PVA TePla

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 >

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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

TMT |
Update

15.11.24

PVA TePla — Lower estimates after Q3 results

TMT |
Update

22.08.24

PVA TePla — Strong Q224 results

TMT |
Flash note

23.05.24

PVA TePla — Underpinning the FY28 revenue target

TMT |
Initiation

10.05.24

PVA TePla — Material matters

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Sector

Industrials

Equity Analyst

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.