Hawesko Holding AG (HAW.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

+630.6%

€104.84

vs €14.35 price

Levered DCF

€108.36

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.35

Grey zone

Rating

B+

Overall 3 / 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	16.31×	19.2×	35.22×	13.75×	14.17×	16.68×	20.06×	16.49×
P/B	1.42×	1.95×	2.33×	2.68×	3.65×	3.46×	2.96×	3.33×
P/S	0.28×	0.37×	0.43×	0.52×	0.7×	0.64×	0.57×	0.69×
EV / EBITDA	6.24×	6.75×	9.82×	7.18×	7.51×	7.97×	8.95×	9.69×
Gross margin	43.9%	44.6%	44.0%	43.8%	44.2%	44.3%	43.4%	42.7%
Operating margin	1.9%	4.8%	3.7%	5.8%	7.8%	6.8%	5.2%	5.3%
Net margin	1.7%	1.9%	1.2%	3.8%	4.9%	3.8%	2.8%	4.2%
Current ratio	1.29×	1.33×	1.39×	1.36×	1.36×	1.32×	1.4×	1.36×
Debt / equity	1.34×	1.43×	1.52×	1.19×	1.17×	1.31×	1.43×	0.36×
Interest coverage	1.72×	3.91×	3.62×	5.28×	7.39×	10.36×	6.53×	53.57×
Dividend yield	6.8%	4.9%	6.0%	6.4%	3.8%	4.0%	4.0%	3.2%
Payout ratio	110.5%	93.9%	210.0%	87.8%	53.4%	66.0%	80.8%	53.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.7%	10.2%	6.7%	19.5%	25.8%	20.8%	14.8%	20.2%
Return on invested capital	2.6%	5.7%	3.7%	8.6%	12.8%	10.1%	6.6%	12.4%
Return on assets	2.5%	2.9%	1.8%	5.9%	7.7%	5.6%	4.0%	7.6%
Free cash flow yield	23.0%	22.3%	0.7%	5.9%	8.7%	19.0%	8.2%	5.7%
Earnings yield	6.1%	5.2%	2.9%	7.3%	7.1%	6.0%	5.0%	6.1%
Enterprise value	€313.5M	€389M	€453.7M	€477.7M	€575.9M	€498M	€451.1M	€376.6M
Net debt / EBITDA	2.8×	2.62×	3.65×	1.89×	1.3×	1.62×	2.66×	0.35×
Cash conversion cycle (days)	80	82	94	89	73	60	92	96