INFICON Holding AG (IFCN.SW) | Investment Case

1. Company Snapshot

1.a. Company Description

INFICON Holding AG develops instruments for gas analysis, measurement, and control in the Asia-Pacific, Europe, North America, and internationally.It offers leak detectors, service tools for HVAC/R and automotive, chemical detection and monitoring products, quartz crystals, thin film depositions, and residual gas analyzers and mass spectrometers.The company also provides RF sensing technology solutions, manufacturing software, vacuum feedthroughs and components, vacuum gauge controllers and accessories, vacuum gauges, high precision vacuum gauges, and drop-in replacement products for vacuum gauges and controllers.

In addition, it provides toxic chemical analysis products for emergency response, security, and environmental monitoring, as well as instruments for energy and petrochemical applications.The company's analysis, measurement, and control products are used for gas leak detection in air conditioning, refrigeration, and automotive manufacturing; and for use in the fabrication of semiconductors and thin film coatings for optics, flat panel displays, solar cells, LED lighting, and industrial vacuum coating applications.Its products are also used in the life sciences, research, aerospace, food and general packaging, heat treatment, laser cutting, oil and gas transportation and processing, alternative energy, utilities, and other industrial processes.

INFICON Holding AG was founded in 2000 and is headquartered in Bad Ragaz, Switzerland.

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1.b. Last Insights on IFCN

INFICON Holding AG's recent performance has been positively influenced by its significant institutional investor base, with 50% stake, indicating confidence in the company's prospects. The intrinsic value estimate of CHF 93.88 suggests potential for growth. Additionally, the company's high insider ownership, up to 33%, implies alignment with shareholder interests. A recent earnings release showed no significant negative impact. Furthermore, European market trends, buoyed by a rally in technology stocks, have created a favorable environment for growth companies like INFICON.

1.c. Company Highlights

Last Price	104
Change Percentage	-0.19%
Open	104.2
Previous Close	104.2
Market Cap ( Millions)	2542
Volume	10636
Year High	121
Year Low	66.6
M A 50	98.22
M A 200	98.47

FCF Yield	2.41%
Dividend Yield	2.02%
ROE	21.46%
Debt / Equity	26.83%
Net Debt / EBIDTA	-32.98%
Price To Book	8.23
Price Earnings Ratio	38.45
Price To FCF	41.49
Price To sales	6.17
EV / EBITDA	26.76

2. Transcript Summary

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3. NewsRoom

What Is INFICON Holding AG's (VTX:IFCN) Share Price Doing?

Nov -20

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INFICON Holding AG (VTX:IFCN) has caught the attention of institutional investors who hold a sizeable 50% stake

Oct -22

Source:

European Growth Stocks With Insider Ownership Up To 33%

Oct -08

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Calculating The Intrinsic Value Of INFICON Holding AG (VTX:IFCN)

Oct -08

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Is Weakness In INFICON Holding AG (VTX:IFCN) Stock A Sign That The Market Could be Wrong Given Its Strong Financial Prospects?

Aug -22

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Inficon Holding AG (XSWX:IFCN) Full Year 2024 Earnings Call Highlights: Record Growth in Key ...

Mar -14

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INFICON Announces ELT Vmax for Individual Leak Testing Systems in Mass Production of EV Battery Cells

Jun -18

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Is Now The Time To Put Chocoladefabriken Lindt & Sprüngli (VTX:LISN) On Your Watchlist?

Feb -08

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.88%)

6. Segments

Semi & Vacuum Coating

Expected Growth: 8.0%

INFICON's Semi & Vacuum Coating segment growth is driven by increasing demand for advanced semiconductor manufacturing, rising adoption of IoT and AI technologies, and growing need for thin film coatings in industries like renewable energy and medical devices. Additionally, INFICON's strong market position, innovative products, and strategic acquisitions contribute to its 8.0% growth.

General Vacuum

Expected Growth: 5.5%

INFICON's General Vacuum segment growth of 5.5% is driven by increasing demand for vacuum technology in semiconductor manufacturing, rising adoption of IoT devices, and growing need for energy-efficient solutions. Additionally, the segment benefits from INFICON's strong market position, innovative products, and expanding presence in Asia.

Refrigeration, Air Conditioning & Automotive

Expected Growth: 6.5%

INFICON Holding AG's 6.5% growth in Refrigeration, Air Conditioning & Automotive is driven by increasing demand for energy-efficient and eco-friendly cooling solutions, stringent regulations on refrigerant emissions, and growing adoption of electric vehicles. Additionally, rising global temperatures and urbanization are boosting demand for air conditioning systems, while automotive manufacturers' focus on comfort and safety features also contributes to growth.

Security & Energy

Expected Growth: 6.0%

INFICON Holding AG's Security & Energy segment growth of 6.0% is driven by increasing demand for gas leak detection and control systems in the energy sector, as well as rising adoption of cybersecurity solutions in critical infrastructure. Additionally, growing investments in renewable energy and energy storage are fueling demand for INFICON's vacuum measurement and control solutions.

7. Detailed Products

Residual Gas Analyzers

INFICON's residual gas analyzers are used to detect and analyze gases in vacuum systems, enabling precise control and optimization of industrial processes.

Leak Detectors

INFICON's leak detectors are designed to detect and locate leaks in vacuum systems, ensuring the integrity of industrial processes and products.

Gas Chromatographs

INFICON's gas chromatographs are used to separate, identify, and quantify the components of gas mixtures, enabling precise analysis and monitoring.

Mass Spectrometers

INFICON's mass spectrometers are used to analyze the mass-to-charge ratio of ions, enabling precise identification and quantification of molecules.

Helium Leak Detectors

INFICON's helium leak detectors are used to detect and locate leaks in high-vacuum systems, ensuring the integrity of industrial processes and products.

Process Control Instruments

INFICON's process control instruments are used to monitor and control industrial processes, ensuring optimal performance and product quality.

8. INFICON Holding AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for INFICON Holding AG is moderate, as there are alternative products and services available in the market, but they are not highly attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for INFICON Holding AG is low, as the company has a diverse customer base and no single customer has significant bargaining power.

Bargaining Power Of Suppliers

The bargaining power of suppliers for INFICON Holding AG is moderate, as the company relies on a few key suppliers for critical components, but has some flexibility to switch suppliers if needed.

Threat Of New Entrants

The threat of new entrants for INFICON Holding AG is low, as the company has significant barriers to entry, including high capital requirements and complex technology.

Intensity Of Rivalry

The intensity of rivalry for INFICON Holding AG is high, as the company operates in a highly competitive industry with several established players.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	14.40%
Debt Cost	3.95%
Equity Weight	85.60%
Equity Cost	9.13%
WACC	8.38%
Leverage	16.83%

11. Quality Control: INFICON Holding AG passed 8 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Computacenter

A-Score: 5.7/10

Value: 4.9

Growth: 6.9

Quality: 5.7

Yield: 5.0

Momentum: 6.0

Volatility: 5.7

1-Year Total Return ->

Rexel

A-Score: 5.3/10

Value: 4.9

Growth: 5.2

Quality: 3.0

Yield: 7.5

Momentum: 5.5

Volatility: 5.7

1-Year Total Return ->

Inficon

A-Score: 4.4/10

Value: 0.9

Growth: 6.8

Quality: 7.6

Yield: 4.4

Momentum: 2.0

Volatility: 4.7

1-Year Total Return ->

Renishaw

A-Score: 4.3/10

Value: 2.4

Growth: 4.7

Quality: 6.8

Yield: 3.8

Momentum: 5.0

Volatility: 3.3

1-Year Total Return ->

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 ->

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 ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

10.59%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.38%

INFICON Holding AG - CH0011029946

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on IFCN

1.c. Company Highlights

Better Quality

Expensive

Average Growth

Earnings Beats

Revenues Miss

Medium Volatility

Less Volatile

Revenues Beats

Weak Momentum

Earnings Miss

Fairly Valued

Higher Yield

Stable Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.88%)

6. Segments

Semi & Vacuum Coating

Expected Growth: 8.0%

General Vacuum

Expected Growth: 5.5%

Refrigeration, Air Conditioning & Automotive

Expected Growth: 6.5%

Security & Energy

Expected Growth: 6.0%

7. Detailed Products

Residual Gas Analyzers

Leak Detectors

Gas Chromatographs

Mass Spectrometers

Helium Leak Detectors

Process Control Instruments

8. INFICON Holding AG's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: INFICON Holding AG passed 8 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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

104.0$

Current Price

104$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA