Financial PerformanceHistorically, Prysmian's organic EBIT has under-grown Electricals peers, and the trend is expected to resume, primarily because key divisions like Power Grids and Industrial and Construction are at peak margins.
Revenue GrowthIn High Voltage, uncertainty in the US may result in Prysmian pushing out its capacity investments there, which may limit the scope for positive revenue surprise.
ValuationThe target price is lowered to €66 from €70, based on a slightly lowered target multiple of 10.0x EV/EBITDA, driven by a lower assumption for Power Grids.