Fair Value: 38.0€ – – – – – – Rating: Buy Underlying trends appear intact PVA TePla’s stock price has been volatile in recent weeks, in line with other AI related tech companies. This might provide opportunities as underlying operating trends appear intact. Q2 showed a strong topline development and an order intake supporting our future estimates. Profitability was not yet back to desired levels, mainly due to extraordinaries. H2 should now show strong EBITDA improvements and additional bulk orders would help further. We thus stick to our Buy rating.