Fair Value: €11.9 – – – – – Rating: Neutral
2023 figures (sales €203m/-25%, EBIT €-21.9m) were in line with our forecast but as order entry remained low and shows only marginal signs of improvement, we cut our FY2024 sales forecast to €200m/-1.5% (€220m/+8%). As a result, our FY2024 EBIT decreases to €5m (€15m) and our fair value comes down to €11.9, leaving the share fairly valued at the time being. We therefore keep our neutral rating unchanged.
Fair Value: 29.5€ – – – – – – Rating: Buy
Following the release of preliminaries, we had already updated our scenario and increased our valuation based on strong growth prospects. Additional information from the full publication of results have now only a marginal impact on our estimates. We see a 38% upside from yesterday’s share price and in particular upcoming acquisitions could add to this. Against this background, we reiterate our Buy rating on the stock.
Fair Value: 18.0€ – – – – – Rating: Neutral
Following the end of Südzucker’s official offer period and approval of the Frankfurt Stock exchange, the listing of CropEnergies’ shares on the regulated market will be terminated as planned at the end of February, i.e. the end of February 28th. This will obviously have a material effect on the liquidity of the shares.