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PVA TePla
TPE.DE Small CapIndustrials · Specialty Industrial Machinery
Updated: May 22, 2026, 22:06 UTC
Key Metrics
Valuation Analysis
About the Company
PVA TePla AG, together with its subsidiaries, offers systems and solutions to produce components for energy storage systems, photovoltaic modules, and wind turbines worldwide. The company operates through Semiconductor Systems and Industrial Systems segments. The Semiconductor Systems segment provides solutions and systems for the semiconductor industry, including crystal growing systems, metrology systems for quality control, and plasma systems for removing surface contamination from wafers. The Industrial Systems segment offers solutions and systems for the production and refinement of materials; surface treatment; and monitoring production processes configured primarily for the needs and requirements of other industrial areas, such as the medical, electrical, and tool industries. The so
PVA TePla Stock at a Glance
PVA TePla (TPE.DE) is currently trading at €42.62 with a market capitalization of $870.4M. The trailing P/E ratio stands at 426.2x, with a forward P/E of 33.52x. The 52-week range spans from €16.52 to €45.70; the current price is 6.7% below the yearly high. Year-over-year revenue growth stands at -4.2%. The net profit margin stands at 3.12%.
💰 Dividend
PVA TePla currently does not pay a dividend. The company typically reinvests its earnings into growth initiatives and product development.
📊 Analyst Rating
8 analysts rate PVA TePla (TPE.DE) on consensus: Buy. The average price target is €44.19, implying +3.68% from the current price. Analyst price targets range from €30.00 to €50.00.
Investment Thesis: Strengths & Weaknesses
- Analyst consensus: Buy
- Solid balance sheet with low debt (D/E 32.94)
- –Revenue shrinking (-4.2% YoY)
- –Low profitability (3.12% margin)
- –High valuation multiple (P/E 426.2x)
- –Currently flagged as overvalued
- –Negative free cash flow
Technical Snapshot
Price trades above both the 50- and 200-day moving averages, with 50d above 200d — a classic bullish setup (golden-cross alignment).
Risk Profile
The data points to above-average price swings.
Trading Data
Related Stocks in the Same Sector
PVA TePla (TPE.DE) 2026: 43,88 EUR German Semiconductor-Vacuum-Systems and Metrology Specialist with SiC Wafer-Inspection Growth, Crystal-Growing Equipment and 34,5x Forward Earnings Premium
The Real Story
PVA TePla AG (Xetra: TPE) is a Wettenberg, Germany-headquartered specialty-industrial-machinery company designing high-tech vacuum-systems for crystal-growing, advanced-materials-processing, and wafer-metrology. Two reporting segments: Semiconductor Systems (approximately 80 percent of revenue, including crystal-growing-furnaces for silicon-carbide (SiC), single-crystal-silicon, sapphire, plus high-end wafer-inspection-and-metrology systems) and Industrial Systems (approximately 20 percent, vacuum-soldering, plasma-treatment, and high-temperature-vacuum-systems for industrial-customers).
The structural-bull-thesis: SiC wafer-and-power-semiconductor capacity-build-out driven by EV-and-renewable-energy-power-electronics demand creates secular-growth-trajectory for PVA TePla's SiC-crystal-growing-furnaces and wafer-inspection-systems through 2030. Forward-P/E 34,5x reflects high-quality-growth premium.
What Smart Money Thinks
PVA TePla has institutional and family-aligned base. Allianz Global Investors at approximately 7,8 percent, Universal-Investment at approximately 5,2 percent. BlackRock at approximately 4,1 percent. CEO Jalin Ketter (appointed 2023) has built modest position. Short-interest sits at approximately 4,2 percent of float as of May 2026.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
SiC power-semiconductor capacity is forecast to grow from approximately 2 million wafer-equivalents in 2024 to 8 million by 2030 (Yole Développement) driven by EV-and-renewable-energy power-electronics demand. PVA TePla's SiC-crystal-growing-furnaces are critical-capacity for major SiC-wafer-producers (Wolfspeed, II-VI, ROHM, Infineon). Annual SiC-furnace-orders are forecast to grow approximately 25-30 percent through 2028.
PVA TePla's wafer-inspection-and-metrology systems serve advanced-node-semiconductor-manufacturers (TSMC, Samsung, Intel) with high-precision-measurement requirements. The business operates at approximately 25-30 percent operating margins and supports approximately 20-25 percent annual revenue growth through 2026-2028.
While 34,5x forward-P/E is elevated versus mature-semi-equipment peers at 18-24x, consensus modeled revenue growth of 20-25 percent through 2027 supports premium-multiple valuation. Re-rating to 28-32x on fiscal-2027 EPS of approximately 1,75 EUR supports 49-56 EUR price range — 11-28 percent upside.
📉 The 3 Real Bear Points
If SiC-cycle-demand decelerates (driven by EV-demand-slowdown or capacity-overhang from major Chinese-and-US SiC-producers), PVA TePla's growth-trajectory could compress and multiple could compress to 18-22x — 35-50 percent share-price compression.
PVA TePla's customer-concentration in SiC-crystal-growing (Wolfspeed, II-VI, ROHM) plus wafer-metrology creates structural-customer-concentration-risk. Loss of a major customer or significant volume-cut could compress quarterly revenue 20-30 percent.
Large semiconductor-capital-equipment orders create lumpy quarterly revenue and periodic miss-versus-consensus risk that compresses near-term multiple.
Valuation in Context
PVA TePla at 43,88 EUR per share with approximately 21,7 million shares outstanding has a market capitalization of approximately 952 million EUR. With approximately 35 million EUR net cash, enterprise value is approximately 920 million EUR against trailing-twelve-month revenue of approximately 280 million EUR (approximately 3,3x EV/sales).
On forward-earnings, PVA TePla trades at approximately 34,5x consensus fiscal-2026 EPS of approximately 1,27 EUR. Applying peer-blended fair-multiple of 24-30x to fiscal-2027 EPS of approximately 1,75 EUR produces fair-value range 42-53 EUR per share. Bear-case 28-34 EUR. Bull-case (SiC ramp accelerates, wafer-metrology share gains) 60-72 EUR over 24-36 months.
🗓️ Next 3 Catalyst Dates
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2026 Q3:
H1 2026 earnings (early August 2026). Watch-items: SiC-furnace-order-book, wafer-metrology revenue, operating-margin trajectory.
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2027 Q1:
Fiscal-2026 full-year results plus fiscal-2027 guidance.
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2027 H2:
Half-year 2027 plus updated multi-year SiC capacity-build-out outlook.
💬 Daniel's Take
PVA TePla is a German specialty-industrial-machinery quality-growth compounder with SiC crystal-growing equipment tailwind, wafer-metrology premium-business and 34,5x forward earnings premium-multiple valuation. Position-sizing: 0,5–1,2 percent in thematic-semi-equipment-quality sleeve, 24–36 month patience.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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