EarningsPrysmian's organic EBIT has historically underperformed compared to its Electricals peers, and this trend is expected to continue as key divisions like Power Grids and Industrial and Construction are at peak margins.
Investment And RevenueUncertainty in the US High Voltage market may cause Prysmian to delay capacity investments, potentially limiting opportunities for positive revenue surprises.
ValuationThe target price for Prysmian has been reduced to €66 from €70 due to a slightly reduced target multiple of 10.0x EV/EBITDA, influenced by a lower assumption for the Power Grids division.