Author: Anne Gronski

Südzucker AG

Dec 12, 2024

Fair Value: €14.8 – – – – – Rating: Neutral

CropEnergies stops EnPro investment

EU sugar and bioethanol producers are facing material price pressure and the EU-MERCOSUR deal could add to this to some extent. Within this context, CropEnergies stops a EUR75m investment in the UK and focuses on its renewable chemical expansion. The preservation of cash increases our valuation of Südzucker and leaves 37% upside from the current share price. We still retain our Neutral rating until we see first signs of improvements in the underlying markets.

PVA Tepla

Nov 13, 2024

Fair Value: 25.2€ – – – – – – Rating: Buy

Weaker Q3 but targets remain within reach

PVA TePla’s Q3 results could not fully live up to our expectations, in particular on the Semiconductor Systems side. Against this background we have lowered our full year estimates to the very low end of the guidance. This leads to a slight reduction in our fair value to EUR25.2. We thus feel that the stock price does not reflect the company’s growth potential and reiterate our Buy rating. An improving margin in Q4 and a rise in order intake could give support to the share price.

Schloss Wachenheim

Nov 11, 2024

Fair Value: 19.6€ – – – – – – Rating: Buy

FY 24/25 forecast remains well achievable

Higher personnel and financial expenses reduced the traditionally low Q1 earnings but as the quarter is seasonally less important and prospects for the upcoming year end business are good our FY 24/25 forecast remains achievable. We thus keep our estimates and our fair value unchanged. This is backed by the book value of €25 and leaves the share with an upside of more than 25%. We continue to rate the stock as a Buy.