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

Mar 21, 2024

Fair Value: 29.5€ – – – – – – Rating: Buy

High order backlog secures 2024 sales

Following the release of preliminaries, we had already updated our scenario and increased our valuation based on strong growth prospects. Additional information from the full publication of results have now only a marginal impact on our estimates. We see a 38% upside from yesterday’s share price and in particular upcoming acquisitions could add to this. Against this background, we reiterate our Buy rating on the stock.

CropEnergies

Feb 26, 2024

Fair Value: 18.0€ – – – – – Rating: Neutral

Listing ends on February 28th

Following the end of Südzucker’s official offer period and approval of the Frankfurt Stock exchange, the listing of CropEnergies’ shares on the regulated market will be terminated as planned at the end of February, i.e. the end of February 28th. This will obviously have a material effect on the liquidity of the shares.

Schloss Wachenheim

Feb 23, 2024

Fair Value: €19.9 – – – – – – Rating: Buy

Relocation in France on track

As a result of slightly lower than expected sales in H1 23/24 (€250.8/+4.5%) we marginally decrease our sales forecast for the full year to €448m/+5.3% (from €452m/+6.2%). Keeping everything else unchanged, our EBIT forecast comes to €28.3m (€29.7m) which is in line with management’s guidance. Our new fair value is €19.9 (€20.4) As this still provides the share with an upside of more than 20% and the reorganisation in France is progressing well, we keep our Buy rating unchanged.