Fair Value:10.4 € – – – – – – Rating: Neutral
Preliminaries ahead of our estimates
Preliminary results for FY25/26 came in better than expected. We have raised our estimates accordingly but left our expectations for the coming year unchanged. As a result, we see only a slight increase in our valuation to EUR10.4. We do, however, see positive signs for CropEnergies and Sugar, which could drive valuation further. Against this background we stick to our Neutral rating although the market appears to have already priced in a large part of what is still to come.