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

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.

Südzucker AG

Jan 8, 2026

Fair Value: 10.4€ – – – – – – Rating: Neutral

Q3 25/26 results should be up from last year

We expect Q3 25/26 reporting – which is due on January 13th – to be up from last year’s period and to confirm that Südzucker is on track to reach the mid-point of its FY 25/26 guidance. For the coming year, we believe that the company could reach the high end of the recently given outlook and any indications in this direction would be taken as a positive. For the time being we continue to stick to our Neutral recommendation.

PVA TePla AG

Nov 12, 2025

Fair Value: 32.6 € – – – – – – Rating: Buy

Medium-term growth prospects intact

Following weak Q3 preliminaries and a reduction in FY 25 guidance PVA TePla’s share price came back to around EUR23. Full Q3 reporting has now confirmed the weakness of the quarter but also that the growth prospect for the medium-term remain intact. This is clearly supported by a rising order intake that stems from one of the company’s key markets. With a confirmed fair value of EUR32.6 the current share price level is thus an opportunity to build up positions.