Dr. Hönle AG (HNL) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Dr. Hönle AG stock €5.07, price €7.58, that is 33.1% below the price, quality 50 out of 100. Rating: overvalued. Calculated from audited financials with 11 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 €6.64 – €51.27 · fair‑value band €2.43 – €8.02 · the €7.58 price screens above the €5.07 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 9, 2026.
Follow Dr. Hönle in your weekly email
Every Wednesday you see whether Dr. Hönle is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Hoenle AG develops, manufactures, and distributes industrial UV technologies and systems in Germany and internationally. It operates through three segments: Adhesive Systems, Curing, and Disinfection.
Show moreShow less
The Adhesives Systems segment offers industrial adhesives, as well as supplies adhesive curing systems used for consumer electronics, automotive, optics and opto-electronics, and curing of adhesives applications.
The Curing segment sells equipment for surface drying and curing paints, varnishes, and other coatings for printing, packaging printing, coating, and printing on three dimensional objects industries.
The Disinfection segment is involved in activities in the areas of industrial water, surface, and air disinfection, including microbiological testing for various applications comprising disinfection in food industry, special lamps for life science, custom lamps, and microbiologic analyses.
It serves aerospace, automotive, consumer electronics, environmental, food, health and medical technology, print, and semiconductor industries. The company was formerly known as Dr. Hönle AG and changed its name to Hoenle AG. The company was founded in 1976 and is headquartered in Gilching, Germany.
Stock analysis
Dr. Hönle AG (HNL) currently trades at €7.58, while our model-based Fair Value estimate is €5.07, 33% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Asset-Based group reads highest at a median of €7.08 per share, and 0 of the 11 models we run sit above the €7.58 price.
Bear case: the Multiples group reads lowest at €1.55, and 11 of the 11 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €2.43 (bear) to €8.02 (bull), the price of €7.58 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 Industrials sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Dr. Hönle AG reported revenue of €93.7M in FY2025 versus €115M in FY2021, a compound −5.0%/yr. Reported net income was −€3.2M in FY2025.
Key figures
Market cap €45.9M Micro · P/S ratio 0.48 · EPS (TTM) €−0.4800 · Dividend yield 0.3% · Net margin −3.1% · Return on equity −3.8% · Return on assets (EBIT) −1.9% (5-year average) · Operating margin 0.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 18 out of 100 (low confidence).
What moves the price
The share trades about 26% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −36% fair-value upside, at −33%, HNL screens cheaper than that median.
Fair Value models
Bear€2.43Fair Value €5.07Bull€8.02
Price €7.58 · Downside -33.1%
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.23/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
−5.1%
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.
−6.9%
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.
+0.0%
Start year 2020 (pandemic). Over 10 years: +0.2% a year
Revenue growth 23 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.
+8.9%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
Profit margin (trend) ⓘ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.
8.6% (2020) → −1.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
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).
+17.1%
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.
+4.3%
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 +14.6% a year for the price and +2.1% for the forecasts.
Price, fair value, quality and upside side by side.
Free, no sign-up
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.Electrical Equipment & Parts · 564 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside−33.1% · Above median
Profitability
Return on assets−2.2% · Bottom 25%
Net margin (12 months)−3.1% · Bottom 25%
Operating margin (12 months)0.3% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)4.7% · Below median
Dividend yield (12 months)0.3% · Bottom 25%
Balance sheet
Debt / equity0.43× · Highest 25%
Valuation Multiplesvs Electrical Equipment & Parts 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). "Dr. Hönle AG Fair Value". https://www.fairvalue-calculator.com/stock/HNL
Frequently asked questions
Is Dr. Hönle AG (HNL) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of €5.07 versus a price of €7.58, about 33% lower (overvalued).
What is the fair value of HNL?
Our model-based fair value for Dr. Hönle AG is €5.07 (as of Nov 9, 2026), built from audited fundamentals. The current price: €7.58.
What is the quality score of HNL?
Dr. Hönle AG 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 Dr. Hönle AG (HNL)?
Our model-based price target is the fair value of €5.07 (as of Nov 9, 2026) from 11 valuation models. Cautious scenario €2.43, optimistic scenario €8.02. It is a calculation from audited fundamentals, not an analyst target.
What is the Dr. Hönle AG stock forecast for 2026?
Our models put fair value at €5.07, about 33% lower versus a price of €7.58 (overvalued). Cautious scenario €2.43, optimistic scenario €8.02. The calculation is refreshed regularly with new filings.
What is the revenue of Dr. Hönle AG (HNL)?
Dr. Hönle AG reported trailing-twelve-month revenue of about €92.9M (latest available figure, as of Nov 9, 2026).
Does Dr. Hönle AG pay a dividend?
Dr. Hönle AG currently shows a dividend yield of 0.29% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Dr. Hönle AG (HNL)?
Dr. Hönle AG has a dividend yield of 0.3%.
What growth is priced into Dr. Hönle AG (HNL)?
For today's price to be fair in a discounted-cash-flow model, Dr. Hönle AG would have to grow free cash flow by +17.1 % per year for five years (discount rate 10.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew 0.0 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of HNL use?
Our models discount Dr. Hönle AG at 10.6 %: a base by market capitalisation (nano), damped by beta 1.45, 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 Dr. Hönle AG that is +17.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.6 %) and the same formula as our fair value.
How much growth has Dr. Hönle AG (HNL) delivered so far?
Over the past 5 years revenue at Dr. Hönle AG grew 0.0 % a year. The price currently implies free-cash-flow growth of +17.1 % 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 Dr. Hönle AG (HNL) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Dr. Hönle AG (+17.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Dr. Hönle AG (HNL)?
The free-cash-flow yield on the price is 6.89 %: that much free cash flow Dr. Hönle AG produces per unit of market value. When it exceeds the discount rate of our models (10.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Dr. Hönle AG (HNL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dr. Hönle AG it is €5.07 per share (as of Nov 9, 2026), against a price of €7.58. It is the blended result of 11 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Dr. Hönle AG stock overvalued or undervalued in 2026?
As of Nov 9, 2026, HNL trades above its calculated fair value: price €7.58, fair value €5.07, a gap of about −33% (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 HNL?
No. The price is what the market pays today (€7.58); the fair value is what the company's own numbers justify (€5.07). For Dr. Hönle AG the two are €2.51 per share apart. That gap is exactly why we show both numbers side by side.
How much is Dr. Hönle AG worth?
The market values Dr. Hönle AG at about €45.9M (market capitalisation, as of Nov 9, 2026). Per share that is €7.58; our models calculate a fair value of €5.07 per share.
What do the bullish and bearish scenarios say about HNL?
Our models span a range for Dr. Hönle AG: cautious scenario €2.43, base €5.07, optimistic €8.02 per share (as of Nov 9, 2026, price €7.58). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Dr. Hönle AG (HNL)?
Balance-sheet figures for Dr. Hönle AG (as of Nov 9, 2026): return on equity −3.8%, debt of 0.43 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is HNL from its 52-week high?
Dr. Hönle AG trades at €7.58, about 26% below its 52-week high of €10.20 and 14% above the low of €6.64 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €5.07 is for.
Which stocks are comparable to Dr. Hönle AG?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, ABB Ltd, Vertiv Holdings, Delta Electronics (Thailand) Public Company, 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 Dr. Hönle AG stock attractive at the current price?
The data as of Nov 9, 2026: price €7.58, calculated fair value €5.07 (−33%), Quality Score 50/100, from 11 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 HNL calculated?
We run Dr. Hönle AG through 11 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of €5.07 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 13.3% above its aggregate fair value. Dr. Hönle AG 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 Dr. Hönle AG (HNL)?
The closing price on Nov 6, 2026 was €7.58. Our model-based fair value is €5.07, about 33% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dr. Hönle AG right now?
The model range is unusually wide (€2.43 to €8.02). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Dr. Hönle AG
How large is the market capitalisation of Dr. Hönle AG (HNL)?
The market capitalisation of Dr. Hönle AG is €45.9M. 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 Dr. Hönle AG (HNL)?
The price-to-sales ratio of Dr. Hönle AG is 0.48 (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 Dr. Hönle AG (HNL)?
Earnings per share at Dr. Hönle AG are €−0.4800. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Dr. Hönle AG (HNL)?
The dividend yield of Dr. Hönle AG is 0.3%. 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 Dr. Hönle AG (HNL)?
The net margin of Dr. Hönle AG is −3.1% (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 Dr. Hönle AG (HNL)?
The return on equity (ROE) of Dr. Hönle AG is −3.8% (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 Dr. Hönle AG (HNL)?
On an EBIT basis the return on assets of Dr. Hönle AG is −1.9% (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 Dr. Hönle AG (HNL)?
The operating margin of Dr. Hönle AG is 0.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dr. Hönle AG (HNL)?
Revenue at Dr. Hönle AG is growing +4.7% versus a year earlier (3y avg −6.9%). 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 Dr. Hönle AG (HNL)?
Earnings per share at Dr. Hönle AG are growing +266% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Dr. Hönle AG (HNL) carry?
The net debt of Dr. Hönle AG is €40.5M (fiscal year 2025, ≈ 12.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Dr. Hönle AG in the live analysis
One click puts Dr. Hönle AG on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Some data
Nov 9, 2026