^Original-Research: PFISTERER Holding SE - from GBC AG24.06.2025 / 10:00 CET/CESTDissemination of a Research, transmitted by EQS News - a service of EQSGroup.The issuer is solely responsible for the content of this research. Theresult of this research does not constitute investment advice or aninvitation to conclude certain stock exchange transactions.---------------------------------------------------------------------------Classification of GBC AG to PFISTERER Holding SE Company Name: PFISTERER Holding SE ISIN: DE000PFSE212 Reason for the research: Research study (Initial Coverage) Recommendation: BUY Target price: 48.00 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Cosmin Filker, Marcel GoldmannAttractive triad of dynamic business development, high profit margins andstrong market growthPFISTERER Holding SE (PFISTERER) reported on 14 May 2025 that it hadsuccessfully listed on the Scale segment of the Frankfurt Stock Exchange. Atotal of 6.97 million shares were placed: 3.5 million shares came from acapital increase, with the remaining shares coming from the reallocation ofexisting shareholders. At an offer price of EUR27.00, PFISTERER will receivecash proceeds of approximately EUR95 million (GBC estimate, net: EUR85.90million). Among other things, the IPO proceeds will be used to finance thecompany's CAPEX programme in order to expand existing production capacitiesand address growth markets with newly developed products.Their successful IPO means that the world's only independent supplier ofconnection and insulation technology for electrical grids, covering allvoltage levels and grid connections, is now represented on the capitalmarket. Founded in 1921, PFISTERER offers products developed in-house forthe areas of 'generation', 'transmission' and 'distribution' based on thetwo materials silicone and metal. The company has a range of products in itsportfolio for every interface in the electricity grid, which are essentialcomponents of the transmission and distribution networks. Customers includegrid operators, cable manufacturers, general contractors, etc. As PFISTERERcovers the entire voltage spectrum with its products, there is a highbarrier to market entry, which is also secured by long-standing customerrelationships and development partnerships.With its product range, PFISTERER is part of a market that is characterisedby increasing demand for electricity (economic growth, electromobility, AI,etc.) on the one hand, and a partially outdated energy infrastructure on theother. In addition, the infrastructure is in a transformation phase(decentralisation, HVDC), which is accompanied by a high investmentrequirement overall. According to a study by Roland Berger, the marketaddressable by PFISTERER is expected to grow by an average of 11.6% in thecoming years.With its growth strategy, the company aims to participate disproportionatelyin market growth. On the one hand, growth in the core business is to berealised by gaining market share. On the other hand, global presence is tobe expanded. Finally, new products are to be developed. The focus here is onthe HVDC sector and a general expansion of products in the high-margin highand extra-high voltage range (over 250 kV). To this end, PFISTERER haslaunched a CAPEX programme of EUR 215 million, which will be financed by thecash inflow from the IPO on the one hand and the expected positive cashflows on the other.This is intended to continue the growth trajectory already embarked upon inprevious financial years. In 2024, sales growth amounted to 14.7% (EUR 383.12million) and the EBITDA margin improved to 15.7%, which corresponds toEBITDA of EUR 60.15 million. According to our estimates, which cover theperiod up to 2030, sales should increase to EUR 717.02 million (2030) andEBITDA to EUR 141.91 million, which would then correspond to an EBITDA marginof 19.8%.As part of our DCF valuation model, we have determined a target price ofEUR48.00 per share, which corresponds to a fair market capitalisation ofEUR868.52 million. Based on the current share price, this represents upsidepotential of 22.0%. We are initiating coverage of PFISTERER Holding SE witha BUY rating.You can download the research here: http://www.more-ir.de/d/32900.pdfContact for questions:GBC AGHalderstrasse 2786150 Augsburg0821 / 241133 0research@gbc-ag.de++++++++++++++++Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MARBeim oben analysierten Unternehmen ist folgender möglicherInteressenkonflikt gegeben: (5a,11); Einen Katalog möglicherInteressenkonflikte finden Sie unter:https://www.gbc-ag.de/de/Offenlegung+++++++++++++++Completion: 23.06.2025 (09:13 am)First publication: 24.06.2025 (10:00 am)---------------------------------------------------------------------------The EQS Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Archive at www.eqs-news.com---------------------------------------------------------------------------2159328 24.06.2025 CET/CEST°