Südzucker AG (SZU.DE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-89.1%

€1.21

vs €11.14 price

Levered DCF

€4.82

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.55

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-5.28×	-20.09×	4.76×	8.32×	38.16×	-29.07×	-26.55×	-3.16×
P/B	0.96×	0.68×	0.76×	1.02×	0.9×	1.02×	1.03×	0.84×
P/S	0.25×	0.23×	0.26×	0.35×	0.33×	0.41×	0.43×	0.39×
EV / EBITDA	11.27×	6.58×	3.61×	4.83×	5.83×	7.3×	9.34×	-9.33×
Gross margin	13.2%	29.5%	33.9%	32.5%	32.2%	34.3%	33.3%	31.2%
Operating margin	0.4%	1.0%	8.9%	7.7%	3.2%	1.0%	0.7%	-11.3%
Net margin	-4.3%	-0.8%	5.7%	4.3%	1.0%	-1.4%	-1.6%	-12.3%
Current ratio	1.95×	1.81×	1.85×	1.94×	1.99×	2.16×	2.06×	2.1×
Debt / equity	1.34×	0.73×	0.63×	0.71×	0.68×	0.71×	0.74×	0.52×
Interest coverage	0.14×	0.56×	4.25×	5.81×	3.06×	0.8×	0.61×	-12.09×
Dividend yield	2.0%	12.0%	9.0%	2.5%	1.6%	1.5%	1.4%	6.1%
Payout ratio	-11.3%	-341.0%	40.2%	19.8%	52.5%	-43.5%	-37.6%	-19.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-16.9%	-2.4%	16.8%	12.8%	2.8%	-3.5%	-3.9%	-26.6%
Return on invested capital	0.4%	1.3%	9.9%	7.5%	2.1%	-1.8%	-4.1%	-11.0%
Return on assets	-4.2%	-0.8%	5.7%	4.2%	0.9%	-1.2%	-1.3%	-10.2%
Free cash flow yield	1.0%	15.0%	19.9%	-4.8%	5.8%	7.2%	-6.3%	-4.4%
Earnings yield	-17.5%	-3.5%	22.3%	12.6%	3.1%	-3.4%	-3.8%	-31.7%
Enterprise value	€4.6B	€4B	€4.6B	€5.3B	€4.1B	€4.4B	€4.7B	€3.9B
Net debt / EBITDA	6.15×	2.92×	1.52×	1.85×	2.25×	2.82×	3.67×	-3.05×
Cash conversion cycle (days)	119	119	134	152	149	161	165	146