Prysmian: Updated Q2 preview - recent pullback is a buying opportunity on multi-year growth visibility

研报英文原文证据摘录

Prysmian: Updated Q2 preview - recent pullback is a buying opportunity on multi-year growth visibility

J P M O R G A N Europe Equity Research

28 July 2026

Prysmian Overweight

PRY.MI, PRY IM

Updated Q2 preview - recent pullback is a buying Price (27 Jul 26):€122.10

opportunity on multi-year growth visibility Price Target (Dec-27):€190.00

We believe the recent correction in the shares, down 21% from the June high, European Capital Goods

ACpresents a buying opportunity as the medium-term growth drivers have Akash Gupta

strengthened this year and the company has started to lock-in long term agreements (44-20) 7742-7978

in Digital Solutions, which means high segment margins will remain for a very akash.z.gupta@jpmorgan.com

long period of time. In the near term, our focus on the Q2 results on July 30 will Jeremy Caspar

be on the guidance update, where consensus (€2,845mn) is already above the top (44-20) 3493-5188

end of the standing guidance of €2,775mn, and as we said previously there is a jeremy.caspar@jpmorgan.com

potential for Prysmian to hit its medium term 2028 targets (bottom end €2,950mn) Phil Buller

already this year. We also look for the commentary on the medium term growth (44-20) 3493-9403

phil.buller@jpmorgan.com

opportunities, where further upgrades to hyperscaler capex forecasts are positive

Chitrita C Sinhafor the company, and expect the company to talk about the timing of the next

(44-20) 7742-7176

Capital Markets Day, where it will likely provide new targets. The potential chitrita.sinha@jpmorgan.com

upgrade to FCF guidance this year could be more material given the €550mn down J.P. Morgan Securities plc

payment from Molex announced last week (link) supporting near term cash flow

while incremental capex outflows are expected to be limited this year.