Author: Anne Gronski

Südzucker AG

May 22, 2026

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

FY25/26 builds the base for further improvements

With preliminary figures already out, we have fine-tuned our model based on full FY25/26 reporting. This results in an increase in valuation to EUR11.5 which is in line with the current share price. We thus reiterate our Neutral rating. However, any additional progress with regard to restoring profitability in the Sugar segment and a further tightening of working capital management clearly give a further upside that could lead to a rerating of the stock.

PVA TePla AG

May 8, 2026

Fair Value: 39.5€ – – – – – – Rating: Buy

Strong order intake backs future growth

With order intake surprising on the positive side, the required order intake to reach our 2026 and 2027 estimates has come down. Reaching our forecasts for these years has thus become more likely although Q1 results were a bit weaker than anticipated. Moreover, we now believe that the company’s medium-term targets can be reached on an organic basis by 2009. This brings our fair value to EUR39.5 which might not be the end, given the current dynamics in the market.

Südzucker AG

Apr 29, 2026

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.