Suedzucker : More than sugar
Following a change in the analyst, we set a new target price of € 10.5 and a Neutral recommendation. Focused on five segments: sugar (~40% of group revenue), special product, CropEnergies, starch and fruit, Suedzucker should benefit from global megatrends and its sustainable and profitable growth strategy.. In view of growing profitability (EBITDA margin +310bp to 8.9% in 2027-28e vs 2025-26e), as well as a sound financial profile (average equity ratio of c.43%, average positive FCF of c.€ 100m, an improvement in leverage over 2025-26e to 2027-28e) and EPS growth from -€ 0.54 in 2024-25 to € 0.41 in 2027-28e , we set a target price of € 10.5 offering limited upside.Suedzucker is the parent company of Suedzucker Group, which operates in four segments: sugar, which comprises sugar production in Bosnia, Austria, Romania, Slovakia, Czech Republic and Hungary, as well as Moldova; special products, which, among others, produces and sells ingredients made from natural raw materials for food products and animal feed, and its bioethanol businesses; CropEnergies, which includes the bioethanol activities of Co.'s Sudzucker group with production sites in Germany, Belgium, France and the U.K. as well as trading activities in Brazil, Chile and the U.S; and fruit, which serves food companies from the dairy, baked goods, ice cream and non-alcoholic beverage industry.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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