DHH SpA (DHH) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of DHH SpA stock €25.63, price €23.30, upside +10.0%, quality 49 out of 100. Rating: fairly valued. Calculated from audited financials with 24 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 10, 2026.
How to read this chart
60‑month range €13.00 – €29.80 · fair‑value band €15.20 – €32.03 · the €23.30 price screens below the €25.63 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.
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Dominion Hosting Holding S.p.A., together with its subsidiaries, provides integrated B2B cloud and internet products and services in Italy, Croatia, Slovenia, Serbia, Switzerland, and Bulgaria.
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It operates through Infrastructure as a Service, Platform as a Service, Software as a Service, Internet access, Datacenter and Networking, and Managed Services segments.
The company offers cloud computing, such as solutions as-a-services (SaaS), IaaS, and PaaS services; domain registration; shared hosting; dedicated servers; cloud services; cloud servers, housing, and colocation solutions; and cloud computing for artificial intelligence.
It also provides internet connectivity; cloud connectivity, online streaming technology, VOIP, virtual private networks, and wide area networks; domain management; cloud hosting, such as SSL certificates, data management certificates, website builders, and business mail products; cybersecurity solutions, including email protection, DDoS protection, and web application firewalls.
Dominion Hosting Holding S.p.A. was founded in 2015 and is based in Milan, Italy.
Stock analysis
DHH SpA (DHH) currently trades at €23.30, while our model-based Fair Value estimate is €25.63, so the stock looks roughly fairly valued today (gap 9.1%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of €27.94 per share, and 10 of the 24 models we run sit above the €23.30 price.
Bear case: the Economic Profit group reads lowest at €8.41, and 14 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €15.20 (bear) to €32.03 (bull), the price of €23.30 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 Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
DHH SpA reported revenue of €40.3M in FY2025 versus €19.8M in FY2021, a compound +19.4%/yr. Reported net income was €4.5M in FY2025, compounding +8.7%/yr from FY2021.
Key figures
Market cap €126M Micro · P/E ratio 28.1 · P/S ratio 2.87 · EPS (TTM) €0.8300 · Net margin 8.9% · Return on equity 10.5% · Return on assets (EBIT) 10.4% (5-year average) · Operating margin 14.8%.
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 19% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −14% fair-value upside, at 10%, DHH screens cheaper than that median.
Fair Value models
Bear€15.20Fair Value €25.63Bull€32.03
Price €23.30 · Upside +10.0%
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 (€0.7140 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.
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.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+12.3%
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.
+10.9%
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.
+33.9%
Start year 2020 (pandemic). Over 10 years: +27.5% a year
Revenue growth 10 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.
+27.5%
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What shareholders gained per year (last 5 years) ⓘ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. Basis: EBIT basis.
≈ +25.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+25.4%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.22.4% vs 16.7%, picking up
Profit margin 2020 to 2025 ⓘ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.10% → 19%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 78% above its own trend.
Growth Forecast
A lot of optimism in the price
The price assumes less 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).
+25.7%
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.
+20.2%
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 +23.0% a year for the price and +17.6% for the forecasts.
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.Software - Infrastructure · 414 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside+10.0% · Above median
Profitability
Return on equity (12 months)10.5% · Above median
Return on assets5.8% · Above median
Net margin (12 months)8.9% · Above median
Operating margin (12 months)14.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)13.1% · Above median
Balance sheet
Debt / equity0.38× · Above median
Valuation Multiplesvs Software - Infrastructure median · lower = cheaper
P/E (12 months)28.1× · Pricier than median
P/B3.34× · Pricier than median
P/S (12 months)2.87× · Pricier than median
Price / free cash flow (fiscal year)29.5× · Pricier than median
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). "DHH SpA Fair Value". https://www.fairvalue-calculator.com/stock/DHH
Frequently asked questions
Is DHH SpA (DHH) overvalued or undervalued?
As of Nov 10, 2026, our model estimates a fair value of €25.63 versus a price of €23.30, about +10% upside (fairly valued).
What is the fair value of DHH?
Our model-based fair value for DHH SpA is €25.63 (as of Nov 10, 2026), built from audited fundamentals. The current price: €23.30.
What is the quality score of DHH?
DHH SpA has a Quality Score of 49/100. 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 DHH SpA (DHH)?
Our model-based price target is the fair value of €25.63 (as of Nov 10, 2026) from 24 valuation models. Cautious scenario €15.20, optimistic scenario €32.03. It is a calculation from audited fundamentals, not an analyst target.
What is the DHH SpA stock forecast for 2026?
Our models put fair value at €25.63, about +10% upside versus a price of €23.30 (fairly valued). Cautious scenario €15.20, optimistic scenario €32.03. The calculation is refreshed regularly with new filings.
What is the revenue of DHH SpA (DHH)?
DHH SpA reported trailing-twelve-month revenue of about €44.0M (latest available figure, as of Nov 10, 2026).
What growth is priced into DHH SpA (DHH)?
For today's price to be fair in a discounted-cash-flow model, DHH SpA would have to grow free cash flow by +25.7 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +33.9 % per year. As of Nov 10, 2026.
What discount rate (WACC) does the fair value of DHH use?
Our models discount DHH SpA at 13.5 %: a base by market capitalisation (micro), damped by beta 0.18, country premium for Italy. 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 DHH SpA that is +25.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has DHH SpA (DHH) delivered so far?
Over the past 5 years revenue at DHH SpA grew +33.9 % a year. The price currently implies free-cash-flow growth of +25.7 % 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 DHH SpA (DHH) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into DHH SpA (+25.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of DHH SpA (DHH)?
The free-cash-flow yield on the price is 3.39 %: that much free cash flow DHH SpA produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of DHH SpA (DHH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For DHH SpA it is €25.63 per share (as of Nov 10, 2026), against a price of €23.30. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is DHH SpA stock overvalued or undervalued in 2026?
As of Nov 10, 2026, DHH trades below its calculated fair value: price €23.30, fair value €25.63, a gap of about +10% (fairly valued). 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 DHH?
No. The price is what the market pays today (€23.30); the fair value is what the company's own numbers justify (€25.63). For DHH SpA the two are €2.33 per share apart. That gap is exactly why we show both numbers side by side.
How much is DHH SpA worth?
The market values DHH SpA at about €126M (market capitalisation, as of Nov 10, 2026). Per share that is €23.30; our models calculate a fair value of €25.63 per share.
What do the bullish and bearish scenarios say about DHH?
Our models span a range for DHH SpA: cautious scenario €15.20, base €25.63, optimistic €32.03 per share (as of Nov 10, 2026, price €23.30). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DHH?
DHH SpA trades at a price-to-earnings ratio of 28.1 (as of Nov 10, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €25.63 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings: 33.1. Other multiples: P/B 3.3, P/S 2.9, EV/EBITDA 15.2.
How solid is the balance sheet of DHH SpA (DHH)?
Balance-sheet figures for DHH SpA (as of Nov 10, 2026): return on equity 10.5%, debt of 0.38 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is DHH from its 52-week high?
DHH SpA trades at €23.30, about 19% below its 52-week high of €28.70 and 17% above the low of €19.90 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of €25.63 is for.
Which stocks are comparable to DHH SpA?
From the same area (Technology) we also value Microsoft Corporation, Oracle Corporation, Palantir Technologies Inc, Palo Alto Networks, Inc, 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 DHH SpA stock attractive at the current price?
The data as of Nov 10, 2026: price €23.30, calculated fair value €25.63 (+10%), Quality Score 49/100, from 24 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 DHH calculated?
We run DHH SpA through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €25.63 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 13.7% above its aggregate fair value. DHH SpA currently trades 9% 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 DHH SpA (DHH)?
The closing price on Nov 9, 2026 was €23.30. Our model-based fair value is €25.63, about +10% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with DHH SpA right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (€15.20 to €32.03) leaves room in how you read the outcome.
Where does the earnings growth of DHH SpA (DHH) come from?
Earnings per share at DHH SpA grew +17.0 % a year from 2015 to 2025. Broken into its drivers: revenue per share +9.3 %, EBIT margin +11.9 %, tax rate −1.9 %, residual (interest, one-offs) −2.4 %. 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 DHH SpA
How large is the market capitalisation of DHH SpA (DHH)?
The market capitalisation of DHH SpA is €126M. 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 DHH SpA (DHH)?
The price-to-sales ratio of DHH SpA is 2.87 (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 DHH SpA (DHH)?
Earnings per share at DHH SpA are €0.8300 (price ÷ EPS = P/E 28.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of DHH SpA (DHH)?
The net margin of DHH SpA is 8.9% (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 DHH SpA (DHH)?
The return on equity (ROE) of DHH SpA is 10.5% (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 DHH SpA (DHH)?
On an EBIT basis the return on assets of DHH SpA is 10.4% (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 DHH SpA (DHH)?
The operating margin of DHH SpA is 14.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at DHH SpA (DHH)?
Revenue at DHH SpA is growing +13.1% versus a year earlier (3y avg +10.9%). 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 DHH SpA (DHH)?
Earnings per share at DHH SpA are growing −30.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does DHH SpA (DHH) hold?
DHH SpA holds more cash than debt, €1.1M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Some data
Nov 10, 2026