PVA TePla (TPE) — Stock Analysis & Operating Scenarios 2026–2030
TPEExplore PVA TePla through linked 2026–2030 financial projections, DCF and Stock Analysis. Metrology and Material Solutions delivery assumptions drive earnings, project working capital and explicit funding across Base, Bear and Bull. Native Comment buttons explain revenue, margins, capex and borrowing; reported FY2023–2025 statements are embedded as historical references. Start from audited FY2025 balances, inspect the reasoning, change a driver and fork the model for your own analysis.
JährlichDCFAktienanalyse
EURk · Base, Bear, Bull · Modellzeitraum: 2026-01-01 – 2030-12-31
Finanzielle Risiken · Prognosen beruhen auf Annahmen. Investitionen können zum Totalverlust führen.
Veröffentlichte Modelle werden von Nutzern eigenständig erstellt. Szenarien und Prognosen sind hypothetisch und hängen von Annahmen ab; tatsächliche Ergebnisse können erheblich abweichen. BalanceCheat überprüft oder bestätigt weder die Richtigkeit noch die Angemessenheit von Nutzermodellen und erbringt keine persönliche Anlageberatung. Die Tools dienen der Modellierung, Bildung, Recherche und Diskussion. Stützen Sie Anlageentscheidungen nicht allein auf ein veröffentlichtes Modell. Investitionen können zum Totalverlust führen. Autoren müssen geltendes Recht einschließlich einschlägiger Offenlegungspflichten für Anlageempfehlungen und Interessenkonflikte beachten. Bezeichnungen und Haftungshinweise schaffen keine regulatorische Ausnahme.
Aktienanalyse · Base
| Kennzahl | Wert |
|---|---|
| Sonstige Equity-Überleitung (Zu- / Abschlag) (EURk) | 0 |
| Aktienanzahl für die Bewertung (Anteile) | 20.422.590 |
Aktienanalyse · Bear
| Kennzahl | Wert |
|---|---|
| Sonstige Equity-Überleitung (Zu- / Abschlag) (EURk) | 0 |
| Aktienanzahl für die Bewertung (Anteile) | 20.422.590 |
Aktienanalyse · Bull
| Kennzahl | Wert |
|---|---|
| Sonstige Equity-Überleitung (Zu- / Abschlag) (EURk) | 0 |
| Aktienanzahl für die Bewertung (Anteile) | 20.422.590 |
DCF · Base
DCF · Bear
DCF · Bull
Jährlich · Base
| Kennzahl | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Free Cashflow to Firm | 7.728,61 | 2.497,21 | 11.910,5 | 18.153,43 | 25.557 |
| Free Cashflow to Equity | 3.028,81 | -1.700,82 | 6.789,11 | 13.229,33 | 20.897,81 |
| Equity-Überleitung · Nettoverschuldung | 24.098,19 | 22.799,02 | 12.009,91 | -5.219,42 | -30.117,22 |
| Veränderung der Forderungen | -7.884,47 | -8.177,32 | -7.140,61 | -8.451,46 | -6.503,74 |
| Veränderung der Vorräte | 4.147,62 | -6.881,84 | -5.959,19 | -6.339,56 | -6.795,78 |
| Veränderung der Lieferverbindlichkeiten | 1.422,58 | 2.282,48 | 2.212,35 | 2.140,75 | 2.173,82 |
| Veränderung des sonstigen Working Capital | 5.411,43 | 4.633,72 | 4.804,44 | 4.747,36 | 4.483,29 |
| Hinzurechnung der Abschreibungen | 10.928,16 | 12.902,6 | 15.158,91 | 17.700,23 | 20.516,06 |
| Sonstige nicht zahlungswirksame Posten | 0 | 0 | 0 | 0 | 0 |
| Operativer Cashflow | 23.617,81 | 21.120,28 | 33.302,84 | 42.398,12 | 52.562,19 |
| Investitionsauszahlungen | -17.225 | -19.821,1 | -22.513,74 | -25.168,79 | -27.664,39 |
| Cashflow aus Investitionstätigkeit | -17.225 | -19.821,1 | -22.513,74 | -25.168,79 | -27.664,39 |
| Kreditaufnahme | 0 | 0 | 0 | 0 | 0 |
| Kredittilgung | -3.364 | -3.000 | -4.000 | -4.000 | -4.000 |
| Revolveraufnahme / (Tilgung) | 0 | 0 | 0 | 0 | 0 |
| Gezahlte Dividenden | 0 | 0 | 0 | 0 | 0 |
| Cashflow aus Finanzierungstätigkeit | -3.364 | -3.000 | -4.000 | -4.000 | -4.000 |
| Veränderung der Zahlungsmittel | 3.028,81 | -1.700,82 | 6.789,11 | 13.229,33 | 20.897,81 |
| Freier Cashflow | 6.392,81 | 1.299,18 | 10.789,11 | 17.229,33 | 24.897,81 |
| Kennzahl | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Umsatzerlöse (EURk) | 265.000 | 304.940 | 346.365,2 | 387.212,18 | 425.605,97 |
| Umsatzkosten (EURk) | -164.110 | -187.913 | -210.984,63 | -233.309,58 | -255.979,43 |
| Bruttoergebnis (EURk) | 100.890 | 117.027 | 135.380,57 | 153.902,6 | 169.626,54 |
| Sonstige betriebliche Erträge (EURk) | 2.650 | 3.049,4 | 3.463,65 | 3.872,12 | 4.256,06 |
| Vertriebs- und Verwaltungskosten (EURk) | -77.000 | -82.090 | -87.473,4 | -92.181,77 | -97.155,48 |
| Abschreibungen (EURk) | -10.928,16 | -12.902,6 | -15.158,91 | -17.700,23 | -20.516,06 |
| EBITDA (EURk) | 26.540 | 37.986,4 | 51.370,82 | 65.592,95 | 76.727,12 |
| EBIT (EURk) | 15.611,84 | 25.083,8 | 36.211,91 | 47.892,72 | 56.211,06 |
| Zinsaufwand (EURk) | -2.176,38 | -2.025 | -1.890 | -1.710 | -1.530 |
| Ergebnis vor Steuern (EURk) | 13.703,55 | 23.372,33 | 34.609,93 | 46.572,57 | 55.269,35 |
| Steuern (EURk) | -4.111,07 | -7.011,7 | -10.382,98 | -13.971,77 | -16.580,8 |
| Jahresüberschuss (EURk) | 9.592,49 | 16.360,63 | 24.226,95 | 32.600,8 | 38.688,54 |
| Umsatzwachstum (%) | 8,49 | 15,07 | 13,58 | 11,79 | 9,92 |
| Bruttomarge (%) | 38,07 | 38,38 | 39,09 | 39,75 | 39,86 |
| Kennzahl | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Liquide Mittel | 20.901,81 | 19.200,98 | 25.990,09 | 39.219,42 | 60.117,22 |
| Forderungen aus Lieferungen und Leistungen | 65.342,47 | 73.519,78 | 80.660,39 | 89.111,84 | 95.615,59 |
| Vorräte | 65.194,38 | 72.076,22 | 78.035,41 | 84.374,97 | 91.170,76 |
| Verbindlichkeiten aus Lieferungen und Leistungen | 15.736,58 | 18.019,05 | 20.231,4 | 22.372,15 | 24.545,97 |
| Sonstiges Umlaufvermögen | 29.958 | 33.552,6 | 37.280,87 | 40.957,1 | 44.412,54 |
| Sonstige kurzfristige Verbindlichkeiten | 64.948,43 | 73.176,75 | 81.709,46 | 90.133,05 | 98.071,78 |
| Langfristige Finanzschulden | 45.000 | 42.000 | 38.000 | 34.000 | 30.000 |
| Erforderliche revolvierende Finanzierung | 0 | 0 | 0 | 0 | 0 |
| Sachanlagen | 85.330,55 | 91.863,46 | 98.883,68 | 106.133,13 | 113.259 |
| Sonstiges Anlagevermögen | 33.139,29 | 33.524,87 | 33.859,49 | 34.078,6 | 34.101,06 |
| Sonstige langfristige Verbindlichkeiten | 21.753 | 21.753 | 21.753 | 21.753 | 21.753 |
| Summe Umlaufvermögen | 181.396,66 | 198.349,58 | 221.966,76 | 253.663,33 | 291.316,11 |
| Summe Aktiva | 299.866,49 | 323.737,92 | 354.709,93 | 393.875,06 | 438.676,16 |
| Bilanzielles Eigenkapital | 152.428,49 | 168.789,11 | 193.016,06 | 225.616,86 | 264.305,41 |
| Summe Passiva | 299.866,49 | 323.737,92 | 354.709,93 | 393.875,06 | 438.676,16 |
Business Lines
| Kennzahl | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Bewertung · Metrology (EURk) | 112.000 | 136.640 | 161.235,2 | 185.420,48 | 207.670,94 |
| Bewertung · Material Solutions (EURk) | 153.000 | 168.300 | 185.130 | 201.791,7 | 217.935,04 |
| Bewertung · Metrology — production cost before D&A (EURk) | 61.600 | 75.152 | 87.873,18 | 100.127,06 | 112.142,31 |
| Bewertung · Material Solutions — production cost before D&A (EURk) | 102.510 | 112.761 | 123.111,45 | 133.182,52 | 143.837,12 |
| Bewertung · Sales and service organization (EURk) | 27.000 | 28.890 | 30.623,4 | 32.154,57 | 33.762,3 |
| Bewertung · Administration and infrastructure (EURk) | 28.000 | 29.400 | 30.870 | 32.104,8 | 33.388,99 |
| Bewertung · Research and development (EURk) | 18.000 | 19.800 | 21.780 | 23.522,4 | 25.404,19 |
| Bewertung · Other operating expense (EURk) | 4.000 | 4.000 | 4.200 | 4.400 | 4.600 |
| Bewertung · Other operating income (EURk) | 2.650 | 3.049,4 | 3.463,65 | 3.872,12 | 4.256,06 |
| Bewertung · Receivables and other assets (EURk) | 65.342,47 | 73.519,78 | 80.660,39 | 89.111,84 | 95.615,59 |
| Bewertung · Project inventories (EURk) | 65.194,38 | 72.076,22 | 78.035,41 | 84.374,97 | 91.170,76 |
| Bewertung · Trade payables (EURk) | 15.736,58 | 18.019,05 | 20.231,4 | 22.372,15 | 24.545,97 |
| Bewertung · Contract assets (EURk) | 23.850 | 27.444,6 | 31.172,87 | 34.849,1 | 38.304,54 |
| Bewertung · Income tax assets (EURk) | 6.108 | 6.108 | 6.108 | 6.108 | 6.108 |
| Bewertung · Customer advances / contract liabilities (EURk) | 42.400 | 48.790,4 | 55.418,43 | 61.953,95 | 68.096,96 |
| Bewertung · Current provisions (EURk) | 7.344,93 | 7.565,28 | 7.792,24 | 8.026 | 8.266,78 |
| Bewertung · Employee liabilities (EURk) | 7.420 | 8.538,32 | 9.698,23 | 10.841,94 | 11.916,97 |
| Bewertung · Tax provisions (EURk) | 4.471 | 4.471 | 4.471 | 4.471 | 4.471 |
| Bewertung · Other current liabilities (EURk) | 3.312,5 | 3.811,75 | 4.329,56 | 4.840,15 | 5.320,07 |
| Bewertung · Tangible assets and ROU — investment schedule (EURk) | 14.575 | 16.771,7 | 19.050,09 | 21.296,67 | 23.408,33 |
| Bewertung · Finite-life intangible investment (EURk) | 2.650 | 3.049,4 | 3.463,65 | 3.872,12 | 4.256,06 |
| Bewertung · Goodwill — no forecast acquisitions (EURk) | 14.358 | 14.358 | 14.358 | 14.358 | 14.358 |
| Bewertung · Deferred tax assets (EURk) | 3.906 | 3.906 | 3.906 | 3.906 | 3.906 |
| Bewertung · Non-current investments (EURk) | 10 | 10 | 10 | 10 | 10 |
| Bewertung · Pension obligations (EURk) | 12.462 | 12.462 | 12.462 | 12.462 | 12.462 |
| Bewertung · Other non-current provisions (EURk) | 2.059 | 2.059 | 2.059 | 2.059 | 2.059 |
| Bewertung · Deferred tax liabilities (EURk) | 7.232 | 7.232 | 7.232 | 7.232 | 7.232 |
| Bewertung · Financial liabilities — explicit funding schedule (EURk) | 45.000 | 42.000 | 38.000 | 34.000 | 30.000 |
| Bewertung · Interest on opening cash (EURk) | 268,1 | 313,53 | 288,01 | 389,85 | 588,29 |
| Bewertung · Current tax (%) | 30 | 30 | 30 | 30 | 30 |
| Bewertung · Distributions (EURk) | 0 | 0 | 0 | 0 | 0 |
Jährlich · Bear
| Kennzahl | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Free Cashflow to Firm | -19.229,35 | -1.171,03 | 1.825,88 | 7.264,94 | 9.601,34 |
| Free Cashflow to Equity | -4.501,64 | 1.104,54 | -227,13 | 3.209,55 | 4.642,65 |
| Equity-Überleitung · Nettoverschuldung | 51.628,64 | 55.524,1 | 55.751,22 | 50.541,67 | 42.899,02 |
| Veränderung der Forderungen | -9.665,29 | -1.534,25 | -2.536,11 | -1.537,46 | -1.984,61 |
| Veränderung der Vorräte | -2.964,16 | 877,78 | -546,18 | -191,72 | -426,53 |
| Veränderung der Lieferverbindlichkeiten | 1.023,67 | 287,29 | 627,36 | 586,48 | 683,6 |
| Veränderung des sonstigen Working Capital | -5.373,57 | 643,15 | 1.326,24 | 1.311,95 | 1.282,57 |
| Hinzurechnung der Abschreibungen | 10.675,13 | 12.020,33 | 13.420,25 | 14.898,45 | 16.452,87 |
| Sonstige nicht zahlungswirksame Posten | 0 | 0 | 0 | 0 | 0 |
| Operativer Cashflow | -8.887,64 | 8.634,54 | 13.030,87 | 19.181,58 | 22.304,61 |
| Investitionsauszahlungen | -12.250 | -12.530 | -13.258 | -13.972,03 | -14.661,95 |
| Cashflow aus Investitionstätigkeit | -12.250 | -12.530 | -13.258 | -13.972,03 | -14.661,95 |
| Kreditaufnahme | 16.636 | 5.000 | 0 | 0 | 0 |
| Kredittilgung | 0 | 0 | 0 | -2.000 | -3.000 |
| Revolveraufnahme / (Tilgung) | 0 | 0 | 0 | 0 | 0 |
| Gezahlte Dividenden | 0 | 0 | 0 | 0 | 0 |
| Cashflow aus Finanzierungstätigkeit | 16.636 | 5.000 | 0 | -2.000 | -3.000 |
| Veränderung der Zahlungsmittel | -4.501,64 | 1.104,54 | -227,13 | 3.209,55 | 4.642,65 |
| Freier Cashflow | -21.137,64 | -3.895,46 | -227,13 | 5.209,55 | 7.642,65 |
| Kennzahl | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Umsatzerlöse (EURk) | 245.000 | 250.600 | 265.160 | 279.440,56 | 293.239,08 |
| Umsatzkosten (EURk) | -159.950 | -162.946 | -169.488,48 | -175.604,63 | -182.733,65 |
| Bruttoergebnis (EURk) | 85.050 | 87.654 | 95.671,52 | 103.835,93 | 110.505,44 |
| Sonstige betriebliche Erträge (EURk) | 2.450 | 2.506 | 2.651,6 | 2.794,41 | 2.932,39 |
| Vertriebs- und Verwaltungskosten (EURk) | -77.500 | -79.075 | -80.913,85 | -82.918,64 | -85.191,54 |
| Abschreibungen (EURk) | -10.675,13 | -12.020,33 | -13.420,25 | -14.898,45 | -16.452,87 |
| EBITDA (EURk) | 10.000 | 11.085 | 17.409,27 | 23.711,7 | 28.246,29 |
| EBIT (EURk) | -675,13 | -935,33 | 3.989,02 | 8.813,25 | 11.793,42 |
| Zinsaufwand (EURk) | -2.176,38 | -2.925 | -3.150 | -3.150 | -3.060 |
| Ergebnis vor Steuern (EURk) | -2.583,41 | -3.659,76 | 1.056,16 | 5.876,98 | 8.995,3 |
| Steuern (EURk) | 0 | 0 | -316,85 | -1.763,09 | -2.698,59 |
| Jahresüberschuss (EURk) | -2.583,41 | -3.659,76 | 739,31 | 4.113,89 | 6.296,71 |
| Umsatzwachstum (%) | 0,3 | 2,29 | 5,81 | 5,39 | 4,94 |
| Bruttomarge (%) | 34,71 | 34,98 | 36,08 | 37,16 | 37,68 |
| Kennzahl | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Liquide Mittel | 13.371,36 | 14.475,9 | 14.248,78 | 17.458,33 | 22.100,98 |
| Forderungen aus Lieferungen und Leistungen | 67.123,29 | 68.657,53 | 71.193,64 | 72.731,1 | 74.715,71 |
| Vorräte | 72.306,16 | 71.428,38 | 71.974,56 | 72.166,28 | 72.592,82 |
| Verbindlichkeiten aus Lieferungen und Leistungen | 15.337,67 | 15.624,96 | 16.252,32 | 16.838,8 | 17.522,4 |
| Sonstiges Umlaufvermögen | 33.058 | 33.674 | 35.275,6 | 36.846,46 | 38.364,3 |
| Sonstige kurzfristige Verbindlichkeiten | 57.263,43 | 58.522,58 | 61.450,42 | 64.333,23 | 67.133,63 |
| Langfristige Finanzschulden | 65.000 | 70.000 | 70.000 | 68.000 | 65.000 |
| Erforderliche revolvierende Finanzierung | 0 | 0 | 0 | 0 | 0 |
| Sachanlagen | 80.794,3 | 81.394,4 | 81.545,38 | 81.178,38 | 80.217,96 |
| Sonstiges Anlagevermögen | 32.953,57 | 32.863,14 | 32.549,91 | 31.990,49 | 31.160 |
| Sonstige langfristige Verbindlichkeiten | 21.753 | 21.753 | 21.753 | 21.753 | 21.753 |
| Summe Umlaufvermögen | 185.858,82 | 188.235,82 | 192.692,58 | 199.202,18 | 207.773,81 |
| Summe Aktiva | 299.606,69 | 302.493,37 | 306.787,88 | 312.371,05 | 319.151,77 |
| Bilanzielles Eigenkapital | 140.252,59 | 136.592,83 | 137.332,14 | 141.446,03 | 147.742,73 |
| Summe Passiva | 299.606,69 | 302.493,37 | 306.787,88 | 312.371,05 | 319.151,77 |
Business Lines
| Kennzahl | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Bewertung · Metrology (EURk) | 105.000 | 113.400 | 122.472 | 131.045,04 | 138.907,74 |
| Bewertung · Material Solutions (EURk) | 140.000 | 137.200 | 142.688 | 148.395,52 | 154.331,34 |
| Bewertung · Metrology — production cost before D&A (EURk) | 61.950 | 66.906 | 71.033,76 | 74.695,67 | 77.788,34 |
| Bewertung · Material Solutions — production cost before D&A (EURk) | 98.000 | 96.040 | 98.454,72 | 100.908,95 | 104.945,31 |
| Bewertung · Sales and service organization (EURk) | 26.500 | 27.295 | 28.113,85 | 28.957,27 | 29.825,98 |
| Bewertung · Administration and infrastructure (EURk) | 28.000 | 28.560 | 29.131,2 | 29.713,82 | 30.308,1 |
| Bewertung · Research and development (EURk) | 18.000 | 18.720 | 19.468,8 | 20.247,55 | 21.057,45 |
| Bewertung · Other operating expense (EURk) | 5.000 | 4.500 | 4.200 | 4.000 | 4.000 |
| Bewertung · Other operating income (EURk) | 2.450 | 2.506 | 2.651,6 | 2.794,41 | 2.932,39 |
| Bewertung · Receivables and other assets (EURk) | 67.123,29 | 68.657,53 | 71.193,64 | 72.731,1 | 74.715,71 |
| Bewertung · Project inventories (EURk) | 72.306,16 | 71.428,38 | 71.974,56 | 72.166,28 | 72.592,82 |
| Bewertung · Trade payables (EURk) | 15.337,67 | 15.624,96 | 16.252,32 | 16.838,8 | 17.522,4 |
| Bewertung · Contract assets (EURk) | 26.950 | 27.566 | 29.167,6 | 30.738,46 | 32.256,3 |
| Bewertung · Income tax assets (EURk) | 6.108 | 6.108 | 6.108 | 6.108 | 6.108 |
| Bewertung · Customer advances / contract liabilities (EURk) | 35.525 | 36.337 | 38.448,2 | 40.518,88 | 42.519,67 |
| Bewertung · Current provisions (EURk) | 7.344,93 | 7.565,28 | 7.792,24 | 8.026 | 8.266,78 |
| Bewertung · Employee liabilities (EURk) | 6.860 | 7.016,8 | 7.424,48 | 7.824,34 | 8.210,69 |
| Bewertung · Tax provisions (EURk) | 4.471 | 4.471 | 4.471 | 4.471 | 4.471 |
| Bewertung · Other current liabilities (EURk) | 3.062,5 | 3.132,5 | 3.314,5 | 3.493,01 | 3.665,49 |
| Bewertung · Tangible assets and ROU — investment schedule (EURk) | 9.800 | 10.024 | 10.606,4 | 11.177,62 | 11.729,56 |
| Bewertung · Finite-life intangible investment (EURk) | 2.450 | 2.506 | 2.651,6 | 2.794,41 | 2.932,39 |
| Bewertung · Goodwill — no forecast acquisitions (EURk) | 14.358 | 14.358 | 14.358 | 14.358 | 14.358 |
| Bewertung · Deferred tax assets (EURk) | 3.906 | 3.906 | 3.906 | 3.906 | 3.906 |
| Bewertung · Non-current investments (EURk) | 10 | 10 | 10 | 10 | 10 |
| Bewertung · Pension obligations (EURk) | 12.462 | 12.462 | 12.462 | 12.462 | 12.462 |
| Bewertung · Other non-current provisions (EURk) | 2.059 | 2.059 | 2.059 | 2.059 | 2.059 |
| Bewertung · Deferred tax liabilities (EURk) | 7.232 | 7.232 | 7.232 | 7.232 | 7.232 |
| Bewertung · Financial liabilities — explicit funding schedule (EURk) | 65.000 | 70.000 | 70.000 | 68.000 | 65.000 |
| Bewertung · Interest on opening cash (EURk) | 268,1 | 200,57 | 217,14 | 213,73 | 261,87 |
| Bewertung · Current tax (%) | 30 | 30 | 30 | 30 | 30 |
| Bewertung · Distributions (EURk) | 0 | 0 | 0 | 0 | 0 |
Jährlich · Bull
| Kennzahl | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Free Cashflow to Firm | 13.964,09 | 8.087,19 | 16.566,31 | 26.638,84 | 28.571,18 |
| Free Cashflow to Equity | 9.264,29 | 1.954,64 | 9.611,77 | 17.974,23 | 20.347,3 |
| Equity-Überleitung · Nettoverschuldung | 17.862,71 | 10.908,07 | -4.703,7 | -30.677,93 | -59.025,23 |
| Veränderung der Forderungen | -8.089,95 | -8.742,74 | -8.537,59 | -8.313 | -9.076,11 |
| Veränderung der Vorräte | 3.263,37 | -7.014,44 | -7.374,12 | -5.890,81 | -8.424,59 |
| Veränderung der Lieferverbindlichkeiten | 1.972,99 | 2.663,07 | 2.714,19 | 2.516 | 2.358,88 |
| Veränderung des sonstigen Working Capital | 12.016,43 | 6.967,2 | 6.909,08 | 6.574,81 | 5.783,32 |
| Hinzurechnung der Abschreibungen | 11.070,84 | 13.391,69 | 16.109,44 | 19.212,12 | 22.666,04 |
| Sonstige nicht zahlungswirksame Posten | 0 | 0 | 0 | 0 | 0 |
| Operativer Cashflow | 32.428,29 | 30.477,04 | 42.820,86 | 56.681,83 | 62.112,85 |
| Investitionsauszahlungen | -19.800 | -23.522,4 | -27.209,09 | -30.707,6 | -33.765,55 |
| Cashflow aus Investitionstätigkeit | -19.800 | -23.522,4 | -27.209,09 | -30.707,6 | -33.765,55 |
| Kreditaufnahme | 0 | 0 | 0 | 0 | 0 |
| Kredittilgung | -3.364 | -5.000 | -6.000 | -8.000 | -8.000 |
| Revolveraufnahme / (Tilgung) | 0 | 0 | 0 | 0 | 0 |
| Gezahlte Dividenden | 0 | 0 | 0 | 0 | 0 |
| Cashflow aus Finanzierungstätigkeit | -3.364 | -5.000 | -6.000 | -8.000 | -8.000 |
| Veränderung der Zahlungsmittel | 9.264,29 | 1.954,64 | 9.611,77 | 17.974,23 | 20.347,3 |
| Freier Cashflow | 12.628,29 | 6.954,64 | 15.611,77 | 25.974,23 | 28.347,3 |
| Kennzahl | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Umsatzerlöse (EURk) | 275.000 | 326.700 | 377.904 | 426.494,4 | 468.965,95 |
| Umsatzkosten (EURk) | -169.850 | -197.622 | -225.927,12 | -252.165,36 | -276.765,15 |
| Bruttoergebnis (EURk) | 105.150 | 129.078 | 151.976,88 | 174.329,04 | 192.200,8 |
| Sonstige betriebliche Erträge (EURk) | 2.750 | 3.267 | 3.779,04 | 4.264,94 | 4.689,66 |
| Vertriebs- und Verwaltungskosten (EURk) | -77.500 | -84.175 | -91.140,2 | -97.599,99 | -104.182,73 |
| Abschreibungen (EURk) | -11.070,84 | -13.391,69 | -16.109,44 | -19.212,12 | -22.666,04 |
| EBITDA (EURk) | 30.400 | 48.170 | 64.615,72 | 80.993,99 | 92.707,73 |
| EBIT (EURk) | 19.329,16 | 34.778,31 | 48.506,28 | 61.781,87 | 70.041,69 |
| Zinsaufwand (EURk) | -2.176,38 | -2.025 | -1.800 | -1.530 | -1.170 |
| Ergebnis vor Steuern (EURk) | 17.420,87 | 33.160,37 | 47.142,65 | 60.832,43 | 69.721,86 |
| Steuern (EURk) | -5.226,26 | -9.948,11 | -14.142,8 | -18.249,73 | -20.916,56 |
| Jahresüberschuss (EURk) | 12.194,61 | 23.212,26 | 32.999,86 | 42.582,7 | 48.805,3 |
| Umsatzwachstum (%) | 12,59 | 18,8 | 15,67 | 12,86 | 9,96 |
| Bruttomarge (%) | 38,24 | 39,51 | 40,22 | 40,87 | 40,98 |
| Kennzahl | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Liquide Mittel | 27.137,29 | 29.091,93 | 38.703,7 | 56.677,93 | 77.025,23 |
| Forderungen aus Lieferungen und Leistungen | 65.547,95 | 74.290,68 | 82.828,27 | 91.141,27 | 100.217,38 |
| Vorräte | 66.078,63 | 73.093,07 | 80.467,19 | 86.358 | 94.782,59 |
| Verbindlichkeiten aus Lieferungen und Leistungen | 16.286,99 | 18.950,05 | 21.664,24 | 24.180,24 | 26.539,12 |
| Sonstiges Umlaufvermögen | 28.108 | 32.244 | 36.340,32 | 40.227,55 | 43.625,28 |
| Sonstige kurzfristige Verbindlichkeiten | 69.703,43 | 80.806,63 | 91.812,03 | 102.274,07 | 111.455,12 |
| Langfristige Finanzschulden | 45.000 | 40.000 | 34.000 | 26.000 | 18.000 |
| Erforderliche revolvierende Finanzierung | 0 | 0 | 0 | 0 | 0 |
| Sachanlagen | 87.159,3 | 96.188,5 | 106.176,13 | 116.665,98 | 127.017,75 |
| Sonstiges Anlagevermögen | 33.742,86 | 34.844,37 | 35.956,39 | 36.962 | 37.709,74 |
| Sonstige langfristige Verbindlichkeiten | 21.753 | 21.753 | 21.753 | 21.753 | 21.753 |
| Summe Umlaufvermögen | 186.871,87 | 208.719,68 | 238.339,49 | 274.404,75 | 315.650,47 |
| Summe Aktiva | 307.774,03 | 339.752,55 | 380.472 | 428.032,74 | 480.377,97 |
| Bilanzielles Eigenkapital | 155.030,61 | 178.242,87 | 211.242,73 | 253.825,43 | 302.630,73 |
| Summe Passiva | 307.774,03 | 339.752,55 | 380.472 | 428.032,74 | 480.377,97 |
Business Lines
| Kennzahl | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Bewertung · Metrology (EURk) | 120.000 | 150.000 | 180.000 | 208.800 | 233.856 |
| Bewertung · Material Solutions (EURk) | 155.000 | 176.700 | 197.904 | 217.694,4 | 235.109,95 |
| Bewertung · Metrology — production cost before D&A (EURk) | 66.000 | 81.000 | 96.300 | 110.664 | 123.943,68 |
| Bewertung · Material Solutions — production cost before D&A (EURk) | 103.850 | 116.622 | 129.627,12 | 141.501,36 | 152.821,47 |
| Bewertung · Sales and service organization (EURk) | 27.500 | 29.975 | 32.373 | 34.639,11 | 36.717,46 |
| Bewertung · Administration and infrastructure (EURk) | 28.000 | 29.680 | 31.460,8 | 33.033,84 | 34.685,53 |
| Bewertung · Research and development (EURk) | 18.500 | 20.720 | 23.206,4 | 25.527,04 | 28.079,74 |
| Bewertung · Other operating expense (EURk) | 3.500 | 3.800 | 4.100 | 4.400 | 4.700 |
| Bewertung · Other operating income (EURk) | 2.750 | 3.267 | 3.779,04 | 4.264,94 | 4.689,66 |
| Bewertung · Receivables and other assets (EURk) | 65.547,95 | 74.290,68 | 82.828,27 | 91.141,27 | 100.217,38 |
| Bewertung · Project inventories (EURk) | 66.078,63 | 73.093,07 | 80.467,19 | 86.358 | 94.782,59 |
| Bewertung · Trade payables (EURk) | 16.286,99 | 18.950,05 | 21.664,24 | 24.180,24 | 26.539,12 |
| Bewertung · Contract assets (EURk) | 22.000 | 26.136 | 30.232,32 | 34.119,55 | 37.517,28 |
| Bewertung · Income tax assets (EURk) | 6.108 | 6.108 | 6.108 | 6.108 | 6.108 |
| Bewertung · Customer advances / contract liabilities (EURk) | 46.750 | 55.539 | 64.243,68 | 72.504,05 | 79.724,21 |
| Bewertung · Current provisions (EURk) | 7.344,93 | 7.565,28 | 7.792,24 | 8.026 | 8.266,78 |
| Bewertung · Employee liabilities (EURk) | 7.700 | 9.147,6 | 10.581,31 | 11.941,84 | 13.131,05 |
| Bewertung · Tax provisions (EURk) | 4.471 | 4.471 | 4.471 | 4.471 | 4.471 |
| Bewertung · Other current liabilities (EURk) | 3.437,5 | 4.083,75 | 4.723,8 | 5.331,18 | 5.862,07 |
| Bewertung · Tangible assets and ROU — investment schedule (EURk) | 16.500 | 19.602 | 22.674,24 | 25.589,66 | 28.137,96 |
| Bewertung · Finite-life intangible investment (EURk) | 3.300 | 3.920,4 | 4.534,85 | 5.117,93 | 5.627,59 |
| Bewertung · Goodwill — no forecast acquisitions (EURk) | 14.358 | 14.358 | 14.358 | 14.358 | 14.358 |
| Bewertung · Deferred tax assets (EURk) | 3.906 | 3.906 | 3.906 | 3.906 | 3.906 |
| Bewertung · Non-current investments (EURk) | 10 | 10 | 10 | 10 | 10 |
| Bewertung · Pension obligations (EURk) | 12.462 | 12.462 | 12.462 | 12.462 | 12.462 |
| Bewertung · Other non-current provisions (EURk) | 2.059 | 2.059 | 2.059 | 2.059 | 2.059 |
| Bewertung · Deferred tax liabilities (EURk) | 7.232 | 7.232 | 7.232 | 7.232 | 7.232 |
| Bewertung · Financial liabilities — explicit funding schedule (EURk) | 45.000 | 40.000 | 34.000 | 26.000 | 18.000 |
| Bewertung · Interest on opening cash (EURk) | 268,1 | 407,06 | 436,38 | 580,56 | 850,17 |
| Bewertung · Current tax (%) | 30 | 30 | 30 | 30 | 30 |
| Bewertung · Distributions (EURk) | 0 | 0 | 0 | 0 | 0 |
Modellierungsbegründung
Equipment demand matters only when orders become delivered, accepted and paid systems. H1 2026 sales of EUR 120.538m and EBITDA of EUR 4.391m sit against EUR 186.679m of order intake. The model therefore separates segment revenue assumptions from inventories, unbilled contract assets, collections and customer advances. It does not invent an order-by-order closing backlog. Base 2026 revenue EUR 265m requires H2 EUR 144.462m; EBITDA EUR 26.54m requires H2 EUR 22.149m. This is a substantial late-year recovery, not a smooth extrapolation of H1. Bear combines slower project conversion, cost rigidity and weaker customer financing. Bull requires faster conversion and better absorption, with higher capacity investment. The revised longer-term cases retain more production cost than the earlier draft: 2030 EBITDA margins are about 18.0% Base and 19.8% Bull. These still require operational improvement. Revenue must grow faster than sales/service, administration and R&D, without disproportionate rework or commissioning delays. omment buttons at each material input contain the assumptions and failure conditions. Historical statements are accessible through Revenue, Total assets, Operating cash flow and Equity Comments. Stock Analysis links each scenario to its existing DCF equity value. It retains the 1 January 2026 valuation date, rather than presenting an October spot value.
Zentrale Annahmen
All forecasts are independent assumptions, not reported segment budgets. FY2026 Metrology / Material Solutions revenue is EUR 112m / EUR 153m in Base, EUR 105m / EUR 140m in Bear and EUR 120m / EUR 155m in Bull. Base Metrology growth in 2027–2030 is 22%, 18%, 15%, 12%; Material Solutions 10%, 10%, 9%, 8%. Bull uses 25%, 20%, 16%, 12% and 14%, 12%, 10%, 8%. Bear includes a Material Solutions contraction in 2027. Production-cost ratios retain more cost than the prior draft. Production costs exclude all group D&A; the native Gross Profit is therefore a contribution measure before D&A, not reported IFRS gross profit. Base receivables days decline from 90 to 82 and inventory days from 145 to 130. These are broad modeling proxies, not disclosed company targets; receivables include other assets. Base contract assets equal 9% of revenue and customer advances 16%. Bear slows collections, increases project inventory and lowers advance coverage. Base investment is 5.5% of revenue in tangible assets plus 1% in finite-life intangibles. Assumed remaining/new lives are ten and seven years, respectively, with half-year depreciation on additions. Goodwill is not amortized. Opening ROU assets are included in tangible assets; future replacement is cash capex, not a full IFRS 16 schedule.\n\nFinancial liabilities start at EUR 48.364m, including leases. Base closing debt declines to EUR 30m by 2030. Bear requires EUR 16.636m of additional borrowing in 2026 and debt reaches EUR 70m in 2027; funding availability is an assumption, not a committed facility claim. Interest is 4.5% on opening financial liabilities, cash earns 1.5% on opening cash, and current tax is 30% of positive pre-tax profit. No automatic funding plug, loss-tax benefit, dividends, repurchases or new acquisitions are assumed. Optional private DCF: 10% WACC, 2% perpetual growth, normalized terminal capex and D&A each 3% of revenue, 30% tax, year-end cash flows and an audited FY2025 opening equity bridge. Shares are FY2025 year-end outstanding shares of 20,422,590, not a current fully diluted count. Market reference price and required return are left blank. Scenarios are unweighted. Review terminal profitability and working-capital assumptions independently. Stock Analysis uses Linked Equity Value from DCF in each scenario. No second debt or pension deduction is made. The existing Stock schema has no direct DCF-share source, so its explicit 20,422,590 share denominator matches the dated DCF bridge. All other final valuation values are calculated or linked, not typed. No additional premium or discount is applied.
Notizen
Research last checked: 24 October 2026. PVA TePla AG (Xetra: TPE, ISIN: DE0007461006, WKN: 746100). All figures are in EUR, displayed in EUR thousands. The model covers FY2026–2030, starting from the audited balance sheet as of 31 December 2025. Historical financial statements for FY2023–2025 are included in the embedded comments, covering the income statement, balance sheet, cash flow statement and equity reconciliation. H1 2026 figures provide additional context but have not been annualized. Sources: Annual Report 2025 (19 March 2026), pp. 121–122, 140–145, 164, 175, 179 and 188. Annual Report 2024 (March 2025), pp. 136–141, including restated FY2023 comparatives. Half-Year Report 2026 (6 August 2026), pp. 3–12 and 14–18. Official PVA TePla share information. Revenue is modeled separately for Metrology and Material Solutions, reflecting the company's revised 2026 segment structure. The previous segment classifications have not been retrospectively reconstructed. Some aspects are simplified, including debt maturities, lease accounting, deferred taxes, pensions and foreign exchange effects. Detailed backlog conversion and customer-level delivery schedules are not modeled due to insufficient publicly available information. Forecast segment cost ratios are independent assumptions rather than reported margins. The Base and Bull scenarios assume improvements in operating efficiency and cost absorption over time. These are my modeling assumptions, not company guidance. Minor rounding differences may occur in historical financial statements. Stock Analysis uses explicitly dated valuation assumptions and share-count information. No scenario probabilities have been assigned. The embedded comments explain the main operating and financial assumptions. Feel free to review the underlying reports, adjust the assumptions and fork the model to develop your own analysis.
Veröffentlichte Eingaben und Struktur
Eingabedaten enthalten volle Beträge in der funktionalen Währung. Sätze behalten ihre native Prozentkonvention. Die Anzeigeeinheiten der Ergebnistabellen stehen in der Tabellenüberschrift oder neben der jeweiligen Kennzahl.
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Calendar (4)
- Actual Years
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- Calculation
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- Fiscal Year End
fiscalYearEnd (2)
- Day
- 31
- Month
- 12
- Start Year
- 2026
- Diese Position verwendet derzeit die bisherigen einfachen Annahmen.
Diese Position verwendet derzeit die bisherigen einfachen Annahmen. (10)
- Allow Zero
- true
- Calendar
calendar (3)
- Actual Years
- 0
- Fiscal Year End
fiscalYearEnd (2)
- Day
- 31
- Month
- 12
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- 2026
- Minimum Cash
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- Name
- PVA TePla (TPE) — Stock Analysis & Operating Scenarios 2026–2030
- Anfängliche Schulden
opening (15)
- Verbindlichkeiten aus Lieferungen und Leistungen
- 14314000
- Forderungen aus Lieferungen und Leistungen
- 57458000
- Summe Aktiva
- 284485000
- Liquide Mittel
- 17873000
- Langfristige Finanzschulden
- 48364000
- Equity Value
- 142836000
- Vorräte
- 69342000
- Sonstiges Umlaufvermögen
- 27639000
- Sonstige kurzfristige Verbindlichkeiten
- 57218000
- Sonstiges Anlagevermögen
- 32746000
- Sonstige langfristige Verbindlichkeiten
- 21753000
- Sachanlagen
- 79427000
- Umsatzerlöse
- 244257000
- Erforderliche revolvierende Finanzierung
- 0
- Stamm-/Grundkapital
- 21750000
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- 0
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years (5)
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0 (13)
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- Umsatzerlöse
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- 25
- Steuersatz
- 30
- 1
1 (20)
- Ar Adjustment
- 0
- Investitionsausgaben
- 0
- Abschreibungen
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- Langfristige Finanzschulden
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- Lagerdauer (DIO)
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- Umsatzerlöse
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- 25
- Steuersatz
- 30
- 2
2 (20)
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- Abschreibungen
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- Umsatzerlöse
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- 0
- Scenario Repayment
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- 25
- Steuersatz
- 30
- 3
3 (20)
- Ar Adjustment
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- Abschreibungen
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- Umsatzerlöse
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- 25
- Steuersatz
- 30
- 4
4 (20)
- Ar Adjustment
- 0
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- Abschreibungen
- 0
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- Objects
Objects (31)
- 0
0 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- FY2026 is an independent annual assumption: H1 reported revenue 52,979 EURk plus an assumed H2 delivery contribution. H1 order intake was about 97.7 million, but order intake is not revenue. Later growth tests delivery conversion, inspection demand and service capacity. H1 2026 report pp. 8–9.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
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- Instrument Id
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- Kind
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- Name
- Metrology
- Anfängliche Schulden
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (2)
- Berechnungsmethode
- amount
- Bewertung
- 112000000
- 2027 01 01
2027-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 22
- 2028 01 01
2028-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 18
- 2029 01 01
2029-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 15
- 2030 01 01
2030-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 12
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 1
1 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- FY2026 is an independent annual assumption: H1 reported revenue 67,559 EURk plus assumed H2 project acceptance. H1 orders of about 89.0 million do not establish delivery dates. Growth remains more project-dependent than Metrology. H1 2026 report pp. 8–9.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
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- Instrument Id
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- Anfängliche Schulden
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (2)
- Berechnungsmethode
- amount
- Bewertung
- 153000000
- 2027 01 01
2027-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 10
- 2028 01 01
2028-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 10
- 2029 01 01
2029-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 9
- 2030 01 01
2030-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 8
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 2
2 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- Modeled cash production-cost ratio, not a disclosed segment gross margin. Improved utilization supports the Base/Bull trajectory; Bear retains underabsorbed capacity costs. All group D&A is charged separately below EBITDA.
- Entity Id
- entity-1
- Vorgänge
events (0)
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- Periods
periods (5)
- 2026 01 01
2026-01-01 (3)
- Berechnungsmethode
- percent
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- 55
- Ref
- obj-1
- 2027 01 01
2027-01-01 (3)
- Berechnungsmethode
- percent
- Zinssatz (%)
- 55
- Ref
- obj-1
- 2028 01 01
2028-01-01 (3)
- Berechnungsmethode
- percent
- Zinssatz (%)
- 54.5
- Ref
- obj-1
- 2029 01 01
2029-01-01 (3)
- Berechnungsmethode
- percent
- Zinssatz (%)
- 54
- Ref
- obj-1
- 2030 01 01
2030-01-01 (3)
- Berechnungsmethode
- percent
- Zinssatz (%)
- 54
- Ref
- obj-1
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 3
3 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- Project mix and capacity absorption determine this independent cost ratio. This EBITDA-format production cost excludes D&A; native Gross Profit is contribution before D&A and is not directly comparable with IFRS cost-of-sales gross profit.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
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- Instrument Id
- —
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- Anfängliche Schulden
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (3)
- Berechnungsmethode
- percent
- Zinssatz (%)
- 67
- Ref
- obj-2
- 2027 01 01
2027-01-01 (3)
- Berechnungsmethode
- percent
- Zinssatz (%)
- 67
- Ref
- obj-2
- 2028 01 01
2028-01-01 (3)
- Berechnungsmethode
- percent
- Zinssatz (%)
- 66.5
- Ref
- obj-2
- 2029 01 01
2029-01-01 (3)
- Berechnungsmethode
- percent
- Zinssatz (%)
- 66
- Ref
- obj-2
- 2030 01 01
2030-01-01 (3)
- Berechnungsmethode
- percent
- Zinssatz (%)
- 66
- Ref
- obj-2
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 4
4 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- H1 2026 selling expense of about 13.0 million reflects service/sales expansion. The annual starting expense is a modeling assumption; subsequent increases retain investment while permitting operating leverage. No separately estimated personnel expense is added again.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- sga
- Id
- obj-5
- Instrument Id
- —
- Kind
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- Periods
periods (5)
- 2026 01 01
2026-01-01 (2)
- Berechnungsmethode
- amount
- Bewertung
- 27000000
- 2027 01 01
2027-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 7
- 2028 01 01
2028-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 6
- 2029 01 01
2029-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 5
- 2030 01 01
2030-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 5
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 5
5 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- H1 2026 administration was about 13.8 million. Model 28 million in Base FY2026, then a slower cost trajectory than revenue. Staffing is already contained in these functional operating costs.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- sga
- Id
- obj-6
- Instrument Id
- —
- Kind
- driver
- Name
- Administration and infrastructure
- Anfängliche Schulden
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (2)
- Berechnungsmethode
- amount
- Bewertung
- 28000000
- 2027 01 01
2027-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 5
- 2028 01 01
2028-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 5
- 2029 01 01
2029-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 4
- 2030 01 01
2030-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 4
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 6
6 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- H1 2026 R&D was 8.945 million. FY2026 Base uses 18 million; later spending grows to maintain metrology and materials capabilities. No assumed capitalization of these expenses; intangible investment is modeled separately.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- sga
- Id
- obj-7
- Instrument Id
- —
- Kind
- driver
- Name
- Research and development
- Anfängliche Schulden
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (2)
- Berechnungsmethode
- amount
- Bewertung
- 18000000
- 2027 01 01
2027-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 10
- 2028 01 01
2028-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 10
- 2029 01 01
2029-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 8
- 2030 01 01
2030-01-01 (2)
- Berechnungsmethode
- growth
- Zinssatz (%)
- 8
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 7
7 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- Base assumes partial normalization of H1 2026 one-time and currency-related costs. This is an explicit scenario assumption, not a management-adjusted EBITDA measure.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- sga
- Id
- obj-8
- Instrument Id
- —
- Kind
- driver
- Name
- Other operating expense
- Anfängliche Schulden
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (2)
- Berechnungsmethode
- amount
- Bewertung
- 4000000
- 2027 01 01
2027-01-01 (2)
- Berechnungsmethode
- amount
- Bewertung
- 4000000
- 2028 01 01
2028-01-01 (2)
- Berechnungsmethode
- amount
- Bewertung
- 4200000
- 2029 01 01
2029-01-01 (2)
- Berechnungsmethode
- amount
- Bewertung
- 4400000
- 2030 01 01
2030-01-01 (2)
- Berechnungsmethode
- amount
- Bewertung
- 4600000
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 8
8 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- One percent of revenue is an independent normalized operating-income assumption. No forecast windfall from FX movements, grants or disposals is included.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- otherOperatingIncome
- Id
- obj-9
- Instrument Id
- —
- Kind
- driver
- Name
- Other operating income
- Anfängliche Schulden
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (5)
- Assumption Id
- assumption-9ec5052e-0888-f1a8-696a-7da6ac1f75f8
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Berechnungsmethode
- percent
- Zinssatz (%)
- 1
- Ref
- revenue
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-9ec5052e-0888-f1a8-696a-7da6ac1f75f8
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-9ec5052e-0888-f1a8-696a-7da6ac1f75f8
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-9ec5052e-0888-f1a8-696a-7da6ac1f75f8
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-9ec5052e-0888-f1a8-696a-7da6ac1f75f8
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 9
9 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- Broad receivables bucket matches 57,458 EURk in the FY2025 balance sheet. The days driver covers receivables AND included other assets; it is not pure customer DSO. Longer collection/acceptance cycles consume cash in Bear.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- ar
- Id
- obj-10
- Instrument Id
- —
- Kind
- driver
- Name
- Receivables and other assets
- Anfängliche Schulden
- 57458000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (3)
- Tage
- 90
- Berechnungsmethode
- days
- Ref
- revenue
- 2027 01 01
2027-01-01 (3)
- Tage
- 88
- Berechnungsmethode
- days
- Ref
- revenue
- 2028 01 01
2028-01-01 (3)
- Tage
- 85
- Berechnungsmethode
- days
- Ref
- revenue
- 2029 01 01
2029-01-01 (3)
- Tage
- 84
- Berechnungsmethode
- days
- Ref
- revenue
- 2030 01 01
2030-01-01 (3)
- Tage
- 82
- Berechnungsmethode
- days
- Ref
- revenue
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 10
10 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- Native days-of-production-cost driver. FY2025 stock was 69,342 EURk; H1 2026 stock increased to 74,884 EURk. Project buffers remain material. Bear slows inventory conversion; Bull still requires inventory for expansion.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- inventory
- Id
- obj-11
- Instrument Id
- —
- Kind
- driver
- Name
- Project inventories
- Anfängliche Schulden
- 69342000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (3)
- Tage
- 145
- Berechnungsmethode
- days
- Ref
- cogs
- 2027 01 01
2027-01-01 (3)
- Tage
- 140
- Berechnungsmethode
- days
- Ref
- cogs
- 2028 01 01
2028-01-01 (3)
- Tage
- 135
- Berechnungsmethode
- days
- Ref
- cogs
- 2029 01 01
2029-01-01 (3)
- Tage
- 132
- Berechnungsmethode
- days
- Ref
- cogs
- 2030 01 01
2030-01-01 (3)
- Tage
- 130
- Berechnungsmethode
- days
- Ref
- cogs
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 11
11 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- Supplier terms are modeled against production cost, separately from customer advances. No assumption that suppliers finance all growth.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- ap
- Id
- obj-12
- Instrument Id
- —
- Kind
- driver
- Name
- Trade payables
- Anfängliche Schulden
- 14314000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (5)
- Assumption Id
- assumption-96bac0fe-e0e4-f32a-ab70-1eaaef058326
- Tage
- 35
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Berechnungsmethode
- days
- Ref
- cogs
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-96bac0fe-e0e4-f32a-ab70-1eaaef058326
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-96bac0fe-e0e4-f32a-ab70-1eaaef058326
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-96bac0fe-e0e4-f32a-ab70-1eaaef058326
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-96bac0fe-e0e4-f32a-ab70-1eaaef058326
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 12
12 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- Unbilled contract assets are modeled separately from receivables. Nine percent of revenue in Base captures project acceptance exposure; Bear raises this share. Opening 21,531 EURk. AR2025 p. 175.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- otherCA
- Id
- obj-13
- Instrument Id
- —
- Kind
- driver
- Name
- Contract assets
- Anfängliche Schulden
- 21531000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (5)
- Assumption Id
- assumption-713052d2-3ff0-d84a-647d-133e89d45276
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Berechnungsmethode
- percent
- Zinssatz (%)
- 9
- Ref
- revenue
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-713052d2-3ff0-d84a-647d-133e89d45276
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-713052d2-3ff0-d84a-647d-133e89d45276
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-713052d2-3ff0-d84a-647d-133e89d45276
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-713052d2-3ff0-d84a-647d-133e89d45276
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 13
13 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- Opening tax receivables of 6,108 EURk are held constant. This conservative simplification assumes no separate refund/recovery timetable; current forecast tax is paid as incurred.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- otherCA
- Id
- obj-14
- Instrument Id
- —
- Kind
- driver
- Name
- Income tax assets
- Anfängliche Schulden
- 6108000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (4)
- Assumption Id
- assumption-80a98fa7-f56f-8431-d897-861f0b8acb61
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Berechnungsmethode
- amount
- Bewertung
- 6108000
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-80a98fa7-f56f-8431-d897-861f0b8acb61
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-80a98fa7-f56f-8431-d897-861f0b8acb61
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-80a98fa7-f56f-8431-d897-861f0b8acb61
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-80a98fa7-f56f-8431-d897-861f0b8acb61
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 14
14 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- Project prepayments provide operating finance. Base uses 16% of revenue; Bear assumes weaker advance coverage. Opening contract liabilities 36,190 EURk. This is a cash-flow driver, not interest-bearing debt.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- otherCL
- Id
- obj-15
- Instrument Id
- —
- Kind
- driver
- Name
- Customer advances / contract liabilities
- Anfängliche Schulden
- 36190000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (5)
- Assumption Id
- assumption-b4d91f0a-71f0-6b22-f984-d5460d00965e
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Berechnungsmethode
- percent
- Zinssatz (%)
- 16
- Ref
- revenue
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-b4d91f0a-71f0-6b22-f984-d5460d00965e
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-b4d91f0a-71f0-6b22-f984-d5460d00965e
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-b4d91f0a-71f0-6b22-f984-d5460d00965e
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-b4d91f0a-71f0-6b22-f984-d5460d00965e
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 15
15 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- Opening 7,131 EURk; modest escalation is an explicit simplifying assumption. This model does not reproduce individual warranty or restructuring provision vintages.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- otherCL
- Id
- obj-16
- Instrument Id
- —
- Kind
- driver
- Name
- Current provisions
- Anfängliche Schulden
- 7131000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (2)
- Berechnungsmethode
- amount
- Bewertung
- 7344930
- 2027 01 01
2027-01-01 (2)
- Berechnungsmethode
- amount
- Bewertung
- 7565277.9
- 2028 01 01
2028-01-01 (2)
- Berechnungsmethode
- amount
- Bewertung
- 7792236.237
- 2029 01 01
2029-01-01 (2)
- Berechnungsmethode
- amount
- Bewertung
- 8026003.32411
- 2030 01 01
2030-01-01 (2)
- Berechnungsmethode
- amount
- Bewertung
- 8266783.4238333
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 16
16 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- Accrued employee liabilities track revenue at a modest share; they do not add a second personnel expense. Opening 6,373 EURk.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- otherCL
- Id
- obj-17
- Instrument Id
- —
- Kind
- driver
- Name
- Employee liabilities
- Anfängliche Schulden
- 6373000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (5)
- Assumption Id
- assumption-5b34fd16-f8d5-27fa-60d5-6f4a8f560606
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Berechnungsmethode
- percent
- Zinssatz (%)
- 2.8
- Ref
- revenue
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-5b34fd16-f8d5-27fa-60d5-6f4a8f560606
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-5b34fd16-f8d5-27fa-60d5-6f4a8f560606
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-5b34fd16-f8d5-27fa-60d5-6f4a8f560606
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-5b34fd16-f8d5-27fa-60d5-6f4a8f560606
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 17
17 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- Opening 4,471 EURk held constant; no forecast deferred tax schedule or separate cash-tax payment lag.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- otherCL
- Id
- obj-18
- Instrument Id
- —
- Kind
- driver
- Name
- Tax provisions
- Anfängliche Schulden
- 4471000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (4)
- Assumption Id
- assumption-0bac0189-726f-b853-95db-8ad9cf5546c3
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Berechnungsmethode
- amount
- Bewertung
- 4471000
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-0bac0189-726f-b853-95db-8ad9cf5546c3
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-0bac0189-726f-b853-95db-8ad9cf5546c3
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-0bac0189-726f-b853-95db-8ad9cf5546c3
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-0bac0189-726f-b853-95db-8ad9cf5546c3
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 18
18 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- Opening 3,053 EURk; forecast as 1.25% of revenue, with operating cash movements.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- otherCL
- Id
- obj-19
- Instrument Id
- —
- Kind
- driver
- Name
- Other current liabilities
- Anfängliche Schulden
- 3053000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (5)
- Assumption Id
- assumption-74bf64ca-d7db-9726-06d4-911e26e0da2a
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Berechnungsmethode
- percent
- Zinssatz (%)
- 1.25
- Ref
- revenue
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-74bf64ca-d7db-9726-06d4-911e26e0da2a
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-74bf64ca-d7db-9726-06d4-911e26e0da2a
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-74bf64ca-d7db-9726-06d4-911e26e0da2a
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-74bf64ca-d7db-9726-06d4-911e26e0da2a
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 19
19 (19)
- Aktiv
- true
- Asset Class
- tangible
- Anfangswert des Treibers
- 0
- Convention
- halfYear
- Description
- Opening PP&E 74,855 plus right-of-use assets 4,572 EURk. Assumed remaining life: 10 years; new investment life: 10 years, half-year convention. New capacity/lease replacement is treated as cash investment; this is not a full IFRS 16 lease ledger.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- capex
- Id
- obj-20
- Instrument Id
- —
- Kind
- capex
- Nutzungsdauer (Jahre)
- 10
- Name
- Tangible assets and ROU — investment schedule
- Anfängliche Schulden
- 79427000
- Opening Life
- 10
- Periods
periods (5)
- 2026 01 01
2026-01-01 (5)
- Assumption Id
- assumption-567f47f8-a43f-cc82-094c-7a38e5c54aaa
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Berechnungsmethode
- percent
- Zinssatz (%)
- 5.5
- Ref
- revenue
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-567f47f8-a43f-cc82-094c-7a38e5c54aaa
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-567f47f8-a43f-cc82-094c-7a38e5c54aaa
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-567f47f8-a43f-cc82-094c-7a38e5c54aaa
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-567f47f8-a43f-cc82-094c-7a38e5c54aaa
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 20
20 (19)
- Aktiv
- true
- Asset Class
- intangible
- Anfangswert des Treibers
- 0
- Convention
- halfYear
- Description
- Opening finite-life/pre-development intangible assets 14,472 EURk exclude 14,358 EURk goodwill. Seven-year remaining/new life and half-year additions are assumptions. They are not the company asset register. AR2025 p. 164.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- capex
- Id
- obj-21
- Instrument Id
- —
- Kind
- capex
- Nutzungsdauer (Jahre)
- 7
- Name
- Finite-life intangible investment
- Anfängliche Schulden
- 14472000
- Opening Life
- 7
- Periods
periods (5)
- 2026 01 01
2026-01-01 (5)
- Assumption Id
- assumption-84c782af-0b66-fbad-3445-55cf98e77bd5
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Berechnungsmethode
- percent
- Zinssatz (%)
- 1
- Ref
- revenue
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-84c782af-0b66-fbad-3445-55cf98e77bd5
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-84c782af-0b66-fbad-3445-55cf98e77bd5
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-84c782af-0b66-fbad-3445-55cf98e77bd5
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-84c782af-0b66-fbad-3445-55cf98e77bd5
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 21
21 (16)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Cash Flow Treatment
- investing
- Description
- 14,358 EURk reported goodwill held constant; no goodwill amortization, new acquisition or assumed impairment. A separate impairment case would require additional work.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- otherNCA
- Id
- obj-22
- Instrument Id
- —
- Kind
- driver
- Name
- Goodwill — no forecast acquisitions
- Anfängliche Schulden
- 14358000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (4)
- Assumption Id
- assumption-dd0674d4-6505-2d72-e1f3-5024c84694e2
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Berechnungsmethode
- amount
- Bewertung
- 14358000
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-dd0674d4-6505-2d72-e1f3-5024c84694e2
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-dd0674d4-6505-2d72-e1f3-5024c84694e2
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-dd0674d4-6505-2d72-e1f3-5024c84694e2
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-dd0674d4-6505-2d72-e1f3-5024c84694e2
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 22
22 (16)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Cash Flow Treatment
- operating
- Description
- Reported opening balance 3,906 EURk frozen; forecasts use a 30% current cash-tax simplification. No unsupported deferred-tax unwind is fabricated.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- otherNCA
- Id
- obj-23
- Instrument Id
- —
- Kind
- driver
- Name
- Deferred tax assets
- Anfängliche Schulden
- 3906000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (4)
- Assumption Id
- assumption-23f9a9bd-e7f8-37fd-3d9c-f0990d8b9919
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Berechnungsmethode
- amount
- Bewertung
- 3906000
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-23f9a9bd-e7f8-37fd-3d9c-f0990d8b9919
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-23f9a9bd-e7f8-37fd-3d9c-f0990d8b9919
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-23f9a9bd-e7f8-37fd-3d9c-f0990d8b9919
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-23f9a9bd-e7f8-37fd-3d9c-f0990d8b9919
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 23
23 (16)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Cash Flow Treatment
- investing
- Description
- Reported opening 10 EURk held constant. Historical associate losses are not extrapolated as ordinary debt interest.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- otherNCA
- Id
- obj-24
- Instrument Id
- —
- Kind
- driver
- Name
- Non-current investments
- Anfängliche Schulden
- 10000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (4)
- Assumption Id
- assumption-71fcdb6d-d907-ddb9-2dec-b621f6f40e25
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Berechnungsmethode
- amount
- Bewertung
- 10000
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-71fcdb6d-d907-ddb9-2dec-b621f6f40e25
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-71fcdb6d-d907-ddb9-2dec-b621f6f40e25
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-71fcdb6d-d907-ddb9-2dec-b621f6f40e25
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-71fcdb6d-d907-ddb9-2dec-b621f6f40e25
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 24
24 (16)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Cash Flow Treatment
- operating
- Description
- 12,462 EURk held constant. No forecast actuarial gains/losses or separate actuarial valuation. Pensions remain a separate claim in the optional DCF bridge.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- otherNCL
- Id
- obj-25
- Instrument Id
- —
- Kind
- driver
- Name
- Pension obligations
- Anfängliche Schulden
- 12462000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (4)
- Assumption Id
- assumption-bdc72719-4091-1627-37d0-bbe95b740f7f
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Berechnungsmethode
- amount
- Bewertung
- 12462000
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-bdc72719-4091-1627-37d0-bbe95b740f7f
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-bdc72719-4091-1627-37d0-bbe95b740f7f
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-bdc72719-4091-1627-37d0-bbe95b740f7f
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-bdc72719-4091-1627-37d0-bbe95b740f7f
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 25
25 (16)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Cash Flow Treatment
- operating
- Description
- 2,059 EURk opening; constant forecast balance, with no invented provision release.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- otherNCL
- Id
- obj-26
- Instrument Id
- —
- Kind
- driver
- Name
- Other non-current provisions
- Anfängliche Schulden
- 2059000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (4)
- Assumption Id
- assumption-123120cb-bc2b-0733-d972-1baf8d4c99c7
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Berechnungsmethode
- amount
- Bewertung
- 2059000
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-123120cb-bc2b-0733-d972-1baf8d4c99c7
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-123120cb-bc2b-0733-d972-1baf8d4c99c7
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-123120cb-bc2b-0733-d972-1baf8d4c99c7
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-123120cb-bc2b-0733-d972-1baf8d4c99c7
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 26
26 (16)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Cash Flow Treatment
- operating
- Description
- 7,232 EURk opening held constant; deferred tax is outside the simplified forecast tax schedule.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- otherNCL
- Id
- obj-27
- Instrument Id
- —
- Kind
- driver
- Name
- Deferred tax liabilities
- Anfängliche Schulden
- 7232000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (4)
- Assumption Id
- assumption-de99f7b2-862f-6b12-100c-ba6e11c91dfe
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Berechnungsmethode
- amount
- Bewertung
- 7232000
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-de99f7b2-862f-6b12-100c-ba6e11c91dfe
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-de99f7b2-862f-6b12-100c-ba6e11c91dfe
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-de99f7b2-862f-6b12-100c-ba6e11c91dfe
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-de99f7b2-862f-6b12-100c-ba6e11c91dfe
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 27
27 (16)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- 48,364 EURk opening includes current and non-current financial liabilities, including leases/other financial items. Forecast principal and 4.5% blended funding cost are independent assumptions; not contractual amortization. Bear explicitly draws funding. No automatic unlimited revolver.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- debt
- Id
- obj-28
- Instrument Id
- —
- Kind
- debt
- Name
- Financial liabilities — explicit funding schedule
- Anfängliche Schulden
- 48364000
- Periods
periods (5)
- 2026 01 01
2026-01-01 (4)
- Berechnungsmethode
- amount
- Zinssatz (%)
- 4.5
- Target Closing
- 45000000
- Bewertung
- 0
- 2027 01 01
2027-01-01 (4)
- Berechnungsmethode
- amount
- Zinssatz (%)
- 4.5
- Target Closing
- 42000000
- Bewertung
- 0
- 2028 01 01
2028-01-01 (4)
- Berechnungsmethode
- amount
- Zinssatz (%)
- 4.5
- Target Closing
- 38000000
- Bewertung
- 0
- 2029 01 01
2029-01-01 (4)
- Berechnungsmethode
- amount
- Zinssatz (%)
- 4.5
- Target Closing
- 34000000
- Bewertung
- 0
- 2030 01 01
2030-01-01 (4)
- Berechnungsmethode
- amount
- Zinssatz (%)
- 4.5
- Target Closing
- 30000000
- Bewertung
- 0
- Zinssatz (%)
- 4.5
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 28
28 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- Assumed 1.5% on opening cash only. No circularity or assumed return on unavailable intrayear cash.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- interestIncome
- Id
- obj-29
- Instrument Id
- —
- Kind
- driver
- Name
- Interest on opening cash
- Anfängliche Schulden
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (5)
- Assumption Id
- assumption-30e49288-ac8f-adba-e4c5-3708aa8e658a
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Berechnungsmethode
- percent
- Zinssatz (%)
- 1.5
- Ref
- previous:cash
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-30e49288-ac8f-adba-e4c5-3708aa8e658a
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-30e49288-ac8f-adba-e4c5-3708aa8e658a
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-30e49288-ac8f-adba-e4c5-3708aa8e658a
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-30e49288-ac8f-adba-e4c5-3708aa8e658a
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- EUR
- 29
29 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- 30% positive pre-tax profit; no recognition of a cash tax benefit on forecast losses. The unusually low FY2025 effective rate is not extrapolated.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- tax
- Id
- obj-30
- Instrument Id
- —
- Kind
- driver
- Name
- Current tax
- Anfängliche Schulden
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (5)
- Betrag / Anzahl
- 0
- Assumption Id
- assumption-b2f7573a-9aee-2c66-bdf4-0cd6f3a7053a
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Berechnungsmethode
- preTaxIncome
- Bewertung
- 30
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-b2f7573a-9aee-2c66-bdf4-0cd6f3a7053a
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-b2f7573a-9aee-2c66-bdf4-0cd6f3a7053a
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-b2f7573a-9aee-2c66-bdf4-0cd6f3a7053a
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-b2f7573a-9aee-2c66-bdf4-0cd6f3a7053a
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- percent
- 30
30 (15)
- Aktiv
- true
- Anfangswert des Treibers
- 0
- Description
- No dividends, new share issues or buybacks assumed. This retains cash for investment and isolates operating scenarios; it does not predict future corporate actions.
- Entity Id
- entity-1
- Vorgänge
events (0)
- Group
- equity
- Id
- obj-31
- Instrument Id
- —
- Kind
- driver
- Name
- Distributions
- Anfängliche Schulden
- 0
- Periods
periods (5)
- 2026 01 01
2026-01-01 (5)
- Betrag / Anzahl
- 0
- Assumption Id
- assumption-b1bfe352-0afd-2386-7e66-a47e0b5554b2
- Linked Periods
linkedPeriods (5)
- 0
- 2026-01-01
- 1
- 2027-01-01
- 2
- 2028-01-01
- 3
- 2029-01-01
- 4
- 2030-01-01
- Berechnungsmethode
- distributionAmount
- Bewertung
- 0
- 2027 01 01
2027-01-01 (1)
- Assumption Ref
- assumption-b1bfe352-0afd-2386-7e66-a47e0b5554b2
- 2028 01 01
2028-01-01 (1)
- Assumption Ref
- assumption-b1bfe352-0afd-2386-7e66-a47e0b5554b2
- 2029 01 01
2029-01-01 (1)
- Assumption Ref
- assumption-b1bfe352-0afd-2386-7e66-a47e0b5554b2
- 2030 01 01
2030-01-01 (1)
- Assumption Ref
- assumption-b1bfe352-0afd-2386-7e66-a47e0b5554b2
- Prüfen Sie Bedingungen und Stufen der Regel.
- —
- Source
- user
- Unit
- percent
- Durch erweitertes Modell bestimmt
Durch erweitertes Modell bestimmt (16)
- Verbindlichkeiten aus Lieferungen und Leistungen
- detail
- Forderungen aus Lieferungen und Leistungen
- detail
- Investitionsausgaben
- detail
- Umsatzkosten
- detail
- Langfristige Finanzschulden
- detail
- Equity Value
- detail
- Zinsertrag
- detail
- Vorräte
- detail
- Sonstiges Umlaufvermögen
- detail
- Sonstige kurzfristige Verbindlichkeiten
- detail
- Sonstiges Anlagevermögen
- detail
- Sonstige langfristige Verbindlichkeiten
- detail
- Sonstige betriebliche Erträge
- detail
- Umsatzerlöse
- detail
- Vertriebs- und Verwaltungskosten / Umsatz
- detail
- Steuern
- detail
- Valuation
Valuation (3)
- DCF
dcf (16)
- Basis
- reported
- Bridge
bridge (9)
- Liquide Mittel
- 17873000
- Bruttoverschuldung
- 48364000
- Investments
- 10000
- Leases
- 0
- Minority
- 0
- Non Operating Assets
- 0
- Other
- 0
- Pension
- 12462000
- Shares
- 20422590
- Bridge Period
- 2026
- Convention
- year-end
- Ende (ausschließlich)
- 2030
- Groups
- —
- Other FCF
otherFCF (0)
- Beginn
- 2026
- Stub
- true
- Tax Mode
- unlevered
- Terminal
terminal (14)
- Capex Rate
- 3
- Da Rate
- 3
- EBIT-Marge
- —
- EBITDA-Marge
- —
- Freier Cashflow
- —
- Umsatzwachstum
- 2
- Berechnungsmethode
- pg
- Metric
- ebitda
- Multiple
- —
- Normalize
- true
- Nwc Rate
- —
- Other
- 0
- Revenue Growth
- 2
- Steuersatz
- 30
- Terminal After
- 2030
- Terminal Year
- 2030
- Valuation Date
- 2026-01-01
- Wacc
wacc (12)
- Beta
- —
- Cost Debt
- —
- Country
- 0
- Debt Value
- —
- Debt Weight
- —
- Equity Value
- —
- Erp
- —
- Other
- 0
- Override
- 10
- Risk Free
- —
- Size
- 0
- Steuersatz
- 30
- Wacc Sources
waccSources (3)
- Durchschnittliches investiertes Kapital (€)
- input
- Cost Debt
- input
- Steuersatz
- input
- Enabled
enabled (5)
- Trading Comparables
- false
- DCF
- true
- LBO
- false
- Vergleichstransaktionen
- false
- Summary
- false
- Version
- 1
- Stock Analysis
Stock Analysis (11)
- Adjustments
adjustments (0)
- Exchange
- Xetra
- Inputs
inputs (12)
- Umsatzwachstum
growth (2)
- Source
- manual
- Bewertung
- —
- Linked Value
linkedValue (2)
- Source
- dcf.equity
- Bewertung
- —
- Metric
metric (2)
- Source
- manual
- Bewertung
- —
- Multiple
multiple (2)
- Source
- manual
- Bewertung
- —
- Nettoverschuldung
netDebt (2)
- Source
- manual
- Bewertung
- —
- Other Bridge
otherBridge (2)
- Source
- manual
- Bewertung
- 0
- Reference Price
referencePrice (2)
- Source
- manual
- Bewertung
- —
- Required Return
requiredReturn (2)
- Source
- manual
- Bewertung
- —
- Share Change
shareChange (2)
- Source
- manual
- Bewertung
- 0
- Shares
shares (2)
- Source
- manual
- Bewertung
- 20422590
- Terminal Multiple
terminalMultiple (2)
- Source
- manual
- Bewertung
- —
- Wacc
wacc (2)
- Source
- manual
- Bewertung
- —
- Issuer
- PVA TePla AG
- Berechnungsmethode
- linkedEquity
- Methodology
- PVA TePla AG | Xetra TPE | ISIN DE0007461006 | WKN 746100. Linked Equity Value reads the active scenario from Value / DCF, which in turn uses the operating model; no second DCF or manually typed final value. The 2026E selector identifies the operating context. The linked valuation date is 1 January 2026, inherited from DCF, not October 2026. Shares: 20,422,590 outstanding at 31 December 2025 = 21,749,988 issued less 1,327,398 treasury (Annual Report 2025, p. 188). Stock currently offers no DCF-share input link, so this same dated denominator is entered explicitly; it is not a current Fully Diluted count. No forecast share change. DCF uses audited opening cash/debt, 10% WACC, 2% terminal growth and five full 2026–2030 annual cash flows. Debt includes leases; pension obligations are already deducted and investments added in the DCF equity bridge. No second debt/pension adjustment is applied in Stock. All cases use their own linked operating cash flows. Terminal profitability and reinvestment remain subjective. No market reference price, required return or author probabilities are provided. Public outputs follow the Library policy; visitors choose their own method, reference inputs and scenario assumptions. Historical statements are embedded in the Model Revenue, Total assets, Operating cash flow and Equity Comments.
- Period Id
- 2026-01-01
- Reference Date
- Terminal Mode
- Ticker
- TPE
- Version
- 1
- Notes
Notes (28)
- Summe Aktiva
- REPORTED BALANCE SHEET REFERENCE — EURk; FY2023 | FY2024 | FY2025. AR2024 pp. 136–137; AR2025 pp. 140–141. Intangible assets: 18597 | 20227 | 28830 Right-of-use assets: 2924 | 4832 | 4572 Property, plant and equipment: 41646 | 58563 | 74855 Non-current investments: 9011 | 3641 | 10 Deferred tax assets: 6989 | 7068 | 3906 Non-current assets: 79167 | 94330 | 112173 Inventories: 94601 | 84519 | 69342 Receivables and other assets: 77825 | 59941 | 57458 Contract assets: 35972 | 28788 | 21531 Income tax assets: 823 | 510 | 6108 Cash: 13964 | 31371 | 17873 Current assets: 223185 | 205128 | 172313 Total assets: 302352 | 299459 | 284485 Share capital: 21750 | 21750 | 21750 Reserves: 105667 | 132975 | 140046 Treasury shares (cost): 0 | -4470 | -18960 Total equity: 127417 | 150255 | 142836 Non-current pensions: 11770 | 13721 | 12462 Other non-current provisions: 853 | 651 | 2059 Non-current financial liabilities: 14458 | 22015 | 24187 Deferred tax liabilities: 9800 | 8495 | 7232 Non-current liabilities: 36881 | 44882 | 45939 Current provisions: 7300 | 10034 | 7131 Current financial liabilities: 5291 | 2563 | 24177 Liabilities to employees: 7699 | 8449 | 6373 Trade payables: 18825 | 14532 | 14314 Contract liabilities: 95268 | 61383 | 36190 Tax provisions: 529 | 4558 | 4471 Other current liabilities: 3142 | 2802 | 3053 Current liabilities: 138054 | 104322 | 95710 Total equity and liabilities: 302352 | 299459 | 284485 The native forecast starts with audited FY2025 assets and equity; rounded reported subtotals can differ by EUR1k. Opening assets EUR284.485m balance without a plug. Historical OCI, FX and detailed lease movements cannot be faithfully replayed by the native engine; these reported references are preserved as comments, not invented historical modeling periods.
- Liquide Mittel
- Cash starts at audited FY2025 EUR17.873m and is the result of operating, investing and explicit financing flows. It is not targeted or plugged. H1 2026 cash EUR6.331m is a historical cross-check, not a modeled June endpoint in this annual file. Base/Bull liquidity improvement requires collections and advances to support growth. Bear remains conditional on the additional borrowing explained at Financial liabilities.
- Operativer Cashflow
- REPORTED CASH FLOW REFERENCE — EURk; FY2023 | FY2024 | FY2025. AR2024 p. 140; AR2025 p. 144. Net income: 24421 | 27068 | 7626 Tax expense add-back: 9684 | 11894 | 914 Finance income adjustment: -714 | -1662 | -368 Finance cost add-back: 988 | 2303 | 6880 Cash income taxes: -15807 | -8651 | -8213 D&A: 7149 | 8207 | 10264 Associates: 0 | 33 | 2671 Fixed asset disposal result: 24 | 14 | 246 Other non-cash: -293 | -693 | -2079 Inventories, receivables and other assets movement: -8620 | 42145 | 24797 Provisions movement: 2068 | 3437 | -2635 Payables and other liabilities movement: -16902 | -37910 | -28298 Operating cash flow: 1998 | 46184 | 11805 Acquisition of subsidiaries, net: -300 | -282 | -4653 Acquisition of associates: 0 | -2704 | 0 Asset disposal proceeds: 44 | 111 | 106 Capital expenditure: -11266 | -24156 | -25536 Financial asset disposal proceeds: 8 | 3000 | 0 Cash interest receipts: 673 | 704 | 368 Investing cash flow: -10841 | -23327 | -29715 Treasury share purchases: 0 | -3964 | -14490 Loan proceeds: 13352 | 5934 | 25056 Loan repayments: -144 | -3290 | -204 Lease payments: -1293 | -1781 | -1851 Other financial liability redemption: -4386 | 0 | -506 Cash interest paid: -226 | -2896 | -2464 Financing cash flow: 7303 | -5997 | 5542 Cash movement before FX: -1540 | 16860 | -12369 FX on cash: -99 | 547 | -1129 Opening cash: 15602 | 13964 | 31371 Closing cash: 13964 | 31371 | 17873 Forecast CFO links profit, D&A and working-capital changes. The issuer historically classified received interest in investing and paid interest in financing; native forecast interest is in operating cash flow. Compare total cash movements with this classification difference in mind. H1 2026 CFO EUR1.949m and cash EUR6.331m are contextual observations, not annualized forecasts.
- EBITDA
- Revision: the prior Base 2030 margin near 20% and Bull near 26.3% demanded very strong cost absorption. Base now retains higher production-cost ratios; Bull also uses slower 2027–2030 revenue growth and more retained cost. R&D, selling and administration still grow in absolute EUR. Base requires project completion, less rework and improved revenue per support employee. Bull requires these improvements together with stronger repeat demand and timely customer acceptance. They are conditional operating cases, not ordinary or inevitable outcomes. Bear retains the development/administrative base while revenue slows, so EBITDA recovers much less. FY2026 Base EBITDA EUR26.54m implies H2 EUR22.149m after reported H1 EUR4.391m: the late-year recovery remains a substantial execution risk.
- Equity Value
- REPORTED EQUITY BRIDGE — EURk; FY2023 | FY2024 | FY2025. AR2024 p. 141; AR2025 p. 145. Opening equity: 104096 | 127417 | 150255 Net income: 24421 | 27068 | 7626 Other comprehensive income: -1100 | 240 | -950 Share-based compensation: 0 | 0 | 395 Treasury purchases recognized in equity: 0 | -3964 | -14490 Treasury purchase obligation: 0 | -506 | 0 Closing equity: 127417 | 150255 | 142836 No forecast dividend, buyback or share issue is assumed. Equity changes with retained net income; OCI and actuarial/currency movements are not forecast. Reported share count is 21,749,988 issued less 1,327,398 treasury = 20,422,590 outstanding as of 31 December 2025 (AR2025 p. 188); not a current diluted-share assertion.
- Bruttoergebnis
- Native Gross Profit = revenue less production cost BEFORE all group depreciation/amortization. Reported IFRS gross profit includes D&A allocated to cost of sales. No unsupported functional split of D&A is invented. Compare forecast EBITDA and cash generation, not native and IFRS gross-margin percentages as if they were identical. Metrology and Material Solutions production-cost Comment buttons explain the separate absorption paths.
- Obj 1
- Reported anchor: H1 2026 Metrology revenue was EUR52.979m; orders were about EUR97.7m (Half-Year Report 2026, pp. 8–9). Orders are customer commitments, not revenue recognized on the order date. Delivery, installation and customer acceptance can move revenue between years. FY2026 Base EUR112m = H1 EUR52.979m + assumed H2 EUR59.021m. Bear EUR105m requires H2 EUR52.021m; Bull EUR120m requires EUR67.021m. These H2 amounts are independent delivery assumptions; no order-by-order backlog schedule is available. They are not management segment guidance. FY2027–2030 growth: Base 22%, 18%, 15%, 12%; Bear 8%, 8%, 7%, 6%; Bull 25%, 20%, 16%, 12%. Base assumes expanded service capacity converts demand to repeat equipment deliveries. Bull requires faster customer acceptance and sufficient application/service engineers; its growth is deliberately moderated versus the prior model. Bear delays conversion despite continuing demand. Weak customer capex, export restrictions or acceptance slippage would invalidate the faster paths. Do not treat orders as a guaranteed revenue floor.
- Obj 10
- Opening EUR57.458m is reported receivables AND other assets, not pure trade receivables (Annual Report 2025, pp. 140, 175). Base days 90, 88, 85, 84, 82; Bear 100, 100, 98, 95, 93; Bull 87, 83, 80, 78, 78. The engine applies these days to annual revenue using its 365-day convention. Base assumes gradual collection improvement as more accepted equipment becomes billable. Bear combines delayed acceptance and slower collection, consuming cash even with lower sales. Bull requires stronger billing discipline and customer payments, not merely higher order intake. These broad days are a proxy, not reported DSO; other assets and concentration can make the proxy unreliable. Contract assets are modeled separately to avoid hiding unbilled project exposure in receivables.
- Obj 11
- Opening inventories EUR69.342m; reported H1 2026 EUR74.884m illustrates project build-up. Base inventory days fall from 145 to 130; Bear 165 to 145; Bull 142 to 125. Days apply to modeled production cost before D&A, not reported IFRS cost of sales. Long production cycles and components tie up cash ahead of delivery. Base assumes more projects complete relative to stock; Bear keeps work in progress longer and needs borrowing. Bull requires supply-chain and acceptance efficiency while still buying more inventory in absolute EUR as volume expands. A lower days assumption is not a release of all project stock. Source: AR2025 p. 140; H1 2026 balance sheet.
- Obj 12
- Trade payables start at EUR14.314m. All cases use 35 days of modeled production cost, kept constant to avoid financing growth through an unsupported extension of supplier terms. Cash procurement moves with inventory build and supplier credit. Shorter credit terms or upfront purchases for long lead-time components would increase cash requirements; customer advances are modeled separately.
- Obj 13
- Opening unbilled contract assets EUR21.531m (AR2025 p. 175). Base 9% of revenue, Bear 11%, Bull 8%. These amounts represent project execution ahead of billing/acceptance. Bear leaves more work unbilled; Bull requires faster conversion into invoiceable deliveries. Increases consume operating cash. Do not add these balances again to the broad receivables driver. A project-by-project revenue recognition schedule is unavailable, so this is a transparent aggregate proxy.
- Obj 15
- Opening customer advances / contract liabilities EUR36.190m. Base assumes 16% of revenue, Bear 14.5%, Bull 17%. Upfront customer payments can finance equipment procurement before delivery; they are operating liabilities, not financial debt. Bear assumes weaker payment coverage while projects tie up more cash. Bull needs commercial terms and order mix that preserve advance financing. Previously received advances can unwind as orders convert, so strong revenue alone does not assure strong CFO. Source: AR2025 balance sheet and contract-liability disclosures.
- Obj 2
- Reported anchor: H1 2026 Material Solutions revenue EUR67.559m, down 10.5% year on year, with about EUR89.0m orders (Half-Year Report 2026, pp. 8–9). Low utilization depressed segment profitability. The order intake recovery does not establish the date on which projects meet recognition criteria. FY2026 Base EUR153m = H1 EUR67.559m + assumed H2 EUR85.441m. Bear EUR140m needs H2 EUR72.441m; Bull EUR155m needs EUR87.441m. The strong H2 weighting follows the reported emphasis on late-year project deliveries, but the amounts are independent assumptions. FY2027–2030 growth: Base 10%, 10%, 9%, 8%; Bear -2%, 4%, 4%, 4%; Bull 14%, 12%, 10%, 8%. Base assumes projects convert gradually; Bear combines delayed delivery with a 2027 pause, not simply a lower perpetual growth rate. Bull requires timely acceptance and recovered factory utilization. Customer investment pauses, engineering rework and long lead-time components can shift cash and sales between years. No reconstructed closing backlog is presented as a reported fact.
- Obj 20
- Opening tangible schedule EUR79.427m = PP&E EUR74.855m + ROU EUR4.572m (AR2025 p. 140). Tangible cash capex is Base 5.5%, Bear 4%, Bull 6% of revenue. Base supports measured capacity growth; Bear defers discretionary expansion while retaining maintenance; Bull invests ahead of higher deliveries. Lower capex is not costless if it constrains output later. Ten-year opening remaining/new asset life and half-year depreciation on additions are explicit approximations, not the company asset register. Opening ROU is included, but future lease replacement is treated as cash investment rather than a full IFRS 16 ledger. Higher capex lowers cash now and raises assets/depreciation; life changes affect earnings, not the cash cost of investment.
- Obj 21
- Opening finite-life intangible balance EUR14.472m excludes EUR14.358m goodwill (AR2025 p. 164). Base/Bear additions 1% of revenue; Bull 1.2%. Seven-year remaining/new lives and half-year addition convention are approximations. This budget covers purchased/development assets beyond expensed R&D; no automatic capitalization of the R&D expense line. Goodwill is held separately without amortization. Impairment or acquisitions would require additional scenario work.
- Obj 28
- Opening financial liabilities EUR48.364m include current and non-current balances, including leases (AR2025 pp. 141, 179). Base year-end debt EUR45m, 42m, 38m, 34m, 30m; Bear EUR65m, 70m, 70m, 68m, 65m; Bull EUR45m, 40m, 34m, 26m, 18m. These are explicit funding/repayment assumptions, not contractual maturity schedules. Bear 2026 requires EUR16.636m additional borrowing, then EUR5m in 2027. Slower collection, inventory retention and lower advance coverage are the economic causes. The model rejects the unfunded cash shortfall if this new borrowing is removed. Reported facility totals include guarantees and do not prove this amount is available in cash; lender commitment, covenants and headroom must be checked separately. Blended interest is 4.5% on opening financial debt; year-end target changes create the principal movements. This is not an intrayear draw-interest schedule. Actual earlier draw timing or refinancing spreads could raise expense. No unlimited revolver, equity issue or hidden balancing plug is used.
- Obj 29
- Opening cash earns an assumed 1.5% per year; the rate applies only to the beginning balance to avoid circularity and avoid pretending all year-end cash was invested all year. It is not a bank quote or a yield forecast. Restricted cash, lower deposit rates or cash consumed intrayear would reduce interest income. Opening cash is the audited EUR17.873m at 31 December 2025, not the lower H1 2026 balance.
- Obj 3
- Independent production-cost ratios before D&A, not reported segment gross margins. Base 2026–2030: 55%, 55%, 54.5%, 54%, 54% of Metrology revenue. Bear: 59%, 59%, 58%, 57%, 56%. Bull: 55%, 54%, 53.5%, 53%, 53%. More instruments shipped through an established production/service base can improve absorption; richer inspection-system mix may help, while installation labor and warranty/rework can offset it. The revision retains more production cost than the earlier model to avoid assuming scale gains automatically become profit. Bull requires execution and mix improvement; it does not assume unlimited pricing power. All group D&A sits below EBITDA, so native Gross Profit is a cash contribution measure and cannot be equated with reported IFRS gross profit.
- Obj 30
- Tax is 30% of positive pre-tax profit, paid in the same period. No cash benefit is recognized on forecast losses. The FY2025 reported effective tax rate was unusually low and is not extrapolated. Deferred tax balances remain constant; loss carryforward use, local jurisdiction mix and payment timing need separate work.
- Obj 4
- Material Solutions cash production cost / revenue: Base 67%, 67%, 66.5%, 66%, 66%; Bear 70%, 70%, 69%, 68%, 68%; Bull 67%, 66%, 65.5%, 65%, 65% in 2026–2030. These are independent absorption assumptions, not disclosed cost ratios. H1 2026 low utilization makes the recovery conditional on projects actually being delivered through the available capacity. The revised path keeps more engineering, production and commissioning expense as sales grow. Delay, project complexity, input inflation or rework can prevent the assumed recovery; the Bear case holds materially higher costs. Native production costs exclude D&A, which is charged separately below EBITDA.
- Obj 5
- Base FY2026 selling/service expense EUR27m is informed by roughly EUR13m in H1, not a simple unchanged annual run rate. Later growth is 7%, 6%, 5%, 5%. Bear starts EUR26.5m with 3% annual growth; Bull EUR27.5m with 9%, 8%, 7%, 6%. Faster equipment adoption requires application, sales and field-service capacity, so expenses continue growing even in Bull. Margin expansion requires revenue per support employee to rise; repeat site visits, slower installations or international service expansion would erode it. Personnel costs are already inside functional expenses and are not added a second time.
- Obj 6
- Base administration EUR28m in 2026 follows reported H1 expense of roughly EUR13.8m; later growth is 5%, 5%, 4%, 4%. Bear keeps most of this cost base (2% growth) despite weak revenue, creating genuine deleverage. Bull grows administration 6%, 6%, 5%, 5%. Operating leverage requires systems and management infrastructure to handle more deliveries without proportionate staffing. Complexity from acquisitions, international sites or compliance would require higher cost. These functional totals already include personnel.
- Obj 7
- Reported H1 2026 R&D expense EUR8.945m; Base FY2026 EUR18m, then 10%, 10%, 8%, 8% growth. Bear retains EUR18m and 4% growth instead of cutting product development to protect margin. Bull starts EUR18.5m and grows 12%, 12%, 10%, 10%. Spending supports measurement technology and material/process applications; the revenue benefit is uncertain and may lag several years. No R&D expense is automatically capitalized. Intangible investment is separately budgeted and must not double-count these costs. Source: Half-Year Report 2026, pp. 4–5.
- Obj 8
- Base other operating expense EUR4.0m in 2026 assumes partial normalization of one-time and currency-related H1 costs; it rises to EUR4.6m by 2030. Bear retains EUR5m initially; Bull EUR3.5m, rising to EUR4.7m. This is an explicit normalization hypothesis, not an issuer-adjusted EBITDA measure. Recurring FX losses, restructuring or integration cost would reduce the margin recovery.
- Obj 9
- Other operating income is independently normalized to 1% of revenue in every case. This is below the reported FY2025 EUR6.708m relative to sales and avoids extending an unusually favorable miscellaneous-income contribution. No particular grant, FX gain or disposal is forecast. Reducing this driver to zero lowers EBITDA and cash generation directly.
- Opening Balances
- Audited 31 December 2025 opening position. EURk display; stored amounts are full EUR. PPE includes ROU, debt includes leases, and finite intangible assets exclude goodwill. Use the Total assets Comment for the full FY2023–2025 reported balance sheets, Revenue for historical income, Operating cash flow for historical cash flows, and Equity for OCI/treasury reconciliation. No forecast amount is labeled as historical actual.
- Umsatzerlöse
- Revenue assumptions are documented in the Metrology and Material Solutions Comment buttons below this line. Base 2026 total EUR265m combines EUR120.538m reported H1 and EUR144.462m assumed H2; company guidance EUR255–275m is for the group, not these segment allocations. Annual forecast years are not historical actuals. REPORTED INCOME REFERENCE — EURk; columns FY2023 | FY2024 | FY2025. AR2024 pp. 136–141 (2023 comparative presentation), AR2025 pp. 140–145. Revenue: 263446 | 270115 | 244257 Cost of sales: -185939 | -182079 | -166409 Gross profit: 77507 | 88035 | 77848 Selling and distribution: -19147 | -18494 | -22947 Administration: -15451 | -20559 | -24118 Research and development: -9513 | -11711 | -17052 Other operating income: 5795 | 4976 | 6708 Other operating expenses: -4811 | -2644 | -5387 EBIT: 34379 | 39604 | 15052 Depreciation and amortization (cash-flow statement): 7149 | 8207 | 10264 EBITDA (calculated EBIT + D&A): 41528 | 47811 | 25316 Finance income: 714 | 1662 | 368 Finance costs: -988 | -2303 | -6880 Financial result: -274 | -642 | -6512 Profit before tax: 34105 | 38962 | 8540 Income tax: -9684 | -11894 | -914 Net income: 24421 | 27068 | 7626
- DCF
- PVA TePla AG | Xetra TPE | ISIN DE0007461006 | WKN 746100. Linked Equity Value reads the active scenario from Value / DCF, which in turn uses the operating model; no second DCF or manually typed final value. The 2026E selector identifies the operating context. The linked valuation date is 1 January 2026, inherited from DCF, not October 2026. Shares: 20,422,590 outstanding at 31 December 2025 = 21,749,988 issued less 1,327,398 treasury (Annual Report 2025, p. 188). Stock currently offers no DCF-share input link, so this same dated denominator is entered explicitly; it is not a current Fully Diluted count. No forecast share change. DCF uses audited opening cash/debt, 10% WACC, 2% terminal growth and five full 2026–2030 annual cash flows. Debt includes leases; pension obligations are already deducted and investments added in the DCF equity bridge. No second debt/pension adjustment is applied in Stock. All cases use their own linked operating cash flows. Terminal profitability and reinvestment remain subjective. No market reference price, required return or author probabilities are provided. Public outputs follow the Library policy; visitors choose their own method, reference inputs and scenario assumptions. Historical statements are embedded in the Model Revenue, Total assets, Operating cash flow and Equity Comments.
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