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Heliad AG (A7A) Fair Value & Analysis

Financial Services · DE · Market cap €131M

HA Heliad AG A7A · XETRA
Price€14.50
Fair Value€26.90
Upside+85.5%
Quality47/100
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Mixed Growth
Thin margins · 0.0% net margin
Low debt · negative free cash flow
Trails peers (2/9)
Narrow moat 12/100
Evidence: Medium Range €22.81 – €30.14 Share as image

Fair value as of: May 31, 2026

From 2 valuation models · updated 71 days ago

Share price +0.3% over the past month.

Below-average quality, screening 86% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (€22.81). The market is more pessimistic than our downside scenario.
  • Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

€28.00 €8.65 Fair Value €26.90 Jan 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of May 31, 2026.

How to read this chart

60‑month range €8.65 – €28.00 · fair‑value band €22.81 – €30.14 · the €14.50 price screens below the €26.90 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of May 31, 2026.

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Analysis

Heliad AG (A7A) currently trades at €14.50, while our model-based Fair Value estimate is €26.90, implying the stock looks roughly 85.5% undervalued today. The Quality Score stands at 47/100 (below-average quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Trailing-twelve-month revenue stands at €328K. It earns a return on equity of -6.4%. Net debt stands at €20.2M. The stock trades on a trailing P/E of 1.1. Fundamentals as of May 31, 2026

Our scenario range runs from €22.81 (bear case) to €30.14 (bull case); at €14.50, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 13% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at 86%, A7A screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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. Evidence
Highest evidence
P/B Multiple €5.12 €6.83 €8.54 55
NCAV (Graham) €4.02 €5.39 €8.04 50
All 2 models by family
Multiples
P/B Multiple €5.12 €6.83 €8.54 55
Asset-Based
NCAV (Graham) €4.02 €5.39 €8.04 50

Widest divergence: Multiples (€6.83) versus Asset-Based (€5.39). Highest evidence: P/B Multiple (55).

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Key figures & financial health

Revenue (TTM) €328K
Revenue growth (YoY) -98.7%
Return on equity -6.4%
Free cash flow −€1.4M FY2025
P/E ratio 1.1
Operating margin -4,191%
More key figures
EPS (TTM) €12.67
EPS growth (YoY) -1.6%
Net debt €20.2M FY2025

Figures from reported company fundamentals · as of May 31, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 52 · Market factors (momentum, volatility) 52

Profitability 60
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 73
Balance sheet, leverage, solvency risk
Investment 60
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 39
Price trend over the last 3–12 months (market factor)
52W Momentum 41
Distance to the 52-week high (market factor)
Net Issuance 38
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Heliad AG is a venture capital firm specializing in multistage, pre-seed, startups, series A-C until IPO, early venture and growth capital investments. The firm also invests in direct and indirect funds. It prefers to invest in blockchain, online financial services and financial technology and software sectors.

Full company description

Heliad AG is a venture capital firm specializing in multistage, pre-seed, startups, series A-C until IPO, early venture and growth capital investments. The firm also invests in direct and indirect funds. It prefers to invest in blockchain, online financial services and financial technology and software sectors. The firm also invests in AI agents and robotics, next-gen finance, AI health, energy transition, and seamless mobility sectors. It seeks to invest globally with a primary focus on western Europe and DACH region. For funds of fund investments, the firm seeks to invest in funds specializing in fintech companies especially in the US and Asia. It also considers co-investment opportunities. It seeks to take minority and majority stakes in venture capital investments. Heliad AG makes balance sheet investments, was founded in 2003 and is based in Frankfurt am Main, Germany.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Heliad AG reported revenue of €871K in FY2025 versus €5.4M in FY2021, a compound −36.7%/yr. Reported net income was €107M in FY2025.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€871K
Avg. growth/yr (3Y) 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.
+8.7%
Avg. growth/yr (5Y) 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.
+0.2%
Avg. growth/yr (18Y) 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.
+18.6%
Revenue −36.7%/yr
FY21 €5.4M
FY22 €2.1M
FY23 €4.2M
FY24 €3.7M
FY25 €871K
Net income
FY21 −€348K
FY22 €2.0M
FY23 −€15.6M
FY24 €30.6M
FY25 €107M
Character of growth · EPS growth decomposed (2015-2025) +15.6 % p.a.
Revenue per share −14.5 pp

of which total revenue −8.6 pp · buybacks/dilution −5.9 pp

EBIT margin +56.0 pp
Tax rate +0.2 pp
Residual (interest, one-offs) −26.1 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Heliad AG Fair Value". https://www.fairvalue-calculator.com/stock/A7A

Peer Group

Asset Management · 971 stocks

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.

Quality Score 46 · Bottom 25%
Fair Value upside +86% · Top 25%
Return on assets -3% · Bottom 25%
Net margin (TTM) 0% · Below median
Revenue growth -99% · Bottom 25%
Debt / equity 0.31× · Higher than median

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 1.1× · Cheaper than 75% of peers
P/B 2.09× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 37
FUTURE 0 · sector 6
PAST 0 · sector 26
HEALTH 85 · sector 95
DIVIDEND 0 · sector 69

Insider activity: 35/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of May 31, 2026).

Stock Price Fair Value vs Fair Value
Fondul Proprietatea SA FP $0.0420 $0.0800 +90%
BlackRock, Inc BLK $1,136 $465.75 -59%
Blackstone Inc BX $124.56 $16.35 -87%
Investor AB INVEB kr 423.70 kr 847.40 +100%
Brookfield Corporation BN C$62.45 C$10.12 -84%
KKR & Co KKR $100.94 $44.88 -56%
AB Industrivärden INDUA kr 532.50 kr 1,065 +100%
Jio Financial Services Limited JIOFIN ₹242.98 ₹40.19 -83%
Hedef Holding HEDEF 267.25 TRY 320.98 TRY +20%
Bajaj Holdings BAJAJHLDNG ₹10,398 ₹9,202 -12%

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Frequently asked questions

Is Heliad AG (A7A) overvalued or undervalued?
As of May 31, 2026, our model estimates a fair value of €26.90 versus a price of €14.50, about +86% (undervalued).
What is the fair value of A7A?
Our model-based fair value for Heliad AG is €26.90 (as of May 31, 2026), built from audited fundamentals. The current price is €14.50.
What is the quality score of A7A?
Heliad AG 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 revenue of Heliad AG (A7A)?
Heliad AG reported trailing-twelve-month revenue of about €328K (latest available figure, as of May 31, 2026).
What is the net profit margin of A7A?
The net profit margin of Heliad AG is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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