Author: Anne Gronski

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.

Südzucker AG

Jul 3, 2026

Fair Value: 11.5€ – – – – – – Rating: Neutral

Solid start into the new financial year

We expect Q1 26/27 reporting to show a solid operational improvement, confirming that the group is on track to reach the high end of its full year guidance. Based on what we see so far, we have already fine-tuned our full year estimates for Sugar and CropEnergies with no material impact on group results. Final changes will be made following the full reporting on Thursday, 9th of July. For the time being we stick to our Neutral rating.