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Investing.com -- Comet has reduced its "next peak" targets ahead of its CMD, setting new goals of CHF670-770 million in net sales, 22-27% EBITDA margin, and 27-32% ROCE, while moving the cycle peak to 2028.
The midpoint of the 2028 revenue outlook aligns with the current consensus estimate of CHF718 million, though the implied EBITDA is approximately 8% higher than street expectations.
The company projects its total addressable market (TAM) will grow from $4.2 billion to $7.1 billion by 2028, while its serviceable addressable market (SAM) is expected to more than double from $1.7 billion to $3.5 billion. The faster growth rate of SAM compared to TAM indicates Comet plans to focus on the most attractive segments of the semiconductor chain, particularly metrology and process control.
Comet attributes the lower sales and margin targets to currency translation effects and slower adoption of new products rather than weakened structural semiconductor demand. Nevertheless, the decision to push the peak to 2028 suggests a longer digestion phase and increases execution risk for the company’s Synertia and CA20 product ramps.
Comet shares fell 4% following the announcement.
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