Südzucker AG May 16, 2025 Fair Value: €13.5 – – – – – Rating: Neutral FY 24/25 results bring efficiency into focus Based on the composition of FY 24/25 earnings and current forward pricing we have become more prudent with regard to our FY 25/26 estimates, in particular in the Sugar segment. We still remain at the mid-point of the company’s guidance and expect a normalisation in FY 26/27, which is now supported by intensified cost saving efforts. This yields a fair value of EUR13.5, i.e. a 17% upside. We still stick to our Neutral rating until improvements become more tangible.
PVA Tepla May 14, 2025 Fair Value: 20.3€ – – – – – – Rating: Buy Moderate start into the new year of DIVE While Q1 25 results came in slightly below our expectations it is more the order situation that leads us to believe that the company is heading for the lower end of the company’s guidance in FY 25. A further improving order development is critical for subsequent years but so far this remains not unrealistic. Thus, our fair value changes only marginally to EUR20.3, leaving around 20% upside. Against this background, we reiterate our BUY rating on the stock.