European Capital Goods "Postcard from Paris: Prysmian fibre upside leads..."

研报英文原文证据摘录

European Capital Goods "Postcard from Paris: Prysmian fibre upside leads..."

Global Research

4 June 2026ab

European Capital Goods Equities

Europe including UKPostcard from Paris: Prysmian fibre upside leads

interest & Siemens Energy 'slots' a key 2H theme Industrial

Christopher Leonard

Analyst

chris.leonard@ubs.com

After marketing in Paris recently across our energy transition coverage, we +44-20-7568 3958

found most interest in Prysmian (Buy), Siemens Energy (Buy), Nexans (Buy) and

Andre Kukhnin

Ceres Power (Buy) - in that order. The debate on Prysmian centred on the fibre

optics pricing growth, and comments that our EBITDA of >€1bn in 2028E for andre.kukhnin@ubs.com

Digital Solutions could still be cautious. For Siemens Energy discussions focused +44-20-7567 2162

on whether gas turbine order slot momentum can pick-up into 2H, and clients

Ed Hussey

considered a pullback at 2Q was not structural and was down to a desire from

mgmt. to keep a diversified backlog & wait for higher prices. edward.hussey@ubs.com

+44-20-7568 3946

Single stock feedback: Sven Weier

Prysmian (Buy): sizing the fibre optics upside (see Weaving fibre into sven.weier@ubs.com

electrifying earnings growth), where we increased Digital Solution EBITDA to +49-69-1369 8278

25% of Group by 2028, from ~11% in 2025. Hemal Bhundia, CFA

There was agreement that there could still be upside to our EBITDA estimate by Analyst

2028 of €1,073m, even though we are ~50% above V.A cons, which takes our hemal.bhundia@ubs.com

+44-20-7901 6515

estimate 14% above Group EBITDA in 2028.

Jingyi Zheng

Clients felt that valuation was reasonable for PRY against Electrification peers, Analyst

because of its faster earnings growth to 2028 and a catalyst path ahead. PRY is on jingyi.zheng@ubs.com

18x P/E in 2028 vs.