Hamborner REIT AG (HABA.DE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+79.6%

€7.17

vs €3.99 price

Levered DCF

€2.03

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.28

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	29.8×	31.75×	-850.62×	42.06×	14.88×	-64.79×	44.5×	34.88×
P/B	0.95×	1.26×	1.29×	1.16×	1.62×	1.53×	1.52×	1.25×
P/S	3.41×	4.89×	5.36×	5.52×	8.21×	7.08×	7.86×	6.89×
EV / EBITDA	14.18×	15.16×	17.92×	18.53×	14.17×	20.37×	20.78×	18.67×
Gross margin	69.1%	70.9%	72.7%	72.6%	75.9%	77.3%	77.7%	75.9%
Operating margin	21.6%	23.4%	10.6%	25.7%	32.3%	33.0%	33.6%	33.9%
Net margin	11.7%	15.4%	-0.6%	13.4%	55.2%	-9.1%	18.0%	20.0%
Current ratio	0.4×	0.44×	0.76×	1.18×	1.54×	0.61×	0.13×	0.24×
Debt / equity	1.66×	1.59×	1.57×	1.63×	1.5×	1.6×	1.34×	1.22×
Interest coverage	1.73×	1.78×	0.79×	1.97×	2.22×	2.12×	2.1×	2.04×
Dividend yield	10.7%	7.6%	6.8%	7.0%	3.9%	5.2%	4.7%	5.4%
Payout ratio	312.4%	240.0%	-5792.6%	287.1%	57.6%	-404.5%	205.1%	184.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.2%	4.0%	-0.2%	2.8%	10.9%	-2.0%	3.5%	3.6%
Return on invested capital	2.2%	2.3%	1.0%	2.0%	2.5%	2.9%	2.7%	2.7%
Return on assets	1.2%	1.4%	-0.1%	1.0%	4.2%	-0.7%	1.4%	1.6%
Free cash flow yield	12.2%	10.9%	7.2%	1.6%	-0.3%	-1.4%	1.6%	-9.8%
Earnings yield	3.4%	3.1%	-0.1%	2.4%	6.7%	-1.3%	2.3%	2.9%
Enterprise value	€960.9M	€1.1B	€1.2B	€1.2B	€1.5B	€1.4B	€1.5B	€1.3B
Net debt / EBITDA	8.82×	8.15×	9.55×	9.99×	6.39×	10.18×	9.68×	9.19×
Cash conversion cycle (days)	-25	-154	-211	-70	780	244	-143	-206