Südzucker AG Jul 10, 2025 Fair Value: €13.8 – – – – – Rating: Neutral Slow start but improvements anticipated for H2 Südzucker revealed an even slower start into the financial year than we thought. As a result, we have lowered our full year operating profit estimate. In contrast, we have become more optimistic on the free cash flow side which leads to a marginal increase in our fair value to EUR13.8. The coming months might now give some indication in how far the anticipated improvements materialise. We stick to our Neutral rating until we start to see things moving.
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.