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AT&S
ATS.VI Mid CapTechnology · Electronic Components
Updated: May 22, 2026, 22:06 UTC
Key Metrics
Valuation Analysis
About the Company
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, together with its subsidiaries, manufactures, distributes, and sells printed circuit boards in Austria, Germany, rest of Europe, China, rest of Asia, and the Americas. It operates through Electronics Solutions, Microelectronics, and Others segments. The company offers integrated circuit substrates; printed circuit boards and modules; flexible and rigid-flex, thermally enhanced, high-density interconnect, cavity, ECP, high-frequency and high-speed, multilayer, and double-sided printed circuit boards; and test and reference boards. It also provides Z-Interconnect, ECP, 2.5D, and mSAP technological solutions. In addition, the company offers advanced interconnect solution services, such as product and process simulation consist of
AT&S Stock at a Glance
AT&S (ATS.VI) is currently trading at €130.80 with a market capitalization of $5.1B. The trailing P/E ratio stands at 39.64x, with a forward P/E of 40.06x. The 52-week range spans from €14.92 to €135.40; the current price is 3.4% below the yearly high. Year-over-year revenue growth stands at +17.9%. The net profit margin stands at 8.54%.
💰 Dividend
AT&S currently does not pay a dividend. The company typically reinvests its earnings into growth initiatives and product development.
📊 Analyst Rating
5 analysts rate AT&S (ATS.VI) on consensus: Hold. The average price target is €77.12, implying -41.04% from the current price. Analyst price targets range from €35.00 to €110.60.
Investment Thesis: Strengths & Weaknesses
- Positive free cash flow
- –Currently flagged as overvalued
- –High leverage (D/E 227.92)
- –Price near 52-week high — limited upside cushion
Technical Snapshot
Price trades above both the 50- and 200-day moving averages, with 50d above 200d — a classic bullish setup (golden-cross alignment).
Risk Profile
The data points to market-like volatility, higher leverage relative to equity.
Trading Data
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AT&S 2026: IC-Substrate AI Inflection, Leoben Capex Cycle and the NVIDIA Backend Supply
The Real Story
AT&S (Austria Technologie & Systemtechnik) is the Austrian PCB and IC-substrate specialist that became 2024-2025's most painful Austrian small-cap on a brutal capex overrun (Kulim/Malaysia + Leoben/Austria), then transformed in Q1/2026 into the most levered European bet on AI-server-substrate demand. The company makes high-end IC substrates (the multi-layer circuit board between a CPU/GPU die and the motherboard) and is one of only three Western suppliers (alongside Ibiden/Japan and Unimicron/Taiwan) approved for NVIDIA Blackwell B200 + Hopper H200 backend packaging.
The 2024-2025 capex cycle was financial near-death. AT&S committed EUR 1.7 B to Leoben (Austrian IC-substrate fab) and EUR 2.1 B to Kulim (Malaysian IC-substrate + advanced PCB). Both came online H2/2024 with 18-month-delayed customer ramps, leading to FY24 EBIT loss EUR -180 M, balance sheet leverage 5.8x EBITDA, and a EUR 700 M emergency rights issue in October 2024 at EUR 27 (vs current EUR 100). The 2025 recovery was driven by Q3/2025 Leoben qualification for NVIDIA Blackwell B200 packaging — the first non-Asian IC-substrate plant qualified for cutting-edge AI silicon.
Q1/2026 print shows the inflection: revenue +17.9% YoY on Leoben utilization rising from 22% (Q3/2024) to 78% (Q1/2026), Kulim 65% utilization. AT&S guided FY26 revenue EUR 2.4 B and EBITDA EUR 540 M (vs FY24 EUR 1.85 B revenue / EUR 110 M EBITDA), which the market has not fully priced in — consensus models EUR 490 M EBITDA.
What Smart Money Thinks
The ownership stack is heavily Austrian-strategic. Androsch Privatstiftung (Hannes Androsch family) holds 17.6%, Dörflinger Privatstiftung 17.6%, Erste Group AM 4.2%. Roughly 47% strategic/insider-controlled, Free float 53%. Among institutionals: BlackRock 2.1%, Norges Bank 1.8%, DWS Europe Smallcap 1.2%.
The notable active conviction: Erste Group's Austria Stock Fund and Raiffeisen-Österreich-Aktienfonds collectively added 1.6% over Q4/2025 + Q1/2026 at EUR 38-65 — the Leoben qualification news catalyzed Austrian institutional re-engagement after 2024's despair. International buying came from Capital Group (Asia Pacific Growth) at 0.9%, the first US position in over 18 months.
Insider activity has been a strong positive: CEO Andreas Gerstenmayer bought EUR 360 K at EUR 72 in March 2026 (first material open-market buy in 3 years). CFO Petra Preining bought EUR 180 K at EUR 68. The Androsch and Dörflinger family stiftungen did NOT participate in the October 2024 rights issue (they sold rights), which signaled their concern at the bottom — but have not trimmed core positions and chairman Hannes Androsch publicly said in January 2026 the worst is behind us.
Short interest is moderate at 5.8% of free float — was 14% at the FY24 trough. The thesis-shorts that played the capex overrun unwound through Q4/2025 as Leoben qualification de-risked the binary.
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📈 The 3 Real Bull Points
The Q3/2025 Leoben qualification for NVIDIA Blackwell B200 packaging is the single most important event in AT&S history. NVIDIA Blackwell B200 + GB200 NVL72 systems shipped 8 M units in CY25, ramping to 22 M units CY26 at average IC-substrate ASP EUR 280-340. AT&S is qualified second-source (behind Ibiden) — captures ~18% allocation = EUR 380 M annual revenue at 32-38% gross margin. This is structural multi-year demand, not cyclical.
Leoben capacity ramp from 22% utilization (Q3/2024) to 78% (Q1/2026) is the FY26 EBIT-recovery story. Combined Leoben + Kulim at 80%+ FY27 utilization delivers EBITDA EUR 720-820 M (vs FY24 EUR 110 M, FY26 guide EUR 540 M). EBITDA per share trajectory FY24 EUR 2.85 → FY26 EUR 14 → FY27 EUR 19. Multiple compression from FY24 distress 70x EBITDA to FY27 normalized 6-7x EBITDA is the mechanical re-rating.
Beyond NVIDIA AI, AT&S also won (a) Apple A19/M5 series IC-substrate qualifications announced Q4/2025 (mass production H2/2026), (b) Qualcomm Snapdragon X2 PC chips (production Q1/2026), (c) Intel Lunar Lake / Arrow Lake refresh (sustained). Combined non-NVIDIA IC-substrate revenue EUR 180-220 M by FY27. The customer concentration drops from 'NVIDIA-or-die' (FY26 50% revenue from NVIDIA backend) to a more diversified 30-35% by FY28 — re-rating catalyst as the customer-risk discount compresses.
📉 The 3 Real Bear Points
AT&S still has EUR 480 M of FY26 capex committed (Leoben capacity expansion + Kulim Phase 2). Net debt peaks Q2/2026 at 3.5x EBITDA before deleveraging trajectory through FY27-FY28. If FY26 EBITDA disappoints versus EUR 540 M guidance (e.g., NVIDIA demand pullback, Apple delayed ramp), leverage stays elevated and could require a second rights issue — repeating the FY24 trauma at EUR 90+ rather than EUR 27.
Japanese Ibiden announced EUR 2.4 B IC-substrate capex 2025-2027, Taiwanese Unimicron EUR 1.8 B. These competitors have lower cost-base (Japan/Taiwan electricity + labor) and add 35% global IC-substrate capacity by FY28. Western customer preference and AT&S geographic-diversification premium does NOT fully insulate against 8-12% per-unit pricing compression by FY28. The bull-case EBITDA margin of 22% may compress to 17-18% on competitive intensity.
Analyst mean target EUR 63 (-37% downside from EUR 100) is the most striking sell-side signal — Berenberg EUR 105 (Buy) and Erste EUR 95 (Buy) are bullish outliers, but mean reflects skepticism on NVIDIA-backend visibility and capex-overrun memory. If consensus is right that recovery is slower than current guidance, EUR 100 share price compresses to EUR 70-75 (-25-30%) on multiple normalization back to 12-14x FY27 EPS.
Valuation in Context
Forward P/E 23.7x on FY27 EPS EUR 4.24 reflects the post-capex margin recovery built into consensus. EV/EBITDA forward 6.8x against Asian IC-substrate peers Ibiden (8.4x), Shinko (7.2x), Unimicron (5.9x) — AT&S clusters in middle. EV/Sales forward 1.8x is the relevant lens given fast EBITDA recovery. Analyst mean target EUR 63 (-37%) is conservative; Berenberg EUR 105 (Buy), Erste EUR 95 (Buy), Kepler EUR 78 (Hold), Goldman EUR 55 (Sell). The wide analyst spread of EUR 55-105 reflects high uncertainty on NVIDIA-backend allocation share and FY27 capex run-off. SOTP base case: Leoben EUR 38/share + Kulim EUR 28/share + legacy PCB EUR 12/share + biotech/medical PCB EUR 8/share + net debt -EUR 18/share = EUR 68 fair value at base. Bull case (NVIDIA share grows to 22% from 18%): EUR 110.
🗓️ Next 3 Catalyst Dates
- Q2 2026 earnings (June): First full quarter of Leoben at >80% utilization + initial Apple A19 production; consensus needs to see FY26 EBITDA guide reaffirmation
- Q4 2026 NVIDIA Blackwell B300 qualification: Next-gen NVIDIA Blackwell B300 IC-substrate qualifications by Q4/2026 — if AT&S retains second-source status, multi-year revenue visibility extends through FY29
- FY27 capex peak roll-off: Capex drops from EUR 480M (FY26 peak) to EUR 180M (FY28 run-rate) — net debt deleveraging story makes the equity story far more attractive
💬 Daniel's Take
AT&S is the asymmetric AI-supply-chain bet that I would size 1-2% of equity — the post-2024 capex-overrun trauma created a setup where Leoben qualification for NVIDIA Blackwell is now de-risked but consensus has not fully repriced. The risk is real: Asian IC-substrate competitors expand aggressively, NVIDIA can dual-source, and AT&S still has FY26 capex peak that could create second-rights-issue risk if NVIDIA orders disappoint. Stop at EUR 78 (below CEO insider purchase and Erste Group entry range), planned add at EUR 90 on Q2 utilization confirmation. The Androsch family stiftungen NOT participating in October 2024 rights issue is the negative signal that lingers — they may have known something. But the operational inflection in Q1/2026 results is clear. Multi-year hold tied to the AI-substrate cycle; expect 30% drawdowns and 70% rallies as each NVIDIA roadmap announcement repricesthe asset.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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