Equity Research

On this page you find the investment cases of our last equity research. Please read the disclaimer for our research products. Our products are written for institutional investors only. If you are an institutional investor and would like to receive our research, please send us a mail.

Südzucker AG

Oct 13, 2026

Fair Value: 12.5€ – – – – – – Rating: Neutral

Q2 shows further progress

Q2 reporting shows a strong EBITDA increase compared to last year, mainly driven by CropEnergies and Special Products. Sugar also shows progress but not as strongly as hoped for. Fine-tuning our model leaves us in the upper region of the company’s new guidance. Our fair value comes up to EUR12.5, which is in line with the current share price. Additional value lies in the Sugar segment. Until things become more tangible here, we stick to our Neutral rating.

PVA TePla AG

Aug 6, 2026

Fair Value: 38.0€ – – – – – – Rating: Buy

Underlying trends appear intact

PVA TePla’s stock price has been volatile in recent weeks, in line with other AI related tech companies. This might provide opportunities as underlying operating trends appear intact. Q2 showed a strong topline development and an order intake supporting our future estimates. Profitability was not yet back to desired levels, mainly due to extraordinaries. H2 should now show strong EBITDA improvements and additional bulk orders would help further. We thus stick to our Buy rating.

Südzucker AG

Jul 10, 2026

Fair Value:11.7 € – – – – – – Rating: Neutral

Strong start and more to come

Q1 26/27 reporting showed good progress compared to last year. We believe that the second quarter could be even better and we have also upped our full year estimates. CropEnergies and Sugar could experience some help form the price side, which would drive valuation further north. Any additional steps to improve profitability would come on top. We stick to our Neutral rating for the time being but any of the mentioned factors could change this view for the positive.