Pva Tepla Ord Company Research (0NL1)

PVA TePla (PVA) reported final FY25 results that were in line with the preliminary numbers provided in February and management reiterated its FY26 guidance reflecting a gradual recovery. We have updated our estimates, with FY26 EBITDA reduced by 35%. Another strong quarter of order intake points to a bounce back in growth and earnings in FY27 and beyond. After Q4’s impressive order intake of €91.1m (Q424: €43.4m), Q126 has started out well, with ~€50m in metrology orders alone. Management guides for a material uptick in order intake in late H226. Our DCF points to a fair value of €31.99 per share, compared to €31.63 previously.