Sterilization

Comet Holding AG provides radiation-based sterilization solutions for medical devices, pharmaceuticals, and food products.

8. Comet Holding AG's Porter Forces

Forces Ranking

Threat Of Substitutes

Comet Holding AG operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the increasing competition from new market entrants.

Bargaining Power Of Customers

Comet Holding AG has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are specialized, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

Comet Holding AG relies on a few key suppliers for critical components, which gives them some bargaining power. However, the company's long-term relationships with suppliers and its ability to negotiate prices mitigate this risk.

Threat Of New Entrants

The threat of new entrants is high due to the growing demand for specialized products and the relatively low barriers to entry in the industry. New entrants could potentially disrupt the market and challenge Comet Holding AG's market share.

Intensity Of Rivalry

The intensity of rivalry in the industry is moderate, with a few established players competing for market share. Comet Holding AG's strong brand reputation and product differentiation help to mitigate the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 17.61%
Debt Cost 3.95%
Equity Weight 82.39%
Equity Cost 12.11%
WACC 10.67%
Leverage 21.38%

11. Quality Control: Comet Holding AG passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Melexis

A-Score: 5.1/10

Value: 2.7

Growth: 6.6

Quality: 6.7

Yield: 7.5

Momentum: 3.5

Volatility: 3.7

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Fabrinet

A-Score: 4.7/10

Value: 0.9

Growth: 8.7

Quality: 6.4

Yield: 0.0

Momentum: 9.0

Volatility: 3.0

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Inficon

A-Score: 4.4/10

Value: 0.9

Growth: 6.8

Quality: 7.6

Yield: 4.4

Momentum: 2.0

Volatility: 4.7

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Renishaw

A-Score: 4.3/10

Value: 2.4

Growth: 4.7

Quality: 6.8

Yield: 3.8

Momentum: 5.0

Volatility: 3.3

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Spectris

A-Score: 3.8/10

Value: 1.4

Growth: 3.1

Quality: 4.3

Yield: 3.8

Momentum: 9.5

Volatility: 0.7

1-Year Total Return ->

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Comet Holding

A-Score: 2.5/10

Value: 1.3

Growth: 3.8

Quality: 6.1

Yield: 1.2

Momentum: 1.0

Volatility: 1.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

218.8$

Current Price

218.8$

Potential

-0.00%

Expected Cash-Flows