EuroHold Bulgaria AD (EHG) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of EuroHold Bulgaria AD PLN 6.72, price PLN 4.66, upside +44.2%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch EuroHold Bulgaria AD for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 1.90 PLN – 19.00 PLN · fair‑value band 3.41 PLN – 15.51 PLN · the 4.66 PLN price screens below the 6.72 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
Follow EuroHold Bulgaria AD in your weekly email
Every Wednesday you see whether EuroHold Bulgaria AD is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
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.
Show more
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. 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 4.66 PLN, while our model-based Fair Value estimate is 6.72 PLN, implying the stock looks roughly 30.7% undervalued today.
Show more
Valuation
Bull case: the Growth DCF group reads highest at a median of 3.22 PLN per share, and 0 of the 11 models we run sit above the 4.66 PLN price.
Bear case: the Economic Profit group reads lowest at 0.8000 PLN, and 11 of the 11 models stay below the price. Evidence for this calculation is high.
Scenario range: 3.41 PLN (bear) to 15.51 PLN (bull), the price of 4.66 PLN 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 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 2.2B PLN (≈ $569M) · P/E ratio 5.2 · P/S ratio 0.17 · EPS (TTM) 0.9000 PLN · Net margin 3.2% · Return on equity 28.5% · Return on assets (EBIT) −2.3% · Operating margin 6.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 75% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −34% fair-value upside, at 44%, EHG screens cheaper than that median.
Fair Value models
Bear 3.41 PLNFair Value 6.72 PLNBull 15.51 PLN
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.6608 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.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.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%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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% vs 11%, 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%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
+8.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about +4.7% a year for the price.
Price, fair value, quality and upside side by side.
Free, no sign-up
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 · 159 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score54 · Above median
Fair Value upside+44% · Above median
Profitability
Return on equity (TTM)29% · Top 25%
Return on assets5% · Above median
Net margin (TTM)3% · Bottom 25%
Operating margin (TTM)7% · Bottom 25%
Growth and dividend
Revenue growth11% · Above median
Balance sheet
Debt / equity3.75× · Highest 25%
Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper
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). "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 Sep 24, 2026, our model estimates a fair value of 6.72 PLN versus a price of 4.66 PLN, about +44% upside (undervalued).
What is the fair value of EHG?
Our model-based fair value for EuroHold Bulgaria AD is 6.72 PLN (as of Sep 24, 2026), built from audited fundamentals. The current price: 4.66 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 6.72 PLN (as of Sep 24, 2026) from 11 valuation models. Cautious scenario 3.41 PLN, optimistic scenario 15.51 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 6.72 PLN, about +44% upside versus a price of 4.66 PLN (undervalued). Cautious scenario 3.41 PLN, optimistic scenario 15.51 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 1.7B PLN (latest available figure, as of Sep 24, 2026).
What growth is priced into EuroHold Bulgaria AD (EHG)?
For today's price to be fair in a discounted-cash-flow model, EuroHold Bulgaria AD would have to grow free cash flow by +8.0 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of EHG use?
Our models discount EuroHold Bulgaria AD at 12.1 %: a base by market capitalisation (small), country premium for Poland. 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 EuroHold Bulgaria AD that is +8.0 % per year a year over ten years, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has EuroHold Bulgaria AD (EHG) delivered so far?
Over the past 5 years revenue at EuroHold Bulgaria AD grew +11.4 % a year. The price currently implies +8.0 % 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 EuroHold Bulgaria AD (EHG) growing?
The median revenue growth in the sector is +8.3 % a year. That is the yardstick for the growth priced into EuroHold Bulgaria AD (+8.0 % 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 EuroHold Bulgaria AD (EHG)?
The free-cash-flow yield on the price is 10.18 %: that much free cash flow EuroHold Bulgaria AD produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
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 6.72 PLN per share (as of Sep 24, 2026), against a price of 4.66 PLN. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is EuroHold Bulgaria AD stock overvalued or undervalued in 2026?
As of Sep 24, 2026, EHG trades below its calculated fair value: price 4.66 PLN, fair value 6.72 PLN, a gap of about +44% (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 EHG?
No. The price is what the market pays today (4.66 PLN); the fair value is what the company's own numbers justify (6.72 PLN). For EuroHold Bulgaria AD the two are 2.06 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 2.2B PLN (market capitalisation, as of Sep 24, 2026). Per share that is 4.66 PLN; our models calculate a fair value of 6.72 PLN per share.
What do the bullish and bearish scenarios say about EHG?
Our models span a range for EuroHold Bulgaria AD: cautious scenario 3.41 PLN, base 6.72 PLN, optimistic 15.51 PLN per share (as of Sep 24, 2026, price 4.66 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 5.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 6.72 PLN is built from several models across several years. Other multiples: P/B 3.1, P/S 0.3, EV/EBITDA 5.9.
How solid is the balance sheet of EuroHold Bulgaria AD (EHG)?
Balance-sheet figures for EuroHold Bulgaria AD (as of Sep 24, 2026): return on equity 28.5%, 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 4.66 PLN, about 14% below its 52-week high of 5.45 PLN and 75% above the low of 2.66 PLN (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 6.72 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 Sep 24, 2026: price 4.66 PLN, calculated fair value 6.72 PLN (+44%), 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 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 6.72 PLN, 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 14.0 % above its aggregate fair value. EuroHold Bulgaria AD currently trades 44 % 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 EuroHold Bulgaria AD (EHG)?
The closing price on Sep 24, 2026 was 4.66 PLN. Our model-based fair value is 6.72 PLN, about +44% upside (undervalued). 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 model range is unusually wide (3.41 PLN to 15.51 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality.
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 2.2B PLN (≈ $569M). 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 0.17 (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 0.9000 PLN (price ÷ EPS = P/E 5.2). 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 28.5% (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 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 6.8% (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 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.
Free · no account needed
Watch EuroHold Bulgaria AD in the live analysis
One click puts EuroHold Bulgaria AD on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
