PVA TePla (FRA: TPE)

Last close As at 12/06/2024

EUR18.42

−0.12 (−0.65%)

Market capitalisation

EUR401m

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 by 2025.

Latest Insights

TMT | Flash note

PVA TePla — Underpinning the FY28 revenue target

TMT | Initiation

PVA TePla — Material matters

Sector

TMT

Equity 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 (8.2) (16.8) (5.0)
Relative (6.2) (19.6) (17.5)
52 week high/low €23.6/€14.2

Financials

PVA TePla has transitioned from a small seller of industrial systems to a materials technology and metrology solutions company, set to reach c €280m in revenues in FY24. Its increasing exposure to the fast-growing semiconductor industry (more than two-thirds of sales) and high-end materials markets is securing growth. Despite its exposure to fast-growing parts of equipment market sales like metrology, PVA TePla is still largely valued as an industrial company, trading at a significant discount to peers and our DCF valuation.

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 21.7 N/A
2023A 263.4 41.5 36.3 122.17 15.1 N/A
2024E 284.2 47.9 42.9 144.16 12.8 N/A
2025E 305.9 53.2 47.8 160.03 11.5 N/A

Further insights

insight

TMT

PVA TePla: EKF 2023 QuickView

Thematics

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

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