Hamborner REIT AG (HABA) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Hamborner REIT AG stock €6.00, price €4.06, upside +47.8%, quality 56 out of 100. Rating: undervalued. Calculated from audited financials with 15 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 8, 2026.
How to read this chart
60‑month range €3.94 – €7.25 · fair‑value band €2.85 – €8.51 · the €4.06 price screens below the €6.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Hamborner REIT AG is a publicly traded company listed on the SD AX, operating exclusively in the real estate sector and positioned as a holder of high-yield commercial properties.
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Its sustainable rental income is based on a diversified real estate portfolio distributed throughout Germany with a total value of approximately 1.4 billion Euro.
The portfolio focuses on attractive local supply properties such as large-scale retail properties, retail parks, and DIY stores in prime downtown locations, district centers, or high-traffic suburban areas of major and medium-sized German cities, as well as modern office buildings in established locations.
Hamborner REIT AG distinguishes itself through many years of experience in the real estate and capital markets, its sustainably attractive dividend strategy, and its lean and transparent corporate structure.
The company is a Real Estate Investment Trust (REIT) and benefits from exemption from corporate and trade tax at the company level. Hamborner REIT AG was established on June 18, 1953 and incorporated in Germany.
Stock analysis
Hamborner REIT AG (HABA) currently trades at €4.06, while our model-based Fair Value estimate is €6.00, implying the stock looks roughly 32% undervalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of €7.11 per share, and 8 of the 13 models we run sit above the €4.06 price.
Bear case: the Growth DCF group reads lowest at €2.21, and 5 of the 13 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €2.85 (bear) to €8.51 (bull), the price of €4.06 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 56/100 (solid quality), in the Real Estate sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Hamborner REIT AG reported revenue of €107M in FY2025 versus €98.4M in FY2021, a compound +2.0%/yr. Reported net income was €12.5M in FY2025, compounding −30.7%/yr from FY2021.
Key figures
Market cap €330M Small · P/S ratio 3.23 · EPS (TTM) €−0.1000 · Dividend yield 9.6% · Net margin −7.6% · Return on equity −2.2% · Return on assets (EBIT) 2.0% (5-year average) · Operating margin −50.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 17 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 5% fair-value upside, at 48%, HABA screens cheaper than that median.
Fair Value models
Bear€2.85Fair Value €6.00Bull€8.51
Price €4.06 · Upside +47.8%
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.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.40/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
+0.9%
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.
+2.4%
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.
+0.8%
Start year 2020 (pandemic). Over 10 years: +6.3% a year
Revenue growth 21 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.
+9.7%
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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.
−9.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−19.2%
Dividend (yield on the price)9.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−19.2% vs −5.2%, slowing
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.33% → 22%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+10.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−1.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +8.0% a year for the price and −3.8% for the forecasts.
Price, fair value, quality and upside side by side.
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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.REIT - Diversified · 138 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score56 · Below median
Fair Value upside+47.8% · Top 25%
Profitability
Return on assets1.2% · Below median
Net margin (12 months)−7.6% · Bottom 25%
Operating margin (12 months)−50.2% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−0.7% · Below median
Dividend yield (12 months)9.6% · Top 25%
Balance sheet
Debt / equity1.36× · Highest 25%
Valuation Multiplesvs REIT - Diversified median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Hamborner REIT AG Fair Value". https://www.fairvalue-calculator.com/stock/HABA
Frequently asked questions
Is Hamborner REIT AG (HABA) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of €6.00 versus a price of €4.06, about +48% upside (undervalued).
What is the fair value of HABA?
Our model-based fair value for Hamborner REIT AG is €6.00 (as of Nov 8, 2026), built from audited fundamentals. The current price: €4.06.
What is the quality score of HABA?
Hamborner REIT AG has a Quality Score of 56/100. 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 Hamborner REIT AG (HABA)?
Our model-based price target is the fair value of €6.00 (as of Nov 8, 2026) from 15 valuation models. Cautious scenario €2.85, optimistic scenario €8.51. It is a calculation from audited fundamentals, not an analyst target.
What is the Hamborner REIT AG stock forecast for 2026?
Our models put fair value at €6.00, about +48% upside versus a price of €4.06 (undervalued). Cautious scenario €2.85, optimistic scenario €8.51. The calculation is refreshed regularly with new filings.
What is the revenue of Hamborner REIT AG (HABA)?
Hamborner REIT AG reported trailing-twelve-month revenue of about €102M (latest available figure, as of Nov 8, 2026).
Does Hamborner REIT AG pay a dividend?
Hamborner REIT AG currently shows a dividend yield of 9.61% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Hamborner REIT AG (HABA) and when is the ex-dividend date?
Hamborner REIT AG pays a dividend of €0.39 per share a year, a dividend yield of 9.6%. The last ex-dividend date was Jun 4, 2026. A dividend has been paid every year since at least 1994. Free cash flow covers the dividend 1.39 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Hamborner REIT AG (HABA)?
For today's price to be fair in a discounted-cash-flow model, Hamborner REIT AG would have to grow free cash flow by +10.3 % per year for five years (discount rate 10.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.8 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of HABA use?
Our models discount Hamborner REIT AG at 10.0 %: a base by market capitalisation (small), damped by beta 0.65, country premium for Germany. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Hamborner REIT AG that is +10.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.0 %) and the same formula as our fair value.
How much growth has Hamborner REIT AG (HABA) delivered so far?
Over the past 5 years revenue at Hamborner REIT AG grew +0.8 % a year. The price currently implies free-cash-flow growth of +10.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Hamborner REIT AG (HABA) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Hamborner REIT AG (+10.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Hamborner REIT AG (HABA)?
The free-cash-flow yield on the price is 13.37 %: that much free cash flow Hamborner REIT AG produces per unit of market value. When it exceeds the discount rate of our models (10.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hamborner REIT AG (HABA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hamborner REIT AG it is €6.00 per share (as of Nov 8, 2026), against a price of €4.06. It is the blended result of 15 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Hamborner REIT AG stock overvalued or undervalued in 2026?
As of Nov 8, 2026, HABA trades below its calculated fair value: price €4.06, fair value €6.00, a gap of about +48% (undervalued). 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 HABA?
No. The price is what the market pays today (€4.06); the fair value is what the company's own numbers justify (€6.00). For Hamborner REIT AG the two are €1.94 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hamborner REIT AG worth?
The market values Hamborner REIT AG at about €330M (market capitalisation, as of Nov 8, 2026). Per share that is €4.06; our models calculate a fair value of €6.00 per share.
What do the bullish and bearish scenarios say about HABA?
Our models span a range for Hamborner REIT AG: cautious scenario €2.85, base €6.00, optimistic €8.51 per share (as of Nov 8, 2026, price €4.06). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of HABA?
The PEG ratio of Hamborner REIT AG is 272.28 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Hamborner REIT AG (HABA)?
Balance-sheet figures for Hamborner REIT AG (as of Nov 8, 2026): return on equity −2.2%, debt of 1.36 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is HABA from its 52-week high?
Hamborner REIT AG trades at €4.06, about 16% below its 52-week high of €4.84 and 3% above the low of €3.94 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €6.00 is for.
Which stocks are comparable to Hamborner REIT AG?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Charter Hall Group, 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 Hamborner REIT AG stock attractive at the current price?
The data as of Nov 8, 2026: price €4.06, calculated fair value €6.00 (+48%), Quality Score 56/100, from 15 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 HABA calculated?
We run Hamborner REIT AG through 15 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of €6.00 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 13.0% above its aggregate fair value. Hamborner REIT AG currently trades 32% below its own fair value, and the market average says nothing about that. 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 Hamborner REIT AG (HABA)?
The closing price on Nov 6, 2026 was €4.06. Our model-based fair value is €6.00, about +48% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hamborner REIT AG right now?
The model range is unusually wide (€2.85 to €8.51). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Hamborner REIT AG
How large is the market capitalisation of Hamborner REIT AG (HABA)?
The market capitalisation of Hamborner REIT AG is €330M. 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 Hamborner REIT AG (HABA)?
The price-to-sales ratio of Hamborner REIT AG is 3.23 (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 Hamborner REIT AG (HABA)?
Earnings per share at Hamborner REIT AG are €−0.1000. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hamborner REIT AG (HABA)?
The dividend yield of Hamborner REIT AG is 9.6%. 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 Hamborner REIT AG (HABA)?
The net margin of Hamborner REIT AG is −7.6% (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 Hamborner REIT AG (HABA)?
The return on equity (ROE) of Hamborner REIT AG is −2.2% (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 Hamborner REIT AG (HABA)?
On an EBIT basis the return on assets of Hamborner REIT AG is 2.0% (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 Hamborner REIT AG (HABA)?
The operating margin of Hamborner REIT AG is −50.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hamborner REIT AG (HABA)?
Revenue at Hamborner REIT AG is growing −0.7% versus a year earlier (3y avg +2.4%). 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 Hamborner REIT AG (HABA)?
Earnings per share at Hamborner REIT AG are growing +10.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hamborner REIT AG (HABA) carry?
The net debt of Hamborner REIT AG is €597M (fiscal year 2025, ≈ 13.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 8, 2026