3 models fit SGL Carbon SE and they disagree: 1 of 3 land within 15% of the average.
Two or more of our models back this value.
Large premium(i)Silver61
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, and Discounted cash flow.
ACCE opinionSGL Carbon SE (SGL.DE)
Fair value (3 models)
€3.39
ACCE price target
€5.10
Rating
Overvalued
Horizon
12 months
Fair value published on 22 Oct 2026, 14:04 CEST.
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Rating published on 22 Oct 2026, 14:04 CEST.
Price used: €4.89 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, and EV/EBITDA 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
44.3% above
-30.7% to fair value
ACCE score
45
out of 100
1-year return
+53.8%
Dividend yield
0.00%
SGL Carbon SE in four questions
Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
Overview
ACCE thesis
SGL Carbon makes graphite and carbon fiber materials, including graphite electrodes for electric arc steel furnaces, specialty graphite for semiconductor and solar applications, and carbon fiber composites used in industrial and aerospace parts. The structural case rests on electrode demand, since every electric arc furnace needs a steady supply of graphite electrodes, and the shift toward recycled-scrap steelmaking supports that volume over time. Revenue is currently shrinking, down 4.2%, and ROE is negative at -7.1%, so the near-term story depends on whether margins hold up through the downturn; an 11.3% operating margin against a 23.3% gross margin suggests the cost base is still earning something. At a forward P/E of 18.2 and a 584M EUR market cap, the market is pricing in a recovery in earnings that the trailing numbers do not yet show. This is worth a deeper look mainly to test how much of the electrode business is contracted versus spot-exposed and what the carbon fiber unit is contributing to the margin.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Earnings collapse year on year
Earnings fell 75.0% year on year while revenue dropped 4.2%, and ROE is negative at -7.1%. Net margin of -4.5% shows the company is loss-making at the bottom line despite a 11.3% operating margin.
moderate
Forward P/E far above trailing
Forward P/E is 46.1 against a trailing P/E shown as 0.0 because earnings are negative, so the stock is priced on a recovery the current figures do not yet show.
moderate
Revenue shrinking over five years
Revenue has compounded at -1.6% over five years and fell 4.2% in the latest year, so the top line is contracting rather than growing.
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
Analysts' mean price target of EUR 5.11 sits 2.5% above the current share price.
Free cash flow over the last twelve months came to EUR 20M, so the business is still generating cash.
Debt to equity stands at 0.56, a moderate level of borrowing for a manufacturer.
Why it could disappoint
Revenue fell 4.2% over the past year and has averaged a decline of 1.6% per year over five years.
Return on invested capital is -9.1%, meaning the money tied up in the business is currently losing value.
A forward P/E of 46.1x prices in a sharp earnings recovery that the reported losses do not yet support.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 5, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
Walk me through this stock
Plain-English pros, cons, and what to watch. Pro feature.
PRO
Ask ACCE
Valuation
INVESTOR
Where SGL.DE's valuation models land
Price
€4.89
Model fair value
€3.39
Model range
€1.97 to €5.09
Fair value €3.39
Price €4.89
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
Create a free account: 5 full stock pages a month, no card.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
+A plain reason under every score
+Conviction breakdown and growth / value / quality / momentum scores
+Score history: how each score moved over time
Analysts
Wall Street consensus
No analyst coverage yet.
Analyst intelligence INVESTOR FEATURE
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
+Price-target low / average / high vs the current price, with implied upside
+Forward revenue and EPS consensus by fiscal year
+ACCE fair-value models lined up against the Street
Smart Money
PRO
In one line
Trades are only made public after a delay. We show the delay so you know how old the news is.