Download PDF

1. Company Snapshot

1.a. Company Description

PVA TePla AG, together with its subsidiaries, manufactures and sells systems for the production and refinement of high-tech materials worldwide.It operates through two segments, Industrial Systems and Semiconductor Systems.The Industrial Systems division provides structural material technologies for semiconductor, aviation and aerospace, energy technology, and hard metal tools industries; and engages in the vacuum brazing, vacuum heat treatment, and diffusion bonding activities.


The Semiconductor Systems division offers crystal growing systems, including silicon wafer technologies for microelectronics and silicon carbide wafer technologies for high-performance electronics; metrology systems comprising technologies for non-destructive quality control of wafers, semiconductor parts, and high-tech industrial material; and plasma systems, such as production technologies for micro-electronic mechanical systems and high-brightness light-emitting diodes, as well as technologies for the fabrication of ultrathin wafers.The company is headquartered in Wettenberg, Germany.

Show Full description

1.b. Last Insights on TPE

PVA TePla AG's recent performance has been driven by its successful Capital Markets Day, where the company provided a strategic outlook and highlighted growth drivers. The company's Metrology division is expected to benefit from acoustic measurement systems for the semiconductor industry, while its Material Solutions division addresses energy and aerospace growth markets. Investments in research and development are underway. The company previously reported a 46% increase over the past three months, with a solid five-year return of 79%. A new Supervisory Board setup was confirmed at the Annual General Meeting.

1.c. Company Highlights

2. PVA TePla AG: Delays in Q3, But Strong Order Intake and Growth Prospects

PVA TePla AG reported revenue of EUR 55.8 million in Q3, below expectations due to external factors such as global trade-related uncertainties and delays at customer sites. Despite this, the company saw a positive development in its order book, with an order intake of EUR 33 million, the strongest quarter since Q3 2023. The book-to-bill ratio was 1.3, and the year-to-date figure was over 1. The company's EPS came in at EUR 0.19, beating estimates of EUR 0.1733.

Publication Date: Nov -21

📋 Highlights
  • Q3 Revenue Decline: EUR 55.8 million, -11% YoY, due to global trade uncertainties and customer delays.
  • Strong Order Intake: EUR 33 million in Q3, highest since Q3 2023, with a 1.3 book-to-bill ratio.
  • 2025 Guidance: Revenue EUR 235–255 million, EBITDA EUR 25–30 million, citing project timing shifts.
  • Future Market Focus: Transparent silicon carbide and advanced packaging expected to drive growth from 2026.

Financial Performance

The company's revenue decline was attributed to trade-related uncertainties, causing delays in operational timing and shifting projects from Q3 to Q4. The revenue impact was seen across multiple projects, markets, and product groups. However, key product groups, including metrology and Material Solutions, showed growth potential, with metrology contributing EUR 72 million and Materials Solutions contributing EUR 104 million.

Guidance Update

The company updated its guidance, expecting revenues between EUR 235 million and EUR 255 million, with an EBITDA between EUR 25 million to EUR 30 million. This is due to project timing shifts and potential further delays at customer sites. For 2026, PVA TePla AG anticipates a gradual recovery in growth versus 2025, with analysts estimating revenue growth at 19.6%.

Operational Developments

The company is investing in initiatives aimed at increasing efficiency, including cross-training employees, introducing a new shop floor management system, and standardizing and modularizing products. Jalin Ketter highlighted that "the company is prepared for emerging trends such as transparent silicon carbide and advanced packaging for interposer materials, with its 300-millimeter system to be introduced in 2026."

Valuation

With a P/E Ratio of 19.8, P/B Ratio of 2.97, and EV/EBITDA of 11.34, the company's valuation multiples indicate a moderate premium. The company's ROE of 14.51% and ROIC of 10.91% suggest a strong return on equity and invested capital. The market seems to have priced in a moderate growth expectation, and the company's guidance update and operational developments suggest that the company is on track to meet its growth prospects.

Outlook

The company expects a gradual recovery in sales and profitability in 2026, driven by the ramp-up of new products and the resolution of delays. The company is confident that the delays in Q3 will be resolved in the first half of 2026, and the official guidance for 2026 will be announced in late January or early February. With a strong order intake and growth prospects, PVA TePla AG is well-positioned for future growth.

3. NewsRoom

Card image cap

Assystem And 2 More European Companies Estimated To Be Priced Below Their Intrinsic Value

Dec -03

Source:

Card image cap

An Intrinsic Calculation For PVA TePla AG (ETR:TPE) Suggests It's 49% Undervalued

Dec -02

Source:

Card image cap

Analysts Are Updating Their PVA TePla AG (ETR:TPE) Estimates After Its Third-Quarter Results

Nov -15

Source:

Card image cap

Jefferies downgrades PVA TePla to “hold,” cuts price target on growing uncertainty

Nov -13

Source:

Card image cap

PVA TePla AG (TPLKF) Q3 2025 Earnings Call Highlights: Strong Order Intake Amid Revenue Challenges

Nov -12

Source:

Card image cap

Global Stock Picks Estimated To Be Trading At Discounts Of Up To 47.3%

Nov -07

Source:

Card image cap

How the Story Behind PVA TePla Is Shifting as Analyst Optimism Rises

Oct -28

Source:

Card image cap

3 European Stocks Possibly Undervalued By Market Estimates In October 2025

Oct -22

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.41%)

6. Segments

Semiconductor Systems

Expected Growth: 9%

PVA TePla AG's Semiconductor Systems segment growth is driven by increasing demand for advanced semiconductor materials, rising adoption of IoT and AI technologies, and growing need for high-performance computing. Additionally, the company's focus on innovation, strategic partnerships, and expansion into emerging markets contribute to its 9% growth rate.

Industrial Systems

Expected Growth: 7%

PVA TePla AG's Industrial Systems segment growth is driven by increasing demand for semiconductor manufacturing equipment, rising adoption of IoT and Industry 4.0 technologies, and growing need for vacuum technology in emerging industries such as renewable energy and electric vehicles.

7. Detailed Products

Plasma Etching Systems

PVA TePla AG's plasma etching systems are designed for precise and efficient material removal in semiconductor manufacturing, MEMS, and nanotechnology applications.

PECVD Systems

PVA TePla AG's PECVD (Plasma-Enhanced Chemical Vapor Deposition) systems are used for depositing thin films in semiconductor manufacturing, solar cells, and display technology.

ICP Etching Systems

PVA TePla AG's ICP (Inductively Coupled Plasma) etching systems are used for high-aspect-ratio etching in semiconductor manufacturing, MEMS, and nanotechnology applications.

RTP Systems

PVA TePla AG's RTP (Rapid Thermal Processing) systems are used for thermal processing of semiconductor materials, including annealing, oxidation, and nitridation.

Wafer Handling Systems

PVA TePla AG's wafer handling systems are designed for automated handling and transportation of semiconductor wafers in manufacturing environments.

Process Development Services

PVA TePla AG's process development services provide customized process development and optimization for semiconductor manufacturing, MEMS, and nanotechnology applications.

8. PVA TePla AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for PVA TePla AG is moderate due to the availability of alternative materials and technologies in the semiconductor industry.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of PVA TePla AG's products and services, which limits the ability of customers to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers in the market, but the company's dependence on a few key suppliers for critical components.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the semiconductor industry, including the need for significant capital investment and specialized expertise.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the semiconductor industry, with multiple players competing for market share and technological advancements.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 12.62%
Debt Cost 3.95%
Equity Weight 87.38%
Equity Cost 14.16%
WACC 12.87%
Leverage 14.44%

11. Quality Control: PVA TePla AG passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
2G Energy

A-Score: 5.0/10

Value: 2.8

Growth: 8.1

Quality: 6.9

Yield: 1.9

Momentum: 8.5

Volatility: 2.0

1-Year Total Return ->

View Full Report
Stock-Card
Grenergy Renovables

A-Score: 5.0/10

Value: 4.2

Growth: 9.9

Quality: 4.3

Yield: 0.0

Momentum: 9.5

Volatility: 2.0

1-Year Total Return ->

View Full Report
Stock-Card
PVA TePla

A-Score: 4.6/10

Value: 2.6

Growth: 8.4

Quality: 5.9

Yield: 0.0

Momentum: 9.5

Volatility: 1.3

1-Year Total Return ->

View Full Report
Stock-Card
Bystronic

A-Score: 3.7/10

Value: 7.0

Growth: 0.6

Quality: 2.8

Yield: 5.0

Momentum: 4.0

Volatility: 3.0

1-Year Total Return ->

View Full Report
Stock-Card
Absolent Air Care

A-Score: 3.3/10

Value: 2.6

Growth: 6.6

Quality: 5.6

Yield: 1.2

Momentum: 2.0

Volatility: 2.0

1-Year Total Return ->

View Full Report
Stock-Card
Feintool

A-Score: 2.3/10

Value: 6.2

Growth: 1.1

Quality: 1.9

Yield: 1.2

Momentum: 0.0

Volatility: 3.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

23.06$

Current Price

23.06$

Potential

-0.00%

Expected Cash-Flows