When I last wrote about VAT Group (OTCPK:VACNY) (VACN.S), a Swiss manufacturer of highly-engineered mission-critical valves used largely in semiconductor and display panel fabrication equipment, I said that the value proposition was precarious due to the prospects for weakening semi equipment demand. That concern played out, with the shares trading down about 33% relative to the price at that last article, as valve sales have since plunged about 40% since.
I also said that I’d be interested in the shares if they dropped another 20%, and while there still would have been