SMA Solar Technology AG

WBAG:S92 Stock Report

Market Cap: €416.4m

SMA Solar Technology Valuation

Is S92 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of S92 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: S92 (€12.03) is trading below our estimate of fair value (€20.83)

Significantly Below Fair Value: S92 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for S92?

Key metric: As S92 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for S92. This is calculated by dividing S92's market cap by their current earnings.
What is S92's PE Ratio?
PE Ratio2.5x
Earnings€166.29m
Market Cap€416.40m

Price to Earnings Ratio vs Peers

How does S92's PE Ratio compare to its peers?

The above table shows the PE ratio for S92 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average19x
688719 Xi'an Actionpower Electric
36x52.3%CN¥3.0b
AEHR Aehr Test Systems
11xn/aUS$319.4m
6826 Taiwan Puritic
8.2xn/aNT$11.2b
A348210 NEXTIN
20.8x36.3%₩637.3b
S92 SMA Solar Technology
2.5x-23.4%€416.4m

Price-To-Earnings vs Peers: S92 is good value based on its Price-To-Earnings Ratio (2.5x) compared to the peer average (19x).

Price to Earnings Ratio vs Industry

How does S92's PE Ratio compare vs other companies in the European Semiconductor Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.14.4x18.6%
S92 SMA Solar Technology
 2.5x-23.4%US$438.36m
S92 2.5xIndustry Avg. 14.4xNo. of Companies7PE01632486480+
4 CompaniesEstimated GrowthMarket Cap
Industry Avg.14.4x18.6%
S92 SMA Solar Technology
 2.5x-23.4%US$438.36m
No more companies

Price-To-Earnings vs Industry: S92 is good value based on its Price-To-Earnings Ratio (2.5x) compared to the European Semiconductor industry average (14.4x).

Price to Earnings Ratio vs Fair Ratio

What is S92's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

S92 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio2.5x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate S92's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst S92 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€12.03
€17.50
+45.5%
17.1%€21.00€12.00n/a6
Nov ’25€15.77
€20.00
+26.8%
4.1%€21.00€19.00n/a6
Oct ’25€18.28
€22.33
+22.2%
15.7%€30.00€20.00n/a6
Sep ’25€20.96
€30.83
+47.1%
14.8%€40.00€26.00n/a6
Aug ’25€24.82
€33.17
+33.6%
9.9%€40.00€30.00n/a6
Jul ’25€27.00
€33.17
+22.8%
9.9%€40.00€30.00n/a6
Jun ’25€48.38
€58.33
+20.6%
14.4%€70.00€48.00n/a6
May ’25€49.36
€63.00
+27.6%
15.4%€76.00€51.00n/a6
Apr ’25€53.80
€66.33
+23.3%
10.0%€76.00€60.00n/a6
Mar ’25€57.40
€66.50
+15.9%
11.6%€82.00€60.00n/a6
Feb ’25€47.40
€66.50
+40.3%
11.6%€82.00€60.00n/a6
Jan ’25€60.15
€66.50
+10.6%
11.6%€82.00€60.00n/a6
Dec ’24€57.55
€66.50
+15.6%
11.6%€82.00€60.00n/a6
Nov ’24€57.70
€84.83
+47.0%
20.5%€115.00€67.00€15.776
Oct ’24€61.65
€91.67
+48.7%
12.9%€115.00€81.00€18.286
Sep ’24€73.60
€91.67
+24.5%
12.9%€115.00€81.00€20.966
Aug ’24€87.85
€107.40
+22.3%
5.7%€115.00€97.00€24.825
Jul ’24€107.20
€112.40
+4.9%
8.6%€125.00€97.00€27.005
Jun ’24€100.60
€107.40
+6.8%
11.7%€125.00€94.00€48.385
May ’24€99.05
€95.60
-3.5%
14.2%€120.00€83.00€49.365
Apr ’24€99.05
€83.60
-15.6%
15.8%€100.00€60.00€53.805
Mar ’24€76.30
€62.00
-18.7%
21.3%€85.00€47.00€57.405
Feb ’24€78.65
€62.00
-21.2%
21.3%€85.00€47.00€47.405
Jan ’24€66.85
€56.00
-16.2%
11.7%€66.00€47.00€60.155
Dec ’23€65.15
€56.00
-14.0%
11.7%€66.00€47.00€57.555
Nov ’23€50.60
€49.40
-2.4%
9.2%€56.00€43.00€57.705

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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