More Clarity on the Path for Digital Solutions

研报英文原文证据摘录

More Clarity on the Path for Digital Solutions

Italy | Capital Goods

Prysmian EquityJulyResearch20, 2026

TARGET CHANGEMore Clarity on the Path for Digital Solutions

PRY announced its capacity expansion plan backed by long-term visibility RATING BUY

from frame agreements as well as upfront payment to finance the PRICE €125.35^

investment, coming ahead of expectations, in our view, with a doubling PRICE TARGET | % TO PT €180.00 (€178.00) | +44%

of US capacity and €10bn in demand over the coming decade. The plan 52W HIGH-LOW €157.25 - €62.36

reinforces our view on the growth & margin expansion potential at DS mid- FLOAT (%) | ADV MM (USD) 99.9% | 132.82

term. We make LSD upgrades to EBITDA and stand MSD ahead of VA MARKET CAP €36.1B | $41.3B

consensus. PT to €180, retain Buy. TICKER PRY IM

^Prior trading day's closing price unless otherwise

noted.

Strong visibility supporting investments. PRY announced a firm agreement with Molex for

up €5.5bn in optical fibre cable, over a period of 10 years, and then an additional amount

in agreements & commercial initiatives with hyperscalers and data centre infrastructure FY (Dec) CHANGE TO JEFe JEF vs CONS

providers that should be over €4.5bn and likely to be firmed up soon. In total, PRY therefore 2026 2027 2026 2027

has visibility on over €10bn in demand by 2035, with up to €1.1bn yearly run rate from 2031. REV* NM NM NM NM

We understand the group already has significant visibility into volumes over 2026-2028 given EBITDA +1% +2% NM +2%

the current shortage situation, even prior to the frame agreements, which are more likely to be

served on the incremental capacity from 2028. We see the combination with Molex as highly 2026 (€) Q1A Q2 Q3 Q4 FY

synergetic providing the full offering for the "white space" within data centers.