Fair Value: 20.3€ – – – – – – Rating: Buy Moderate start into the new year of DIVE While Q1 25 results came in slightly below our expectations it is more the order situation that leads us to believe that the company is heading for the lower end of the company’s guidance in FY 25. A further improving order development is critical for subsequent years but so far this remains not unrealistic. Thus, our fair value changes only marginally to EUR20.3, leaving around 20% upside. Against this background, we reiterate our BUY rating on the stock.