Equity Research

On this page you find the investment cases of our last equity research. Please read the disclaimer for our research products. Our products are written for institutional investors only. If you are an institutional investor and would like to receive our research, please send us a mail.

PVA Tepla

Aug 15, 2025

Fair Value: 20.3€ – – – – – – Rating: Buy

Higher order intake increases confidence

Q2 25 results came in somewhat below expectations but this should largely be compensated in the second half of the year. Order intake has improved materially and raised confidence in our estimates further. We stick to our valuation of EUR20.3 but see two major triggers for potential increases. We might thus see some overshooting of the share price compared to our valuation. As a result, we reiterate our BUY rating on the stock.

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.

Schloss Wachenheim

May 9, 2025

Fair Value: 19.3€ – – – – – – Rating: Buy

Q3 shows strong cash flow

Q3 results only have a minor impact on our FY24/25 forecast and fair value. First, because Q3 is seasonally not significant. Second, because the most critical second quarter was strong and so was Q3 cash generation and fourth, because we expect SWA to catch up part of the missing sales in Q4. As the upside to our new fair value remains around 30% and this is backed by a book value which is €10 above the current share price, we keep our Buy recommendation unchanged.