H&R GmbH & Co. KGaA (2HRA) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of H&R GmbH & Co. KGaA stock €5.70, price €6.80, that is 16.2% below the price, quality 47 out of 100. Rating: overvalued. Calculated from audited financials with 13 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 €3.20 – €9.66 · fair‑value band €5.70 – €5.98 · the €6.80 price screens above the €5.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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H&R GmbH & Co. KGaA engages in the production and sale of chemical-pharmaceutical raw materials and injection molded precision plastic parts worldwide. It operates through three segments: ChemPharm Refining, ChemPharm Sales, and Plastics.
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The ChemPharm Refining segment offers paraffins, white oils, plasticizers, base oils, lubricants, and other crude-oil based specialty products, as well as bitumen, feedstocks, and bunker fuel.
The ChemPharm Sales segment provides paraffins, plasticizers, wax emulsions, and other crude-oil based specialty products. The Plastics segment develops, manufactures, and sells high-precision plastic parts.
The company also provides petroleum jellies, cosmetic and pharmaceutical specialties, process oils, and cable fillers, as well as polymers and APP based products for the construction industry. The company was formerly known as H&R AG and changed its name to H&R GmbH & Co. KGaA in August 2016.
H&R GmbH & Co. KGaA was founded in 1919 and is headquartered in Salzbergen, Germany.
Stock analysis
H&R GmbH & Co. KGaA (2HRA) currently trades at €6.80, while our model-based Fair Value estimate is €5.70, 16% 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 €13.69 per share, and 8 of the 13 models we run sit above the €6.80 price.
Bear case: the Multiples group reads lowest at €1.46, and 5 of the 13 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €5.70 (bear) to €5.98 (bull), the price of €6.80 sits above 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 47/100 (below-average quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
H&R GmbH & Co. KGaA reported revenue of €1.2B in FY2025 versus €1.2B in FY2021, a compound +1.1%/yr. Reported net income was −€38.8M in FY2025.
Key figures
Market cap €254M Micro · P/E ratio 97.1 · P/S ratio 0.20 · EPS (TTM) €0.0700 · Dividend yield 1.5% · Net margin 0.2% · Return on equity 1.4% · Return on assets (EBIT) 4.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 71% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −43% fair-value upside, at −16%, 2HRA screens cheaper than that median.
Fair Value models
Bear€5.70Fair Value €5.70Bull€5.98
Price €6.80 · Downside -16.2%
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 (€0.0600 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.
Best data coverage
FCF DCF€10.98€13.69€18.0379
Growth DCF€11.22€13.78€17.6078
EPV€2.67€2.85€2.9974
All 13 models by family
DCF Models
FCF DCF€10.98€13.69€18.0379
5Y Revenue Exit€7.03€8.38€10.2472
5Y EBITDA Exit€12.40€17.57€24.1273
10Y Revenue Exit€8.61€9.99€11.4566
10Y EBITDA Exit€11.70€15.55€19.9567
Earnings-Based
EPV€2.67€2.85€2.9974
Multiples
EV/EBIT€0.3400€1.46€2.5759
EV/EBITDA€10.93€15.58€20.2267
EV/Revenuen/a€1.14€2.3850
Asset-Based
NCAV (Graham)€4.65€6.24€9.3154
Growth DCF
Growth DCF€11.22€13.78€17.6078
Rev-Margin DCF€7.03€8.60€10.6172
Economic Profit
ROIC Compounder€2.67€2.85€2.9970
The fair value above starts from this blend and is adjusted for a cyclical trough year.
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
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−7.2%
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.
−7.6%
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.
+7.3%
Start year 2020 (pandemic). Over 10 years: +2.4% 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.
+8.5%
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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.
0.0% (2020) → 1.0% (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
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−3.0%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −5.1% a year for the price.
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.Specialty Chemicals · 728 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside−16.2% · Above median
Profitability
Return on equity (12 months)1.4% · Bottom 25%
Return on assets−4.1% · Bottom 25%
Net margin (12 months)0.2% · Bottom 25%
Operating margin (12 months)10.4% · Above median
Growth and dividend
Revenue growth (quarter YoY)30.3% · Top 25%
Dividend yield (12 months)1.5% · Below median
Balance sheet
Debt / equity0.05× · Below median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
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Is H&R GmbH & Co. KGaA (2HRA) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of €5.70 versus a price of €6.80, about 16% lower (overvalued).
What is the fair value of 2HRA?
Our model-based fair value for H&R GmbH & Co. KGaA is €5.70 (as of Nov 9, 2026), built from audited fundamentals. The current price: €6.80.
What is the quality score of 2HRA?
H&R GmbH & Co. KGaA has a Quality Score of 47/100. 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 H&R GmbH & Co. KGaA (2HRA)?
Our model-based price target is the fair value of €5.70 (as of Nov 9, 2026) from 13 valuation models. Cautious scenario €5.70, optimistic scenario €5.98. It is a calculation from audited fundamentals, not an analyst target.
What is the H&R GmbH & Co. KGaA stock forecast for 2026?
Our models put fair value at €5.70, about 16% lower versus a price of €6.80 (overvalued). Cautious scenario €5.70, optimistic scenario €5.98. The calculation is refreshed regularly with new filings.
What is the revenue of H&R GmbH & Co. KGaA (2HRA)?
H&R GmbH & Co. KGaA reported trailing-twelve-month revenue of about €1.3B (latest available figure, as of Nov 9, 2026).
Does H&R GmbH & Co. KGaA pay a dividend?
H&R GmbH & Co. KGaA currently shows a dividend yield of 1.47% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of H&R GmbH & Co. KGaA (2HRA)?
H&R GmbH & Co. KGaA has a dividend yield of 1.5%.
What growth is priced into H&R GmbH & Co. KGaA (2HRA)?
For today's price to be fair in a discounted-cash-flow model, H&R GmbH & Co. KGaA would have to grow free cash flow by -3.0 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.3 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of 2HRA use?
Our models discount H&R GmbH & Co. KGaA at 11.0 %: a base by market capitalisation (micro), damped by beta 0.36, 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 H&R GmbH & Co. KGaA that is -3.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has H&R GmbH & Co. KGaA (2HRA) delivered so far?
Over the past 5 years revenue at H&R GmbH & Co. KGaA grew +7.3 % a year. The price currently implies free-cash-flow growth of -3.0 % 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 H&R GmbH & Co. KGaA (2HRA) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into H&R GmbH & Co. KGaA (-3.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of H&R GmbH & Co. KGaA (2HRA)?
The free-cash-flow yield on the price is 14.78 %: that much free cash flow H&R GmbH & Co. KGaA produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of H&R GmbH & Co. KGaA (2HRA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For H&R GmbH & Co. KGaA it is €5.70 per share (as of Nov 9, 2026), against a price of €6.80. It is the blended result of 13 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is H&R GmbH & Co. KGaA stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 2HRA trades above its calculated fair value: price €6.80, fair value €5.70, a gap of about −16% (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 2HRA?
No. The price is what the market pays today (€6.80); the fair value is what the company's own numbers justify (€5.70). For H&R GmbH & Co. KGaA the two are €1.10 per share apart. That gap is exactly why we show both numbers side by side.
How much is H&R GmbH & Co. KGaA worth?
The market values H&R GmbH & Co. KGaA at about €254M (market capitalisation, as of Nov 9, 2026). Per share that is €6.80; our models calculate a fair value of €5.70 per share.
What do the bullish and bearish scenarios say about 2HRA?
Our models span a range for H&R GmbH & Co. KGaA: cautious scenario €5.70, base €5.70, optimistic €5.98 per share (as of Nov 9, 2026, price €6.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2HRA?
H&R GmbH & Co. KGaA trades at a price-to-earnings ratio of 97.1 (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 €5.70 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2017 to 2024), reported earnings: 11.1. Other multiples: PEG 127.7, P/B 0.7, P/S 0.2, EV/EBITDA 1.6.
What is the PEG ratio of 2HRA?
The PEG ratio of H&R GmbH & Co. KGaA is 127.66 (P/E divided by earnings growth, as of Nov 9, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of H&R GmbH & Co. KGaA (2HRA)?
Balance-sheet figures for H&R GmbH & Co. KGaA (as of Nov 9, 2026): return on equity 1.4%, debt of 0.05 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is 2HRA from its 52-week high?
H&R GmbH & Co. KGaA trades at €6.80, about 9% below its 52-week high of €7.48 and 71% above the low of €3.97 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €5.70 is for.
Which stocks are comparable to H&R GmbH & Co. KGaA?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Nan Ya Plastics Corporation, 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 H&R GmbH & Co. KGaA stock attractive at the current price?
The data as of Nov 9, 2026: price €6.80, calculated fair value €5.70 (−16%), Quality Score 47/100, from 13 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 2HRA calculated?
We run H&R GmbH & Co. KGaA through 13 models from 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of €5.70 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. H&R GmbH & Co. KGaA 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 H&R GmbH & Co. KGaA (2HRA)?
The closing price on Nov 6, 2026 was €6.80. Our model-based fair value is €5.70, about 16% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with H&R GmbH & Co. KGaA right now?
The price sits above even our optimistic bull case (€5.98). The favourable scenario is already priced in. Weak quality (47/100) and above fair value at the same time, the margin of safety is missing on both counts. The models converge in a tight band (€5.70 to €5.98), unusually little disagreement for a valuation.
Where does the earnings growth of H&R GmbH & Co. KGaA (2HRA) come from?
Earnings per share at H&R GmbH & Co. KGaA grew −13.3 % a year from 2015 to 2025. Broken into its drivers: revenue per share +4.0 %, EBIT margin −10.8 %, tax rate −3.3 %, residual (interest, one-offs) −3.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of H&R GmbH & Co. KGaA
How large is the market capitalisation of H&R GmbH & Co. KGaA (2HRA)?
The market capitalisation of H&R GmbH & Co. KGaA is €254M. 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 H&R GmbH & Co. KGaA (2HRA)?
The price-to-sales ratio of H&R GmbH & Co. KGaA is 0.20 (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 H&R GmbH & Co. KGaA (2HRA)?
Earnings per share at H&R GmbH & Co. KGaA are €0.0700 (price ÷ EPS = P/E 97.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of H&R GmbH & Co. KGaA (2HRA)?
The dividend yield of H&R GmbH & Co. KGaA is 1.5% (payout 142%). 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 H&R GmbH & Co. KGaA (2HRA)?
The net margin of H&R GmbH & Co. KGaA is 0.2% (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 H&R GmbH & Co. KGaA (2HRA)?
The return on equity (ROE) of H&R GmbH & Co. KGaA is 1.4% (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 H&R GmbH & Co. KGaA (2HRA)?
On an EBIT basis the return on assets of H&R GmbH & Co. KGaA is 4.9% (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 H&R GmbH & Co. KGaA (2HRA)?
The operating margin of H&R GmbH & Co. KGaA is 10.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at H&R GmbH & Co. KGaA (2HRA)?
Revenue at H&R GmbH & Co. KGaA is growing +30.3% versus a year earlier (3y avg −7.6%). 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 H&R GmbH & Co. KGaA (2HRA)?
Earnings per share at H&R GmbH & Co. KGaA are growing +100% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does H&R GmbH & Co. KGaA (2HRA) carry?
The net debt of H&R GmbH & Co. KGaA is €112M (fiscal year 2025, ≈ 3.0 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 9, 2026