Prysmian (PRY.MI): Catalyst path still looks appealing, reiterate Buy

研报英文原文证据摘录

Prysmian (PRY.MI): Catalyst path still looks appealing, reiterate Buy

Action |

31 Jul 2026 00:00:00 ET │ 17 pages

Prysmian (PRY.MI)

Catalyst path still looks appealing, reiterate Buy

CITI'S TAKE

After volatile trading through 2Q26 earnings season, another bullish

conference call from Prysmian pointed to reasons to re-engage with the

story. The potential for further datacentre fibre deals in the coming quarters Buy

gives scope for upside to the Digital Solutions base case, while the Price (30 Jul 26 17:30) €119.85

trajectory towards a high-20%s Digital margin by the end of the decade is

also encouraging. Signals on the call of potential M&A and an upcoming Target price €145.00↓

CMD in 1H27 also form part of the catalyst path for the stock. While we were from €146.00

underwhelmed by the I&C margin trajectory, the better performance Expected share price return 21.0%elsewhere provides an offset. Valuation has reverted to a sector-average

multiple, leaving room for the shares to outperform from here given the Expected dividend yield 1.0%

improved earnings visibility. We remain Buyers given the appealing EPS Expected total return 21.9%

CAGR of 18% from 2026E to 2030E, with a TP of €145. Market Cap €36,175M

US$41,484MForecast changes — Our 2026/27/28E adj. EBITDA forecasts now stand at

€2,877m/€3,415m/€3,953m. In Digital, we raise 2026E organic growth and margin

to drive a 5% increase in our EBITDA estimate. On our revised phasing assumptions,

our 2027E EBITDA is unchanged but our 2028E estimate rises by 7%. We see 2030E

EBITDA at €888m. In Digital, we only build into our forecasts the €10bn of Price Performance

cumulative revenues from datacentre deals already cited by the company, not (RIC: PRY.MI, BB: PRY IM)

further potential deals.