HMS Bergbau AG (HMU) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of HMS Bergbau AG stock €23.80, price €29.50, that is 19.3% below the price, quality 49 out of 100. Rating: overvalued. Calculated from audited financials with 17 of our 26 valuation models and 37 quality factors, updated daily.
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HMS Bergbau AG
HMU · XETRAOur calculation puts a fair price 19% below what the stock costs today.
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69 individual criteria per stock, every one traceable See 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 €16.81 – €72.12 · fair‑value band €9.32 – €50.68 · the €29.50 price screens above the €23.80 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 8, 2026.
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Company profile
HMS Bergbau AG, together with its subsidiaries, engages in trading and distributing coal and other energy raw materials to energy producers, cement manufacturers, and industrial consumers worldwide.
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The company provides energy resources, including coking coal, anthracite, PCI coal, thermal coal, and petcoke, oil and gas products, comprising marine fuels, alternative and renewable fuels, marine lubricants and other related products and services; metals and minerals, such as iron ores, manganese ores, copper, niobium, tantalum, beryllium, and lithium; and renewable and other products comprising wood pellets, biomass, hydrogen, cementitious and cement products, and fertilizers.
It also offers port management, chartering, operational processing, technical monitoring, storage management, beneficiation, quality assessment, and loading; and inland transportation through barges, trucks, and rail, as well as just-in-time delivery services.
Additionally, the company engages in the acquisition, exploration, and development of mineral resource properties. The company serves steel and cement producers; and industrial companies, such as glassworks, paper mills, and waste processing plants, as well as power plant companies.
HMS Bergbau AG was founded in 1995 and is headquartered in Berlin, Germany.
Stock analysis
HMS Bergbau AG (HMU) currently trades at €29.50, while our model-based Fair Value estimate is €23.80, 19% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €68.01 per share, and 10 of the 17 models we run sit above the €29.50 price.
Bear case: the Asset-Based group reads lowest at €12.48, and 7 of the 17 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €9.32 (bear) to €50.68 (bull), the price of €29.50 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 49/100 (below-average quality), in the Energy sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
HMS Bergbau AG reported revenue of €1.2B in FY2025 versus €428M in FY2021, a compound +30.1%/yr. Reported net income was €54.8M in FY2025, compounding +102.6%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap €162M Micro · P/E ratio 2.3 · P/S ratio 0.11 · EPS (TTM) €12.69 · Dividend yield 3.7% · Net margin 3.8% · Return on equity 62.5% · Return on assets (EBIT) 7.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 43% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −25% fair-value upside, at −19%, HMU screens cheaper than that median.
Fair Value models
All 17 models by family
The fair value above starts from this blend and is adjusted for a cyclical peak year.
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
HMU screens overvalued: fair value 19% below the price. Compare with China Shenhua Energy Company →
Compare HMS Bergbau AG with another stock
Price, fair value, quality and upside side by side.
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.Thermal Coal · 82 stocks
Valuation Multiplesvs Thermal Coal median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Energy sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- EV/EBITDA by industry
- Dividend yield by industry
- Stock screener with 62 metrics
- Undervalued stocks: Energy
- Undervalued stocks: German Stocks
- Valuation of the Germany market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Thermal Coal stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Coal India Limited COALINDIA | ₹400.00 | ₹464.01 | +16% | vs HMU |
| China Coal Energy Company 601898 | ¥12.91 | ¥14.62 | +13% | vs HMU |
| Shaanxi Coal Industry Company 601225 | ¥25.85 | ¥28.44 | +10% | vs HMU |
| PT Bayan Resources Tbk., BYAN | 8,625 IDR | 9,488 IDR | +10% | vs HMU |
| Inner Mongolia Dian Tou Energy Corporation 002128 | ¥27.34 | ¥20.56 | −25% | vs HMU |
| Shanxi Lu'an Environmental Energy Development Co 601699 | ¥13.43 | ¥9.23 | −31% | vs HMU |
| China Shenhua Energy Company 601088 | ¥48.54 | ¥31.96 | −34% | vs HMU |
| Yankuang Energy Group 600188 | ¥16.76 | ¥9.22 | −45% | vs HMU |
| PT Dian Swastatika Sentosa Tbk, DSSA | 600.00 IDR | 244.59 IDR | −59% | vs HMU |
| Adani Enterprises Limited ADANIENT | ₹2,746 | ₹891.11 | −68% | vs HMU |
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Key figures of HMS Bergbau AG
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