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PVA TePla (FRA: TPE)

Last close As at 22/11/2024

EUR10.97

▲ −0.03 (−0.27%)

Market capitalisation

EUR239m

PVA TePla (FRA: TPE) initiates share buyback programme >
Edwin De Jong | TMT | Comment | 1 day ago
PVA TePla (FRA: TPE) initiates share buyback programme >
Edwin De Jong | TMT | Comment | 1 day ago
SEE ALL COMMENTARY >

PVA TePla is a German equipment supplier, mostly for the semiconductor industry but also for the industrial market.

PVA TePla’s expertise lies in material process knowledge and the very precise handling of materials in difficult high-temperature/pressure environments. The materials that are produced, inspected or measured with its tools can be linked to global megatrends like digitalisation, decarbonisation and mobility. Organic growth will decelerate in FY24 and FY25 to high single digits and accelerate in the years after, especially driven by a new cycle for metrology. We expect PVA TePla to reach its earlier 15% EBIT margin target this year.

Latest Insights

View More

TMT | Update

PVA TePla — Lower estimates after Q3 results

TMT | Update

PVA TePla — Strong Q224 results

TMT | Flash note

PVA TePla — Underpinning the FY28 revenue target

TMT | Initiation

PVA TePla — Material matters
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Sector

Industrials

Equity Analyst

Edwin de Jong

Edwin De Jong

Analyst

Key Management

  • Gert Fisahn

    Manager Investor Relations

  • Jalin Ketter

    CEO

Balance Sheet

Forecast net cash (€m)

26.8

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (13.2) (22.9) (40.9)
Relative (10.2) (25.5) (50.5)
52 week high/low €23.6/€11.0

Financials

PVA TePla (PVA) reported a 2.3% y-o-y decrease in sales in Q324 and management has set guidance at the lower end of the range for both sales (€270–90m) and EBITDA (€47–51m). Metrology sales held up nicely in the quarter, while sales in the other activities in the semiconductor division showed a decrease. We have lowered our estimates modestly for both FY24 and FY25 given a more challenging expected market environment in wafer fabrication for the semiconductor industry. On our new estimates, PVA trades at an EV/EBITDA FY25e multiple of 3.7x, which we believe is very undemanding.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2022A 205.2 30.0 24.6 84.86 12.9 5.4
2023A 263.4 41.5 36.3 122.17 9.0 7.4
2024E 270.3 46.7 40.5 136.23 8.1 6.8
2025E 276.0 51.4 45.0 151.09 7.3 6.2

Research

Update

TMT

PVA TePla — Strong Q224 results

Flash note

TMT

PVA TePla — Underpinning the FY28 revenue target

TMT

Update

PVA TePla — Lower estimates after Q3 results

Initiation

TMT

PVA TePla — Material matters

Further insights

insight

TMT

PVA TePla: EKF 2023 QuickView

Thematics

thematic

Industrials

The art of measurement – Challenges in metrology

thematic

Industrials

Deutsches Eigenkapitalforum (EKF) 2023 industrials

thematic

Industrials

The long and winding road

thematic

Industrials

Quantum computing: A booming industry
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