PVA TePla — Lower FY25 guidance but high order intake

On 24 October, PVA TePla (PVA) reported that project-related delays in the US and Asia, which had already led to lower FY25 sales and EBITDA guidance in Q2, persisted and worsened in Q3. Therefore, Q325 results were lower than guided and management has revised FY25e sales to €235–255m (was €260–280m) and FY25e EBITDA to €25–30m (was €34–39m). However, order intake trends are beginning to look good, with a preliminary order intake of €72.8m in Q325 (Q2: €57.5m; Q1: €46.1m). This provides much more support for FY26 estimates. We have lowered our FY25 estimates in line with the new guidance and have reduced our FY26 estimates. On our new estimates, PVA trades at an FY26e P/E ratio of 26.3x, which we believe is not particularly demanding for a stock with high exposure to the increasingly important metrology and inspection segment in the semiconductor value chain.