Fair Value: €10.6 – – – – – Rating: Neutral Q3 sees SZU on track for the full financial year Q3 results showed the improvement in operating profit that was expected for the second half of the year, leaving the company on track to reach its guidance. We have only fine-tuned our full year estimates, leading to only marginal changes in our valuation. While this leaves a decent upside from the current share price we feel that it might need some more action to counter the current market developments before becoming more positive on the stock.