5 models fit Ströer SE & Co. KGaA and they disagree: 0 of 5 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)Silver70
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionStröer SE & Co. KGaA (SAX.DE)
Fair value (5 models)
€40.71
ACCE price target
€43.40
Rating
Fairly valued
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: €37.60 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
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
7.6% below
+8.3% to fair value
ACCE score
59
out of 100
P/E
17.1x
forward 10.8x
1-year return
-6.7%
Dividend yield
4.90%
Ströer SE & Co. KGaA in four questions
Plain answers, details below
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Overview
ACCE thesis
Ströer runs Germany's largest out-of-home advertising network, selling billboards, digital screens and transit media alongside a direct marketing and digital services business. The out-of-home franchise is hard to replicate: prime roadside inventory and municipal street-furniture contracts take years to win and renew, which gives the company local scale that smaller rivals cannot match. Revenue growth of 7.3% and an operating margin of 12.1% show the business compounding while the digital screen rollout shifts the mix toward higher-yield formats. At a forward P/E of 10.9 against a trailing 17.2, the market is pricing earnings growth well ahead of what the trailing numbers show, and a 33.6% ROE says the capital already deployed is earning its keep. The stock carries no index membership at a 2.1 billion euro market cap, so it is a candidate for the coverage gap rather than a crowded name, and it merits a deeper look at contract renewal terms and free cash flow conversion.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
high
Heavy leverage
Debt/Equity of 3.55 leaves little cushion. Earnings fell 5.9% YoY while revenue grew 7.3%, so profit is not keeping pace with the top line.
moderate
Insider concentration
Insiders hold 44.6% of shares, so float is thin and a large holder's decisions can move the stock more than the market's view.
AI research notes
AI-assisted·How I use AIWritten Oct 23, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
Revenue grew 7.3% year over year, close to the 7.5% average annual pace of the past five years.
At EUR 37.78, the stock sits 7.6% below the model fair value of €40.71 and 13.4% below the ACCE price target of €43.40.
Free cash flow yield of 15.0% and a 4.9% dividend yield show substantial cash returned relative to the share price.
Why it could disappoint
Debt of 3.55 times equity leaves little room if German advertising weakens or refinancing costs rise.
Return on invested capital of 4.8% is thin, well below the 33.6% return on equity, which relies on heavy borrowing.
Earnings per share beat expectations by 25.5%, yet the price implies only 1.1% yearly cash flow growth over five years, so the market doubts that beat will last.
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 SAX.DE's valuation models land
Price
€37.60
Model fair value
€40.71
Model range
€19.42 to €54.98
Fair value €40.71
Price €37.60
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
Graham number
P/E comparison
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