Category: Allgemein

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.

Südzucker AG

Oct 10, 2025

Fair Value: 13.5 € – – – – – – Rating: Neutral

Q2 still weak but improvements expected for H2

Südzucker has made it clear that Q2 results were still weak but that it expects the situation to improve in H2. Management has thus reiterated its full year guidance. Results have been just south of our estimates and we will revise our full year forecast accordingly. We will also look into our assumptions for the coming year. This will probably bring down our valuation. Still, with results starting to improve in the upcoming quarter the stock should remain on the radar.