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PVA TePla (FRA: TPE)

Last close As at 04/11/2024

EUR11.65

▲ −0.06 (−0.51%)

Market capitalisation

EUR254m

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

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)

26.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (13.3) (9.0) (35.0)
Relative (13.4) (16.1) (48.4)
52 week high/low €23.6/€11.6

Financials

PVA TePla’s H1 sales increased 7% to €135.3m and EBITDA increased 26% to €21.9m. Metrology equipment sales were particularly high in Q2, certainly in ultrasound microscopy especially for advanced packaging. PVA expects order momentum in the semiconductor industry to pick up in Q4. The company confirmed FY24 guidance for sales of €270–290m and EBITDA of €47–51m. Despite its exposure to fast-growing parts of the semi equipment market, PVA TePla is still largely valued as an industrial company, trading at a significant discount to peers and our DCF.

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 13.7 5.7
2023A 263.4 41.5 36.3 122.17 9.5 7.9
2024E 284.2 47.9 42.9 144.16 8.1 7.1
2025E 305.9 53.2 47.8 160.03 7.3 6.4

Research

Flash note

TMT

PVA TePla — Underpinning the FY28 revenue target

Initiation

TMT

PVA TePla — Material matters

TMT

Update

PVA TePla — Strong Q224 results

Update

TMT

PVA TePla — Strong Q224 results

Flash note

TMT

PVA TePla — Underpinning the FY28 revenue target

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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