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EuroHold Bulgaria AD (EHG) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of EuroHold Bulgaria AD stock PLN 6.76, price PLN 16.50, that is 59.0% below the price, quality 53 out of 100. Rating: strongly overvalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.

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Utilities PL · Based in Bulgaria · ISIN BG1100114062

EB EuroHold Bulgaria AD logo Some data Nov 6, 2026

EuroHold Bulgaria AD

EHG · WAR
Solid, but very expensive

Our calculation puts a fair price 59% below what the stock costs today.

Quality 53/100
Thin margins · 2.8% net margin (TTM)
Mixed vs. peers (6/13)
Some data
Fair value 6.76 PLN · Strongly overvalued
Weak Growth (revenue 3y −25.7 %/yr in PLN)
Narrow moat 40/100 · thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

19.00 PLN 1.90 PLN Fair Value 6.76 PLN Oct 2019 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

60‑month range 1.90 PLN – 19.00 PLN · fair‑value band 3.43 PLN – 10.27 PLN · the 16.50 PLN price screens above the 6.76 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 6, 2026.

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Company profile

Eurohold Bulgaria AD engages in the energy business in Bulgaria, North Macedonia, Greece, Romania, Belarus, Georgia, Ukraine, Spain, Italy, Poland, Germany, the United Kingdom, and the Netherlands. It operates through Energy, Insurance, and Financial Services segments.

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The company offers energy services comprising access to and transmission of electrical energy through the power distribution network; connection of new users to the power distribution network; public supply and trading in electrical energy for residential and business customers; information, communication, and technological services; commercial consulting, purchase, and sale of equipment and materials; and production and trading of energy from renewable sources.

It also provides general, life, and travel insurance. In addition, the company offers investment intermediary; investment banking; and asset management services. Further, it is involved in car leasing and sale; and brokerage activities.

The company was founded in 1995 and is headquartered in Sofia, Bulgaria. Eurohold Bulgaria AD is a subsidiary of Starcom Holding AD.

Stock analysis

EuroHold Bulgaria AD (EHG) currently trades at 16.50 PLN, while our model-based Fair Value estimate is 6.76 PLN, 59% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of 14.86 PLN per share, and 0 of the 11 models we run sit above the 16.50 PLN price.

Bear case: the Economic Profit group reads lowest at 2.89 PLN, and 11 of the 11 models stay below the price. Data coverage for this calculation is medium.

Scenario range: 3.43 PLN (bear) to 10.27 PLN (bull), the price of 16.50 PLN 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 53/100 (solid quality), in the Utilities sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

EuroHold Bulgaria AD reported revenue of €1.6B in FY2025 versus €2.1B in FY2021, a compound −6.5%/yr. Reported net income was €52.4M in FY2025, compounding +2.8%/yr from FY2021.

Key figures

Market cap 4.3B PLN (≈ $1.1B) Small · P/E ratio 18.1 · P/S ratio 0.58 · EPS (TTM) 0.9100 PLN · Net margin 3.2% · Return on equity 10.3% · Return on assets (EBIT) −2.3% (5-year average) · Operating margin 6.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 40 out of 100 (low confidence).

What moves the price

The share trades at its 52-week high and 520% above its 52-week low.

For context, the median of 10 Utilities peers we cover trades at −38% fair-value upside, at −59%, EHG screens richer than that median.

Fair Value models

Bear 3.43 PLN Fair Value 6.76 PLN Bull 10.27 PLN
Price 16.50 PLN · Downside -59.0%
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 (0.7804 PLN 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
Growth DCF 9.33 PLN 16.34 PLN 25.66 PLN 74
Owner Earnings 1.26 PLN 4.56 PLN 9.25 PLN 68
Rev-Margin DCF 6.71 PLN 13.38 PLN 21.83 PLN 68
All 11 models by family
DCF Models
Owner Earnings 1.26 PLN 4.56 PLN 9.25 PLN 68
5Y P/E Exit 3.42 PLN 6.74 PLN 10.24 PLN 67
10Y P/E Exit 5.80 PLN 9.38 PLN 13.87 PLN 61
Earnings-Based
Graham-Dodd 3.00 PLN 13.02 PLN 17.81 PLN 62
Lynch FV 3.35 PLN 4.78 PLN 6.22 PLN 59
Multiples
P/E Multiple 4.31 PLN 5.74 PLN 7.18 PLN 63
P/B Multiple 0.7100 PLN 0.9400 PLN 1.18 PLN 55
Asset-Based
NCAV (Graham) 0.3400 PLN 0.4500 PLN 0.6700 PLN 54
Growth DCF
Growth DCF 9.33 PLN 16.34 PLN 25.66 PLN 74
Rev-Margin DCF 6.71 PLN 13.38 PLN 21.83 PLN 68
Economic Profit
Residual Income 2.17 PLN 2.89 PLN 4.97 PLN 66

Open the full fair value analysis →

Quality Score breakdown

Overall quality 53/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 52
How much profit the company makes from its sales and capital
Quality Growth 42
Are margins and returns getting better?
Cashflow 58
Do the profits arrive as real cash?
Financial strength 29
Debt, balance sheet and risk of trouble
Investment 61
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 100
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 100
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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
−41.4%
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.
−25.7%
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.
+11.4%
Start year 2020 (pandemic). Over 10 years: +13.6% a year
Revenue growth 17 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%
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.
+10.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.3%
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.10.3% vs 11.4%, steady
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.−25% → 8%
Pace: the 5-year rate starts in 2020 (pandemic)

EHG screens overvalued: fair value 59% below the price. Compare with NextEra Energy, Inc →

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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.Utilities - Regulated Electric · 155 stocks

Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 53 · Above median
Fair Value upside −59.0% · Bottom 25%
Profitability
Return on equity (12 months) 10.3% · Above median
Return on assets 3.2% · Above median
Net margin (12 months) 2.8% · Bottom 25%
Operating margin (12 months) 6.6% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 11.3% · Above median
Balance sheet
Debt / equity 3.75× · Highest 25%

Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper

P/E (12 months) 18.1× · Pricier than median
P/B 6.00× · Priciest 25%
P/S (12 months) 0.62× · Cheapest 25%
Price / free cash flow (fiscal year) 8.9× · Cheaper than median
EV/EBITDA 9.2× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 15
FUTURE (revenue growth)57 · sector 23
PAST (return on equity)41 · sector 39
HEALTH (low debt)–
DIVIDEND (yield)0 · sector 64

VALUE 0: the price sits above our fair-value range.

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

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

Similar stocks

10 more Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
PG&E Corporation PCG $12.97 $17.29 +33% vs EHG
American Electric Power Company AEP $126.53 $100.03 −21% vs EHG
Exelon Corporation EXC $45.62 $36.01 −21% vs EHG
Xcel Energy Inc XEL $79.67 $53.45 −33% vs EHG
The Southern Company SO $92.34 $56.88 −38% vs EHG
Duke Energy Corporation DUK $127.78 $75.79 −41% vs EHG
Dominion Energy, Inc D $68.60 $37.88 −45% vs EHG
Consolidated Edison, Inc ED $118.56 $47.76 −60% vs EHG
NextEra Energy, Inc NEE $86.95 $29.83 −66% vs EHG
Entergy Corporation ETR $110.55 $37.37 −66% vs EHG

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EuroHold Bulgaria AD: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "EuroHold Bulgaria AD Fair Value". https://www.fairvalue-calculator.com/stock/EHG

Frequently asked questions

Is EuroHold Bulgaria AD (EHG) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 6.76 PLN versus a price of 16.50 PLN, about 59% lower (overvalued).
What is the fair value of EHG?
Our model-based fair value for EuroHold Bulgaria AD is 6.76 PLN (as of Nov 6, 2026), built from audited fundamentals. The current price: 16.50 PLN.
What is the quality score of EHG?
EuroHold Bulgaria AD has a Quality Score of 53/100. 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 EuroHold Bulgaria AD (EHG)?
Our model-based price target is the fair value of 6.76 PLN (as of Nov 6, 2026) from 11 valuation models. Cautious scenario 3.43 PLN, optimistic scenario 10.27 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the EuroHold Bulgaria AD stock forecast for 2026?
Our models put fair value at 6.76 PLN, about 59% lower versus a price of 16.50 PLN (overvalued). Cautious scenario 3.43 PLN, optimistic scenario 10.27 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of EuroHold Bulgaria AD (EHG)?
EuroHold Bulgaria AD reported trailing-twelve-month revenue of about 1.8B PLN (latest available figure, as of Nov 6, 2026).
What is the intrinsic value of EuroHold Bulgaria AD (EHG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For EuroHold Bulgaria AD it is 6.76 PLN per share (as of Nov 6, 2026), against a price of 16.50 PLN. It is the blended result of 11 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is EuroHold Bulgaria AD stock overvalued or undervalued in 2026?
As of Nov 6, 2026, EHG trades above its calculated fair value: price 16.50 PLN, fair value 6.76 PLN, a gap of about −59% (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 EHG?
No. The price is what the market pays today (16.50 PLN); the fair value is what the company's own numbers justify (6.76 PLN). For EuroHold Bulgaria AD the two are 9.74 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is EuroHold Bulgaria AD worth?
The market values EuroHold Bulgaria AD at about 4.3B PLN (market capitalisation, as of Nov 6, 2026). Per share that is 16.50 PLN; our models calculate a fair value of 6.76 PLN per share.
What do the bullish and bearish scenarios say about EHG?
Our models span a range for EuroHold Bulgaria AD: cautious scenario 3.43 PLN, base 6.76 PLN, optimistic 10.27 PLN per share (as of Nov 6, 2026, price 16.50 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of EHG?
EuroHold Bulgaria AD trades at a price-to-earnings ratio of 18.1 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 6.76 PLN is built from several models across several years. Other multiples: P/B 6.0, P/S 0.6, EV/EBITDA 9.2.
How solid is the balance sheet of EuroHold Bulgaria AD (EHG)?
Balance-sheet figures for EuroHold Bulgaria AD (as of Nov 6, 2026): return on equity 10.3%, debt of 3.75 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is EHG from its 52-week high?
EuroHold Bulgaria AD trades at 16.50 PLN, at its 52-week high of 16.50 PLN and 520% above the low of 2.66 PLN (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 6.76 PLN is for.
Which stocks are comparable to EuroHold Bulgaria AD?
From the same area (Utilities) we also value NextEra Energy, Inc, The Southern Company, Duke Energy Corporation, American Electric Power Company, 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 EuroHold Bulgaria AD stock attractive at the current price?
The data as of Nov 6, 2026: price 16.50 PLN, calculated fair value 6.76 PLN (−59%), Quality Score 53/100, from 11 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 EHG calculated?
We run EuroHold Bulgaria AD through 11 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 6.76 PLN 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. EuroHold Bulgaria AD 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 EuroHold Bulgaria AD (EHG)?
The closing price on Nov 6, 2026 was 16.50 PLN. Our model-based fair value is 6.76 PLN, about 59% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with EuroHold Bulgaria AD right now?
The price sits above even our optimistic bull case (10.27 PLN). The favourable scenario is already priced in. The model range is unusually wide (3.43 PLN to 10.27 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of EuroHold Bulgaria AD

How large is the market capitalisation of EuroHold Bulgaria AD (EHG)?
The market capitalisation of EuroHold Bulgaria AD is 4.3B PLN (≈ $1.1B). 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 EuroHold Bulgaria AD (EHG)?
The price-to-sales ratio of EuroHold Bulgaria AD is 0.58 (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 EuroHold Bulgaria AD (EHG)?
Earnings per share at EuroHold Bulgaria AD are 0.9100 PLN (price ÷ EPS = P/E 18.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of EuroHold Bulgaria AD (EHG)?
The net margin of EuroHold Bulgaria AD is 3.2% (fiscal year 2025). 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 EuroHold Bulgaria AD (EHG)?
The return on equity (ROE) of EuroHold Bulgaria AD is 10.3% (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 EuroHold Bulgaria AD (EHG)?
On an EBIT basis the return on assets of EuroHold Bulgaria AD is −2.3% (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 EuroHold Bulgaria AD (EHG)?
The operating margin of EuroHold Bulgaria AD is 6.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at EuroHold Bulgaria AD (EHG)?
Revenue at EuroHold Bulgaria AD is growing +11.3% versus a year earlier (3y avg −25.7%). 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 EuroHold Bulgaria AD (EHG)?
Earnings per share at EuroHold Bulgaria AD are growing +10.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does EuroHold Bulgaria AD (EHG) generate?
The free cash flow of EuroHold Bulgaria AD is 124M PLN (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does EuroHold Bulgaria AD (EHG) carry?
The net debt of EuroHold Bulgaria AD is 646M PLN (fiscal year 2025, ≈ 5.2 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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