Market cap €105MNext earnings 2025-07-31Updated Oct 22, 2026
Our verdict
Trades 62% below our fair value
Price
€6.80
Model fair valueConfidence: low
about €17.90
Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
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Valued as a loss-making company: Analyst consensus.
ACCE opinionSurteco Group SE (SUR.DE)
Fair value
Not available
ACCE price target
€8.00
Rating
Not rated
Horizon
12 months
ACCE price target published on 23 Oct 2026, 01:53 CEST.
Price used: €6.80 at the close on 23 Oct 2026, 17:30 CEST.
Models: Analyst consensus.
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
39
out of 100
1-year return
-44.3%
Dividend yield
0.00%
Surteco Group SE in four questions
Plain answers, details below
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Overview
ACCE thesis
Surteco makes decorative surface films, edgebanding and furniture components for kitchen and furniture manufacturers, sold mainly in Europe and North America through its Surteco and Krause brands. The case for a closer look rests on a 52% gross margin, unusually high for a building-products supplier, and on a forward P/E of 5.5 against a company with a market cap of about 105 million euros. Revenue is roughly flat (down 0.6%) and operating margin is thin at 2.3%, with a negative 3.2% return on equity, so the stock is priced for little recovery in earnings. The question for a deeper look is whether gross margin holds through a weak furniture cycle and whether operating leverage returns when volumes do, since the forward multiple only works if it does. The company is too small to sit in any index, which limits the buyer base and may keep the discount in place.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Revenue shrinking, weak returns
Revenue fell 0.6% year on year and ROE is -3.2%, with net margin at -1.5%. Earnings growth of 90% comes off a depressed base and does not reflect a healthy business.
moderate
Leverage and thin free cash flow
Debt to equity is 1.08 and free cash flow is only $7M against a EUR 106M market cap. Limited cash generation leaves little room for shocks.
moderate
Heavy insider ownership, thin float
Insiders hold 85.4% and institutions 5.7%. Little of the stock trades freely, which can amplify price moves in both directions.
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 sits at EUR 17.90, well above the current share price, which the market has not yet reflected.
Over five years revenue grew 5.5% a year on average, showing the business has expanded over the longer term.
Free cash flow over the last twelve months was EUR 7M, and the yield on the share price is 6.6%.
Why it could disappoint
Revenue fell 0.6% over the latest year, so the recent trend has turned negative after years of growth.
The company lost money, with a net margin of -1.5% and a return on equity of -3.2%.
Debt is high at 1.08 times equity, and the latest earnings per share came in 85.4% below expectations.
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Valuation
INVESTOR
Where SUR.DE's valuation models land
Price
€6.80
Model fair valueConfidence: low
about €17.90
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