SURTECO (SUR) AI Stock Analysis

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SURTECO

(XETRA:SUR)

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Rating:40Underperform

Price Target:EUR 6.00▼(-2.44% Downside)

Action:reiterated

Date:11/05/26

SURTECO scores poorly, driven primarily by deteriorating fundamentals: shrinking revenue, near-breakeven operating margins, recurring net losses and leverage of about 5x EBITDA that leaves minimal room for error if earnings do not inflect. Ongoing deleveraging, positive free cash flow and a solid 40% equity base are genuine but limited offsets. Technicals reinforce the caution, with the price below all major moving averages and negative MACD, although deeply oversold RSI and Stochastic readings raise the possibility of a short-term bounce. Valuation provides little help — the P/E is negative due to losses, and the 4.8% dividend yield is appealing only if it proves sustainable against thin free cash flow. Earnings call and corporate events data were unavailable and excluded, with their weight redistributed across the remaining components.

Positive Factors

Positive Cash GenerationPositive operating cash flow of about €29.7m and free cash flow of about €9.5m show that SURTECO is still converting its operations into cash despite reported losses. That supports ongoing investment and financial obligations, although the pack notes conversion is only moderate.

Negative Factors

Revenue and Profitability DeclineTTM revenue fell 12.6%, EBITDA margin contracted to about 9.4%, EBIT was near breakeven, and the company returned to net losses. This weak earnings base reduces internal funding capacity and leaves future results more exposed to demand, pricing and cost pressure.

SURTECO (SUR) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 96.14M
Dividend Yield: 4.84%
Average Volume (3M): 958
Price to Earnings (P/E): -6.4
Beta (1Y): 0.32
Revenue Growth: -3.53%
EPS Growth: -230.80%
Country: Germany
Employees: 3,632
Sector: General
Sector Strength: 55
Industry: Paper, Lumber & Forest Products

SURTECO Business Overview & Revenue Model

Company Description

Surteco Group SE, based in Buttenwiesen, Germany, is engaged in the development, production, and worldwide sale of coated surface materials made from paper and plastic. Its market reach extends across Germany, the rest of Europe, and both North and S...

How the Company Makes Money

SURTECO makes money mainly by selling surface materials and finishing components to manufacturers in the furniture and interiors value chain. Its revenue model is largely B2B and product-driven: (1) Decorative surfaces and papers: SURTECO sells decor...

SURTECO Financial Statement Overview

Summary

Financials are weak across the board. Revenue is contracting at a double-digit rate (-12.6%) to roughly €805M TTM, operating margin has collapsed from 9.9% in 2021 to just 1.2%, and the company has posted net losses in three of the last four periods (-€15.0M TTM, -1.5% net margin). The balance sheet is the steadier element — equity funds about 40% of assets and debt has been cut from €471M in 2023 to €376M — but leverage of 1.03x equity and about 5x EBITDA against only €6.6M of operating profit leaves almost no interest-coverage headroom. Cash flow remains positive, yet operating cash flow has fallen from €100.6M in 2023 to €29.7M, and heavy capex leaves only €9.5M of free cash flow, limiting capacity to deleverage or fund the dividend.

Income Statement

27Negative

Balance Sheet

43Neutral

Cash Flow

40Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Dec 2024	Dec 2023	Dec 2022	Mar 2022
Income Statement
Total Revenue	804.69M	821.19M	856.59M	835.09M	747.70M	757.06M
Gross Profit	131.45M	130.44M	444.25M	400.36M	360.53M	391.43M
EBITDA	72.89M	101.75M	99.72M	68.27M	85.82M	117.02M
Net Income	-15.00M	-14.34M	8.41M	-12.29M	25.23M	47.81M
Balance Sheet
Total Assets	926.22M	948.73M	1.01B	1.04B	851.86M	795.15M
Cash, Cash Equivalents and Short-Term Investments	41.13M	80.54M	73.64M	111.81M	121.80M	74.75M
Total Debt	376.21M	392.91M	411.10M	471.11M	270.51M	225.61M
Total Liabilities	559.14M	585.07M	601.92M	648.89M	425.79M	381.47M
Stockholders Equity	367.08M	363.67M	410.48M	392.63M	426.07M	413.68M
Cash Flow
Free Cash Flow	9.53M	7.00M	40.03M	61.77M	18.82M	10.65M
Operating Cash Flow	29.68M	32.42M	64.92M	100.58M	69.14M	43.75M
Investing Cash Flow	-25.45M	-27.71M	-27.85M	-273.17M	-38.94M	-30.68M
Financing Cash Flow	-17.31M	3.83M	-78.71M	166.70M	15.08M	-72.63M

SURTECO Technical Analysis

Technical Analysis SentimentNegative

Last Price6.15

Price Trends

50DMA7.01Negative

100DMA7.96Negative

200DMA9.40Negative

Market Momentum

MACD-0.28Positive

RSI22.96Positive

STOCH16.94Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:SUR, the sentiment is Negative. The current price of 6.15 is below the 20-day moving average (MA) of 6.57, below the 50-day MA of 7.01, and below the 200-day MA of 9.40, indicating a bearish trend. The MACD of -0.28 indicates Positive momentum. The RSI at 22.96 is Positive, neither overbought nor oversold. The STOCH value of 16.94 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:SUR.

SURTECO Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

DE:SUR against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DE:STO3	74Outperform	EUR 601.39M	14.68	5.42%	0.29%	1.61%	23.38%
DE:UZU	71Outperform	EUR 330.91M	12.11	9.06%	2.95%	8.61%	-13.27%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
DE:VIB3	45Neutral	EUR 286.51M	-47.61	-1.76%	7.76%	-10.78%	-165.43%
DE:SUR	40Underperform	EUR 96.14M	-6.42	-4.08%	4.84%	-3.53%	-230.80%
DE:ACWN	34Underperform	EUR 15.48M	-32.10	-0.73%	2.46%	-3.43%	90.00%

* General Sector Average

Performance Comparison

DE:SUR and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DE:SUR	SURTECO SE	6.15	-6.90	-52.87%
DE:ACWN	A.S. Creation Tapeten AG	6.10	-2.28	-27.17%
DE:SIM0	Simona AG	69.50	19.50	39.01%
DE:STO3	STO SE & Co. KGaA	107.20	-5.75	-5.09%
DE:UZU	Uzin Utz	64.40	-6.63	-9.34%
DE:VIB3	Villeroy & Boch	10.95	-4.21	-27.79%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 05, 2026

SURTECO AI Stock Analysis