Dermapharm Holding SE (DMP) fair value: what the stock is really worth
As of Nov 12, 2026: fair value (intrinsic value) of Dermapharm Holding SE stock €54.79, price €34.95, upside +56.8%, quality 56 out of 100. Rating: strongly undervalued. 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 13, 2026.
How to read this chart
60‑month range €28.31 – €76.94 · fair‑value band €29.19 – €73.50 · the €34.95 price screens below the €54.79 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 13, 2026.
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Dermapharm Holding SE, together with its subsidiaries, manufactures and sells off-patent branded pharmaceutical products in Germany, Italy, France, Austria, Switzerland, Spain, Portugal, the Netherlands, Croatia, Poland, Ukraine, the United States, and China.
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The company operates through three segments: Branded Pharmaceuticals; Other Healthcare Products; and Parallel Import Business. It offers branded generics, OTC products, non-prescription healthcare products, and herbal extracts and parallel-imported originator pharmaceuticals.
The company also provides vitamins, minerals, food supplements, as well as products for dermatology, allergology, pain and inflammation treatment, cardiovascular support, gynecology, and urology. In addition, it offers cosmetics and medical devices.
Further, the company imports originator pharmaceuticals under the axicorp brand. It sells its products under the Dekristol, Keltican, Tromcardin, Ketozolin, bite away, and Herpotherm brands. The company was founded in 1991 and is headquartered in Grünwald, Germany.
Dermapharm Holding SE is a subsidiary of Themis Beteiligungs-AG.
Stock analysis
Dermapharm Holding SE (DMP) currently trades at €34.95, while our model-based Fair Value estimate is €54.79, implying the stock looks roughly 36% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €58.80 per share, and 17 of the 24 models we run sit above the €34.95 price.
Bear case: the Dividend Discount group reads lowest at €16.74, and 7 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: €29.19 (bear) to €73.50 (bull), the price of €34.95 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 56/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Dermapharm Holding SE reported revenue of €1.2B in FY2025 versus €943M in FY2021, a compound +5.4%/yr. Reported net income was €132M in FY2025, compounding −10.8%/yr from FY2021.
Key figures
Market cap €1.7B Small · P/E ratio 12.6 · P/S ratio 1.60 · EPS (TTM) €2.77 · Dividend yield 2.5% · Net margin 12.4% · Return on equity 25.6% · Return on assets (EBIT) 13.5% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 63 out of 100 (low confidence).
What moves the price
The share trades about 31% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −27% fair-value upside, at 57%, DMP screens cheaper than that median.
Fair Value models
Bear€29.19Fair Value €54.79Bull€73.50
Price €34.95 · Upside +56.8%
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 (€1.64 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.80/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−1.3%
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.
+4.4%
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.
+8.0%
Start year 2020 (pandemic). Over 10 years: +11.7% a year
Revenue growth 11 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.
+10.4%
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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.
+11.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.1%
Dividend (yield on the price)2.5%
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.9.1% vs 24.5%, slowing
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.17% → 19%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as 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).
+6.6%
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.
+3.5%
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 +4.3% a year for the price and +1.3% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (33 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Strong revenue growth and margin gains in branded pharmaceuticals rest on an extensive portfolio of off-patent marketing authorizations, yet the business shows no clear durable moat amid limited public data and acquisition dependence.
Main risk: Sustained pressure in non-branded segments combined with heavy reliance on acquisitions risks hitting overall profitability if deal-driven growth cannot be maintained.
Dermapharm's branded pharmaceuticals segment delivered solid revenue growth in the first half, helped by recent acquisitions, while margins expanded even as other segments faced pressure. Its extensive portfolio of marketing authorizations for off-patent drugs underpins the focus on higher-margin branded products in core markets. Will organic strength in that portfolio outweigh reliance on deals to sustain profitability gains?
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.Drug Manufacturers - Specialty & Generic · 604 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside+56.8% · Top 25%
Profitability
Return on equity (12 months)25.6% · Top 25%
Return on assets6.0% · Above median
Net margin (12 months)12.4% · Above median
Operating margin (12 months)15.9% · Above median
Growth and dividend
Revenue growth (quarter YoY)4.8% · Below median
Dividend yield (12 months)2.5% · Above median
Balance sheet
Debt / equity1.30× · Highest 25%
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
P/E (12 months)12.6× · Cheapest 25%
P/B2.73× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)1.60× · Cheaper than median
Price / free cash flow (fiscal year)13.6× · Cheaper than median
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Cite: Fair Value Calculator (2026). "Dermapharm Holding SE Fair Value". https://www.fairvalue-calculator.com/stock/DMP
Frequently asked questions
Is Dermapharm Holding SE (DMP) overvalued or undervalued?
As of Nov 13, 2026, our model estimates a fair value of €54.79 versus a price of €34.95, about +57% upside (undervalued).
What is the fair value of DMP?
Our model-based fair value for Dermapharm Holding SE is €54.79 (as of Nov 13, 2026), built from audited fundamentals. The current price: €34.95.
What is the quality score of DMP?
Dermapharm Holding SE has a Quality Score of 56/100. 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 Dermapharm Holding SE (DMP)?
Our model-based price target is the fair value of €54.79 (as of Nov 13, 2026) from 24 valuation models. Cautious scenario €29.19, optimistic scenario €73.50. It is a calculation from audited fundamentals, not an analyst target.
What is the Dermapharm Holding SE stock forecast for 2026?
Our models put fair value at €54.79, about +57% upside versus a price of €34.95 (undervalued). Cautious scenario €29.19, optimistic scenario €73.50. The calculation is refreshed regularly with new filings.
What is the revenue of Dermapharm Holding SE (DMP)?
Dermapharm Holding SE reported trailing-twelve-month revenue of about €1.2B (latest available figure, as of Nov 13, 2026).
Does Dermapharm Holding SE pay a dividend?
Dermapharm Holding SE currently shows a dividend yield of 2.52% relative to its recent price (as of Nov 13, 2026).
How much is the dividend of Dermapharm Holding SE (DMP) and when is the ex-dividend date?
Dermapharm Holding SE pays a dividend of €0.88 per share a year, a dividend yield of 2.5%. The last ex-dividend date was Jun 29, 2026. A dividend has been paid every year since at least 2019. The payout ratio is 31.8% of earnings. Free cash flow covers the dividend 3.20 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Dermapharm Holding SE (DMP)?
For today's price to be fair in a discounted-cash-flow model, Dermapharm Holding SE would have to grow free cash flow by +6.6 % per year for five years (discount rate 9.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.0 % per year. As of Nov 13, 2026.
What discount rate (WACC) does the fair value of DMP use?
Our models discount Dermapharm Holding SE at 9.2 %: a base by market capitalisation (mid), damped by beta 0.87, 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 Dermapharm Holding SE that is +6.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.2 %) and the same formula as our fair value.
How much growth has Dermapharm Holding SE (DMP) delivered so far?
Over the past 5 years revenue at Dermapharm Holding SE grew +8.0 % a year. The price currently implies free-cash-flow growth of +6.6 % 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 Dermapharm Holding SE (DMP) growing?
The median revenue growth in the sector is +5.9 % a year. That is the yardstick for the growth priced into Dermapharm Holding SE (+6.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Dermapharm Holding SE (DMP)?
The free-cash-flow yield on the price is 8.05 %: that much free cash flow Dermapharm Holding SE produces per unit of market value. When it exceeds the discount rate of our models (9.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Dermapharm Holding SE (DMP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dermapharm Holding SE it is €54.79 per share (as of Nov 13, 2026), against a price of €34.95. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Dermapharm Holding SE stock overvalued or undervalued in 2026?
As of Nov 13, 2026, DMP trades below its calculated fair value: price €34.95, fair value €54.79, a gap of about +57% (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 DMP?
No. The price is what the market pays today (€34.95); the fair value is what the company's own numbers justify (€54.79). For Dermapharm Holding SE the two are €19.84 per share apart. That gap is exactly why we show both numbers side by side.
How much is Dermapharm Holding SE worth?
The market values Dermapharm Holding SE at about €1.7B (market capitalisation, as of Nov 13, 2026). Per share that is €34.95; our models calculate a fair value of €54.79 per share.
What do the bullish and bearish scenarios say about DMP?
Our models span a range for Dermapharm Holding SE: cautious scenario €29.19, base €54.79, optimistic €73.50 per share (as of Nov 13, 2026, price €34.95). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DMP?
Dermapharm Holding SE trades at a price-to-earnings ratio of 12.6 (as of Nov 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €54.79 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings: 20.7. Other multiples: P/B 2.7, P/S 1.6, EV/EBITDA 8.4.
How solid is the balance sheet of Dermapharm Holding SE (DMP)?
Balance-sheet figures for Dermapharm Holding SE (as of Nov 13, 2026): return on equity 25.6%, debt of 1.30 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is DMP from its 52-week high?
Dermapharm Holding SE trades at €34.95, about 31% below its 52-week high of €50.84 and 6% above the low of €33.03 (as of Nov 12, 2026). Distance from the high says nothing about value: that is what the fair value of €54.79 is for.
Which stocks are comparable to Dermapharm Holding SE?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Galderma Group, Teva Pharmaceutical Industries 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 Dermapharm Holding SE stock attractive at the current price?
The data as of Nov 13, 2026: price €34.95, calculated fair value €54.79 (+57%), Quality Score 56/100, 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 DMP calculated?
We run Dermapharm Holding SE through 24 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €54.79 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 14.3% above its aggregate fair value. Dermapharm Holding SE currently trades 36% 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 Dermapharm Holding SE (DMP)?
The closing price on Nov 12, 2026 was €34.95. Our model-based fair value is €54.79, about +57% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dermapharm Holding SE right now?
Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€29.19 to €73.50) leaves room in how you read the outcome.
Where does the earnings growth of Dermapharm Holding SE (DMP) come from?
Earnings per share at Dermapharm Holding SE grew +25.7 % a year from 2015 to 2025. Broken into its drivers: revenue per share +12.9 %, EBIT margin +0.0 %, tax rate −1.8 %, residual (interest, one-offs) +13.3 %. 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 Dermapharm Holding SE
How large is the market capitalisation of Dermapharm Holding SE (DMP)?
The market capitalisation of Dermapharm Holding SE is €1.7B. 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 Dermapharm Holding SE (DMP)?
The price-to-sales ratio of Dermapharm Holding SE is 1.60 (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 Dermapharm Holding SE (DMP)?
Earnings per share at Dermapharm Holding SE are €2.77 (price ÷ EPS = P/E 12.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Dermapharm Holding SE (DMP)?
The dividend yield of Dermapharm Holding SE is 2.5% (payout 31.8%). 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 Dermapharm Holding SE (DMP)?
The net margin of Dermapharm Holding SE is 12.4% (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 Dermapharm Holding SE (DMP)?
The return on equity (ROE) of Dermapharm Holding SE is 25.6% (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 Dermapharm Holding SE (DMP)?
On an EBIT basis the return on assets of Dermapharm Holding SE is 13.5% (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 Dermapharm Holding SE (DMP)?
The operating margin of Dermapharm Holding SE is 15.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dermapharm Holding SE (DMP)?
Revenue at Dermapharm Holding SE is growing +4.8% versus a year earlier (3y avg +4.4%). 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 Dermapharm Holding SE (DMP)?
Earnings per share at Dermapharm Holding SE are growing +20.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Dermapharm Holding SE (DMP) carry?
The net debt of Dermapharm Holding SE is €849M (fiscal year 2025, ≈ 6.1 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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Broad data
Nov 13, 2026