预约日期：2025年杰富瑞瑞士中型股工业公司之旅

Burckhardt CompressionMeeting with Rolf Brändli, CFOBurckhardt CompressionWorkshop TourAccelleronMeeting with Adrian Grossenbacher, CFOAccelleronFactory TourGroup Dinner – venue TBCVAT GroupMeeting with ManagementVAT GroupFactory TourInficonLunch Meeting with ManagementInficonFactory Tour Martin Comtesse, CFA * | Equity Analyst49 69 719187107 | mcomtesse@jefferies.comFabian Piasta * | Equity Analyst+49 697 1918 7867 | fpiasta@jefferies.comJanardan Menon ^ | Equity Analyst44 (0) 20 7029 8413 | jmenon@jefferies.com Company Valuation/RisksAccelleron Industries AGWe value Accelleron based on a fundamental DCF model, yielding a target price of CHF49 per share. This implies a target multiple of 22x EV/EBIT or27x P/E (FY25e). Risks: Supply chain risk, competitive risk, macroeconomic risk, regulatory risk, FX risk.INFICON Holding AGWe value IFCN based on a fundamental DCF model and cross-check our calculation with a broader set of European industrial stocks that have a similarreturn profile and asset quality. Downside risks include cyclical end markets, client concentration, new disruptive technology, and FX risk. Upside risksinclude faster supply chain normalisation and FX tailwinds.Analyst Certification:I, Martin Comtesse, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Fabian Piasta, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Janardan Menon, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.Registration of non-US analysts:Martin Comtesse, CFA is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as aresearch analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to theFINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Fabian Piasta is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as a researchanalyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to the FINRARule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Janardan Menon is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may notbe subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a researchanalyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than