SÜSS MicroTec SE (SMHN) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of SÜSS MicroTec SE stock €16.25, price €44.20, that is 63.2% below the price, quality 50 out of 100. Rating: strongly overvalued. Calculated from audited financials with 17 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 8, 2026.
How to read this chart
60‑month range €9.71 – €111.70 · fair‑value band €14.37 – €21.18 · the €44.20 price screens above the €16.25 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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SUSS MicroTec SE, together with its subsidiaries, develops, manufactures, markets, and maintains systems to produce microelectronics, microelectromechanical systems, and related applications. It operates in two divisions, Advanced Backend Solutions and Photomask Solutions.
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The company provides mask aligners, coaters and developers, UV projection scanners, and temporary and permanent bonders for advanced packaging, micro electro-mechanical systems, compound semiconductors, and 3D integration markets.
It also provides specialized systems for the cleaning and processing of photomasks for the semiconductor industry. The company operates in Europe, the Middle East, Africa, North America, and the Asia Pacific. The company was founded in 1949 and is headquartered in Garching bei Munchen, Germany.
Stock analysis
SÜSS MicroTec SE (SMHN) currently trades at €44.20, while our model-based Fair Value estimate is €16.25, 63% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €55.51 per share, and 5 of the 17 models we run sit above the €44.20 price.
Bear case: the Dividend Discount group reads lowest at €3.10, and 12 of the 17 models stay below the price. Data coverage for this calculation is high.
Scenario range: €14.37 (bear) to €21.18 (bull), the price of €44.20 sits above 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 50/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
SÜSS MicroTec SE reported revenue of €503M in FY2025 versus €263M in FY2021, a compound +17.6%/yr. Reported net income was €46.1M in FY2025, compounding +30.3%/yr from FY2021.
Key figures
Market cap €845M Small · P/E ratio 30.5 · P/S ratio 1.92 · EPS (TTM) €1.45 · Dividend yield 0.1% · Net margin 5.9% · Return on equity 8.2% · Return on assets (EBIT) 9.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 60% below its 52-week high and 47% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −2% fair-value upside, at −63%, SMHN screens richer than that median.
Fair Value models
Bear€14.37Fair Value €16.25Bull€21.18
Price €44.20 · Downside -63.2%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€1.21 per share) are deliberately not added.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.50/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+12.8%
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.
+24.6%
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.
+14.7%
Start year 2020 (pandemic). Over 10 years: +13.0% a year
Revenue growth 27 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.
+7.8%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+30.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+30.3%
Dividend (yield on the price)0.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.26.6% vs 25.9%, steady
Profit margin 2020 to 2025 ⓘ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.8% → 12%
2025 sits 88% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
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.Semiconductor Equipment & Materials · 235 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "SÜSS MicroTec SE Fair Value". https://www.fairvalue-calculator.com/stock/SMHN
Frequently asked questions
Is SÜSS MicroTec SE (SMHN) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of €16.25 versus a price of €44.20, about 63% lower (overvalued).
What is the fair value of SMHN?
Our model-based fair value for SÜSS MicroTec SE is €16.25 (as of Nov 8, 2026), built from audited fundamentals. The current price: €44.20.
What is the quality score of SMHN?
SÜSS MicroTec SE has a Quality Score of 50/100. 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 SÜSS MicroTec SE (SMHN)?
Our model-based price target is the fair value of €16.25 (as of Nov 8, 2026) from 17 valuation models. Cautious scenario €14.37, optimistic scenario €21.18. It is a calculation from audited fundamentals, not an analyst target.
What is the SÜSS MicroTec SE stock forecast for 2026?
Our models put fair value at €16.25, about 63% lower versus a price of €44.20 (overvalued). Cautious scenario €14.37, optimistic scenario €21.18. The calculation is refreshed regularly with new filings.
What is the revenue of SÜSS MicroTec SE (SMHN)?
SÜSS MicroTec SE reported trailing-twelve-month revenue of about €439M (latest available figure, as of Nov 8, 2026).
Does SÜSS MicroTec SE pay a dividend?
SÜSS MicroTec SE currently shows a dividend yield of 0.09% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of SÜSS MicroTec SE (SMHN) and when is the ex-dividend date?
SÜSS MicroTec SE pays a dividend of €0.04 per share a year, a dividend yield of 0.1%. The last ex-dividend date was Jun 4, 2026. A dividend has been paid every year since at least 2022. The payout ratio is 2.6% of earnings (on adjusted earnings, reported 2.8%). Our assessment: Token dividend. At a yield of 0.1% the dividend is symbolic. On paper it is not fully covered by earnings or free cash flow, but at this size that hardly matters: even scrapping it entirely would cost less than 0.1% a year, and coverage ratios on amounts this small swing with ordinary working-capital movements. Judge this company on its business, not on its dividend.
What is the intrinsic value of SÜSS MicroTec SE (SMHN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SÜSS MicroTec SE it is €16.25 per share (as of Nov 8, 2026), against a price of €44.20. It is the blended result of 17 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is SÜSS MicroTec SE stock overvalued or undervalued in 2026?
As of Nov 8, 2026, SMHN trades above its calculated fair value: price €44.20, fair value €16.25, a gap of about −63% (overvalued). 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 SMHN?
No. The price is what the market pays today (€44.20); the fair value is what the company's own numbers justify (€16.25). For SÜSS MicroTec SE the two are €27.95 per share apart. That gap is exactly why we show both numbers side by side.
How much is SÜSS MicroTec SE worth?
The market values SÜSS MicroTec SE at about €845M (market capitalisation, as of Nov 8, 2026). Per share that is €44.20; our models calculate a fair value of €16.25 per share.
What do the bullish and bearish scenarios say about SMHN?
Our models span a range for SÜSS MicroTec SE: cautious scenario €14.37, base €16.25, optimistic €21.18 per share (as of Nov 8, 2026, price €44.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SMHN?
SÜSS MicroTec SE trades at a price-to-earnings ratio of 30.5 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €16.25 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 17.1 (reported for FY2025: 18.3). Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 25.1. Other multiples: PEG 4.2, P/B 2.7, P/S 1.9, EV/EBITDA 18.1.
What is the PEG ratio of SMHN?
The PEG ratio of SÜSS MicroTec SE is 4.20 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of SÜSS MicroTec SE (SMHN)?
Balance-sheet figures for SÜSS MicroTec SE (as of Nov 8, 2026): return on equity 8.2%, debt of 0.01 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is SMHN from its 52-week high?
SÜSS MicroTec SE trades at €44.20, about 60% below its 52-week high of €111.70 and 47% above the low of €30.09 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €16.25 is for.
Which stocks are comparable to SÜSS MicroTec SE?
From the same area (Technology) we also value ASML Holding, Applied Materials, Inc, Lam Research Corporation, KLA Corporation, 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 SÜSS MicroTec SE stock attractive at the current price?
The data as of Nov 8, 2026: price €44.20, calculated fair value €16.25 (−63%), Quality Score 50/100, from 17 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 SMHN calculated?
We run SÜSS MicroTec SE through 17 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €16.25 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 13.0% above its aggregate fair value. SÜSS MicroTec SE itself currently trades above fair value. 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 SÜSS MicroTec SE (SMHN)?
The closing price on Nov 6, 2026 was €44.20. Our model-based fair value is €16.25, about 63% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SÜSS MicroTec SE right now?
The price sits above even our optimistic bull case (€21.18). The favourable scenario is already priced in. Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of SÜSS MicroTec SE (SMHN) come from?
Earnings per share at SÜSS MicroTec SE grew +36.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +11.5 %, EBIT margin +10.7 %, tax rate +6.7 %, residual (interest, one-offs) +3.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of SÜSS MicroTec SE
How large is the market capitalisation of SÜSS MicroTec SE (SMHN)?
The market capitalisation of SÜSS MicroTec SE is €845M. 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/S ratio of SÜSS MicroTec SE (SMHN)?
The price-to-sales ratio of SÜSS MicroTec SE is 1.92 (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 SÜSS MicroTec SE (SMHN)?
Earnings per share at SÜSS MicroTec SE are €1.45 (price ÷ EPS = P/E 30.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of SÜSS MicroTec SE (SMHN)?
The dividend yield of SÜSS MicroTec SE is 0.1% (payout 2.6%, on adjusted earnings, reported 2.8%). 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 SÜSS MicroTec SE (SMHN)?
The net margin of SÜSS MicroTec SE is 5.9% (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 SÜSS MicroTec SE (SMHN)?
The return on equity (ROE) of SÜSS MicroTec SE is 8.2% (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 SÜSS MicroTec SE (SMHN)?
On an EBIT basis the return on assets of SÜSS MicroTec SE is 9.9% (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 SÜSS MicroTec SE (SMHN)?
The operating margin of SÜSS MicroTec SE is 9.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SÜSS MicroTec SE (SMHN)?
Revenue at SÜSS MicroTec SE is growing −18.0% versus a year earlier (3y avg +24.6%). 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 SÜSS MicroTec SE (SMHN)?
Earnings per share at SÜSS MicroTec SE are growing −49.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does SÜSS MicroTec SE (SMHN) generate?
The free cash flow of SÜSS MicroTec SE is −€21.6M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does SÜSS MicroTec SE (SMHN) hold?
SÜSS MicroTec SE holds more cash than debt, €49.1M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 8, 2026