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.

PVA Tepla

Apr 30, 2025

Fair Value: 20.7€ – – – – – – Rating: Buy

Acquisition of DIVE

With the acquisition of DIVE, PVA TePla complements its product portfolio in metrology, a key growth market for the company. We do not expect an immediate impact on PVA TePla’s financials but believe the move has the potential to drive organic growth in the future. Our valuation remains at EUR20.7 for the time being, which already leaves an upside of 23%. We thus stick to our Buy recommendation on the stock.

Südzucker AG

Apr 14, 2025

Fair Value: €14.0 – – – – – Rating: Neutral

Results expected to improve throughout the year

Following the release of preliminary figures for FY 24/25, Südzucker announced that Q1 25/26 results will be below last year’s while reiterating its guidance for FY 25/26. This is clearly in line with our expectations. We have even slightly raised our full year expectations, thereby remaining at the high end of the company’s guidance. Full FY 24/25 results will be reported on May, 15th, which will allow us to fine-tune our model further. Until then, we retain our Neutral rating.

Schloss Wachenheim

Feb 24, 2025

Fair Value: 19.6€ – – – – – – Rating: Buy

SWA is back on track to meet FY24/25 forecast

Despite a continuing challenging market environment, increase in sales as well as changes in the prices for energy and raw materials have had a positive impact on Q2 earnings, allowing SWA to catch up with our forecast after a weak start into the year. We therefore keep our FY24/25 earnings forecast largely unchanged of which 80% is already in the books. The share currently trades more than 35% below our fair value and has an even bigger discount to its book value.