Prysmian SpA: Call feedback: Prysmian‘s fibre story just got stronger & firing elsewhere

研报英文原文证据摘录

Prysmian SpA: Call feedback: Prysmian‘s fibre story just got stronger & firing elsewhere

opher Leonard

also stated the upper end of 25-30% EBITDA margins by 2028 is achievable (vs. Analyst

V.A cons of 26%), reflecting this pricing change. Therefore, we still see material upside chris.leonard@ubs.com

to cons. estimate for 2028. Capacity in fibre has growth in 2027 from Europe, then in +44-20-7568 3958

2028 the US (40% expansion overall), and complete by 2029.

Andre Kukhnin

Analyst

2. Molex fibre contract as scoped to 2031, offering clarity, while Connectivity andre.kukhnin@ubs.com

outlook should not be disregarded. It was confirmed that €1.1bn guidance by 2031 +44-20-7567 2162

is incremental revenue just from DC customers, climbing from €200m in 2025 (Fibre Dini Magoon

overall was scoped at €600m in 2025). Overall, by 2031, mgmt. expects ~85- Analyst

90% revenue for Fibre to be DC related, with the reminder for telecoms customers. The dini.magoon@ubs.com

$1.1bn incremental rev also does not include new contracts that could be won by +44-20-7567 4037

PRY, which it highlighted today in a booked-out fibre market. Connectivity is also

growing dynamically and seeing more DC content with Channell recording

"significant" y/y growth in 2Q26. OV

3. Multiple LT fibre contracts are available to take opportunity > €10bn by 2031.

Prysmian has €5.5bn reported from the Molex deal (here), there is another ~ €4.5bn

already signed: "the rest is covered by deals already signed". Then PRY is considering

Highlights (€m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 15,354 17,026 19,650 22,025 24,196 26,178 28,113 29,269

EBIT (UBS) 1,270 1,418 1,752 2,315 2,982 3,467 3,956 4,215

Net earnings (UBS) 672 941 1,096 1,487 2,002 2,391 2,764 2,966