Pfeiffer Vacuum Technology walked into this earnings day with a stock that had softened over the past month and a valuation already richer than both peers and the wider German machinery sector. That set the stage for an emotional tape.

The headline this half year is earnings power. Trailing basic earnings per share of €6.91 sit alongside an 8% net margin and earnings growth over the last year that is well into triple digits. The question for you now is whether today’s price in the €165 range reflects a cool reading of those fundamentals or enthusiasm for a turnaround story that still carries payout and growth scars.

Is Pfeiffer Vacuum Technology still priced for a fragile turnaround, or already trading ahead of its earnings power…