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.

Südzucker AG

Feb 19, 2026

Fair Value: 10.0€ – – – – – – Rating: Neutral

Write-off in Sugar leads to suspension of dividend

With a EUR450m-550m impairment loss Südzucker reacts on the deteriorated situation in the sugar market. Still, this alone does not solve the issue and further measures might be needed to improve the situation. While the write-off in itself has no impact on our valuation, we account for a lower earnings visibility by raising our beta factor. This leads to a slight decrease in our fair value which leaves only a limited upside for the current share price. We reiterate our Neutral rating.

PVA TePla AG

Feb 4, 2026

Fair Value:29.7 € – – – – – – Rating: Buy

Preliminaries in line – Outlook conservative

PVA TePla continues to invest in growth. This has some impact on short term profitability and the fruits might not be reaped fully as early as hoped for. Still, we continue to look at a rising order intake and accelerating growth rates that should drive profitability. Reflecting this in our model brings our fair value to EUR29.7 which still leaves an upside of almost 40% from the share price after the release of preliminaries. Against this background we stick to our Buy rating on the stock.

Südzucker AG

Jan 14, 2026

Fair Value: €10.6 – – – – – Rating: Neutral

Q3 sees SZU on track for the full financial year

Q3 results showed the improvement in operating profit that was expected for the second half of the year, leaving the company on track to reach its guidance. We have only fine-tuned our full year estimates, leading to only marginal changes in our valuation. While this leaves a decent upside from the current share price we feel that it might need some more action to counter the current market developments before becoming more positive on the stock.