Author: Anne Gronski

Südzucker AG

Oct 10, 2025

Fair Value: 13.5 € – – – – – – Rating: Neutral

Q2 still weak but improvements expected for H2

Südzucker has made it clear that Q2 results were still weak but that it expects the situation to improve in H2. Management has thus reiterated its full year guidance. Results have been just south of our estimates and we will revise our full year forecast accordingly. We will also look into our assumptions for the coming year. This will probably bring down our valuation. Still, with results starting to improve in the upcoming quarter the stock should remain on the radar.

Südzucker AG

Oct 8, 2025

Fair Value: €13.5 – – – – – Rating: Neutral

Q2 might give some cautious optimism

Südzucker had already adjusted its full year guidance in August and we would not expect a further step with the release of Q2. We have fine-tuned our estimates ahead of reporting and follow up on this after the release of figures. We will also look into the progress on the cost optimisation front. Based on a “normalised” financial year 2026/27 we still arrive at a fair value of EUR13.5. However, operating indicators have not yet turned positive enough to act on this.

PVA Tepla

Aug 15, 2025

Fair Value: 20.3€ – – – – – – Rating: Buy

Higher order intake increases confidence

Q2 25 results came in somewhat below expectations but this should largely be compensated in the second half of the year. Order intake has improved materially and raised confidence in our estimates further. We stick to our valuation of EUR20.3 but see two major triggers for potential increases. We might thus see some overshooting of the share price compared to our valuation. As a result, we reiterate our BUY rating on the stock.