Fair Value: 12.5€ – – – – – – Rating: Neutral
Q2 shows further progress
Q2 reporting shows a strong EBITDA increase compared to last year, mainly driven by CropEnergies and Special Products. Sugar also shows progress but not as strongly as hoped for. Fine-tuning our model leaves us in the upper region of the company’s new guidance. Our fair value comes up to EUR12.5, which is in line with the current share price. Additional value lies in the Sugar segment. Until things become more tangible here, we stick to our Neutral rating.