Category: Equity Research

Südzucker AG

Jul 3, 2026

Fair Value: 11.5€ – – – – – – Rating: Neutral

Solid start into the new financial year

We expect Q1 26/27 reporting to show a solid operational improvement, confirming that the group is on track to reach the high end of its full year guidance. Based on what we see so far, we have already fine-tuned our full year estimates for Sugar and CropEnergies with no material impact on group results. Final changes will be made following the full reporting on Thursday, 9th of July. For the time being we stick to our Neutral rating.

PVA TePla AG

May 8, 2026

Fair Value: 39.5€ – – – – – – Rating: Buy

Strong order intake backs future growth

With order intake surprising on the positive side, the required order intake to reach our 2026 and 2027 estimates has come down. Reaching our forecasts for these years has thus become more likely although Q1 results were a bit weaker than anticipated. Moreover, we now believe that the company’s medium-term targets can be reached on an organic basis by 2009. This brings our fair value to EUR39.5 which might not be the end, given the current dynamics in the market.