Strong order momentum continues

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.