| Valuation method | Value, CHF | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 131.28 | -56 |
| Intrinsic value (DCF) | 94.70 | -68 |
| Graham-Dodd Method | 45.75 | -85 |
| Graham Formula | 88.67 | -70 |
Comet Holding AG is a Swiss-based leader in X-ray and radio frequency (RF) power technology solutions, serving global markets in electronics, automotive, aerospace, energy, semiconductor, and security sectors. Founded in 1948 and headquartered in Flamatt, Switzerland, Comet operates through three key divisions: Plasma Control Technologies, X-Ray Systems, and Industrial X-Ray Modules. The company specializes in high-precision plasma process control for memory chips and flat panel displays, non-destructive examination using X-ray and microfocus technology, and compact X-ray solutions for industrial and security applications. Comet's products, marketed under the Comet and Yxlon brands, are critical for advanced manufacturing and quality control processes. With a strong presence in Europe, North America, and Asia, Comet leverages Swiss engineering excellence to deliver innovative, high-performance solutions. The company's diversified revenue streams and technological expertise position it as a key player in the hardware, equipment, and parts sector within the broader technology industry.
Comet Holding AG presents a compelling investment case with its niche expertise in X-ray and RF power technologies, catering to high-growth sectors like semiconductors and industrial automation. The company's diversified revenue base and strong Swiss engineering heritage provide stability, while its beta of 1.71 indicates higher volatility relative to the market. With a market cap of CHF 1.7 billion and a diluted EPS of CHF 4.52, Comet demonstrates solid profitability, though investors should note its modest net income margin (~7.9%). The dividend yield, based on a CHF 1.5 per share payout, adds income appeal. Risks include exposure to cyclical semiconductor capex and competitive pressures in RF and X-ray markets. The company's ability to maintain technological leadership and expand in Asia will be critical for future growth.
Comet Holding AG competes in specialized segments of the industrial technology market, where its Swiss precision engineering and long-standing reputation provide key differentiators. In Plasma Control Technologies, Comet's vacuum capacitors and RF generators face competition from larger semiconductor equipment players, but its focus on niche plasma control applications allows for strong positioning in memory chip and display manufacturing. The X-Ray Systems division benefits from Yxlon's brand recognition in industrial CT and non-destructive testing, competing against both specialized firms and broader industrial imaging companies. Comet's compact X-ray modules face price competition from Asian manufacturers but maintain an edge in quality and reliability. The company's vertically integrated manufacturing in Switzerland provides quality control advantages but may limit cost competitiveness against lower-cost region producers. Comet's R&D focus on high-end applications (8.5% of revenue) helps maintain technology leadership, though it trails larger competitors in scale. Its geographic mix—strong in Europe but growing in Asia—provides diversification but requires continued investment to compete with local players in China and Japan.