H-Farm S.p.A (FARM) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of H-Farm S.p.A €0.19, price €0.21, upside -7.8%, quality 52 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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 €0.0867 – €0.2394 · fair‑value band €0.1480 – €0.3231 · the €0.2100 price screens above the €0.1937 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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H-FARM S.p.A. is venture capital firm specializing in pre-seed and seed stages, direct and fund of fund investments. Within direct investments, the firm focuses on incubation, start-up investments in the digital, blockchain, edutech, agritech, fashion and innovation sectors. Within fund of fund investments, the firm focuses on venture capital funds.
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H-FARM S.p.A. is venture capital firm specializing in pre-seed and seed stages, direct and fund of fund investments. Within direct investments, the firm focuses on incubation, start-up investments in the digital, blockchain, edutech, agritech, fashion and innovation sectors. Within fund of fund investments, the firm focuses on venture capital funds. The firm also has an acceleration program and provides business consultancy. It makes investments in Italian companies. The firm takes balance sheet investments. H-FARM S.p.A. was founded in January 2005 and is based in Roncade, Italy with additional offices in Milan, Italy, Rome, Italy and Turin, Italy.
Stock analysis
H-Farm S.p.A (FARM) currently trades at €0.2100, while our model-based Fair Value estimate is €0.1937, implying the stock looks roughly 8.4% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €1.67 per share, and 6 of the 7 models we run sit above the €0.2100 price.
Bear case: the Asset-Based group reads lowest at €0.1200, and 1 of the 7 models stay below the price. Evidence for this calculation is low.
Scenario range: €0.1480 (bear) to €0.3231 (bull), the price of €0.2100 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 52/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
H-Farm S.p.A reported revenue of €38.5M in FY2025 versus €60.1M in FY2021, a compound −10.5%/yr. Reported net income was €34.4M in FY2025.
Key figures
Market cap €42.0M · P/E ratio 1.1 · P/S ratio 0.99 · EPS (TTM) €0.1900 · Net margin 89.2% · Return on equity 219% · Return on assets (EBIT) −13.9% · Operating margin −19.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 49% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at −8%, FARM screens richer than that median.
Fair Value models
Bear €0.1480Fair Value €0.1937Bull €0.3231
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 (€0.1395 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.30/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+4.0%
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.
−14.6%
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.
−4.6%
Start year 2020 (pandemic). Over 10 years: +9.9% 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.
+25.0%
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What shareholders gained per year (last 3 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 3 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.
−5.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.8%
Dividend (yield on the price)0.0%
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.−20% → −17%
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.Asset Management · 657 stocks
Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Below median
Fair Value upside−10% · Below median
Profitability
Return on equity (TTM)219% · Top 25%
Return on assets−8% · Bottom 25%
Net margin (TTM)125% · Top 25%
Operating margin (TTM)−19% · Bottom 25%
Growth and dividend
Revenue growth−44% · Bottom 25%
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Asset Management 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). "H-Farm S.p.A Fair Value". https://www.fairvalue-calculator.com/stock/FARM
Frequently asked questions
Is H-Farm S.p.A (FARM) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €0.1937 versus a price of €0.2100, about −8% upside (fairly valued).
What is the fair value of FARM?
Our model-based fair value for H-Farm S.p.A is €0.1937 (as of Sep 24, 2026), built from audited fundamentals. The current price: €0.2100.
What is the quality score of FARM?
H-Farm S.p.A has a Quality Score of 52/100. 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 H-Farm S.p.A (FARM)?
Our model-based price target is the fair value of €0.1937 (as of Sep 24, 2026) from 7 valuation models. Cautious scenario €0.1480, optimistic scenario €0.3231. It is a calculation from audited fundamentals, not an analyst target.
What is the H-Farm S.p.A stock forecast for 2026?
Our models put fair value at €0.1937, about −8% upside versus a price of €0.2100 (fairly valued). Cautious scenario €0.1480, optimistic scenario €0.3231. The calculation is refreshed regularly with new filings.
What is the revenue of H-Farm S.p.A (FARM)?
H-Farm S.p.A reported trailing-twelve-month revenue of about €29.8M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of H-Farm S.p.A (FARM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For H-Farm S.p.A it is €0.1937 per share (as of Sep 24, 2026), against a price of €0.2100. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is H-Farm S.p.A stock overvalued or undervalued in 2026?
As of Sep 24, 2026, FARM trades above its calculated fair value: price €0.2100, fair value €0.1937, a gap of about −8% (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 FARM?
No. The price is what the market pays today (€0.2100); the fair value is what the company's own numbers justify (€0.1937). For H-Farm S.p.A the two are €0.0163 per share apart. That gap is exactly why we show both numbers side by side.
How much is H-Farm S.p.A worth?
The market values H-Farm S.p.A at about €42.0M (market capitalisation, as of Sep 24, 2026). Per share that is €0.2100; our models calculate a fair value of €0.1937 per share.
What do the bullish and bearish scenarios say about FARM?
Our models span a range for H-Farm S.p.A: cautious scenario €0.1480, base €0.1937, optimistic €0.3231 per share (as of Sep 24, 2026, price €0.2100). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FARM?
H-Farm S.p.A trades at a price-to-earnings ratio of 1.1 (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 €0.1937 is built from several models across several years. Other multiples: P/B 1.2, P/S 1.6.
How solid is the balance sheet of H-Farm S.p.A (FARM)?
Balance-sheet figures for H-Farm S.p.A (as of Sep 24, 2026): return on equity 219.0%, debt of 0.02 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is FARM from its 52-week high?
H-Farm S.p.A trades at €0.2100, about 12% below its 52-week high of €0.2390 and 49% above the low of €0.1412 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €0.1937 is for.
Which stocks are comparable to H-Farm S.p.A?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, 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 H-Farm S.p.A stock attractive at the current price?
The data as of Sep 24, 2026: price €0.2100, calculated fair value €0.1937 (−8%), Quality Score 52/100, from 7 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 FARM calculated?
We run H-Farm S.p.A through 7 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 €0.1937, 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 13.0 % above its aggregate fair value. H-Farm S.p.A 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 H-Farm S.p.A (FARM)?
The closing price on Sep 24, 2026 was €0.2100. Our model-based fair value is €0.1937, about −8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with H-Farm S.p.A right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (€0.1480 to €0.3231) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of H-Farm S.p.A
How large is the market capitalisation of H-Farm S.p.A (FARM)?
The market capitalisation of H-Farm S.p.A is €42.0M. 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 H-Farm S.p.A (FARM)?
The price-to-sales ratio of H-Farm S.p.A is 0.99 (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 H-Farm S.p.A (FARM)?
Earnings per share at H-Farm S.p.A are €0.1900 (price ÷ EPS = P/E 1.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of H-Farm S.p.A (FARM)?
The net margin of H-Farm S.p.A is 89.2% (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 H-Farm S.p.A (FARM)?
The return on equity (ROE) of H-Farm S.p.A is 219% (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 H-Farm S.p.A (FARM)?
On an EBIT basis the return on assets of H-Farm S.p.A is −13.9% (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 H-Farm S.p.A (FARM)?
The operating margin of H-Farm S.p.A is −19.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at H-Farm S.p.A (FARM)?
Revenue at H-Farm S.p.A is growing −44.1% versus a year earlier (3y avg −14.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does H-Farm S.p.A (FARM) generate?
The free cash flow of H-Farm S.p.A is −€11.3M (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 H-Farm S.p.A (FARM) carry?
The net debt of H-Farm S.p.A is €6.8M (fiscal year 2023). 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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