In a research note published on October 11, the analyst mentions that estimates of next year for Edwards Group Limited (NASDAQ: EVAC) and Pfeiffer (PFV) have been lowered in opposition to the conditions of a deteriorating outlook of semi spending in 2013. Pfeiffer was downgraded from HOLD to SELL previously.
In addition to this, more positive semi customer mix (less coverage to DRAM); little attention to Europe in General Vacuum; superior access to development markets, for example EUV or OLED; a lesser amount of downside risk for the consensus estimates of 2013; and more striking on a basis of relative valuation are some of the reasons, on the basis of which positive attitude is carried towards Edwards Group Limited as compared to Pfeiffer and this is done on a relative basis.
Furthermore, BUY has been reiterated on Edwards Group Limited, together with the target price of $10. Despite the fact that share of PFV could stay at 14 percent in the approaching year, it is considered that EVAC could boost its share to some extent from 24 percent to 25 percent in the semis vacuum market.
Moreover, to CY13 consensus EPS approximations for Pfeiffer, which are currently €5.92, a downside risk of 18 percent is seen. Reasonably, to the consensus estimates for Edwards Group Limited, which are £0.67 at this time, a downside of 6 percent is seen. A number of resistances to downward guesstimate revision pressure are believed to be provided by exposure of positive consumer of Edwards Group Limited, leverage to new and rising markets like EUV and OLED and higher margin structure, the analyst adds further.
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