Fair Value: 11.5€ – – – – – – Rating: Neutral
FY25/26 builds the base for further improvements
With preliminary figures already out, we have fine-tuned our model based on full FY25/26 reporting. This results in an increase in valuation to EUR11.5 which is in line with the current share price. We thus reiterate our Neutral rating. However, any additional progress with regard to restoring profitability in the Sugar segment and a further tightening of working capital management clearly give a further upside that could lead to a rerating of the stock.