Category: Equity Research

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.

Südzucker AG

Jan 14, 2026

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.