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The Comet technology company, known in advance for its X-ray systems, is celebrating its 70th anniversary in 2018. But the festive atmosphere does not want to emerge in the face of serious operational problems. Investors are increasingly avoiding the stock of the recently acclaimed supplier in the semiconductor industry.
Headquarters of the Comet in Flamatt. (Gaetan Bally / Keystone)
Like many suppliers to the semiconductor industry, the Freiburg-based technology company Comet has had a brilliant time. The demand for memory and other chips has increased dramatically as a result of rapid scanning. Leading manufacturers such as Samsung and Intel have been forced to significantly increase their production capabilities. But since the second quarter of this year, the investment boom has stagnated.
Reduced Growth Forecast
Comet, which manages approximately 50% of its revenue with semiconductor customers, grew by just under 4% in the first half of 2018, according to premature figures. In the previous two years, sales increased by 18% and 32% respectively. For the current year, management expects stagnation or at best a 5% increase in sales. In absolute terms, Flamatt's sales on this basis would be $ 440 to $ 460 million. A growth of at least 5 to a maximum of 12% had been promised at the annual press conference in March 2018.
By 2019, management had confidently announced a turnover of 500 million francs at an investor conference in November 2017. Previously, she had assumed that this goal would not be achieved until 2020. Meanwhile, market analysts like Research Partners analysts openly question Comet will succeed. The company intends to continue to engage with customers over the next few days and weeks and see if the ambitious 2019 forecast will be maintained. For the moment, the company has been able to assess the development of the business only in the next two quarters, said Wednesday the boss of the company, Rene Lenggenhager. However, we hope to be able to provide new information on the expectations for 2019 at the next semiannual conference on August 16th.
Also Suffering from X-Ray Systems
The semiconductor industry, where major customers of Comet's plasma control modules, such as Lam Research, are becoming more and more changing, n & # 39; This is not the only factor of concern. It also suffers losses in sales of its X-ray systems for material testing in the automotive industry (tire production). Lenggenhager admitted that obsolete products have also been lost in a market that was lethargic in recent years.
The general management is undergoing a complete overhaul in the X-ray systems division that served as the basis for the company's initial success 70 years ago. strength. According to Lenggenhager, who led the group in May 2017, it should save millions of francs a year. At the same time, the head of the company is assured that he would advance the renewal of the product portfolio with strength. In addition, a new business leader looking after the previous holder, as announced already this week, immediately the company must leave.
Another construction site of the now surprisingly large technology company is the company with lamps for the particular sterilization of food packaging (eBeam). Comet has now decided to abandon the US production of large-scale custom systems. The area is very deficient – the performance of the company up to now for 2018 with a turnover of 15 to 20 million francs, as expected the previous year, a loss of 8 million on Friday. The only thing left is the production of components and modules, which are located at headquarters in Flamatt and whose sales are limited to a single-digit figure.
Shares collapse by 25%
The Swedish beverage packaging specialist, Tetra Pak, has won – the eBeam business has not evolved in years . Comet hopes to find a buyer for the production of large factories. Whatever the case may be, the exit from this business will result in provisions that, according to the company, have weighed in on the company's profit of about CHF 10 million in the first half of this year. Overall, management expects a significantly deteriorated result for the semester compared to the previous year.
This concentration of bad news left investors on the run on Wednesday. In the early afternoon, Comet shares fell by nearly 25%, including those of the other two Swiss suppliers listed in the semiconductor industry: VAT (-6.5%) and Inficon (-2.2%) were drawn. Compared to the beginning of this year, the market value of the Friborg company has more than halved.
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