Fernheizwerk Neukölln Aktiengesellschaft (FHW) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Fernheizwerk Neukölln Aktiengesellschaft €22.30, price €24.60, upside -9.4%, quality 48 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 27, 2026.
How to read this chart
60‑month range €18.03 – €58.20 · fair‑value band €19.91 – €28.99 · the €24.60 price screens above the €22.30 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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Fernheizwerk Neukölln engages in the generation and supply of heat and electricity in Berlin. It generates and distributes heating energy to approximately 61000 households, as well as town hall, public swimming pool, numerous schools, shops, and businesses. The company was founded in 1910 and is based in Berlin, Germany.
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Fernheizwerk Neukölln engages in the generation and supply of heat and electricity in Berlin. It generates and distributes heating energy to approximately 61000 households, as well as town hall, public swimming pool, numerous schools, shops, and businesses. The company was founded in 1910 and is based in Berlin, Germany. Fernheizwerk Neukölln operates as a subsidiary of Vattenfall Wärme Berlin AG.
Stock analysis
Fernheizwerk Neukölln Aktiengesellschaft (FHW) currently trades at €24.60, while our model-based Fair Value estimate is €22.30, so the stock looks roughly fairly valued today (gap 10.3%).
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Valuation
Bull case: the Multiples group reads highest at a median of €28.35 per share, and 7 of the 16 models we run sit above the €24.60 price.
Bear case: the Dividend Discount group reads lowest at €7.75, and 9 of the 16 models stay below the price. Evidence for this calculation is high.
Scenario range: €19.91 (bear) to €28.99 (bull), the price of €24.60 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 48/100 (below-average quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Fernheizwerk Neukölln Aktiengesellschaft reported revenue of €68.8M in FY2025 versus €40.9M in FY2021, a compound +13.9%/yr. Reported net income was €3.6M in FY2025, compounding −10.0%/yr from FY2021.
Key figures
Market cap €56.6M · P/E ratio 15.6 · P/S ratio 0.82 · EPS (TTM) €1.58 · Dividend yield 2.4% · Net margin 5.3% · Return on equity 6.0% · Return on assets (EBIT) 5.0%.
What moves the price
The share trades about 1% below its 52-week high and 36% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −32% fair-value upside, at −9%, FHW screens cheaper than that median.
Fair Value models
Bear €19.91Fair Value €22.30Bull €28.99
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 (€0.7276 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.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.57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+7.7%
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.
+5.1%
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.
+13.5%
Start year 2020 (pandemic). Over 10 years: +7.8% a year
Revenue growth 12 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.
+6.9%
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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.
−9.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−11.4%
Dividend (yield on the price)2.4%
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.27% → 8%
Compare Fernheizwerk Neukölln Aktiengesellschaft with another stock
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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 - Independent Power Producers · 73 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside−9.3% · Below median
Profitability
Return on equity (TTM)6.0% · Below median
Return on assets2.5% · Below median
Net margin (TTM)5.2% · Below median
Operating margin (TTM)10.3% · Below median
Growth and dividend
Revenue growth9.9% · Above median
Dividend yield (TTM)2.4% · Below median
Valuation Multiplesvs Utilities - Independent Power Producers 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.
Is Fernheizwerk Neukölln Aktiengesellschaft (FHW) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of €22.30 versus a price of €24.60, about −9% upside (fairly valued).
What is the fair value of FHW?
Our model-based fair value for Fernheizwerk Neukölln Aktiengesellschaft is €22.30 (as of Sep 27, 2026), built from audited fundamentals. The current price: €24.60.
What is the quality score of FHW?
Fernheizwerk Neukölln Aktiengesellschaft has a Quality Score of 48/100. 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 Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
Our model-based price target is the fair value of €22.30 (as of Sep 27, 2026) from 16 valuation models. Cautious scenario €19.91, optimistic scenario €28.99. It is a calculation from audited fundamentals, not an analyst target.
What is the Fernheizwerk Neukölln Aktiengesellschaft stock forecast for 2026?
Our models put fair value at €22.30, about −9% upside versus a price of €24.60 (fairly valued). Cautious scenario €19.91, optimistic scenario €28.99. The calculation is refreshed regularly with new filings.
What is the revenue of Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
Fernheizwerk Neukölln Aktiengesellschaft reported trailing-twelve-month revenue of about €69.2M (latest available figure, as of Sep 27, 2026).
Does Fernheizwerk Neukölln Aktiengesellschaft pay a dividend?
Fernheizwerk Neukölln Aktiengesellschaft currently shows a dividend yield of about 2.44% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fernheizwerk Neukölln Aktiengesellschaft it is €22.30 per share (as of Sep 27, 2026), against a price of €24.60. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Fernheizwerk Neukölln Aktiengesellschaft stock overvalued or undervalued in 2026?
As of Sep 27, 2026, FHW trades above its calculated fair value: price €24.60, fair value €22.30, a gap of about −9% (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 FHW?
No. The price is what the market pays today (€24.60); the fair value is what the company's own numbers justify (€22.30). For Fernheizwerk Neukölln Aktiengesellschaft the two are €2.30 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fernheizwerk Neukölln Aktiengesellschaft worth?
The market values Fernheizwerk Neukölln Aktiengesellschaft at about €56.6M (market capitalisation, as of Sep 27, 2026). Per share that is €24.60; our models calculate a fair value of €22.30 per share.
What do the bullish and bearish scenarios say about FHW?
Our models span a range for Fernheizwerk Neukölln Aktiengesellschaft: cautious scenario €19.91, base €22.30, optimistic €28.99 per share (as of Sep 27, 2026, price €24.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FHW?
Fernheizwerk Neukölln Aktiengesellschaft trades at a price-to-earnings ratio of 15.6 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €22.30 is built from several models across several years. Other multiples: P/B 1.0, P/S 0.9, EV/EBITDA 4.6.
How solid is the balance sheet of Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
Balance-sheet figures for Fernheizwerk Neukölln Aktiengesellschaft (as of Sep 27, 2026): return on equity 6.0%. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is FHW from its 52-week high?
Fernheizwerk Neukölln Aktiengesellschaft trades at €24.60, about 1% below its 52-week high of €24.80 and 36% above the low of €18.03 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of €22.30 is for.
Which stocks are comparable to Fernheizwerk Neukölln Aktiengesellschaft?
From the same area (Utilities) we also value Constellation Energy Corporation, Vistra Corp, Adani Power Limited, CGN Power Co, 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 Fernheizwerk Neukölln Aktiengesellschaft stock attractive at the current price?
The data as of Sep 27, 2026: price €24.60, calculated fair value €22.30 (−9%), Quality Score 48/100, from 16 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 FHW calculated?
We run Fernheizwerk Neukölln Aktiengesellschaft through 16 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 €22.30, 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 16.1 % above its aggregate fair value. Fernheizwerk Neukölln Aktiengesellschaft 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 Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
The closing price on Sep 25, 2026 was €24.60. Our model-based fair value is €22.30, about −9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fernheizwerk Neukölln Aktiengesellschaft right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Fernheizwerk Neukölln Aktiengesellschaft
How large is the market capitalisation of Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
The market capitalisation of Fernheizwerk Neukölln Aktiengesellschaft is €56.6M. 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 Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
The price-to-sales ratio of Fernheizwerk Neukölln Aktiengesellschaft is 0.82 (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 Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
Earnings per share at Fernheizwerk Neukölln Aktiengesellschaft are €1.58 (price ÷ EPS = P/E 15.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
The dividend yield of Fernheizwerk Neukölln Aktiengesellschaft is 2.4% (payout 38.0%). 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 Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
The net margin of Fernheizwerk Neukölln Aktiengesellschaft is 5.3% (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 Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
The return on equity (ROE) of Fernheizwerk Neukölln Aktiengesellschaft is 6.0% (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 Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
On an EBIT basis the return on assets of Fernheizwerk Neukölln Aktiengesellschaft is 5.0% (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 Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
The operating margin of Fernheizwerk Neukölln Aktiengesellschaft is 10.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
Revenue at Fernheizwerk Neukölln Aktiengesellschaft is growing +9.9% versus a year earlier (3y avg +5.1%). 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 Fernheizwerk Neukölln Aktiengesellschaft (FHW)?
Earnings per share at Fernheizwerk Neukölln Aktiengesellschaft are growing +253% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Fernheizwerk Neukölln Aktiengesellschaft (FHW) generate?
The free cash flow of Fernheizwerk Neukölln Aktiengesellschaft is −€6.8M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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