Fair Value: 32.6€ – – – – – – Rating: Buy
Delays weigh on FY25 but growth prospects increase
PVA TePla has lowered its FY25 guidance based on project delays. We have adjusted our FY25 estimates, retained our FY26 estimates and clearly upped our FY28 estimates based on the company’s improved medium-term growth prospects. These changes bring us to a new fair value of EUR32.6. As the stock has already had a strong run, any weakness in the share might represent an opportunity to further participate in these growth prospects.