HORNBACH Holding AG & Co. KGaA (HBH.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

+85.9%

€171.81

vs €92.40 price

Levered DCF

€154.87

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.07

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	9.93×	9.03×	9.02×	8×	9.41×	7.89×	7.75×	11.27×
P/B	0.67×	0.65×	0.61×	0.71×	1.15×	0.88×	0.61×	0.59×
P/S	0.21×	0.2×	0.18×	0.2×	0.32×	0.24×	0.17×	0.17×
EV / EBITDA	5.76×	4.95×	4.56×	5.38×	5.79×	4.79×	4.87×	5.94×
Gross margin	31.5%	34.8%	33.8%	33.4%	35.0%	35.2%	35.8%	36.0%
Operating margin	3.9%	4.3%	3.8%	4.6%	6.1%	5.9%	4.5%	2.8%
Net margin	2.2%	2.3%	2.0%	2.5%	3.4%	3.0%	2.2%	1.5%
Current ratio	1.36×	1.5×	1.66×	1.47×	1.6×	1.89×	2.05×	1.54×
Debt / equity	0.8×	0.81×	0.85×	1×	1.03×	1.03×	1.15×	0.75×
Interest coverage	4.31×	4.72×	4.16×	5.76×	8.22×	7.35×	4.34×	5.15×
Dividend yield	2.8%	3.1%	3.6%	3.1%	1.7%	1.8%	3.0%	4.0%
Payout ratio	27.7%	28.4%	32.5%	24.4%	16.0%	14.5%	22.9%	44.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.7%	7.2%	6.8%	8.8%	12.2%	11.2%	7.8%	5.2%
Return on invested capital	4.3%	5.1%	4.8%	5.9%	7.9%	7.3%	4.9%	3.6%
Return on assets	2.7%	3.0%	2.8%	3.3%	4.6%	4.1%	2.8%	2.2%
Free cash flow yield	13.1%	10.6%	25.2%	17.7%	8.9%	14.7%	23.8%	-19.3%
Earnings yield	10.1%	11.1%	11.1%	12.5%	10.6%	12.7%	12.9%	8.9%
Enterprise value	€2.7B	€2.5B	€2.3B	€2.6B	€3.2B	€2.4B	€2B	€1.4B
Net debt / EBITDA	2.84×	2.48×	2.36×	2.78×	2.43×	2.17×	2.88×	2.72×
Cash conversion cycle (days)	76	75	82	71	82	75	75	73