PVA TePla — Progress with metrology qualification

PVA TePla (PVA) reported Q125 results in which the expected step up in opex is already visible, resulting in lower EBITDA and EBIT. The industrial segment performed strongly, as did metrology, but crystal growing equipment sales were weak. However, the reported progress in metrology is very positive. It seems that PVA is approaching qualification for volume production for at least one large Asian semiconductor manufacturer. This could be a major driver of the top line, margins and share price. We have made no changes to our estimates.