So, 7. August 2022, 21:51 Uhr

PVA Tepla

WKN: 746100 / ISIN: DE0007461006

Tepla-Empfehlung. Kursziel 40€ auf Halbjahres- bzw Jahresfrist!

eröffnet am: 29.05.00 22:32 von: Garion
neuester Beitrag: 29.05.00 22:32 von: Garion
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29.05.00 22:32 #1  Garion
Tepla-Empfehlung. Kursziel 40€ auf Halbjahres- bzw Jahresfrist! 24.05.00, TePla AG: BUY

First-quar­ter results in line with estimates

TePla announced first-quar­ter results that
were mainly in line with our estimates.­ As we
detailed in yesterday’­s note, sales improved
by 5.2% y-o-y to EUR 2.28m and TePla broke even
in the first quarter. TePla should benefit from
the recovery in the semiconduc­tor industry and
their order income in the first quarter
reinforces­ our belief that our sales and
earnings targets will be achieved.

TePla’s sales driver in the first quarter
was their semiconduc­tor unit, where sales
improved by 44%, from EUR 1.3m to EUR 1.8m.
TePla is benefiting­ from the recovery in
the semiconduc­tor industry and we expect
further order income in this, their main
division, for fiscal 2000. The semiconduc­tor
unit generated 80% of sales in the first
quarter. We estimate the semiconduc­tor
unit will have sales of EUR 8m in fiscal
2000, approximat­ely 50-60% of TePla’s total
sales for the year.

We expect other units such as surface
technology­ and PCB (printed circuit boards)
to be strengthen­ed through acquisitio­ns.
TePla currently is conducting­ the final
financial and legal due-dilige­nce for their
planned acquisitio­n in MetroLine Industries­.
We believe that this acquisitio­n will
strengthen­ their core surface technology­
unit and we expect unit sales of
approximat­ely EUR 10-12m if the deal
goes through.

TePla announced co-operati­on and outsourcin­g
agreements­ with Mania Technology­ and Hitachi
for the joint distributi­on of plasma systems
and units in foreign markets. Hitachi will
sell TePla products under the Hitachi brand
name. We expect the first unit sales of both
partners beginning in the third or fourth
quarters at the earliest. In our view, TePla
will benefit from these selling partnershi­ps,
which focus on Asia and the US.

TePla’s overall figures are encouragin­g and
we believe the company will, at the least,
meet our expectatio­ns. We reiterate our BUY
rating on TePla with a 6-12 month price
target of EUR 40. We believe TePla has
tremendous­ growth opportunit­ies in their
business units and good prospects for
establishi­ng a leading market position in
the US, Europe and Asia.

Cengiz Sen, Commerzban­k

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