Hochtief AG (HOT.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

+86.9%

€691.44

vs €370.00 price

Levered DCF

€1,350.31

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.32

Grey zone

Rating

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	28.11×	12.58×	14.43×	7.89×	16.51×	12.91×	-23.94×	13.91×
P/B	20×	9.1×	6.11×	3.35×	6.04×	8.24×	6.29×	3.95×
P/S	0.66×	0.29×	0.27×	0.14×	0.23×	0.24×	0.31×	0.32×
EV / EBITDA	16.43×	6.17×	7.37×	5.27×	7.58×	3.5×	4.97×	4.03×
Gross margin	7.6%	26.4%	24.7%	24.1%	24.7%	24.2%	26.6%	27.1%
Operating margin	2.6%	1.7%	6.0%	2.1%	2.7%	-2.0%	5.0%	3.2%
Net margin	2.4%	2.3%	1.9%	1.8%	1.4%	1.9%	-1.3%	2.3%
Current ratio	1.13×	1.12×	1.11×	1.11×	1.12×	1.09×	0.98×	1.06×
Debt / equity	6.47×	7.65×	4.45×	5×	6.02×	7.97×	3.46×	1.39×
Interest coverage	2×	1.32×	6.29×	2.9×	3.92×	-2.36×	6.29×	3.86×
Dividend yield	2.0%	4.0%	4.0%	4.3%	6.6%	8.0%	5.8%	4.2%
Payout ratio	56.4%	49.7%	57.5%	33.6%	108.8%	103.2%	-137.8%	58.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	71.2%	72.4%	42.3%	42.5%	36.6%	63.8%	-26.3%	28.4%
Return on invested capital	6.3%	4.5%	16.0%	5.4%	5.5%	-3.9%	9.0%	9.0%
Return on assets	3.6%	3.1%	2.8%	2.6%	1.8%	2.5%	-1.9%	3.7%
Free cash flow yield	6.4%	17.0%	14.9%	22.7%	6.4%	5.6%	12.6%	12.8%
Earnings yield	3.6%	7.9%	6.9%	12.7%	6.1%	7.7%	-4.2%	7.2%
Enterprise value	€27.3B	€12.5B	€7.9B	€5.1B	€5.7B	€6.2B	€8.3B	€7B
Net debt / EBITDA	1.19×	1.36×	0.33×	1.35×	1.1×	0.38×	0.15×	-0.33×
Cash conversion cycle (days)	-18	-43	-37	-41	-34	-34	-38	-79