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 20, 2025

Fair Value: 20.7€ – – – – – – Rating: Buy

Transition process takes its toll

While Q4 24 figures were generally in line with our estimates, management indicated flat sales and lower earnings for 2025 due to higher expansion and research costs during the company’s transition phase. We have become more prudent with regard to our estimates for 2025 and beyond but still arrive at fair value of EUR20.7. This still yields an upside of around 40%. Against this background, we reiterate our BUY rating on the stock.

Südzucker AG

Mar 19, 2025

Fair Value: €14.0 – – – – – Rating: Neutral

Preliminaries ahead of expectations

For FY2024/25, Südzucker announced preliminary sales in line and earnings ahead of expectations. The recently given guidance for FY2025/26 was confirmed and we continue to expect the company to come in at the upper end. The structural composition of results will be revealed with the full reporting on May, 15th and we will adjust our model accordingly. Until then, we retain our Neutral rating on the stock.

Schloss Wachenheim

Feb 24, 2025

Fair Value: 19.6€ – – – – – – Rating: Buy

SWA is back on track to meet FY24/25 forecast

Despite a continuing challenging market environment, increase in sales as well as changes in the prices for energy and raw materials have had a positive impact on Q2 earnings, allowing SWA to catch up with our forecast after a weak start into the year. We therefore keep our FY24/25 earnings forecast largely unchanged of which 80% is already in the books. The share currently trades more than 35% below our fair value and has an even bigger discount to its book value.