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Wie Sie wissen möglicherweise, hat SMA Solar Technology AG (ETR:S92) kürzlich seine Quartalszahlen vorgelegt. Die Umsätze fielen 2,0% unter den Erwartungen bei €341m. Die Ergebnisse entsprachen dementsprechend, mit einer gesetzlichen Verlust von €0,05 pro Aktie, während die Analysten zuvor einen Gewinn in dieser Periode modelliert hatten. Die Analysten aktualisieren ihre Prognosen typischerweise nach jedem Earnings-Report und wir können aus ihren Schätzungen ersehen, ob ihr Blick auf das Unternehmen sich geändert hat oder ob es neue Bedenken gibt. Mit diesem Hintergrund haben wir die neuesten gesetzlichen Prognosen zusammengetragen, um zu sehen, was die Analysten für nächstes Jahr erwarten.

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Für den vollständigen Transkript des Earnings Calls, bitte auf den vollständigen Earnings Call-Transkript verweisen. Positiv zu vermerken ist, dass sich die Gruppenverkäufe um 4% auf EUR 341 Millionen im Vergleich zum Vorjahr erhöhten. Die Division Home und Business Solutions sah ein signifikantes Verkaufswachstum von 27%. Der operative Gruppenebitda vor Einmaleffekten stieg um 67% auf EUR 25 Millionen. Das Gesamtbestellvolumen erhöhte sich auf EUR 1,41 Milliarden, was starke zukünftige Nachfrage anzeigt. Die Firma gelang es, den finnischen Markt mit einem Flaggschiff-Energie-Speichersystem zu betreten und so sein europäisches Fußabdruck zu erweitern.

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As geopolitical tensions and economic uncertainties weigh on European markets, the pan-European STOXX Europe 600 Index has recently experienced a decline, with defensive sectors like utilities and telecoms showing relative strength. In this environment, identifying undervalued stocks becomes crucial for investors seeking opportunities to capitalize on potential market mispricings.

Top 10 Undervalued Stocks Based On Cash Flows In Europe

Name Current Price Fair Value (Est) Discount (Est) Yubico (OM:YUBICO) SEK40.70 SEK79.99 49.1% Serviceware (XTRA:SJJ) €12.45 €24.40 49% Metriks AI. Società Benefit (BIT:MTK) €3.56 €7.05 49.5% Eltel (OM:ELTEL) SEK9.54 SEK18.90 49.5% Dometic Group (OM:DOM) SEK31.60 SEK61.61 48.7% DEUTZ (XTRA:DEZ) €10.01 €19.70 49.2% cyan (XTRA:CYR) €2.02 €4.01 49.6% Cheffelo (OM:CHEF) SEK108.40 SEK211.59 48.8% CAG Group (OM:CAG) SEK111.00 SEK218.22 49.1% B&S Group (ENXTAM:BSGR) €5.85 €11.66 49.8%

Click here to see the full list of 200 stocks from our Undervalued European Stocks Based On Cash Flows screener.

We'll examine a selection from our screener results.

Adyen

Overview: Adyen N.V. operates a comprehensive payments platform across Europe, the Middle East, Africa, North America, the Asia Pacific, and Latin America with a market capitalization of €30.76 billion.

Operations: The company's revenue from Payment Services is €2.38 billion.

Estimated Discount To Fair Value: 24.5%

Adyen is trading 24.5% below its estimated fair value, suggesting potential undervaluation based on cash flows. Despite a volatile share price recently, Adyen's revenue and earnings are forecast to grow faster than the Dutch market at 15.7% and 15.9% per year, respectively. The company's strategic partnerships and innovative offerings like Intelligent Money Movement enhance its capabilities in managing complex global payment flows, potentially supporting future cash flow generation amidst robust growth expectations in high-volume environments.

The analysis detailed in our Adyen growth report hints at robust future financial performance. Click to explore a detailed breakdown of our findings in Adyen's balance sheet health report.ENXTAM:ADYEN Discounted Cash Flow as at Apr 2026

Stille

Overview: Stille AB develops, manufactures, and distributes medtech products in Sweden and internationally with a market cap of SEK2.32 billion.

Operations: Revenue segments for Stille AB include the development, manufacturing, and distribution of medtech products both domestically in Sweden and internationally.

Estimated Discount To Fair Value: 21.7%

Stille AB is trading 21.7% below its estimated fair value, indicating potential undervaluation based on cash flows. Recent earnings reports show consistent revenue growth, with Q1 2026 sales reaching SEK 179.07 million, up from SEK 129.29 million a year ago. Earnings are forecast to grow significantly at over 20% annually, outpacing the Swedish market's growth rate of 8.5%. Despite slower revenue growth projections compared to peers, Stille's cash flow valuation remains compelling for investors seeking undervalued opportunities in Europe.

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Our growth report here indicates Stille may be poised for an improving outlook. Click here and access our complete balance sheet health report to understand the dynamics of Stille.OM:STIL Discounted Cash Flow as at Apr 2026

SMA Solar Technology

Overview: SMA Solar Technology AG, with a market cap of €1.79 billion, develops, produces, and sells PV and battery inverters, monitoring systems for PV systems, and charging solutions for electric vehicles both in Germany and internationally.

Operations: The company's revenue is primarily derived from two segments: Home & Business Solutions, which generated €247.20 million, and Large Scale & Project Solutions, contributing €1.27 billion.

Estimated Discount To Fair Value: 42.7%

SMA Solar Technology is trading at €51.5, significantly below its estimated future cash flow value of €89.91, offering potential undervaluation for investors focused on cash flows. Despite a net loss of €181.13 million in 2025, the company is expected to become profitable within three years with an annual earnings growth forecast of 84.14%. However, revenue growth is projected at 5% annually, lagging behind the German market's average growth rate of 6.1%.

Insights from our recent growth report point to a promising forecast for SMA Solar Technology's business outlook. Get an in-depth perspective on SMA Solar Technology's balance sheet by reading our health report here.XTRA:S92 Discounted Cash Flow as at Apr 2026

Make It Happen

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include ENXTAM:ADYEN OM:STIL and XTRA:S92.

This article was originally published by Simply Wall St.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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Shareholders of SMA Solar Technology AG (ETR:S92) will be pleased this week, given that the stock price is up 18% to €46.50 following its latest full-year results. The results overall were pretty much dead in line with analyst forecasts; revenues were €1.5b and statutory losses were €5.22 per share. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.

This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.XTRA:S92 Earnings and Revenue Growth March 30th 2026

Following the latest results, SMA Solar Technology's five analysts are now forecasting revenues of €1.58b in 2026. This would be an okay 4.1% improvement in revenue compared to the last 12 months. SMA Solar Technology is also expected to turn profitable, with statutory earnings of €1.85 per share. Yet prior to the latest earnings, the analysts had been anticipated revenues of €1.58b and earnings per share (EPS) of €1.83 in 2026. So it's pretty clear that, although the analysts have updated their estimates, there's been no major change in expectations for the business following the latest results.

See our latest analysis for SMA Solar Technology

With the analysts reconfirming their revenue and earnings forecasts, it's surprising to see that the price target rose 11% to €37.20. It looks as though they previously had some doubts over whether the business would live up to their expectations. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. There are some variant perceptions on SMA Solar Technology, with the most bullish analyst valuing it at €43.00 and the most bearish at €28.00 per share. This shows there is still a bit of diversity in estimates, but analysts don't appear to be totally split on the stock as though it might be a success or failure situation.

One way to get more context on these forecasts is to look at how they compare to both past performance, and how other companies in the same industry are performing. It's pretty clear that there is an expectation that SMA Solar Technology's revenue growth will slow down substantially, with revenues to the end of 2026 expected to display 4.1% growth on an annualised basis. This is compared to a historical growth rate of 13% over the past five years. By way of comparison, the other companies in this industry with analyst coverage are forecast to grow their revenue at 11% per year. Factoring in the forecast slowdown in growth, it seems obvious that SMA Solar Technology is also expected to grow slower than other industry participants.

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The Bottom Line

The most important thing to take away is that there's been no major change in sentiment, with the analysts reconfirming that the business is performing in line with their previous earnings per share estimates. On the plus side, there were no major changes to revenue estimates; although forecasts imply they will perform worse than the wider industry. We note an upgrade to the price target, suggesting that the analysts believes the intrinsic value of the business is likely to improve over time.

With that in mind, we wouldn't be too quick to come to a conclusion on SMA Solar Technology. Long-term earnings power is much more important than next year's profits. At Simply Wall St, we have a full range of analyst estimates for SMA Solar Technology going out to 2028, and you can see them free on our platform here..

You should always think about risks though. Case in point, we've spotted 1 warning sign for SMA Solar Technology you should be aware of.

Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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SMA Solar Technology logo

Key Points

Stable revenue but weaker reported profitability: Group sales were roughly EUR 1.5 billion in 2025 while reported EBITDA fell to -EUR 65 million (operating EBITDA before one-offs was EUR 107 million), yet the company delivered a cash-flow turnaround with free cash flow of EUR 110 million and net cash rising to EUR 176 million. Sharp divisional divergence: Large Scale grew to EUR 1.3 billion with a strong product backlog of EUR 975 million, while Home and Business Solutions plunged 30% to EUR 247 million with reported EBIT of -EUR 376 million after large inventory write-offs and impairments, prompting a broad HBS transformation (portfolio, outsourcing, and production shifts). Wide 2026 guidance and material risks: Management issued guidance of EUR 1.475–1.675 billion in sales and EUR 50–180 million EBITDA, citing uncertainty from U.S. tariff/refund outcomes, currency swings, and German policy (EEG) that could affect revenue and earnings by mid double-digit millions. Interested in SMA Solar Technology AG? Here are five stocks we like better.

SMA Solar Technology (ETR:S92) management outlined a year of steady revenue but sharply divergent performance between its Large Scale and Home and Business Solutions (HBS) divisions, alongside a major cash-flow turnaround and an outlook for 2026 shaped by tariff, currency, and policy uncertainty.

Full-year 2025 results: stable sales, weaker reported profitability

Chief Financial Officer Kaveh Rouhi said group sales for 2025 were EUR 1.5 billion, “nearly in line with last year.” Growth in the Large Scale and Project Solutions division offset a significant decline in Home and Business Solutions.

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Reported group EBITDA declined to -EUR 65 million from -EUR 16 million in 2024. Rouhi attributed the change to lower sales volume and weaker fixed-cost absorption in HBS, along with several one-time items including inventory devaluations and scrappage, provisions for purchase obligations, and provisions tied to the restructuring and transformation program.

Operating group EBITDA before one-offs was EUR 107 million (down from EUR 148 million in 2024), with the Large Scale division’s operating performance more than offsetting negative operating results in HBS.

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Management also highlighted headwinds not included in the company’s one-off adjustments. Rouhi said currency translation and tariffs negatively impacted 2025 results by almost EUR 50 million. He added that competitive pricing pressure in HBS drove “mid double-digit million” margin erosion, though he said restructuring and savings efforts in that division “overcompensated” for the effect.

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Divisional performance: Large Scale grew while HBS contracted

By geography, the Americas represented 42% of revenue (up from 40% in 2024), supported by another strong year for Large Scale in the U.S. EMEA remained the largest region at 46% (down from 48%), with the decline linked to weaker HBS sales, which are concentrated in EMEA. APAC’s share was stable at 12%. The main markets in 2025 were the U.S., Germany, Australia, and the U.K.

Home and Business Solutions (HBS): Sales fell 30% year over year to EUR 247 million from EUR 354 million. Rouhi said lower demand and high competitive and price pressure weighed on results, with Germany a key driver as the home segment installation rate was “about 30% lower than in 2024.” Reported EBIT was -EUR 376 million, compared with -EUR 315 million in 2024. Management cited one-offs including roughly EUR 123 million of inventory write-offs and scrapping, EUR 36 million in provisions for purchase commitments, and EUR 67 million of impairments on R&D and fixed assets. Large Scale and Project Solutions: Sales rose to EUR 1.3 billion from EUR 1.2 billion. EBIT was EUR 211 million, down from EUR 227 million in 2024. Rouhi said results were affected by U.S. dollar depreciation versus 2024 and tariffs, as well as a year-end update to warranty cost parameters that increased provisions. He also noted a EUR 7.5 million write-down of open receivables in the U.S. in the first half. These negatives were partly offset by the reversal of provisions tied to the settlement of an O&M contract in North America in the mid-single-digit million-euro range.

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At the group level, reported EBIT margin was -12% versus 6% in 2024, while operating EBIT margin was 3.6% in 2025 compared with 6.3% in 2024. Depreciation and amortization rose to EUR 123 million, driven by about EUR 71 million of one-time impairments on R&D assets and fixed assets.

Cash flow and balance sheet: working-capital reduction drives turnaround

Despite net income of -EUR 181 million, Rouhi emphasized a strong cash performance, with free cash flow of EUR 110 million, compared with -EUR 184 million in the prior year. Cash flow from operating activities improved to EUR 156 million from -EUR 130 million, which management attributed to net working capital optimization and operating profits, while many one-time items were “nearly all non-cash.”

Net working capital declined to EUR 230 million from EUR 473 million, lowering the net working capital ratio to 14%. Inventories fell to EUR 357 million from EUR 564 million, driven mainly by write-downs and scrappage and by an operational reduction of physical inventories in HBS of about EUR 100 million, partly offset by about EUR 50 million of inventory build linked to Large Scale projects in the pipeline.

Net cash more than doubled to EUR 176 million at year-end, and total cash was EUR 222 million. The company continued to use its revolving credit facility, with EUR 45 million utilized at year-end; Rouhi said SMA reduced the facility position by EUR 100 million over the year on the back of cash generation. Equity fell to EUR 366 million, resulting in an equity ratio of 28%.

Order backlog: visibility supported by Large Scale demand

Total order backlog was EUR 1.3 billion at the end of December 2025, broadly in line with the end of 2024. Product order backlog stood at EUR 1.0 billion.

Large Scale product order backlog remained high at EUR 975 million, which management said supports visibility for 2026 revenues in the division. HBS backlog was EUR 43 million. In the fourth quarter, order intake for Large Scale was EUR 480 million and HBS was EUR 66 million.

Strategy updates and 2026 outlook: transformation progress and a wider guidance range

Rouhi said SMA is on track with its cost-saving targets in restructuring but argued that “bringing down the cost base alone will not be sufficient” for HBS competitiveness, outlining a broader transformation across portfolio, supply chain, production footprint, and sales/service.

In HBS, management described progress on a “renewed and leaner portfolio,” including a new three-phase hybrid solution in two power classes planned to be introduced at Intersolar in June, the January launch of the Sunny Tripower X 60, and a new storage solution for the U.S. market expected during 2026. SMA said it will focus more on software development and outsource hardware development for HBS solutions to partners. The company ramped a global competence center in India, recruiting 30 FTEs in 2025 with plans for 28 more in 2026, and said the shift enabled a reduction of around 50 FTEs in solution development in Germany.

In production, management said it is ramping assembly in Kraków, including Universe-line products such as Sunny Boy Smart Energy and Sunny Tripower X, and began production of the SMA eCharger there. The move enabled SMA to reduce headcount and production in Kassel. In sales and service, SMA said it withdrew HBS sales from Australia, Latin America, and Asia Pacific, and increased customer service headcount in its MSSC in Poland.

For Large Scale, management discussed a shift in the battery energy storage system (BESS) customer base toward independent power producers and specialized developers, and the need to adapt commercial engagement and long-term service offerings. The company also highlighted opportunities tied to data centers and hybrid solar-plus-storage architectures, including a DC-DC converter skid concept for large-scale hybrid systems.

For 2026, SMA issued a broader range due to uncertainties. Guidance calls for:

Sales:EUR 1.475 billion to EUR 1.675 billion EBITDA:EUR 50 million to EUR 180 million

Planning assumptions include Large Scale sales slightly above 2025 supported by backlog and sustained demand, and higher HBS sales following the 2025 demand drop, with market growth in core countries projected in the low single digits and actions to fill product portfolio gaps aimed at regaining market share.

Rouhi also flagged risks around U.S. tariffs and refunds following a Supreme Court decision in February that the 2025 tariffs were unlawful, noting uncertainty over potential pass-through and the timing of refunds. Guidance reflects a potential negative impact in the “mid double-digit million” euro range on revenue and earnings. Management also cited currency sensitivity due to U.S. dollar exposure and noted policy uncertainty in Germany linked to discussions around EEG reform.

In Q&A, Rouhi said the company had not seen major changes in U.S. demand early in the year and that customers generally do not “safe harbor” through inverters. On Germany, he described the market as “very relevant” for HBS, and said internal modeling suggested subsidy changes would not be positive but were not expected to cause a “dramatic drop,” though uncertainty could weigh on demand.

About SMA Solar Technology (ETR:S92)

SMA Solar Technology AG, together with its subsidiaries, engages in development, production, and sale of PV and battery inverters, transformers, chokes, monitoring systems for PV systems, and charging solutions for electric vehicles in Germany and internationally. It operates through Home Solutions, Commercial and Industrial Solutions, and Large Scale and Project Solutions segments. The company offers string and central solar inverters for various module types; battery inverters for high voltage batteries, on- and off- grid applications, commercial and industrial storage solutions, large scale storage solutions, and accessories; medium-voltage technology products; and DC-DC converters.

The article "SMA Solar Technology Q4 Earnings Call Highlights" was originally published by MarketBeat.

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