Hamburger Hafen und Logistik AG (HHFA.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

-214.7%

-€24.66

vs €21.50 price

Levered DCF

-€15.05

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

1.18

Distress zone

Rating

D+

Overall 1 / 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	164.62×	41.12×	62.07×	7.21×	14.58×	20.72×	18.59×	11.31×
P/B	2.08×	1.75×	1.68×	1.2×	2.42×	2.69×	3.25×	2.03×
P/S	0.92×	0.83×	0.87×	0.61×	1.12×	1.18×	1.39×	0.98×
EV / EBITDA	8.79×	8.09×	8.12×	5×	6.44×	8.53×	7.77×	5.31×
Gross margin	20.5%	18.4%	16.8%	24.2%	25.8%	21.6%	24.5%	28.0%
Operating margin	9.5%	8.7%	6.6%	14.5%	15.4%	10.5%	15.3%	15.8%
Net margin	0.6%	2.0%	1.4%	8.4%	7.7%	5.7%	7.5%	8.7%
Current ratio	1.12×	1.44×	1.26×	1.51×	1.39×	1.47×	1.73×	2.16×
Debt / equity	2.12×	1.98×	1.77×	1.4×	1.67×	1.86×	1.93×	0.85×
Interest coverage	2.41×	2.46×	1.83×	6.86×	5.52×	4.77×	7.02×	17.08×
Dividend yield	0.7%	0.9%	4.8%	6.3%	1.3%	1.9%	3.2%	4.1%
Payout ratio	115.8%	36.1%	302.2%	45.1%	18.6%	39.9%	59.8%	46.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.3%	4.3%	2.7%	16.7%	16.6%	13.0%	17.5%	18.0%
Return on invested capital	1.6%	2.9%	2.3%	6.2%	6.2%	4.3%	6.5%	8.7%
Return on assets	0.3%	1.0%	0.7%	4.8%	4.0%	2.9%	4.0%	5.7%
Free cash flow yield	-4.6%	-5.4%	-4.2%	10.5%	7.8%	7.1%	7.5%	7.5%
Earnings yield	0.6%	2.4%	1.6%	13.9%	6.9%	4.8%	5.4%	8.9%
Enterprise value	€3.1B	€2.6B	€2.4B	€2B	€2.6B	€2.5B	€2.9B	€1.6B
Net debt / EBITDA	4.18×	3.96×	3.84×	2.55×	2.41×	3.24×	2.63×	1.15×
Cash conversion cycle (days)	23	36	17	51	50	52	59	63