olivLaw · European equity research
SBO AG SBO.VI
Austria · Wiener Börse · ISIN AT0000946652 · Vertical: Listed companies from Austria
SBO AG manufactures high-alloy non-magnetic steels and precision components and equipment for the energy sector, headquartered in Ternitz, Austria, with companies on four continents. The company is now diversifying toward geothermal, CCS and metal additive manufacturing, while the oil market remains oversupplied and volatile. The company had 1539 employees at 31 December 2025.
At the close of 04 Nov 2026, SBO AG (SBO.VI) stock was 28.70 EUR (−0.52% on the day), with market capitalisation 451.1 m EUR, P/E 19.1 on diluted EPS of 1.50 EUR over the last 12 months, dividend yield 6.10%, beta 0.64, 52-week range 26.20–37.50 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 44.5
- weak (30–45)
- Bollinger (20, 2)
- 28.33 – 30.12
- in the lower half of the band · %B 0.21 · band width 6.2%
- SMA 50 / 200
- 29.63 / 32.38
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.17 / -0.15
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.4% | +0.4% | −2.8 pp | — |
| 3 months | −0.3% | −3.3% | +2.9 pp | — |
| 6 months | −17.5% | +4.0% | −21.5 pp | — |
| Year to date | +5.3% | +8.1% | −2.8 pp | — |
| 1 year | +0.5% | +10.7% | −10.2 pp | +4.9% |
| 3 years | −40.4% | +50.1% | −90.5 pp | +11.8% |
| 5 years | −22.0% | +43.6% | −65.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 9.7, median 10.3, max 18.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 585.9 m | 560.4 m | 455.3 m |
| Revenue YoY | unavailable | −4.3% | −18.8% |
| Net income | 71.6 m | 45.3 m | 23.6 m |
| Net income YoY | unavailable | −36.7% | −48.0% |
| Diluted EPS | 4.55 | 2.88 | 1.50 |
| Diluted EPS YoY | unavailable | −36.7% | −47.9% |
| net % | 12.2% | 8.1% | 5.2% |
| Free cash flow | 51.0 m | 64.5 m | 31.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 281.5 m EUR
- Financial debt
- 313.8 m EUR
- Net debt
- 32.4 m EUR
- Equity
- 421.9 m EUR
- Total assets
- 894.0 m EUR
- Debt / equity
- 0.74x
- Current ratio
- 3.19x
- ROE
- 5.2%
- ROA
- 2.5%
- FCF margin
- 7.0%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 585.9 m | 560.4 m | 455.3 m | esef· 24 Mar 2026verified |
| Cost of revenue | 383.3 m | 390.1 m | 324.7 m | esef· 24 Mar 2026verified |
| Gross profit | 202.6 m | 170.3 m | 130.5 m | esef· 24 Mar 2026verified |
| Operating income | 102.3 m | 70.1 m | 38.5 m | esef· 24 Mar 2026verified |
| Pre-tax income | 94.2 m | 63.6 m | 32.7 m | esef· 24 Mar 2026verified |
| Income tax | 22.6 m | 18.3 m | 9.1 m | esef· 24 Mar 2026verified |
| Net income | 71.6 m | 45.3 m | 23.6 m | esef· 24 Mar 2026verified |
| Diluted EPS | 4.55 | 2.88 | 1.50 | esef· 24 Mar 2026verified |
| Dividend per share | 2.00 | 2.00 | 1.75 | esef· 24 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 162.4 m | 314.7 m | 281.5 m | esef· 24 Mar 2026verified |
| Current assets | 515.4 m | 648.9 m | 556.9 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 130.4 m | 145.1 m | 156.7 m | esef· 24 Mar 2026verified |
| Goodwill | 138.4 m | 146.8 m | 133.2 m | esef· 24 Mar 2026verified |
| Intangibles (excl. goodwill) | 19.0 m | 14.5 m | 18.5 m | esef· 24 Mar 2026verified |
| Total assets | 836.4 m | 986.1 m | 894.0 m | esef· 24 Mar 2026verified |
| Short-term debt | 38.1 m | 42.8 m | 41.5 m | esef· 24 Mar 2026verified |
| Long-term debt | 174.8 m | 298.1 m | 272.3 m | esef· 24 Mar 2026verified |
| Current liabilities | 190.5 m | 175.2 m | 174.6 m | esef· 24 Mar 2026verified |
| Equity | 448.0 m | 492.7 m | 421.9 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 15.7 m | 15.7 m | 15.7 m | esef· 24 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 86.5 m | 98.4 m | 72.4 m | esef· 24 Mar 2026verified |
| Capex | 35.5 m | 34.0 m | 40.6 m | esef· 24 Mar 2026verified |
| Free cash flow | 51.0 m ≈ | 64.5 m ≈ | 31.8 m ≈ | esef· 24 Mar 2026derived |
| Investing cash flow | -53.4 m | -31.6 m | -47.0 m | esef· 24 Mar 2026verified |
| Financing cash flow | -152.9 m | 79.2 m | -40.9 m | esef· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 451.1 m EUR
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 16.92 – 32.91 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E16.92 – 32.91 (Mid 24.54)24 companies used · median multiple 16.4x · quartiles 11.3x – 21.9x1AST.VI, ACAG.VI, AMAG.VI, ANDR.VI, BMAG.VI, CPI.VI, DOC.VI, ETS.VI, EVN.VI, FAA.VI, FACC.VI, FQT.VI, MMK.VI, OMV.VI, POS.VI, POST.VI, PYT.VI, ROS.VI, STR.VI, SWUT.VI, TKA.VI, VER.VI, VOE.VI, WIE.VI
- Dividend discount (DDM)23.80 – 32.45 (Mid 27.46)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.7% | 30 (vs peers) | 23% |
| Net margin · Quality | 5.2% | 72 (vs peers) | 14% |
| FCF conversion · Quality | 135.0% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.2x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 19.1x | 35 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.1% | 88 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality60/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation58/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SBO AG (SBO.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 455.3 m EUR in 2025; YoY growth -18.8%; net margin 5.2%; ROE 5.2%.
The estimated value range is 20.36–32.68 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 26.00 EUR, the price of 28.70 EUR leaves a potential of -9.4% (value / price − 1) and a margin of safety of -10.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 5.2%
- FCF conversion: 135.0%
- Current ratio: 3.2x
- FCF yield: 7.1%
What contradicts it
- ROIC: 5.7%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.4 bn | 23.3 | 8.9% | 6.3% | −7.2% | +52% / +85% |
| VER.VIVerbund AG | 24.1 bn | 16.2 | 14.7% | 18.6% | −2.8% | +9% / −21% |
| STR.VIStrabag Se | 11.9 bn | 12.9 | 17.2% | 4.9% | +7.4% | +33% / +171% |
| ANDR.VIAndritz AG | 8.0 bn | 17.6 | 19.3% | 5.8% | −5.2% | +32% / +65% |
| VOE.VIvoestalpine AG | 7.2 bn | 17.1 | 5.7% | 2.8% | −4.3% | +13% / +62% |
| EVN.VIEvn AG | 5.4 bn | 12.4 | 6.9% | 14.6% | +3.8% | +14% / +12% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 3.0 bn | — | -2.4% | -1.4% | +12.7% | +301% / +428% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +0% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.3 | 18.3% | 4.3% | −2.6% | +5% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.5 | 5.9% | 3.6% | +1.2% | −41% / −33% |
| LNZ.VILenzing Aktiengesellschaft | 1.7 bn | — | -11.8% | -5.2% | −2.3% | −51% / −67% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.5 | 3.6% | 1.9% | −4.8% | −19% / −40% |
| POS.VIPorr AG | 1.2 bn | 10.8 | 12.9% | 1.8% | +1.7% | +6% / +168% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.6 | 4.7% | 2.3% | +2.1% | +35% / +20% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +86% / −47% |
| FQT.VIFrequentis AG | 830.6 m | 29.5 | 15.5% | 4.9% | +20.8% | −9% / +122% |
| ETS.VIEuroTeleSites AG | 730.3 m | 21.9 | 8.8% | 11.9% | +3.7% | −7% / +31% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 729.2 m | — | -3.6% | -1.2% | −7.9% | −2% / −14% |
| FACC.VIFacc AG | 607.0 m | 28.7 | 9.1% | 2.2% | +11.3% | +23% / +129% |
| ROS.VIRosenbauer International AG | 600.7 m | 12.1 | 17.4% | 3.5% | +9.4% | +37% / +107% |
| 1AST.VIASTA Energy Solutions AG | 515.6 m | 17.1 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 451.1 m | 19.1 | 5.2% | 5.2% | −18.8% | +4% / −31% |
| SEM.VISemperit Aktiengesellschaft Holding | 380.1 m | 905.0 | 0.1% | 0.1% | −2.1% | +40% / +28% |
| ACAG.VIAustriacard Holdings AG | 348.9 m | 25.7 | 11.4% | 4.1% | −8.2% | +77% / +65% |
1- and 3-year price returns: for SBO.VI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 15.34 Total return -43% · Per year -43% | 27.26 Total return -0% · Per year -0% | 41.26 Total return 50% · Per year 50% |
| 3 years | 12.18 Total return -48% · Per year -19% | 24.61 Total return -0% · Per year -0% | 41.26 Total return 62% · Per year 17% |
| 5 years | 9.67 Total return -51% · Per year -13% | 22.21 Total return -0% · Per year -0% | 41.26 Total return 74% · Per year 12% |
- Exit P/E± 6.15
- Net margin± 4.31
- Annual revenue growth± 3.89
- Annual dilution± 0.36
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
SBO AG manufactures high-alloy non-magnetic steels and precision components and equipment for the energy sector, headquartered in Ternitz, Austria, with companies on four continents. The company is now diversifying toward geothermal, CCS and metal additive manufacturing, while the oil market remains oversupplied and volatile. The company had 1539 employees at 31 December 2025 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on oil investmenthigh
If oil and gas customers cut investment, demand for drilling and well equipment could fall 1.
- Oil price volatilityhigh
Volatile oil prices could delay customers' investment decisions 1.
- Geopolitical tensionsmedium
Developments in the Middle East could affect markets and supply chains, and their impact cannot currently be estimated 1.
- Supply chainmedium
Delays or shortages from raw material suppliers could affect production and deliveries 1.
- Sustainability data qualitylow
Gaps or errors in data from value chain partners could affect reporting 1.
Investment thesis
What would need to be true (bull case)
- If geothermal, CCS and metal additive manufacturing grow as estimated, the company could benefit from diversification into growing demand segments 1.
- Its niche position and strong patents could support good margins once order intake recovers 1.
- The acquisition of 3T Additive Manufacturing could accelerate entry into the metal 3D printing market 1.
What would break the thesis
What to watch
- Development of orders and revenue in the Precision Technology divisionH1 2026
- Effect of the recovery in drilling activity in the second half of the year2026
- Impact of Middle East tensions on the supply chainnext 10-K
- Progress in diversifying into geothermal, CCS and additive manufacturing2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
SBO AG manufactures high-alloy non-magnetic steels and high-precision components and equipment for the energy and other industries. Products are grouped in two divisions, Precision Technology and Energy Equipment, and customers come from oil and gas, geothermal, lithium and helium extraction, carbon capture and storage (CCS) and defense 1. The company presents itself as a niche player with a patent-protected portfolio and long-term customer and supplier relationships 1.
The business model combines sales and rental: directional drilling and well completion equipment can be bought or rented, and the company also offers service and repair 1. The value chain starts with raw materials such as steel, metal powders for additive manufacturing, aluminium, resins and glass fibre and ends with end users, where many products can be recycled or reintegrated into industrial processes 1.
The company has set emission reduction and diversification targets, and its strategy aims to use existing technologies in adjacent industries, such as next-generation geothermal, alongside advancing 3D metal printing products for the energy transition and industrial markets 1.
Segments
Precision Technology (PT)
The Precision Technology division produces custom high-precision components, from complex steel parts to additive manufacturing solutions, for energy, aerospace, defense and semiconductor industries 1. The company expects sales to remain subdued in the first half of 2026, reflecting weaker order intake in 2025 1.
Energy Equipment (EE)
The Energy Equipment division offers high-end equipment for horizontal and directional drilling and well completion, onshore and offshore, designed for high temperature and pressure conditions 1. These products are used in oil and gas, geothermal, lithium and helium extraction and CCS 1.
Market context
According to estimates cited in the report, global energy demand will keep rising, supported by data centres for artificial intelligence and growth in emerging economies, and oil and gas remain dominant in the energy mix 1. The metal additive manufacturing services market was estimated at about 1.5 billion USD in 2025, with growth expected to 4.8 billion USD by 2030 1.
For 2026 the company expects a still demanding environment, with oil oversupply, volatile prices and geopolitical uncertainty, although global drilling activity could rise slightly 1. Clients in the PT division describe 2026 as a 'transition year', and recovery could come first from international and offshore markets 1.
Trends
- Rising energy demand and geothermaltailwind
Energy demand and geothermal investment could rise, which would support demand for the company's equipment in this segment 1.
- Carbon capture and storagetailwind
CCS drilling could become a separate growth segment within well services, with North America leading 1.
- Metal additive manufacturing and defense frameworktailwind
US legislation on additive manufacturing for defense could accelerate market penetration of metal 3D printing 1.
- Oil oversupply and uncertaintyheadwind
Oil market oversupply, volatile prices and Middle East geopolitical tensions could reduce investment by oil and gas customers 1.
Competitive position
The analysed source does not name competitors. The company operates as a niche player in non-magnetic steels and drilling equipment, and its position depends on patents, product quality and customer relationships 1.
Competition in metal additive manufacturing and oilfield services also exists, but the annual report does not detail these competitors, so the analysis relies only on what the company states 1.
- No competitor named in the source
The annual report does not name direct competitors.
- Major oilfield service clients
Oilfield service companies are customers, and their investment plans influence demand for SBO.
- Metal additive manufacturing service providers
The metal 3D printing services market is described as growing, without naming competitors.
- Geothermal equipment manufacturers
The geothermal segment is identified as a growth area, without details on competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / SBO AG · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.