Added to YB: 2026-08-14
Pitch date: 2026-08-12
SGL.DE [neutral]
SGL Carbon SE
-4.09%
current return
Author Info
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Company Info
SGL Carbon SE, together with its subsidiaries, manufactures and sells special graphite, carbon fiber, and composite products in Germany, rest of Europe, the United States, China, rest of Asia, and internationally.
Market Cap
EUR 527.6M
Pitch Price
EUR 4.40
Price Target
N/A
Dividend
N/A
EV/EBITDA
4.99
P/E
-14.38
EV/Sales
0.79
Sector
Electrical Equipment
Category
turnaround
[SGL] Revisiting SGL Carbon
SGL.DE (overview): German graphite maker, post-restructuring. Cut carbon fiber division, workforce -24%, under budget/ahead of schedule. Now nuclear/defense story vs prior SiC. GS margin collapsed 18.5%→8.7%; underlying profit €82M (headline €120M contains €28.7M one-off contract payments). ~7.4x EV/EBIT vs Toyo Tanso 12.8x. Qualification moat held but earns just 9.8% ROCE. Risks: €220.6M cash-settled bonds 2027-28, ~€8M FCF, no dividend, SDAX-ejected, 54% held by non-trading anchors. Whole thesis: is 8.7% margin trough or new normal?
Read full article (22 min)