Category: Equity Research

PVA TePla AG

Mar 19, 2026

Fair Value: 32.4€ – – – – – Rating: Buy

Investments start to bear fruit

FY 25 has been a year of heavy growth investments. While this has burdened results and cash flow we are starting to see the fruits of these efforts. Regular order intake has increased and bulk orders have reappeared. This was indicated to continue in Q1 26. We confirm our optimistic estimates and lower the beta factor in our valuation model which brings our fair value to EUR32.4. With an upside of almost 20% we reiterate our Buy rating on the stock.

Südzucker AG

Feb 19, 2026

Fair Value: 10.0€ – – – – – – Rating: Neutral

Write-off in Sugar leads to suspension of dividend

With a EUR450m-550m impairment loss Südzucker reacts on the deteriorated situation in the sugar market. Still, this alone does not solve the issue and further measures might be needed to improve the situation. While the write-off in itself has no impact on our valuation, we account for a lower earnings visibility by raising our beta factor. This leads to a slight decrease in our fair value which leaves only a limited upside for the current share price. We reiterate our Neutral rating.