Hazama Ando Corporation (2PW) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Hazama Ando Corporation €17.68, price €9.80, upside +80.4%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
In Frankfurt, only 0 of the last 21 trading days (30 days) had any turnover. On the other days the price is an indicative quote without trading, so we do not list this stock in the radar. It stays reachable through search.
HABroad dataSep 30, 2026
Hazama Ando Corporation
2PW · F
Clearly undervaluedStrong Fair Value upside, but quality is only moderate.
✓Fair value €17.68 · Strongly undervalued (+80.4%)
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 30, 2026.
How to read this chart
60‑month range €4.59 – €11.45 · fair‑value band €12.01 – €23.71 · the €9.80 price screens below the €17.68 fair value. Dashed = 300-day average. As of Sep 30, 2026.
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Hazama Ando Corporation engages in construction and related business in Japan and internationally. The company offers civil engineering, building, and other construction services.
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Hazama Ando Corporation engages in construction and related business in Japan and internationally. The company offers civil engineering, building, and other construction services. Its projects include offices, production and distribution facilities, medical and welfare facilities, educational and research facilities, airports, dams, water/sewer systems, tunnels, roads and land reclamation, disaster prevention, bridges, and other public works and buildings. In addition, the company provides real estate transaction services; and owns and uses real property and securities. Further, it undertakes soil survey and purification works, such as the collection, handling, and disposal of waste, as well as related consulting services; and offers planning, design, and consulting services related to area and urban development, environmental improvements, etc. Additionally, the company is involved in power generation; provision of construction supplies, machinery, and equipment; and electricity, thermal, and other energy supply activities. Furthermore, it acquires, develops, licenses, and sells software, industrial property rights, and know-how relating to the use of computers; invests in other businesses; and provides building maintenance and security services, as well as business incidental services. The company also engages in the investment in real-estate special purpose companies, including building construction contracts; purchase and sale of equity interests; and ownership and sale of trust beneficiary rights. Hazama Ando Corporation was founded in 1873 and is headquartered in Tokyo, Japan.
Stock analysis
Hazama Ando Corporation (2PW) currently trades at €9.80, while our model-based Fair Value estimate is €17.68, implying the stock looks roughly 44.6% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of €19.40 per share, and 20 of the 26 models we run sit above the €9.80 price.
Bear case: the Asset-Based group reads lowest at €5.01, and 6 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: €12.01 (bear) to €23.71 (bull), the price of €9.80 sits below 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 59/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Hazama Ando Corporation reported revenue of ¥440B in FY2026 versus ¥340B in FY2022, a compound +6.6%/yr. Reported net income was ¥29.7B in FY2026, compounding +13.9%/yr from FY2022.
Key figures
Market cap €1.5B · P/E ratio 9.3 · P/S ratio 0.63 · EPS (TTM) €1.05 · Dividend yield 4.4% · Net margin 6.8% · Return on equity 15.9% · Return on assets (EBIT) 7.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at 80%, 2PW screens cheaper than that median.
Fair Value models
Bear €12.01Fair Value €17.68Bull €23.71
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.70/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.4%
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.
+5.7%
’22
’23
’24
’25
’26
What shareholders gained per year (last 5 years), in JPY (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+21.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.7%
Dividend (yield on the price)4.4%
Profit margin 2022 to 2026 ⓘ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% → 8%
2026 sits 95% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less 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).
−5.1%
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.
+3.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about −7.0% a year for the price and +1.7% for the forecasts.
Compare Hazama Ando Corporation with another stock
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.Engineering & Construction · 779 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+76.8% · Top 25%
Profitability
Return on equity (TTM)15.9% · Top 25%
Return on assets5.7% · Top 25%
Net margin (TTM)6.8% · Above median
Operating margin (TTM)6.2% · Above median
Growth and dividend
Revenue growth12.4% · Above median
Dividend yield (TTM)4.4% · Top 25%
Balance sheet
Debt / equity0.03× · Below median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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Is Hazama Ando Corporation (2PW) overvalued or undervalued?
As of Sep 30, 2026, our model estimates a fair value of €17.68 versus a price of €9.80, about +80% upside (undervalued).
What is the fair value of 2PW?
Our model-based fair value for Hazama Ando Corporation is €17.68 (as of Sep 30, 2026), built from audited fundamentals. The current price: €9.80.
What is the quality score of 2PW?
Hazama Ando Corporation has a Quality Score of 59/100. 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 Hazama Ando Corporation (2PW)?
Our model-based price target is the fair value of €17.68 (as of Sep 30, 2026) from 26 valuation models. Cautious scenario €12.01, optimistic scenario €23.71. It is a calculation from audited fundamentals, not an analyst target.
What is the Hazama Ando Corporation stock forecast for 2026?
Our models put fair value at €17.68, about +80% upside versus a price of €9.80 (undervalued). Cautious scenario €12.01, optimistic scenario €23.71. The calculation is refreshed regularly with new filings.
What is the revenue of Hazama Ando Corporation (2PW)?
Hazama Ando Corporation reported trailing-twelve-month revenue of about ¥451B (latest available figure, as of Sep 30, 2026).
Does Hazama Ando Corporation pay a dividend?
Hazama Ando Corporation currently shows a dividend yield of about 4.41% relative to its recent price (as of Sep 30, 2026).
What growth is priced into Hazama Ando Corporation (2PW)?
For today's price to be fair in a discounted-cash-flow model, Hazama Ando Corporation would have to grow free cash flow by -5.1 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +6.6 % per year. As of Sep 30, 2026.
What discount rate (WACC) does the fair value of 2PW use?
Our models discount Hazama Ando Corporation at 9.6 %: a base by market capitalisation (small), damped by beta 0.04, 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 Hazama Ando Corporation that is -5.1 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Hazama Ando Corporation (2PW) delivered so far?
Over the past 4 years revenue at Hazama Ando Corporation grew +6.6 % a year. The price currently implies -5.1 % per year free-cash-flow growth a 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 Hazama Ando Corporation (2PW) growing?
The median revenue growth in the sector is +7.0 % a year. That is the yardstick for the growth priced into Hazama Ando Corporation (-5.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Hazama Ando Corporation (2PW)?
The free-cash-flow yield on the price is 9.51 %: that much free cash flow Hazama Ando Corporation produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hazama Ando Corporation (2PW)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hazama Ando Corporation it is €17.68 per share (as of Sep 30, 2026), against a price of €9.80. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Hazama Ando Corporation stock overvalued or undervalued in 2026?
As of Sep 30, 2026, 2PW trades below its calculated fair value: price €9.80, fair value €17.68, a gap of about +80% (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 2PW?
No. The price is what the market pays today (€9.80); the fair value is what the company's own numbers justify (€17.68). For Hazama Ando Corporation the two are €7.88 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hazama Ando Corporation worth?
The market values Hazama Ando Corporation at about €1.5B (market capitalisation, as of Sep 30, 2026). Per share that is €9.80; our models calculate a fair value of €17.68 per share.
What do the bullish and bearish scenarios say about 2PW?
Our models span a range for Hazama Ando Corporation: cautious scenario €12.01, base €17.68, optimistic €23.71 per share (as of Sep 30, 2026, price €9.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2PW?
Hazama Ando Corporation trades at a price-to-earnings ratio of 9.3 (as of Sep 30, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €17.68 is built from several models across several years. Other multiples: P/B 1.3, P/S 0.6, EV/EBITDA 5.7.
How solid is the balance sheet of Hazama Ando Corporation (2PW)?
Balance-sheet figures for Hazama Ando Corporation (as of Sep 30, 2026): return on equity 15.9%, debt of 0.03 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 2PW from its 52-week high?
Hazama Ando Corporation trades at €9.80, about 14% below its 52-week high of €11.45 and 13% above the low of €8.70 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of €17.68 is for.
Which stocks are comparable to Hazama Ando Corporation?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Hazama Ando Corporation stock attractive at the current price?
The data as of Sep 30, 2026: price €9.80, calculated fair value €17.68 (+80%), Quality Score 59/100, from 26 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 2PW calculated?
We run Hazama Ando Corporation through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €17.68, 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 14.5 % above its aggregate fair value. Hazama Ando Corporation currently trades 45 % 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 Hazama Ando Corporation (2PW)?
The closing price on Oct 1, 2026 was €9.80. Our model-based fair value is €17.68, about +80% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hazama Ando Corporation right now?
The price is below even our cautious bear case (€12.01). The market is more pessimistic than our downside scenario. Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€12.01 to €23.71) leaves room in how you read the outcome.
Key figures of Hazama Ando Corporation
How large is the market capitalisation of Hazama Ando Corporation (2PW)?
The market capitalisation of Hazama Ando Corporation is €1.5B. 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 Hazama Ando Corporation (2PW)?
The price-to-sales ratio of Hazama Ando Corporation is 0.63 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Hazama Ando Corporation (2PW)?
Earnings per share at Hazama Ando Corporation are €1.05 (price ÷ EPS = P/E 9.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hazama Ando Corporation (2PW)?
The dividend yield of Hazama Ando Corporation is 4.4% (payout 41.2%). 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 Hazama Ando Corporation (2PW)?
The net margin of Hazama Ando Corporation is 6.8% (fiscal year 2026). 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 Hazama Ando Corporation (2PW)?
The return on equity (ROE) of Hazama Ando Corporation is 15.9% (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 Hazama Ando Corporation (2PW)?
On an EBIT basis the return on assets of Hazama Ando Corporation is 7.7% (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 Hazama Ando Corporation (2PW)?
The operating margin of Hazama Ando Corporation is 6.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hazama Ando Corporation (2PW)?
Revenue at Hazama Ando Corporation is growing +12.4% versus a year earlier (3y avg +5.7%). 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 Hazama Ando Corporation (2PW)?
Earnings per share at Hazama Ando Corporation are growing +34.8% versus a year earlier. How much earnings per share grew versus a year earlier.
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