XTRA:S92

Stock Analysis Report

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Executive Summary

SMA Solar Technology AG, together with its subsidiaries, develops, produces, and distributes photovoltaic (PV) inverters, transformers, choke coils, and monitoring and energy management systems for PV systems worldwide.


Snowflake Analysis

Excellent balance sheet with moderate growth potential.


Similar Companies

Share Price & News

How has SMA Solar Technology's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: S92's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

6.1%

S92

6.4%

DE Semiconductor

4.4%

DE Market


1 Year Return

30.7%

S92

37.0%

DE Semiconductor

4.4%

DE Market

Return vs Industry: S92 underperformed the German Semiconductor industry which returned 30.9% over the past year.

Return vs Market: S92 exceeded the German Market which returned 0.5% over the past year.


Shareholder returns

S92IndustryMarket
7 Day6.1%6.4%4.4%
30 Day-0.3%21.3%12.1%
90 Day1.5%21.9%5.4%
1 Year30.7%30.7%38.4%37.0%6.1%4.4%
3 Year4.3%3.6%6.2%2.4%-0.6%-8.2%
5 Year36.0%33.4%71.8%62.8%10.4%-3.8%

Price Volatility Vs. Market

How volatile is SMA Solar Technology's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is SMA Solar Technology undervalued compared to its fair value and its price relative to the market?

618.55x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: S92 (€28.3) is trading above our estimate of fair value (€2.15)

Significantly Below Fair Value: S92 is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: S92 is poor value based on its PE Ratio (599.9x) compared to the Semiconductor industry average (21.9x).

PE vs Market: S92 is poor value based on its PE Ratio (599.9x) compared to the German market (19.5x).


Price to Earnings Growth Ratio

PEG Ratio: S92 is poor value based on its PEG Ratio (6.9x)


Price to Book Ratio

PB vs Industry: S92 is overvalued based on its PB Ratio (2.4x) compared to the DE Semiconductor industry average (2x).


Next Steps

Future Growth

How is SMA Solar Technology forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

87.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: S92's forecast earnings growth (87.3% per year) is above the savings rate (0.2%).

Earnings vs Market: S92's earnings (87.3% per year) are forecast to grow faster than the German market (21.8% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: S92's revenue (4.8% per year) is forecast to grow slower than the German market (5.7% per year).

High Growth Revenue: S92's revenue (4.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if S92's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has SMA Solar Technology performed over the past 5 years?

-12.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: S92 has a high level of non-cash earnings.

Growing Profit Margin: S92 became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: S92 has become profitable over the past 5 years, growing earnings by -12.4% per year.

Accelerating Growth: S92 has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: S92 has become profitable in the last year, making it difficult to compare its past year earnings growth to the Semiconductor industry (-6.5%).


Return on Equity

High ROE: S92's Return on Equity (0.4%) is considered low.


Next Steps

Financial Health

How is SMA Solar Technology's financial position?


Financial Position Analysis

Short Term Liabilities: S92's short term assets (€726.7M) exceed its short term liabilities (€347.0M).

Long Term Liabilities: S92's short term assets (€726.7M) exceed its long term liabilities (€269.1M).


Debt to Equity History and Analysis

Debt Level: S92's debt to equity ratio (5.1%) is considered satisfactory.

Reducing Debt: S92's debt to equity ratio has reduced from 13.8% to 5.1% over the past 5 years.

Debt Coverage: S92's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: S92's interest payments on its debt are well covered by EBIT (4.9x coverage).


Balance Sheet


Next Steps

Dividend

What is SMA Solar Technology's current dividend yield, its reliability and sustainability?

0.55%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate S92's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate S92's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if S92's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if S92's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: S92 is not paying a notable dividend for the German market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of S92's dividend in 3 years as they are not forecast to pay a notable one for the German market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

6.0yrs

Average management tenure


CEO

Jürgen Reinert (51yo)

1.67yrs

Tenure

€1,372,000

Compensation

Dr.-Ing. Jürgen Reinert has been Chief Executive Officer of SMA Solar Technology AG since October 15, 2018. Dr.-Ing. Reinert served as Deputy Chief Executive Officer of SMA Solar Technology AG until Octobe ...


CEO Compensation Analysis

Compensation vs Market: Jürgen's total compensation ($USD1.53M) is about average for companies of similar size in the German market ($USD1.28M).

Compensation vs Earnings: Jürgen's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Jürgen Reinert
CEO, Head of Operations & Technology and Chairman of Managing Board1.67yrs€1.37mno data
Peter Drews
Co-Founder & Member of Supervisory Board9.08yrs€29.50kno data
Ulrich Hadding
Head of Finance5.42yrs€1.03mno data
Julia Damm
Manager of Investor Relationsno datano datano data
Anja Jasper
Head of Corporate Communicationsno datano datano data
Volker Wasgindt
Head of Press Relations & Public Affairsno datano datano data
Marko Werner
Executive Vice President of European Sales6yrsno datano data
Jeanete Klokgether
Executive Vice President of Sales & Marketingno datano datano data
Volker Wachenfeld
Senior Vice President of Hybrid Energy & Storage Integration8.75yrsno datano data

6.0yrs

Average Tenure

53.5yo

Average Age

Experienced Management: S92's management team is seasoned and experienced (6 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Peter Drews
Co-Founder & Member of Supervisory Board9.08yrs€29.50kno data
Roland Bent
Independent Member of Supervisory Board5.42yrs€28.00kno data
Johannes Häde
Employee Representative Member of Supervisory Board16.42yrs€42.30kno data
Erik Ehrentraut
Independent Chairman of Supervisory Board5.33yrs€79.50kno data
Alexa Hergenröther
Independent Member of Supervisory Board3.83yrs€49.10kno data
Oliver Dietzel
Employee Representative Member of Supervisory Board7.08yrs€42.30kno data
Kim Fausing
Deputy Chairman of Supervisory Board5.75yrsno datano data
Heike Haigis
Employee Representative Member of Supervisory Board5.75yrs€29.50kno data
Yvonne Siebert
Employee Representative Member of Supervisory Board5.08yrs€36.80kno data
Matthias Victor
Employee Representative Member of Supervisory Board5.08yrs€36.80kno data

5.6yrs

Average Tenure

61.5yo

Average Age

Experienced Board: S92's board of directors are considered experienced (5.6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

SMA Solar Technology AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: SMA Solar Technology AG
  • Ticker: S92
  • Exchange: XTRA
  • Founded: 1981
  • Industry: Semiconductor Equipment
  • Sector: Semiconductors
  • Market Cap: €1.013b
  • Shares outstanding: 34.70m
  • Website: https://www.sma.de

Number of Employees


Location

  • SMA Solar Technology AG
  • Sonnenallee 1
  • Niestetal
  • Hessen
  • 34266
  • Germany

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
S92DB (Deutsche Boerse AG)YesOrdinary Bearer SharesDEEURJun 2008
S92XTRA (XETRA Trading Platform)YesOrdinary Bearer SharesDEEURJun 2008
0NIFLSE (London Stock Exchange)YesOrdinary Bearer SharesGBEURJun 2008
SMTG.FOTCPK (Pink Sheets LLC)YesOrdinary Bearer SharesUSUSDJun 2008
S92DBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary Bearer SharesGBEURJun 2008
S92SWX (SIX Swiss Exchange)YesOrdinary Bearer SharesCHCHFJun 2008
S92WBAG (Wiener Boerse AG)YesOrdinary Bearer SharesATEURJun 2008
S92ETLX (Eurotlx)YesOrdinary Bearer SharesITEURJun 2008

Biography

SMA Solar Technology AG, together with its subsidiaries, develops, produces, and distributes photovoltaic (PV) inverters, transformers, choke coils, and monitoring and energy management systems for PV systems worldwide. It operates through Residential, Commercial, Utility, Storage, and Digital Energy segments. The company provides single and three phase string inverters under the SMA and Zeversolar brands; three phase inverters under the Sunny Tripower brand; holistic energy management solutions for medium sized solar power systems; solutions for PV diesel hybrid applications; integrated services; energy management solutions; storage systems; communication products and accessories; and optimal solutions for private PV systems in PV markets, as well as operates and manages PV power plants. It also offers medium sized and large PV systems; medium and high voltage technology and accessories; central inverters and grid and monitoring services; and various services, such as commissioning, warranty extensions, service and maintenance contracts, operational management, remote system monitoring, and spare parts. In addition, the company integrates battery storage systems; and develops digital energy services for private and business customers. The company was formerly known as SMA Technologie AG and changed its name to SMA Solar Technology AG in June 2008. SMA Solar Technology AG was founded in 1981 and is headquartered in Niestetal, Germany. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/04 22:50
End of Day Share Price2020/06/04 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.