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.
Südzucker AG Apr 14, 2025 Fair Value: €14.0 – – – – – Rating: Neutral Results expected to improve throughout the year Following the release of preliminary figures for FY 24/25, Südzucker announced that Q1 25/26 results will be below last year’s while reiterating its guidance for FY 25/26. This is clearly in line with our expectations. We have even slightly raised our full year expectations, thereby remaining at the high end of the company’s guidance. Full FY 24/25 results will be reported on May, 15th, which will allow us to fine-tune our model further. Until then, we retain our Neutral rating.