Author: Anne Gronski

PVA Tepla

May 14, 2025

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

Moderate start into the new year of DIVE

While Q1 25 results came in slightly below our expectations it is more the order situation that leads us to believe that the company is heading for the lower end of the company’s guidance in FY 25. A further improving order development is critical for subsequent years but so far this remains not unrealistic. Thus, our fair value changes only marginally to EUR20.3, leaving around 20% upside. Against this background, we reiterate our BUY rating on the stock.

Schloss Wachenheim

May 9, 2025

Fair Value: 19.3€ – – – – – – Rating: Buy

Q3 shows strong cash flow

Q3 results only have a minor impact on our FY24/25 forecast and fair value. First, because Q3 is seasonally not significant. Second, because the most critical second quarter was strong and so was Q3 cash generation and fourth, because we expect SWA to catch up part of the missing sales in Q4. As the upside to our new fair value remains around 30% and this is backed by a book value which is €10 above the current share price, we keep our Buy recommendation unchanged.

Südzucker AG

Apr 14, 2025

Fair Value: €14.0 – – – – – Rating: Neutral

Results expected to improve throughout the year

Following the release of preliminary figures for FY 24/25, Südzucker announced that Q1 25/26 results will be below last year’s while reiterating its guidance for FY 25/26. This is clearly in line with our expectations. We have even slightly raised our full year expectations, thereby remaining at the high end of the company’s guidance. Full FY 24/25 results will be reported on May, 15th, which will allow us to fine-tune our model further. Until then, we retain our Neutral rating.