3 models fit AIXTRON SE and they disagree: 0 of 3 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, Discounted cash flow, and Graham number.
ACCE opinionAIXTRON SE (AIXA.DE)
Fair value (3 models)
€14.84
ACCE price target
€30.20
Rating
Overvalued
Horizon
12 months
Fair value published on 22 Oct 2026, 13:04 CEST.
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Rating published on 22 Oct 2026, 13:04 CEST.
Price used: €28.45 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
91.8% above
-47.9% to fair value
ACCE score
40
out of 100
P/E
54.7x
forward 20.7x
1-year return
+116.5%
Dividend yield
0.47%
AIXTRON SE in four questions
Plain answers, details below
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Overview
ACCE thesis
Aixtron makes metal-organic chemical vapour deposition (MOCVD) tools, the reactors used to grow the epitaxial layers in compound semiconductors such as GaN and SiC for power electronics, LEDs and laser diodes, and it is one of only a few suppliers with a serious position in that niche. The moat is installed-base process know-how that customers are reluctant to switch away from, and the structural tailwind is the electrification build-out in power semiconductors, which needs more of this kind of equipment. The near-term catalyst is order intake recovering as the memory and power device cycles turn, but revenue is still falling, down 16.2% on the latest reading, so the recovery is not yet in the top line. The stock trades on 55.6x trailing earnings against 21.1x forward, a gap that tells you the market is paying for a profit rebound rather than current earnings, which leaves the 12.8% operating margin and 6.3% ROE as the numbers to test first. Worth a deeper look only if order data and the forward estimates start converging on that rebound.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
high
Revenue falling sharply
Revenue is down 16.2% year on year, and earnings fell 5.6%. The 5-year revenue CAGR of 15.6% is now running in reverse.
moderate
Rich valuation on trailing earnings
P/E of 61.7 and EV/EBITDA of 41.2 against a forward P/E of 18.1 means the price depends heavily on earnings recovering. The stock trades 91.8% above the model fair value of €14.84.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Free cash flow over the last twelve months reached EUR 181M, a clear sign the business is generating real cash.
Debt is close to nothing, with debt to equity at 0.01, so the balance sheet carries little financial risk.
Latest quarterly earnings beat expectations, with earnings per share of 0.17 against 0.13 expected.
Why it could disappoint
Revenue fell 16.2% over the past year, reversing a 15.6% average annual growth rate over five years.
At €28.45, the shares trade 91.8% above the model fair value of €14.84, so the price already looks stretched.
Trailing earnings multiple of 61.7x is far above the sector's forward median of 26.8x, leaving little room for error.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 29, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where AIXA.DE's valuation models land
Price
€28.45
Model fair value
€14.84
Model range
€10.67 to €23.07
Fair value €14.84
Price €28.45
The price is above the whole model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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