Salzgitter AG (SZG) fair value: what the stock is really worth
As of Oct 28, 2026: fair value (intrinsic value) of Salzgitter AG stock €70.02, price €43.76, upside +60.0%, quality 42 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value 30%+ above price?Yes
Quality 50+?No
In an uptrend?Yes
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 28, 2026.
How to read this chart
60‑month range €13.07 – €66.55 · fair‑value band €52.25 – €104.51 · the €43.76 price screens below the €70.02 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 28, 2026.
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Salzgitter AG, together with its subsidiaries, engages in steel and technology businesses worldwide. The company operates through four segments: Steel Production, Steel Processing, Trading, and Technology.
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Its Steel Production segment manufactures steel and special steels, such as hot-rolled wide strip, steel sheet, sections, tailored blanks, as well as scrap trading.
The Steel Processing segment produces various high-grade heavy plate products; and manufactures line pipes, HFI-welded tubes, and precision tubes. Its Trading segment operates a European sales network, as well as trading companies and agencies worldwide.
The Technology segment engages in the provision of machinery and plants for the filling and packaging of beverages, as well as special machinery engineering for elastomer production.
It also provides IT, facility management, logistics, automotive engineering, and research and development services, as well as supplies raw materials. The company was founded in 1858 and is headquartered in Salzgitter, Germany.
Stock analysis
Salzgitter AG (SZG) currently trades at €43.76, while our model-based Fair Value estimate is €70.02, implying the stock looks roughly 37.5% undervalued today.
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Valuation
How firm this estimate is: it rests on 2 models at a data quality of 96/100, which puts the data coverage at low.
Scenario range: €52.25 (bear) to €104.51 (bull), the price of €43.76 sits below 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 42/100 (below-average quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Salzgitter AG reported revenue of €9.0B in FY2025 versus €9.8B in FY2021, a compound −2.1%/yr. Reported net income was −€74.2M in FY2025.
Key figures
Market cap €2.4B Mid · P/E ratio 41.7 · P/S ratio 0.27 · EPS (TTM) €1.05 · Dividend yield 0.5% · Net margin 0.6% · Return on equity 1.4% · Return on assets (EBIT) 5.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 22 out of 100 (low confidence).
What moves the price
The share trades about 34% below its 52-week high and 62% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −43% fair-value upside, at 60%, SZG screens cheaper than that median.
Fair Value models
Bear€52.25Fair Value €70.02Bull€104.51
Price €43.76 · Upside +60.0%
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 (€0.7033 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.22/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−10.3%
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.
−10.6%
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.
+4.8%
Start year 2020 (pandemic). Over 10 years: +0.6% a year
Revenue growth 26 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.
+4.8%
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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.
−2.5% (2020) → −3.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
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.Steel · 406 stocks
Beats the industry median on 3/14 measures
Overall it trails its industry peers.
Valuation
Quality Score42 · Below median
Fair Value upside+60.0% · Top 25%
Profitability
Return on equity (12 months)1.4% · Below median
Return on assets−0.7% · Bottom 25%
Net margin (12 months)0.6% · Below median
Operating margin (12 months)−1.6% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−4.0% · Below median
Dividend yield (12 months)0.5% · Bottom 25%
Balance sheet
Debt / equity0.23× · Above median
Valuation Multiplesvs Steel median · lower = cheaper
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). "Salzgitter AG Fair Value". https://www.fairvalue-calculator.com/stock/SZG
Frequently asked questions
Is Salzgitter AG (SZG) overvalued or undervalued?
As of Oct 28, 2026, our model estimates a fair value of €70.02 versus a price of €43.76, about +60% upside (undervalued).
What is the fair value of SZG?
Our model-based fair value for Salzgitter AG is €70.02 (as of Oct 28, 2026), built from audited fundamentals. The current price: €43.76.
What is the quality score of SZG?
Salzgitter AG has a Quality Score of 42/100. 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 Salzgitter AG (SZG)?
Our model-based price target is the fair value of €70.02 (as of Oct 28, 2026) from 1 valuation models. Cautious scenario €52.25, optimistic scenario €104.51. It is a calculation from audited fundamentals, not an analyst target.
What is the Salzgitter AG stock forecast for 2026?
Our models put fair value at €70.02, about +60% upside versus a price of €43.76 (undervalued). Cautious scenario €52.25, optimistic scenario €104.51. The calculation is refreshed regularly with new filings.
What is the revenue of Salzgitter AG (SZG)?
Salzgitter AG reported trailing-twelve-month revenue of about €8.9B (latest available figure, as of Oct 28, 2026).
Does Salzgitter AG pay a dividend?
Salzgitter AG currently shows a dividend yield of 0.46% relative to its recent price (as of Oct 28, 2026).
What is the intrinsic value of Salzgitter AG (SZG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Salzgitter AG it is €70.02 per share (as of Oct 28, 2026), against a price of €43.76. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Salzgitter AG stock overvalued or undervalued in 2026?
As of Oct 28, 2026, SZG trades below its calculated fair value: price €43.76, fair value €70.02, a gap of about +60% (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 SZG?
No. The price is what the market pays today (€43.76); the fair value is what the company's own numbers justify (€70.02). For Salzgitter AG the two are €26.26 per share apart. That gap is exactly why we show both numbers side by side.
How much is Salzgitter AG worth?
The market values Salzgitter AG at about €2.4B (market capitalisation, as of Oct 28, 2026). Per share that is €43.76; our models calculate a fair value of €70.02 per share.
What do the bullish and bearish scenarios say about SZG?
Our models span a range for Salzgitter AG: cautious scenario €52.25, base €70.02, optimistic €104.51 per share (as of Oct 28, 2026, price €43.76). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SZG?
Salzgitter AG trades at a price-to-earnings ratio of 41.7 (as of Oct 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €70.02 is built from several models across several years. Other multiples: PEG 0.8, P/B 0.5, P/S 0.3, EV/EBITDA 34.7.
What is the PEG ratio of SZG?
The PEG ratio of Salzgitter AG is 0.83 (P/E divided by earnings growth, as of Oct 28, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Salzgitter AG (SZG)?
Balance-sheet figures for Salzgitter AG (as of Oct 28, 2026): return on equity 1.4%, debt of 0.23 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is SZG from its 52-week high?
Salzgitter AG trades at €43.76, about 34% below its 52-week high of €66.55 and 62% above the low of €27.02 (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of €70.02 is for.
Which stocks are comparable to Salzgitter AG?
From the same area (Basic Materials) we also value Nucor Corporation, ArcelorMittal S.A, Steel Dynamics, Inc, JSW Steel Limited, 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 Salzgitter AG stock attractive at the current price?
The data as of Oct 28, 2026: price €43.76, calculated fair value €70.02 (+60%), Quality Score 42/100, from 1 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 SZG calculated?
We run Salzgitter AG through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €70.02, 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 13.4 % above its aggregate fair value. Salzgitter AG currently trades 38 % 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 Salzgitter AG (SZG)?
The closing price on Oct 28, 2026 was €43.76. Our model-based fair value is €70.02, about +60% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Salzgitter AG right now?
The large discount to fair value meets weak quality (42/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (€52.25). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (€52.25 to €104.51) leaves room in how you read the outcome.
Key figures of Salzgitter AG
How large is the market capitalisation of Salzgitter AG (SZG)?
The market capitalisation of Salzgitter AG is €2.4B. 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 Salzgitter AG (SZG)?
The price-to-sales ratio of Salzgitter 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 Salzgitter AG (SZG)?
Earnings per share at Salzgitter AG are €1.05 (price ÷ EPS = P/E 41.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Salzgitter AG (SZG)?
The dividend yield of Salzgitter AG is 0.5% (payout 19.0%). 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 Salzgitter AG (SZG)?
The net margin of Salzgitter AG is 0.6% (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 Salzgitter AG (SZG)?
The return on equity (ROE) of Salzgitter AG is 1.4% (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 Salzgitter AG (SZG)?
On an EBIT basis the return on assets of Salzgitter AG is 5.2% (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 Salzgitter AG (SZG)?
The operating margin of Salzgitter AG is −1.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Salzgitter AG (SZG)?
Revenue at Salzgitter AG is growing −4.0% versus a year earlier (3y avg −10.6%). 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 Salzgitter AG (SZG)?
Earnings per share at Salzgitter AG are growing −90.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Salzgitter AG (SZG) generate?
The free cash flow of Salzgitter AG is −€654M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Salzgitter AG (SZG) carry?
The net debt of Salzgitter AG is €1.2B (fiscal year 2025). 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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Thin data
Oct 28, 2026