Fair Value: €13.8 – – – – – Rating: Neutral Slow start but improvements anticipated for H2 Südzucker revealed an even slower start into the financial year than we thought. As a result, we have lowered our full year operating profit estimate. In contrast, we have become more optimistic on the free cash flow side which leads to a marginal increase in our fair value to EUR13.8. The coming months might now give some indication in how far the anticipated improvements materialise. We stick to our Neutral rating until we start to see things moving.