Category: Equity Research

PVA Tepla

Aug 15, 2024

Fair Value: 26.0€ – – – – – – Rating: Buy

On track for 2024 – order intake must still improve

PVA TePla has delivered a strong second quarter and remains on track to reach its guidance for FY24. While we have cut back on our even more ambitious estimates for FY24 and FY25 we remain confident that the company can accelerate growth from FY26 onwards. Our revised estimates yield a fair value of EUR26 which is still way ahead of the current share price. Against this background we believe that investors can take advantage of a current undershooting of the share.

Basler AG

Aug 12, 2024

Fair Value: €10.5 – – – – – Rating: Neutral

Q2 – earnings improve but order recovery delays

In Q2, Basler managed the expected earnings turnaround but there are still no signs of a broad recovery of demand. Management narrowed its FY24 targets to the lower end. This is in line with our estimates. We therefore keep our forecast and fair value unchanged. As this leaves little upside from the current share price our rating remains Neutral.