Prysmian (PRY IM) Buy: Fibre ramp kicks off with visibility to 2035e

研报英文原文证据摘录

Prysmian (PRY IM) Buy: Fibre ramp kicks off with visibility to 2035e

21 July 2026

Prysmian (PRY IM) EquitiesElectrical Equipment

Buy: Fibre ramp kicks off with visibility to 2035e Italy

◆ Multi-year fibre supply deal with Molex underpins capacity

MAINTAIN BUY

ramp, with hyperscaler contracts adding more growth visibility

◆ Short-term upside potential from repurposing and long-term TARGET PRICE (EUR) PREVIOUS TARGET (EUR)

visibility on structurally higher margins drive our enthusiasm 175.00 170.00

◆ Increase TP to EUR175 (from EUR170) on higher DS margin SHARE PRICE (EUR) UPSIDE/DOWNSIDE

125.35 +39.6%

(as of 17 Jul 2026)

Multi-year fibre deal announced with Molex

On 20 July, Prysmian provided detailed disclosure of its US fibre deals, which have MARKET DATA

been a long time coming (first mentioned by the CEO at the Q1 results on 30 April). Market cap (EURm) 37,835 Free float 100%

Market cap (USDm) 43,282 BBG PRY IM

Firstly, Prysmian has signed an up to EUR5.5bn long-term fibre supply agreement 3m ADTV (USDm) 182 RIC PRY.MI

with Molex, a subsidiary of private US industrials group Koch Inc. A EUR550m

FINANCIALS AND RATIOS (EUR)

upfront payment from Molex will trigger a EUR1.25bn brownfield capex investment Year to 12/2025a 12/2026e 12/2027e 12/2028e

until 2031, mostly targeted at a >2x increase in fibre capacity in the US and a 40-50% HSBC EPS 4.33 4.90 5.67 6.94

HSBC EPS (prev) 4.33 4.86 5.55 6.82

increase in Prysmian’s global fibre production capacity. Change (%) 0.0 0.9 2.2 1.8

Consensus EPS 4.15 4.73 5.86 6.89

Hyperscalers provide additional revenue growth visibility – EUR10bn to 2035e PE (x) 29.0 25.6 22.1 18.1

Dividend yield (%) 0.7 0.7 0.8 0.8Beyond Molex, Prysmian expects EUR4.5bn of fibre revenues by 2035 from other EV/EBITDA (x) 15.3 14.1 12.0 10.1