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Edison Investment Research Limited
Edison issues initiation on PVA TePla (TPE): Material matters
10-May-2024 / 09:39 GMT/BST
The issuer is solely responsible for the content of this announcement.

London, UK, 10 Mai 2024

Edison issues initiation on PVA TePla (TPE): Material matters
PVA TePla has transitioned from a small seller of industrial systems to a materials technology and metrology solutions
company, set to reach c EUR280m 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.
PVA TePla is trading at an FY25e EV/EBITDA of 6.8x on our estimates. This is much lower than European semiconductor
equipment makers (average of c 20.6x), inspection/process control companies (22.5x) and also lower compared to advanced
materials players (11.0x). As such, we believe that PVA TePla's transformation is not reflected in its valuation. Our
DCF valuation arrives at a fair value of EUR35.26 per share.
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1900445 10-May-2024

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END) Dow Jones Newswires

May 10, 2024 04:39 ET (08:39 GMT)