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Südwestdeutsche Salzwerke AG (SSH) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Südwestdeutsche Salzwerke AG stock €23.89, price €63.00, that is 62.1% below the price, quality 54 out of 100. Rating: strongly overvalued. Calculated from audited financials with 15 of our 26 valuation models and 37 quality factors, updated daily.

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Consumer Defensive DE · ISIN DE0007346603

SS Südwestdeutsche Salzwerke AG logo Some data Nov 9, 2026

Südwestdeutsche Salzwerke AG

SSH · F
Solid, but very expensive

Our calculation puts a fair price 62% below what the stock costs today.

Solidly profitable · 12.4% net margin (TTM)
Low debt
Ranks above peers (8/13)
Last quarter vs. a year ago: revenue +23%, profit +108%.
Quality 54/100
Expensive Growth (revenue 5y +6.4 %/yr in EUR)
3.0% dividend yield · Watch coverage
Moderate moat 57/100 · thin data
Some data
Fair value €23.89 · Strongly overvalued
Negative free cash flow
⚠ Thinly traded⚠ Small free float
Watch Südwestdeutsche Salzwerke AG for free: we tell you when fair value or trend changes. Watch for free

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€95.46 €49.25 Fair Value €23.89 Sep 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.

How to read this chart

60‑month range €49.25 – €95.46 · fair‑value band €18.02 – €31.23 · the €63.00 price screens above the €23.89 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.

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Company profile

Südwestdeutsche Salzwerke AG, together with its subsidiaries, mines, produces, and sells salt in Germany, the European Union, and internationally. The company operates through Salt, Waste Management, and All Other segments.

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It offers sea salt under the Aquasale brand; food grade salt comprising evaporated table, cheese, pretzel, and compacted evaporated salt under the SALTA and JOSAL brands; nitrite pickling salt; feed salt and lick stones under the SALIT brand; and pharmaceutical salt, such as sodium chloride and granulated sodium chloride salt.

The company also provides industrial salt for use in industrial and trade sectors, as well as electrolysis; water softening, pool, and dishwasher salt under the ALPOSAL, CLARAMAT, and KONTRAKALK brands; de-icing salt; and salt brine.

In addition, it offers winter road maintenance equipment comprising silos and grit containers; and conditions, processed, and stores waste materials comprising flue gas cleaning residues, contaminated soils, construction waste, and salt processing residues.

Further, the company provides logistics services that include inland waterway shipping, warehousing, and transport services; and financial support to start-ups, as well as operates mines and tourist facilities, which include Bad Friedrichshall and Berchtesgaden salt mines, as well as the salt museum in the old saltworks in Bad Reichenhall.

It also offers its products online. The company was incorporated in 1971 and is headquartered in Heilbronn, Germany.

Stock analysis

Südwestdeutsche Salzwerke AG (SSH) currently trades at €63.00, while our model-based Fair Value estimate is €23.89, 62% 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 €63.05 per share, and 3 of the 15 models we run sit above the €63.00 price.

Bear case: the Asset-Based group reads lowest at €15.72, and 12 of the 15 models stay below the price. Data coverage for this calculation is medium.

Scenario range: €18.02 (bear) to €31.23 (bull), the price of €63.00 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 54/100 (solid quality), in the Consumer Defensive sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Südwestdeutsche Salzwerke AG reported revenue of €344M in FY2025 versus €342M in FY2021, a compound +0.2%/yr. Reported net income was €33.6M in FY2025, compounding −7.1%/yr from FY2021.

Key figures

Market cap €662M Small · P/E ratio 13.9 · P/S ratio 1.73 · EPS (TTM) €4.52 · Dividend yield 3.0% · Net margin 12.4% · Return on equity 17.2% · Return on assets (EBIT) 9.0% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 57 out of 100 (low confidence).

What moves the price

The share trades about 10% below its 52-week high and 11% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Consumer Defensive peers we cover trades at −1% fair-value upside, at −62%, SSH screens richer than that median.

Fair Value models

Bear €18.02 Fair Value €23.89 Bull €31.23
Price €63.00 · Downside -62.1%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€2.25 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.
Best data coverage
Owner Earnings €12.46 €15.85 €20.41 78
Residual Income €24.56 €27.91 €35.10 76
EPV €18.02 €20.31 €22.28 74
All 15 models by family
DCF Models
Owner Earnings €12.46 €15.85 €20.41 78
Earnings-Based
Graham-Dodd €21.75 €44.85 €56.62 66
EPV €18.02 €20.31 €22.28 74
Dividend Discount
Gordon GGM €16.54 €23.89 €31.23 69
DDM Multi-Stage €16.54 €23.03 €30.13 67
Multiples
P/E Multiple €50.37 €67.17 €83.96 63
P/S Multiple €39.27 €52.35 €65.44 58
P/B Multiple €57.04 €76.05 €95.07 55
EV/EBIT €45.03 €58.93 €72.83 66
EV/EBITDA €60.06 €78.97 €97.88 67
EV/Revenue €33.09 €45.85 €58.60 54
Asset-Based
NCAV (Graham) €11.73 €15.72 €23.46 54
Economic Profit
Residual Income €24.56 €27.91 €35.10 76
ROIC Compounder €18.02 €20.31 €22.28 72
Growth Earnings
Growth-Adj P/E €36.79 €52.56 €68.33 67

Open the full fair value analysis →

Quality Score breakdown

Overall quality 54/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 53
How much profit the company makes from its sales and capital
Quality Growth 33
Are margins and returns getting better?
Cashflow 40
Do the profits arrive as real cash?
Financial strength 72
Debt, balance sheet and risk of trouble
Investment 39
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 46
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 45
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+1.9%
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.
+6.4%
Start year 2020 (pandemic). Over 10 years: +3.0% a year
Revenue growth 12 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.
+0.9%
What shareholders gained per year (last 5 years) ⓘ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.
+8.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.5%
Dividend (yield on the price)3.0%
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.5% → 10%

SSH screens overvalued: fair value 62% below the price. Compare with Nestlé S.A →

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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 · 625 stocks

Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 54 · Below median
Fair Value upside −62.1% · Bottom 25%
Profitability
Return on equity (12 months) 17.2% · Top 25%
Return on assets 5.8% · Above median
Net margin (12 months) 12.4% · Top 25%
Operating margin (12 months) 15.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 22.6% · Top 25%
Dividend yield (12 months) 3.0% · Above median

Valuation Multiplesvs Packaged Foods median · lower = cheaper

P/E (12 months) 13.9× · Cheaper than median
P/B 2.34× · Pricier than median
P/S (12 months) 1.73× · Priciest 25%
EV/EBITDA 8.5× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 35
FUTURE (revenue growth)100 · sector 25
PAST (return on equity)69 · sector 31
HEALTH (low debt)100 · sector 96
DIVIDEND (yield)60 · sector 55

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Wilmar International Limited F34 2.97 SGD 4.93 SGD +66% vs SSH
Inner Mongolia Yili Industrial Group 600887 ¥31.45 ¥41.84 +33% vs SSH
The Kraft Heinz Company KHC $24.61 $29.20 +19% vs SSH
Foshan Haitian Flavouring and Food Company 603288 ¥35.78 ¥39.22 +10% vs SSH
General Mills, Inc GIS $35.51 $35.30 −1% vs SSH
Danone S.A BN €67.12 €50.65 −25% vs SSH
Nestlé S.A NESN CHF 85.85 CHF 59.51 −31% vs SSH
Kerry Group KRZ €98.00 €60.33 −38% vs SSH
Nestlé India Limited NESTLEIND ₹1,282 ₹724.74 −43% vs SSH
Yihai Kerry Arawana Holdings 300999 ¥26.21 ¥12.21 −53% vs SSH

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Südwestdeutsche Salzwerke AG: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Südwestdeutsche Salzwerke AG Fair Value". https://www.fairvalue-calculator.com/stock/SSH

Frequently asked questions

Is Südwestdeutsche Salzwerke AG (SSH) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of €23.89 versus a price of €63.00, about 62% lower (overvalued).
What is the fair value of SSH?
Our model-based fair value for Südwestdeutsche Salzwerke AG is €23.89 (as of Nov 9, 2026), built from audited fundamentals. The current price: €63.00.
What is the quality score of SSH?
Südwestdeutsche Salzwerke AG has a Quality Score of 54/100. 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 Südwestdeutsche Salzwerke AG (SSH)?
Our model-based price target is the fair value of €23.89 (as of Nov 9, 2026) from 15 valuation models. Cautious scenario €18.02, optimistic scenario €31.23. It is a calculation from audited fundamentals, not an analyst target.
What is the Südwestdeutsche Salzwerke AG stock forecast for 2026?
Our models put fair value at €23.89, about 62% lower versus a price of €63.00 (overvalued). Cautious scenario €18.02, optimistic scenario €31.23. The calculation is refreshed regularly with new filings.
What is the revenue of Südwestdeutsche Salzwerke AG (SSH)?
Südwestdeutsche Salzwerke AG reported trailing-twelve-month revenue of about €382M (latest available figure, as of Nov 9, 2026).
Does Südwestdeutsche Salzwerke AG pay a dividend?
Südwestdeutsche Salzwerke AG currently shows a dividend yield of 3.02% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Südwestdeutsche Salzwerke AG (SSH) and when is the ex-dividend date?
Südwestdeutsche Salzwerke AG pays a dividend of €1.90 per share a year, a dividend yield of 3.0%. The last ex-dividend date was May 25, 2026. A dividend has been paid every year since at least 1994. The payout ratio is 42.0% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Südwestdeutsche Salzwerke AG (SSH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Südwestdeutsche Salzwerke AG it is €23.89 per share (as of Nov 9, 2026), against a price of €63.00. It is the blended result of 15 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Südwestdeutsche Salzwerke AG stock overvalued or undervalued in 2026?
As of Nov 9, 2026, SSH trades above its calculated fair value: price €63.00, fair value €23.89, a gap of about −62% (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 SSH?
No. The price is what the market pays today (€63.00); the fair value is what the company's own numbers justify (€23.89). For Südwestdeutsche Salzwerke AG the two are €39.11 per share apart. That gap is exactly why we show both numbers side by side.
How much is Südwestdeutsche Salzwerke AG worth?
The market values Südwestdeutsche Salzwerke AG at about €662M (market capitalisation, as of Nov 9, 2026). Per share that is €63.00; our models calculate a fair value of €23.89 per share.
What do the bullish and bearish scenarios say about SSH?
Our models span a range for Südwestdeutsche Salzwerke AG: cautious scenario €18.02, base €23.89, optimistic €31.23 per share (as of Nov 9, 2026, price €63.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SSH?
Südwestdeutsche Salzwerke AG trades at a price-to-earnings ratio of 13.9 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €23.89 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2017 to 2025), reported earnings: 20.9. Other multiples: P/B 2.3, P/S 1.7, EV/EBITDA 8.5.
How solid is the balance sheet of Südwestdeutsche Salzwerke AG (SSH)?
Balance-sheet figures for Südwestdeutsche Salzwerke AG (as of Nov 9, 2026): return on equity 17.2%. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is SSH from its 52-week high?
Südwestdeutsche Salzwerke AG trades at €63.00, about 10% below its 52-week high of €70.31 and 11% above the low of €56.74 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €23.89 is for.
Which stocks are comparable to Südwestdeutsche Salzwerke 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 Südwestdeutsche Salzwerke AG stock attractive at the current price?
The data as of Nov 9, 2026: price €63.00, calculated fair value €23.89 (−62%), Quality Score 54/100, from 15 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 SSH calculated?
We run Südwestdeutsche Salzwerke AG through 15 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 €23.89 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 13.3% above its aggregate fair value. Südwestdeutsche Salzwerke AG 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 Südwestdeutsche Salzwerke AG (SSH)?
The closing price on Nov 6, 2026 was €63.00. Our model-based fair value is €23.89, about 62% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Südwestdeutsche Salzwerke AG right now?
The price sits above even our optimistic bull case (€31.23). The favourable scenario is already priced in. Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of Südwestdeutsche Salzwerke AG

How large is the market capitalisation of Südwestdeutsche Salzwerke AG (SSH)?
The market capitalisation of Südwestdeutsche Salzwerke AG is €662M. 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 Südwestdeutsche Salzwerke AG (SSH)?
The price-to-sales ratio of Südwestdeutsche Salzwerke AG is 1.73 (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 Südwestdeutsche Salzwerke AG (SSH)?
Earnings per share at Südwestdeutsche Salzwerke AG are €4.52 (price ÷ EPS = P/E 13.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Südwestdeutsche Salzwerke AG (SSH)?
The dividend yield of Südwestdeutsche Salzwerke AG is 3.0% (payout 42.0%). 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 Südwestdeutsche Salzwerke AG (SSH)?
The net margin of Südwestdeutsche Salzwerke AG is 12.4% (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 Südwestdeutsche Salzwerke AG (SSH)?
The return on equity (ROE) of Südwestdeutsche Salzwerke AG is 17.2% (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 Südwestdeutsche Salzwerke AG (SSH)?
On an EBIT basis the return on assets of Südwestdeutsche Salzwerke AG is 9.0% (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 Südwestdeutsche Salzwerke AG (SSH)?
The operating margin of Südwestdeutsche Salzwerke AG is 15.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Südwestdeutsche Salzwerke AG (SSH)?
Revenue at Südwestdeutsche Salzwerke AG is growing +22.6% 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 Südwestdeutsche Salzwerke AG (SSH)?
Earnings per share at Südwestdeutsche Salzwerke AG are growing +108% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Südwestdeutsche Salzwerke AG (SSH) generate?
The free cash flow of Südwestdeutsche Salzwerke AG is −€80.0K (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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