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PVA TePla (XETRA: TPE)

Last close As at 13/05/2024

EUR20.06

▲ 0.17 (0.85%)

Market capitalisation

EUR435m

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

Latest Insights

TMT | Initiation

PVA TePla — Material matters
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Sector

TMT

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 6.2 (13.7) 5.9
Relative 2.7 (21.8) (9.6)
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, driven by AI, digitisation and e-mobility. The combination of a higher capital intensity in the semiconductor industry and growing end markets bodes well for players like PVA TePla, which are exposed to the fast-growing part of equipment sales like metrology. Despite this, 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 23.4 N/A
2023A 263.4 41.5 36.3 122.17 16.3 N/A
2024E 284.2 47.9 42.9 144.16 13.8 N/A
2025E 305.9 53.2 47.8 160.03 12.4 N/A

Research

Further insights

insight

TMT

PVA TePla: EKF 2023 QuickView

Analyst of the week

Katherine Thompson
kthompson@edisongroup.com 020 3077 5730
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