Hapag-Lloyd AG (HLAG.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

+347.6%

€590.82

vs €132.00 price

Levered DCF

€568.93

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.64

Grey zone

Rating

C+

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	22.7×	11.3×	8.08×	1.83×	5.37×	17.44×	37.14×	107.33×
P/B	1.15×	1.31×	1.27×	1.12×	3.02×	2.41×	2.04×	0.63×
P/S	1.11×	1.41×	1.32×	0.9×	2.19×	1.26×	1.07×	0.34×
EV / EBITDA	7.53×	5.61×	4.43×	1.11×	4.28×	7.99×	9.56×	8.12×
Gross margin	8.2%	17.0%	27.7%	52.4%	44.1%	14.0%	9.3%	7.3%
Operating margin	5.0%	13.5%	14.0%	50.5%	42.0%	10.1%	6.1%	3.5%
Net margin	4.9%	12.5%	16.4%	49.3%	40.7%	7.3%	2.9%	0.3%
Current ratio	1.49×	1.54×	1.73×	3.41×	1.92×	0.67×	0.6×	0.73×
Debt / equity	0.36×	0.32×	0.27×	0.19×	0.34×	0.77×	0.97×	0.96×
Interest coverage	2.46×	8.14×	11.26×	75.15×	37.97×	3.71×	1.8×	1.06×
Dividend yield	7.0%	6.1%	46.7%	19.7%	1.3%	1.2%	0.3%	2.9%
Payout ratio	158.3%	68.7%	377.7%	36.1%	6.8%	20.9%	10.9%	314.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.1%	11.5%	15.7%	61.1%	56.2%	13.8%	5.5%	0.6%
Return on invested capital	3.7%	8.4%	10.0%	51.2%	42.1%	9.9%	5.2%	1.9%
Return on assets	3.1%	7.1%	10.1%	44.0%	34.0%	6.1%	2.2%	0.2%
Free cash flow yield	4.8%	8.2%	13.7%	57.9%	18.8%	14.6%	11.9%	18.8%
Earnings yield	4.4%	8.8%	12.4%	54.5%	18.6%	5.7%	2.7%	0.9%
Enterprise value	€23.9B	€28.1B	€23B	€21.4B	€46.5B	€20.6B	€19.3B	€9.3B
Net debt / EBITDA	1.02×	0.23×	-0.13×	-0.51×	-0.2×	1.73×	2.91×	4.67×
Cash conversion cycle (days)	11	3	-23	-14	-5	-6	-6	-7