Südzucker AG (SZU) fair value: what the stock is really worth
As of Nov 12, 2026: fair value (intrinsic value) of Südzucker AG stock €12.18, price €10.96, upside +11.1%, quality 38 out of 100. Rating: undervalued. Calculated from audited financials with 8 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 13, 2026.
How to read this chart
60‑month range €8.39 – €16.23 · fair‑value band €6.67 – €18.42 · the €10.96 price screens below the €12.18 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 13, 2026.
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Südzucker AG produces and sells sugar products in Germany and internationally. The company operates through five segments: Sugar, Special Products, CropEnergies, Starch, and Fruit.
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The Sugar segment produces and sells sugar, sugar specialty products, glucose syrup, and animal feed to food industry, retailers, and agriculture markets, as well as offers by-products of sugar.
The Special Products segment produces functional ingredients, including dietary fibers, sugar substitutes, sugar, and vegetable texturates for food, animal feed, non-food, and pharmaceutical industries.
This segment also offers frozen and chilled pizzas, frozen pasta, snacks, dressings, sauces, baguettes, breadsnacks, portion packed articles, and non-food products to hotels, caterers, food retailers, and restaurants.
The CropEnergies segment produces fuel-grade ethanol, neutral alcohol, protein-based food and animal feed, and liquid CO2 to oil companies and traders, food and animal feed producers, beverage, cosmetics, and industrial and pharmaceutical companies.
The Starch segment offers starches, saccharification products, ethanol, and byproducts, which include animal feed and fertilizers to food, paper, textiles, industrial chemicals, pharmaceuticals, cosmetics, petroleum, and animal feed industries.
The Fruit segment produces fruit preparations for the dairy, ice cream, baked goods, and food service industries; and fruit juice concentrates, not-from- concentrate juices, fruit wines, natural aromas, and beverage bases for beverage industry.
The company was founded in 1837 and is headquartered in Mannheim, Germany. Südzucker AG is a subsidiary of Süddeutsche Zuckerrübenverwertungs-Genossenschaft eG.
Stock analysis
Südzucker AG (SZU) currently trades at €10.96, while our model-based Fair Value estimate is €12.18, implying the stock looks roughly 10% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €13.55 per share, and 3 of the 7 models we run sit above the €10.96 price.
Bear case: the Asset-Based group reads lowest at €4.66, and 4 of the 7 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €6.67 (bear) to €18.42 (bull), the price of €10.96 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 38/100 (below-average quality), in the Consumer Defensive sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Südzucker AG reported revenue of €8.4B in FY2026 versus €7.6B in FY2022, a compound +2.4%/yr. Reported net income was −€362M in FY2026.
Key figures
Market cap €2.2B Mid · P/E ex one-offs 49.6 · P/S ratio 0.27 · EPS (TTM) €−1.45 · Dividend yield 1.8% · Net margin −3.2% · Return on equity −6.9% · Return on assets (EBIT) 4.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 16 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 24% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 5% fair-value upside, at 11%, SZU screens cheaper than that median.
Fair Value models
Bear€6.67Fair Value €12.18Bull€18.42
Price €10.96 · Upside +11.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.34/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−13.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−4.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.6%
Start year 2021 (pandemic). Over 10 years: +2.7% a year
Revenue growth 18 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.1%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
1.0% (2021) → 0.4% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+54.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +51.5% a year for the price and +1.0% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (52 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Efficiency gains in specialties and CropEnergies have restored group profitability, yet persistent losses in the core sugar segment remain the central constraint on durable performance.
Main risk: A significantly smaller upcoming harvest due to heat and drought threatens volumes and margins in the core sugar segment that still records losses.
Südzucker turned its first-half results back to profit through cost cuts and stronger performance in specialties and CropEnergies. The core sugar segment still posts losses even after improvement, and the upcoming harvest is set to be significantly smaller due to heat and drought. Will efficiency gains across the group offset the persistent pressure from sugar, or will the segment continue to limit the turnaround?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Packaged Foods · 660 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score38 · Bottom 25%
Fair Value upside+11.1% · Above median
Profitability
Return on assets−4.2% · Bottom 25%
Net margin (12 months)−3.2% · Bottom 25%
Operating margin (12 months)4.4% · Below median
Growth and dividend
Revenue growth (quarter YoY)4.1% · Below median
Dividend yield (12 months)1.8% · Below median
Balance sheet
Debt / equity0.73× · Highest 25%
Valuation Multiplesvs Packaged Foods median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Südzucker AG Fair Value". https://www.fairvalue-calculator.com/stock/SZU
Frequently asked questions
Is Südzucker AG (SZU) overvalued or undervalued?
As of Nov 13, 2026, our model estimates a fair value of €12.18 versus a price of €10.96, about +11% upside (undervalued).
What is the fair value of SZU?
Our model-based fair value for Südzucker AG is €12.18 (as of Nov 13, 2026), built from audited fundamentals. The current price: €10.96.
What is the quality score of SZU?
Südzucker AG has a Quality Score of 38/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Südzucker AG (SZU)?
Our model-based price target is the fair value of €12.18 (as of Nov 13, 2026) from 8 valuation models. Cautious scenario €6.67, optimistic scenario €18.42. It is a calculation from audited fundamentals, not an analyst target.
What is the Südzucker AG stock forecast for 2026?
Our models put fair value at €12.18, about +11% upside versus a price of €10.96 (undervalued). Cautious scenario €6.67, optimistic scenario €18.42. The calculation is refreshed regularly with new filings.
What is the revenue of Südzucker AG (SZU)?
Südzucker AG reported trailing-twelve-month revenue of about €8.3B (latest available figure, as of Nov 13, 2026).
Does Südzucker AG pay a dividend?
Südzucker AG currently shows a dividend yield of 1.79% relative to its recent price (as of Nov 13, 2026).
How much is the dividend of Südzucker AG (SZU)?
Südzucker AG has a dividend yield of 1.8%.
What growth is priced into Südzucker AG (SZU)?
For today's price to be fair in a discounted-cash-flow model, Südzucker AG would have to grow free cash flow by +54.8 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.6 % per year. As of Nov 13, 2026.
What discount rate (WACC) does the fair value of SZU use?
Our models discount Südzucker AG at 9.5 %: a base by market capitalisation (mid), country premium for Germany. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Südzucker AG that is +54.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Südzucker AG (SZU) delivered so far?
Over the past 5 years revenue at Südzucker AG grew +4.6 % a year. The price currently implies free-cash-flow growth of +54.8 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Südzucker AG (SZU) growing?
The median revenue growth in the sector is +3.6 % a year. That is the yardstick for the growth priced into Südzucker AG (+54.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Südzucker AG (SZU)?
The free-cash-flow yield on the price is 0.89 %: that much free cash flow Südzucker AG produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Südzucker AG (SZU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Südzucker AG it is €12.18 per share (as of Nov 13, 2026), against a price of €10.96. It is the blended result of 8 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Südzucker AG stock overvalued or undervalued in 2026?
As of Nov 13, 2026, SZU trades below its calculated fair value: price €10.96, fair value €12.18, a gap of about +11% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SZU?
No. The price is what the market pays today (€10.96); the fair value is what the company's own numbers justify (€12.18). For Südzucker AG the two are €1.22 per share apart. That gap is exactly why we show both numbers side by side.
How much is Südzucker AG worth?
The market values Südzucker AG at about €2.2B (market capitalisation, as of Nov 13, 2026). Per share that is €10.96; our models calculate a fair value of €12.18 per share.
What do the bullish and bearish scenarios say about SZU?
Our models span a range for Südzucker AG: cautious scenario €6.67, base €12.18, optimistic €18.42 per share (as of Nov 13, 2026, price €10.96). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of SZU?
The PEG ratio of Südzucker AG is 17.34 (P/E divided by earnings growth, as of Nov 13, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Südzucker AG (SZU)?
Balance-sheet figures for Südzucker AG (as of Nov 13, 2026): return on equity −6.9%, debt of 0.73 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is SZU from its 52-week high?
Südzucker AG trades at €10.96, about 17% below its 52-week high of €13.20 and 24% above the low of €8.82 (as of Nov 12, 2026). Distance from the high says nothing about value: that is what the fair value of €12.18 is for.
Which stocks are comparable to Südzucker AG?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, Foshan Haitian Flavouring and Food Company, The Kraft Heinz Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Südzucker AG stock attractive at the current price?
The data as of Nov 13, 2026: price €10.96, calculated fair value €12.18 (+11%), Quality Score 38/100, from 8 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SZU calculated?
We run Südzucker AG through 8 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of €12.18 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.3% above its aggregate fair value. Südzucker AG currently trades 10% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Südzucker AG (SZU)?
The closing price on Nov 12, 2026 was €10.96. Our model-based fair value is €12.18, about +11% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Südzucker AG right now?
The model range is unusually wide (€6.67 to €18.42). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Südzucker AG
How large is the market capitalisation of Südzucker AG (SZU)?
The market capitalisation of Südzucker AG is €2.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Südzucker AG (SZU) excluding one-off items?
Excluding one-off items, the price-to-earnings ratio of Südzucker AG is 49.6 (fiscal year 2026, the reported result was a loss, median at FY-end 15.6 (6 FY)).
What is the P/S ratio of Südzucker AG (SZU)?
The price-to-sales ratio of Südzucker AG is 0.27 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Südzucker AG (SZU)?
Earnings per share at Südzucker AG are €−1.45. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Südzucker AG (SZU)?
The dividend yield of Südzucker AG is 1.8%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Südzucker AG (SZU)?
The net margin of Südzucker AG is −3.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Südzucker AG (SZU)?
The return on equity (ROE) of Südzucker AG is −6.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Südzucker AG (SZU)?
On an EBIT basis the return on assets of Südzucker AG is 4.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Südzucker AG (SZU)?
The operating margin of Südzucker AG is 4.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Südzucker AG (SZU)?
Revenue at Südzucker AG is growing +4.1% versus a year earlier (3y avg −4.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Südzucker AG (SZU)?
Earnings per share at Südzucker AG are growing −71.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Südzucker AG (SZU) carry?
The net debt of Südzucker AG is €2.5B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 13, 2026