Clas­si­fi­ca­ti­on of GBC AG to PFISTERER Hol­ding SE

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 €27.00, PFISTERER will re­cei­ve cash pro­ceeds of ap­pro­xi­m­ate­ly €95 mil­li­on (GBC esti­ma­te, net: €85.90 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 € 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​/​3​2​9​0​0​.​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/​d​e​/​O​f​f​e​n​l​e​g​ung
+++++++++++++++
Com­ple­ti­on: 23.06.2025 (09:13 am)
First pu­bli­ca­ti­on: 24.06.2025 (10:00 am)