Fair Value: 25.2€ – – – – – – Rating: Buy
Weaker Q3 but targets remain within reach
PVA TePla’s Q3 results could not fully live up to our expectations, in particular on the Semiconductor Systems side. Against this background we have lowered our full year estimates to the very low end of the guidance. This leads to a slight reduction in our fair value to EUR25.2. We thus feel that the stock price does not reflect the company’s growth potential and reiterate our Buy rating. An improving margin in Q4 and a rise in order intake could give support to the share price.