SÜSS MicroTec Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • 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 SMHN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SMHN (€47.1) is trading below our estimate of fair value (€79.26)

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


Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SMHN. This is calculated by dividing SMHN's market cap by their current earnings.
What is SMHN's PE Ratio?
PE Ratio20.9x
Earnings€43.00m
Market Cap€898.43m

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SMHN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.2x
AIXA AIXTRON
13.7x5.6%€1.6b
WAF Siltronic
14.5x-15.1%€1.4b
S92 SMA Solar Technology
5.8x28.8%€466.0m
TPE PVA TePla
10.8x0.4%€274.5m
SMHN SÜSS MicroTec
20.9x-3.4%€898.4m

Price-To-Earnings vs Peers: SMHN is expensive based on its Price-To-Earnings Ratio (20.9x) compared to the peer average (11.2x).


Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SMHN 20.9xIndustry Avg. 14.1xNo. of Companies7PE01224364860+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SMHN is expensive based on its Price-To-Earnings Ratio (20.9x) compared to the European Semiconductor industry average (14.2x).


Price to Earnings Ratio vs Fair Ratio

What is SMHN'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.

SMHN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.9x
Fair PE Ratio12.8x

Price-To-Earnings vs Fair Ratio: SMHN is expensive based on its Price-To-Earnings Ratio (20.9x) compared to the estimated Fair Price-To-Earnings Ratio (12.8x).


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 SMHN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€47.10
€73.76
+56.6%
9.1%€83.00€60.00n/a8
Nov ’25€53.60
€75.89
+41.6%
10.8%€87.00€60.00n/a8
Oct ’25€67.70
€75.14
+11.0%
6.8%€83.00€68.00n/a8
Sep ’25€57.40
€73.71
+28.4%
9.3%€83.00€63.00n/a7
Aug ’25€59.90
€72.57
+21.2%
11.4%€83.00€60.00n/a7
Jul ’25€63.90
€60.92
-4.7%
9.8%€71.00€55.00n/a6
Jun ’25€54.40
€54.00
-0.7%
18.3%€71.00€40.00n/a6
May ’25€46.45
€46.60
+0.3%
13.0%€58.00€40.00n/a5
Apr ’25€35.90
€40.00
+11.4%
15.9%€45.00€28.00n/a5
Mar ’25€40.65
€36.10
-11.2%
26.9%€44.00€18.00n/a5
Feb ’25€31.85
€30.92
-2.9%
22.2%€36.60€18.00n/a5
Jan ’25€27.65
€28.40
+2.7%
21.0%€36.00€18.00n/a5
Dec ’24€26.15
€28.40
+8.6%
21.0%€36.00€18.00€48.505
Nov ’24€17.36
€26.00
+49.8%
23.6%€33.00€15.00€53.605
Oct ’24€21.75
€29.20
+34.3%
17.8%€34.00€20.00€67.705
Sep ’24€21.50
€29.20
+35.8%
17.8%€34.00€20.00€57.405
Aug ’24€22.30
€29.40
+31.8%
17.4%€34.00€20.00€59.905
Jul ’24€24.45
€29.25
+19.6%
14.2%€33.00€23.00€63.904
Jun ’24€24.65
€29.25
+18.7%
14.2%€33.00€23.00€54.404
May ’24€23.75
€29.25
+23.2%
14.2%€33.00€23.00€46.454
Apr ’24€23.15
€26.75
+15.6%
14.3%€31.00€22.00€35.904
Mar ’24€21.55
€26.25
+21.8%
17.1%€31.00€20.00€40.654
Feb ’24€18.12
€25.00
+38.0%
25.5%€31.00€15.00€31.854
Jan ’24€14.90
€24.25
+62.8%
31.2%€31.00€12.00€27.654
Dec ’23€15.46
€24.00
+55.2%
33.2%€31.00€11.00€26.154

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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