Fernheizwerk Neukölln Aktiengesellschaft (FHW) fair value: what the stock is really worth
As of Nov 11, 2026: fair value (intrinsic value) of Fernheizwerk Neukölln Aktiengesellschaft stock €22.30, price €24.60, that is 9.3% below the price, quality 50 out of 100. Rating: overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range €18.03 – €58.20 · fair‑value band €19.91 – €28.99 · the €24.60 price screens above the €22.30 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Fernheizwerk Neukölln engages in the generation and supply of heat and electricity in Berlin. It generates and distributes heating energy to approximately 61000 households, as well as town hall, public swimming pool, numerous schools, shops, and businesses.
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The company was founded in 1910 and is based in Berlin, Germany. Fernheizwerk Neukölln operates as a subsidiary of Vattenfall Wärme Berlin AG.
Stock analysis
Fernheizwerk Neukölln Aktiengesellschaft (FHW) currently trades at €24.60, while our model-based Fair Value estimate is €22.30, 9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €38.16 per share, and 7 of the 16 models we run sit above the €24.60 price.
Bear case: the Dividend Discount group reads lowest at €9.38, and 9 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: €19.91 (bear) to €28.99 (bull), the price of €24.60 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 50/100 (solid quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Fernheizwerk Neukölln Aktiengesellschaft reported revenue of €68.8M in FY2025 versus €40.9M in FY2021, a compound +13.9%/yr. Reported net income was €3.6M in FY2025, compounding −10.0%/yr from FY2021.
Key figures
Market cap €56.6M Micro · P/E ratio 7.5 · P/S ratio 0.77 · EPS (TTM) €3.27 · Dividend yield 2.4% · Net margin 10.2% · Return on equity 12.0% · Return on assets (EBIT) 5.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 36% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −49% fair-value upside, at −9%, FHW screens cheaper than that median.
Fair Value models
Bear€19.91Fair Value €22.30Bull€28.99
Price €24.60 · Downside -9.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€2.31 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+7.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.5%
Start year 2020 (pandemic). Over 10 years: +7.8% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−9.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−11.4%
Dividend (yield on the price)2.4%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.27% → 8%
Compare Fernheizwerk Neukölln Aktiengesellschaft with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Independent Power Producers · 78 stocks
Beats the industry median on 10/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score50 · Above median
Fair Value upside−9.3% · Above median
Profitability
Return on equity (12 months)12.0% · Above median
Return on assets3.2% · Above median
Net margin (12 months)10.2% · Above median
Operating margin (12 months)13.8% · Below median
Growth and dividend
Revenue growth (quarter YoY)12.7% · Above median
Dividend yield (12 months)2.4% · Below median
Valuation Multiplesvs Utilities - Independent Power Producers median · lower = cheaper
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Is Fernheizwerk Neukölln Aktiengesellschaft (FHW) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of €22.30 versus a price of €24.60, about 9% lower (overvalued).
What is the fair value of FHW?
Our model-based fair value for Fernheizwerk Neukölln Aktiengesellschaft is €22.30 (as of Nov 9, 2026), built from audited fundamentals. The current price: €24.60.
What is the quality score of FHW?
Fernheizwerk Neukölln Aktiengesellschaft has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
Our model-based price target is the fair value of €22.30 (as of Nov 9, 2026) from 16 valuation models. Cautious scenario €19.91, optimistic scenario €28.99. It is a calculation from audited fundamentals, not an analyst target.
What is the Fernheizwerk Neukölln Aktiengesellschaft stock forecast for 2026?
Our models put fair value at €22.30, about 9% lower versus a price of €24.60 (overvalued). Cautious scenario €19.91, optimistic scenario €28.99. The calculation is refreshed regularly with new filings.
What is the revenue of Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
Fernheizwerk Neukölln Aktiengesellschaft reported trailing-twelve-month revenue of about €74.0M (latest available figure, as of Nov 9, 2026).
Does Fernheizwerk Neukölln Aktiengesellschaft pay a dividend?
Fernheizwerk Neukölln Aktiengesellschaft currently shows a dividend yield of 2.44% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Fernheizwerk Neukölln Aktiengesellschaft (FHW) and when is the ex-dividend date?
Fernheizwerk Neukölln Aktiengesellschaft pays a dividend of €0.6 per share a year, a dividend yield of 2.4%. The last ex-dividend date was Jun 12, 2026. The payout ratio is 18.3% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fernheizwerk Neukölln Aktiengesellschaft it is €22.30 per share (as of Nov 9, 2026), against a price of €24.60. It is the blended result of 16 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Fernheizwerk Neukölln Aktiengesellschaft stock overvalued or undervalued in 2026?
As of Nov 9, 2026, FHW trades above its calculated fair value: price €24.60, fair value €22.30, a gap of about −9% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FHW?
No. The price is what the market pays today (€24.60); the fair value is what the company's own numbers justify (€22.30). For Fernheizwerk Neukölln Aktiengesellschaft the two are €2.30 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fernheizwerk Neukölln Aktiengesellschaft worth?
The market values Fernheizwerk Neukölln Aktiengesellschaft at about €56.6M (market capitalisation, as of Nov 9, 2026). Per share that is €24.60; our models calculate a fair value of €22.30 per share.
What do the bullish and bearish scenarios say about FHW?
Our models span a range for Fernheizwerk Neukölln Aktiengesellschaft: cautious scenario €19.91, base €22.30, optimistic €28.99 per share (as of Nov 9, 2026, price €24.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FHW?
Fernheizwerk Neukölln Aktiengesellschaft trades at a price-to-earnings ratio of 7.5 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €22.30 is built from several models across several years. Other multiples: P/B 0.9, P/S 0.8, EV/EBITDA 3.1.
How solid is the balance sheet of Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
Balance-sheet figures for Fernheizwerk Neukölln Aktiengesellschaft (as of Nov 9, 2026): return on equity 12.0%. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is FHW from its 52-week high?
Fernheizwerk Neukölln Aktiengesellschaft trades at €24.60, about 2% below its 52-week high of €25.20 and 36% above the low of €18.03 (as of Nov 11, 2026). Distance from the high says nothing about value: that is what the fair value of €22.30 is for.
Which stocks are comparable to Fernheizwerk Neukölln Aktiengesellschaft?
From the same area (Utilities) we also value Constellation Energy Corporation, Vistra Corp, Adani Power Limited, CGN Power Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Fernheizwerk Neukölln Aktiengesellschaft stock attractive at the current price?
The data as of Nov 9, 2026: price €24.60, calculated fair value €22.30 (−9%), Quality Score 50/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FHW calculated?
We run Fernheizwerk Neukölln Aktiengesellschaft through 16 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €22.30 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0% above its aggregate fair value. Fernheizwerk Neukölln Aktiengesellschaft itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
The closing price on Nov 11, 2026 was €24.60. Our model-based fair value is €22.30, about 9% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fernheizwerk Neukölln Aktiengesellschaft right now?
The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Fernheizwerk Neukölln Aktiengesellschaft
How large is the market capitalisation of Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
The market capitalisation of Fernheizwerk Neukölln Aktiengesellschaft is €56.6M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
The price-to-sales ratio of Fernheizwerk Neukölln Aktiengesellschaft is 0.77 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
Earnings per share at Fernheizwerk Neukölln Aktiengesellschaft are €3.27 (price ÷ EPS = P/E 7.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
The dividend yield of Fernheizwerk Neukölln Aktiengesellschaft is 2.4% (payout 18.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
The net margin of Fernheizwerk Neukölln Aktiengesellschaft is 10.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
The return on equity (ROE) of Fernheizwerk Neukölln Aktiengesellschaft is 12.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
On an EBIT basis the return on assets of Fernheizwerk Neukölln Aktiengesellschaft is 5.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
The operating margin of Fernheizwerk Neukölln Aktiengesellschaft is 13.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
Revenue at Fernheizwerk Neukölln Aktiengesellschaft is growing +12.7% versus a year earlier (3y avg +5.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
Earnings per share at Fernheizwerk Neukölln Aktiengesellschaft are growing +253% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Fernheizwerk Neukölln Aktiengesellschaft (FHW) generate?
The free cash flow of Fernheizwerk Neukölln Aktiengesellschaft is −€6.8M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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Broad data
Nov 9, 2026