2 models fit K+S Aktiengesellschaft and they disagree: 0 of 2 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, and Discounted cash flow.
ACCE opinionK+S Aktiengesellschaft (SDF.DE)
Fair value (2 models)
€13.65
ACCE price target
€11.25
Rating
Fairly valued
Horizon
12 months
Fair value published on 23 Oct 2026, 11:04 CEST.
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Rating published on 23 Oct 2026, 11:04 CEST.
Price used: €13.00 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
Price vs fair value
4.8% below
+5.0% to fair value
ACCE score
65
out of 100
P/E
2.2x
forward 10.4x
1-year return
+9.2%
Dividend yield
0.55%
K+S Aktiengesellschaft in four questions
Plain answers, details below
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Overview
ACCE thesis
K+S Aktiengesellschaft mines and refines potash and magnesium-based fertilizers, including its Patentkali and Kieserite product lines, selling mainly into European and North American agriculture. The company's advantage sits in its extraction assets: potash is a concentrated, capital-intensive business where new mine capacity takes years and large sums to bring online, which limits supply response. Revenue growth of 12.3% and a 22.0% return on equity suggest the cycle is currently working in its favour, and a forward P/E of 10.0 against a trailing 2.1 implies earnings are expected to fall back toward a more normal level, so the reported 77.3% operating margin should be treated with caution. At a market cap of about 2.2 billion EUR, the name is small enough that it sits outside major indices, which may explain why the valuation gap has persisted. The central question for a deeper look is whether fertilizer pricing and volumes hold up through the next leg of the cycle, and whether the balance sheet and energy costs leave enough room to convert that margin into free cash flow.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Earnings growth flattered by base
Earnings rose 359.7% year on year against a 27.6% net margin and a 2.1 P/E, which points to a depressed prior-year base rather than a sustained step-up. Five-year revenue CAGR is 8.4%.
moderate
Price above ACCE price target
The stock trades 15.6% above the ACCE price target of €11.25 (price €13.00), so the market is paying more than our target assumes.
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
Revenue grew 12.3% year over year, ahead of the 8.4% average annual growth over five years.
Analysts' mean price target of EUR 16.47 sits 32.2% above the current share price.
Earnings per share beat expectations by 110.0%, with 0.21 reported against 0.10 expected.
Why it could disappoint
Return on invested capital is -15.6%, meaning the capital tied up in the business is not earning a return.
Free cash flow over the last 12 months was only EUR 28M, a thin cushion if potash prices weaken.
The trailing P/E of 2.1x is far below the forward P/E of 10.0x, which suggests earnings may not hold at current levels.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 10, 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 SDF.DE's valuation models land
Price
€13.00
Model fair value
€13.65
Model range
€7.44 to €18.83
Fair value €13.65
Price €13.00
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
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