Constantin Hesse, an analyst from Jefferies, maintained the Buy rating on PVA TePla (0NL1 – Research Report). The associated price target was lowered to €18.00.
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Constantin Hesse has given his Buy rating due to a combination of factors that suggest a promising outlook for PVA TePla. The company is experiencing an increase in order intake, both year-over-year and quarter-over-quarter, primarily due to heightened demand for its metrology equipment. This uptick is supported by new customer qualifications and anticipated growth in fab equipment investments, which are expected to rise significantly in 2025 and continue to accelerate in 2026.
Moreover, PVA TePla is likely to face minimal impact from tariffs, thanks to its local production capabilities and strong pricing power. Despite investor skepticism regarding the company’s ambitious revenue target of €500 million by 2028, the current valuation at 9.0x EV/EBITDA for the next 12 months suggests potential for growth. These factors collectively underpin Hesse’s decision to maintain a Buy rating on the stock.