Salzgitter SZG.DE
GermanyBasic Materials · SteelXetra · EUR
67.10 EUR (+47.2%)
10 analysts
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Salzgitter AG is an integrated German steel group that produces flat steel and steel tubes, with operations ranging from raw material extraction to the manufacturing of high value-added steel products.
Listed on Xetra · Symbol SZG.DE · ETR: SZG · Currency EUR
Key points
from its scores- ✓Good share-price trend8.8
- ✕Unfavourable risk and backdrop0.1
- ✕Little competitive advantage1.6
- ✕Fragile balance sheet2.4
AI analysis
bottom line, main risk, context and newsThe combination of extreme debt, negative margins, and a rising interest rate environment in Europe makes Salzgitter's risk very high. There are no visible catalysts to justify investment.
Salzgitter presents a critical financial health (Net Debt/EBITDA of 16.69) and negative margins (operating margin of -1.63%), reflecting a business in distress. Despite an apparently low forward P/E (5.96), falling revenues and value destruction (ROIC of -2.13%) indicate that the valuation is not attractive. The positive momentum (74.53) does not compensate for the weak fundamentals.
The main risk is financial sustainability: with a Net Debt/EBITDA of 16.69 and negative operating margins, the company is highly vulnerable to a tightening of financial conditions and a prolonged weakness in the steel cycle.
Context and risks
Salzgitter is an integrated German steelmaker with extreme leverage (Net Debt/EBITDA of 16.69) and negative margins. Its exposure to the steel cycle and energy prices in Europe, where gas (TTF) is not in the automatic layer, makes it vulnerable to a rising rate environment from the ECB and weak industrial demand. The combination of massive debt and operating losses amplifies the risk of refinancing and business continuity.
Is Salzgitter stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 282% above the Basic Materials median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 43.4 | 19.2 | +126% |
| EV / EBITDA | 53.7 | 10.0 | +438% |
| Price / book | 0.6 | 2.3 | −76% |
| Price / sales | 0.3 | 2.2 | −87% |
Sector: median of the 141 Basic Materials companies analysed. In bold, the multiples used for the comparison.
Valuation score: 2.8 out of 10 (median for Basic Materials: 5.8).
Average analyst target: 67.10 EUR, +47.2% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 1.6 (sector 5.1), Growth 2.5 (sector 6.8).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Basic Materials medianValuation
- P/E
- 43.4
- Forward P/E
- 6.0
- EV / EBITDA
- 53.7
- Price / book
- 0.6
- Price / sales
- 0.3
- PEG
- 0.83
- Market cap
- 2.5B EUR
- Enterprise value
- 3.6B EUR
Profitability
- ROE
- 1.4%
- ROA
- −1.1%
- ROIC (approx.)
- −2.1%
- Gross margin
- 36.7%
- Operating margin
- −1.6%
- Net margin
- 0.6%
- Free cash flow
- −473.4M EUR
- FCF yield
- −19.2%
- Cash conversion
- −698%
Solvency
- Total debt
- 2.3B EUR
- Net debt
- 1.1B EUR
- Cash
- 1.2B EUR
- EBITDA
- 67.8M EUR
- Net debt / EBITDA
- 16.69
- Debt / equity
- 51.40
- Current ratio
- 1.75
- Quick ratio
- 0.96
Growth
- Revenue growth
- −4.0%
- EPS (TTM)
- 1.05 EUR
- EPS (forward)
- 7.65 EUR
Dividend
- Dividend yield
- 0.4%
- Payout
- 19.0%
Risk and market
- Beta
- 2.20
- Analyst consensus
- Buy (10)
- Target price
- 67.10 EUR
- 52-week range
- 26.66 – 67.60
Recent news
All SZG.DE news →Compare it with its sector
All 141 in Basic Materials →Frequently asked questions about Salzgitter
Is Salzgitter stock cheap or expensive?
On P/E and EV / EBITDA, it trades 282% above the Basic Materials median on average. Valuation score: 2.8 out of 10 (median for Basic Materials: 5.8). Average analyst target: 67.10 EUR, +47.2% versus the price. This is not investment advice.
What score does Salzgitter get on MeridIAn Screener?
It scores 2.7 out of 10, rank 2,102 of 2,130 (better than 1% of the companies analysed). Its strongest category is Momentum (8.8) and its weakest, Risk & Context (0.1). Analysis of 08/10/2026.
What is Salzgitter's P/E ratio?
Its P/E is 43.4: the share price equals 43.4 times earnings per share over the last 12 months. The Basic Materials median is 19.2. Based on the earnings analysts expect, the forward P/E is 6.0.
How much is Salzgitter worth on the stock market?
Its market capitalisation is 2.5B EUR and its enterprise value, debt included, is 3.6B EUR.
How much debt does Salzgitter have?
Its net debt (debt minus cash) is 1.1B EUR. That is 16.69 times its EBITDA; the Basic Materials median is 1.41.
Does Salzgitter pay a dividend?
Yes: its dividend yield is 0.44% and it pays out 19% of its earnings.
How has Salzgitter stock performed over the last year?
It has risen 43.3% over the last year, excluding dividends. Over the last 52 weeks it has traded between 26.66 and 67.60 EUR. Past performance does not guarantee future results.
What do analysts think of Salzgitter?
10 analysts cover it; their average recommendation is “Buy” and their average target is 67.10 EUR (+47.2% versus the price). It is an estimate, not market data.