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Original-Research: PFISTERER Holding SE - from GBC AG

24.06.2025 / 10:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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Classification of GBC AG to PFISTERER Holding SE

     Company Name:                PFISTERER Holding SE
     ISIN:                        DE000PFSE212

     Reason for the research:     Research study (Initial Coverage)
     Recommendation:              BUY
     Target price:                48.00 EUR
     Target price on sight of:    31.12.2025
     Last rating change:
     Analyst:                     Cosmin Filker, Marcel Goldmann

Attractive triad of dynamic business development, high profit margins and
strong market growth

PFISTERER Holding SE (PFISTERER) reported on 14 May 2025 that it had
successfully listed on the Scale segment of the Frankfurt Stock Exchange. A
total of 6.97 million shares were placed: 3.5 million shares came from a
capital increase, with the remaining shares coming from the reallocation of
existing shareholders. At an offer price of EUR27.00, PFISTERER will receive
cash proceeds of approximately EUR95 million (GBC estimate, net: EUR85.90
million). Among other things, the IPO proceeds will be used to finance the
company's CAPEX programme in order to expand existing production capacities
and address growth markets with newly developed products.

Their successful IPO means that the world's only independent supplier of
connection and insulation technology for electrical grids, covering all
voltage levels and grid connections, is now represented on the capital
market. Founded in 1921, PFISTERER offers products developed in-house for
the areas of 'generation', 'transmission' and 'distribution' based on the
two materials silicone and metal. The company has a range of products in its
portfolio for every interface in the electricity grid, which are essential
components of the transmission and distribution networks. Customers include
grid operators, cable manufacturers, general contractors, etc. As PFISTERER
covers the entire voltage spectrum with its products, there is a high
barrier to market entry, which is also secured by long-standing customer
relationships and development partnerships.

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 EUR 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% (EUR 383.12
million) and the EBITDA margin improved to 15.7%, which corresponds to
EBITDA of EUR 60.15 million. According to our estimates, which cover the
period up to 2030, sales should increase to EUR 717.02 million (2030) and
EBITDA to EUR 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
EUR48.00 per share, which corresponds to a fair market capitalisation of
EUR868.52 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
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Completion: 23.06.2025 (09:13 am)
First publication: 24.06.2025 (10:00 am)

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2159328 24.06.2025 CET/CEST

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