Original-Research: PFISTERER Holding SE - from GBC AG
Classification of GBC AG to PFISTERER Holding SE
Attractive triad of dynamic business development, high profit margins and strong market growth With its product range, PFISTERER is part of a market that is characterised by increasing demand for electricity (economic growth, electromobility, AI, etc.) on the one hand, and a partially outdated energy infrastructure on the other. In addition, the infrastructure is in a transformation phase (decentralisation, HVDC), which is accompanied by a high investment requirement overall. According to a study by Roland Berger, the market addressable by PFISTERER is expected to grow by an average of 11.6% in the coming years. With its growth strategy, the company aims to participate disproportionately in market growth. On the one hand, growth in the core business is to be realised by gaining market share. On the other hand, global presence is to be expanded. Finally, new products are to be developed. The focus here is on the HVDC sector and a general expansion of products in the high-margin high and extra-high voltage range (over 250 kV). To this end, PFISTERER has launched a CAPEX programme of € 215 million, which will be financed by the cash inflow from the IPO on the one hand and the expected positive cash flows on the other. This is intended to continue the growth trajectory already embarked upon in previous financial years. In 2024, sales growth amounted to 14.7% (€ 383.12 million) and the EBITDA margin improved to 15.7%, which corresponds to EBITDA of € 60.15 million. According to our estimates, which cover the period up to 2030, sales should increase to € 717.02 million (2030) and EBITDA to € 141.91 million, which would then correspond to an EBITDA margin of 19.8%. As part of our DCF valuation model, we have determined a target price of €48.00 per share, which corresponds to a fair market capitalisation of €868.52 million. Based on the current share price, this represents upside potential of 22.0%. We are initiating coverage of PFISTERER Holding SE with a BUY rating. You can download the research here: http://www.more-ir.de/d/32900.pdf Contact for questions: GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Completion: 23.06.2025 (09:13 am) First publication: 24.06.2025 (10:00 am) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||||
2159328 24.06.2025 CET/CEST
