Author: Anne Gronski

PVA TePla AG

Nov 12, 2025

Fair Value: 32.6 € – – – – – – Rating: Buy

Medium-term growth prospects intact

Following weak Q3 preliminaries and a reduction in FY 25 guidance PVA TePla’s share price came back to around EUR23. Full Q3 reporting has now confirmed the weakness of the quarter but also that the growth prospect for the medium-term remain intact. This is clearly supported by a rising order intake that stems from one of the company’s key markets. With a confirmed fair value of EUR32.6 the current share price level is thus an opportunity to build up positions.

PVA Tepla

Oct 27, 2025

Fair Value: 32.6€ – – – – – – Rating: Buy

Delays weigh on FY25 but growth prospects increase

PVA TePla has lowered its FY25 guidance based on project delays. We have adjusted our FY25 estimates, retained our FY26 estimates and clearly upped our FY28 estimates based on the company’s improved medium-term growth prospects. These changes bring us to a new fair value of EUR32.6. As the stock has already had a strong run, any weakness in the share might represent an opportunity to further participate in these growth prospects.

Südzucker AG

Oct 20, 2025

Fair Value: €11.0 – – – – – Rating: Neutral

Improvements expected for H2

Q2 results came in rather weak and we have slightly reduced our full year operating earnings estimate. We have also reviewed our scenario for FY26/27 and subsequent years. In particular the latter has led to the reduction of our fair value to EUR11. This yields a more limited upside from the current share price and although some indicators start to point in the right direction there are still a number of issues to solve. We thus stick to our Neutral rating.