2 models fit Uniper SE and they disagree: 0 of 2 land within 15% of the average.
Two or more of our models back this value.
Large discount(i)Silver67
Valued as a utility: Dividend discount, P/E comparison, EV/EBITDA comparison, and Discounted cash flow.
ACCE opinionUniper SE (UN0.DE)
Fair value (2 models)
€58.24
ACCE price target
€43.00
Rating
Undervalued
Horizon
12 months
Fair value published on 22 Oct 2026, 12:04 CEST.
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Rating published on 22 Oct 2026, 12:04 CEST.
Price used: €43.70 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow 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
25.0% below
+33.3% to fair value
ACCE score
75
out of 100
P/E
10.8x
forward 25.0x
1-year return
+41.2%
Dividend yield
1.65%
Uniper SE in four questions
Plain answers, details below
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Overview
ACCE thesis
Uniper runs gas-fired and hydro power plants, a gas storage and trading book, and a large German wholesale gas and power business, most of it spun out of the Fortum and E.ON portfolios and rescued by the German state during the 2022 supply crisis. The structural case rests on its position as one of the few large Western European operators with dispatchable generation and gas procurement at scale, which matters as Germany replaces nuclear and coal capacity and needs firm backup for renewables. Revenue growth of 35.5% reflects the price-driven swing in energy trading and sales rather than a clear volume story, and the 3.6% gross margin and 0.2% operating margin show how thin the economics remain, so earnings quality is the question. The trailing P/E of 10.9 against a forward P/E of 25.1 implies the market expects earnings to fall, and the 14.7% ROE is flattered by a balance sheet that has been reshaped by state support and a stake sale. The part worth a deeper look is whether the dispatchable-capacity and storage franchise can produce durable margins once the crisis-era pricing normalises.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Negative free cash flow
Free cash flow is $-1,588,000,000 while the company reports positive earnings. Cash generation is not keeping pace with reported profit, which weighs on the earnings quality.
moderate
Thin operating margin
Operating margin is +0.2% and net margin +2.8% against a gross margin of +3.6%. Little cushion remains if commodity or trading conditions turn.
moderate
Concentrated insider ownership
Insiders hold +99.1% of shares and institutional ownership is listed at +0.0%, so the free float is very small and liquidity may be thin.
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
Forward earnings are expected to be far stronger than trailing results, with a forward P/E of 5.0x against a trailing 10.7x.
Earnings per share beat expectations by a wide margin, at 2.01 against 0.11 expected in the latest report.
Return on equity of 14.7% and debt to equity of 0.14 show a profitable business carrying little borrowed money.
Why it could disappoint
Free cash flow over the last 12 months was negative at -EUR 1.6B, so profits are not turning into spare cash.
Analysts' mean price target of EUR 37.50 sits 12.7% below the current share price, suggesting the stock has run ahead of their views.
Net margin of 2.8% is thin, and revenue growth of 3.6% a year over five years is modest for a business that has just posted a sharp jump.
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 UN0.DE's valuation models land
Price
€43.70
Model fair value
€58.24
Model range
€32.44 to €89.19
Fair value €58.24
Price €43.70
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
P/E comparison
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