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Valued as a cyclical company: P/E comparison and Discounted cash flow.
ACCE opinionSMA Solar Technology AG (S92.DE)
Fair value
Not available
ACCE price target
€52.50
Rating
Not rated
Horizon
12 months
ACCE price target published on 23 Oct 2026, 01:53 CEST.
Price used: €47.48 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow and P/E comparison.
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
ACCE score
40
out of 100
1-year return
+115.4%
Dividend yield
0.00%
SMA Solar Technology AG in four questions
Plain answers, details below
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Overview
ACCE thesis
SMA Solar Technology makes string and central inverters, battery storage systems and grid-forming power electronics for utility-scale solar and commercial installations, with Germany as its home base and a large export business. The company's edge sits in engineering depth and a long installed base, which supports service and retrofit revenue, while its grid-forming technology is positioned for a market where inverters need to stabilise networks rather than just convert power. The near-term catalyst is the demand pickup for storage-paired solar in Europe and the US, where batteries add the revenue line most of the sector has been missing. Against that, revenue fell 3.2% and ROE is -13.9%, so the case rests on margin recovery rather than top-line growth. At a forward P/E of 12.4 on a 1.7bn EUR market cap, the stock is priced for limited improvement, which makes it worth a closer look on whether operating margin of 14.2% (against a 13.6% gross margin) can keep holding as volumes stabilise.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Earnings collapsing
Earnings are down 80.6% year over year and net margin is -4.3%, while revenue fell 3.2%. Profit is shrinking faster than sales, which squeezes the stock's valuation support.
moderate
Stretched EV/EBITDA
EV/EBITDA sits at 100.3 against a forward P/E of 12.4, a large gap that suggests depressed trailing earnings rather than a cheap stock. Earnings-based multiples look unreliable here.
moderate
Negative ROE
Return on equity is -13.9% despite positive operating margin of 14.2%, so financing costs or non-operating items are pulling bottom-line results below operations.
AI research notes
AI-assisted·How I use AIWritten Oct 23, 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 126M, a strong result for a company of this size.
At €47.48 the stock trades at 12.4x forward earnings, well below the sector median of 26.8x.
The latest quarter beat expectations, with earnings per share of 2.14 against 0.59 expected, and analysts' mean target sits 42.2% above the share price.
Why it could disappoint
Revenue is still shrinking, down 3.2% year over year, and the net margin remains negative at -4.3%.
Return on invested capital of -29.4% shows the business is currently destroying value on the capital it uses.
The cash flow may reflect working capital being released rather than real earnings power, so it could reverse if inventory rebuilds.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 12, 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 S92.DE's valuation models land
Price
€47.48
Model fair valueConfidence: medium
€24.33
Model
Fair value
Upside
Discounted cash flow
P/E comparison
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