PVA TePla — Higher order momentum, guidance tweaked

In PVA TePla’s (PVA’s) Q225 results, higher opex, as expected, resulted in lower profits compared to Q224. However, order momentum appears to have gained traction, with an increase in order intake of 90.4% to €57.5m. The CFO, Markus Groß, indicated in the analyst call that this momentum had continued in the first weeks of Q3. Furthermore, PVA continues to make progress in the qualification of its metrology tools for volume production at several clients. This could be a major driver of the top line, margins and share price going forward. We have made several minor changes to our estimates, as management indicated guidance towards the lower end of the existing range as a result of the market environment and postponements of orders at clients.