Hamborner REIT AG (HABA) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Hamborner REIT AG €4.32, price €4.25, upside +1.8%, quality 57 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 23, 2026.
How to read this chart
60‑month range €3.94 – €7.25 · fair‑value band €1.96 – €8.41 · the €4.25 price screens below the €4.32 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Hamborner REIT AG is a publicly traded company listed on the SD AX, operating exclusively in the real estate sector and positioned as a holder of high-yield commercial properties. Its sustainable rental income is based on a diversified real estate portfolio distributed throughout Germany with a total value of approximately 1.4 billion Euro.
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Hamborner REIT AG is a publicly traded company listed on the SD AX, operating exclusively in the real estate sector and positioned as a holder of high-yield commercial properties. Its sustainable rental income is based on a diversified real estate portfolio distributed throughout Germany with a total value of approximately 1.4 billion Euro. The portfolio focuses on attractive local supply properties such as large-scale retail properties, retail parks, and DIY stores in prime downtown locations, district centers, or high-traffic suburban areas of major and medium-sized German cities, as well as modern office buildings in established locations. Hamborner REIT AG distinguishes itself through many years of experience in the real estate and capital markets, its sustainably attractive dividend strategy, and its lean and transparent corporate structure. The company is a Real Estate Investment Trust (REIT) and benefits from exemption from corporate and trade tax at the company level. Hamborner REIT AG was established on June 18, 1953 and incorporated in Germany.
Stock analysis
Hamborner REIT AG (HABA) currently trades at €4.25, while our model-based Fair Value estimate is €4.32, implying the stock looks roughly 1.7% fairly valued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of €5.86 per share, and 5 of the 13 models we run sit above the €4.25 price.
Bear case: the Multiples group reads lowest at €2.61, and 8 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: €1.96 (bear) to €8.41 (bull), the price of €4.25 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 57/100 (solid quality), in the Real Estate sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Hamborner REIT AG reported revenue of €107M in FY2025 versus €98.4M in FY2021, a compound +2.0%/yr. Reported net income was €12.5M in FY2025, compounding −30.7%/yr from FY2021.
Key figures
Market cap €345M · P/E ratio 28.3 · P/S ratio 3.32 · EPS (TTM) €0.1500 · Dividend yield 9.2% · Net margin 11.7% · Return on equity 3.2% · Return on assets (EBIT) 2.0%.
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 19% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 1% fair-value upside, at 2%, HABA screens cheaper than that median.
Fair Value models
Bear €1.96Fair Value €4.32Bull €8.41
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.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
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
+0.9%
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.
+2.4%
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.
+0.8%
Start year 2020 (pandemic). Over 10 years: +6.3% a year
Revenue growth 21 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.
+9.7%
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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.
−10.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−19.2%
Dividend (yield on the price)9.2%
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.−19% vs −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.33% → 22%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than 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).
+10.8%
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.
−1.1%
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 +8.4% a year for the price and −3.2% for the forecasts.
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.REIT - Diversified · 156 stocks
Beats the industry median on 4/15 measures
Overall it trails its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+2% · Above median
Profitability
Return on equity (TTM)3% · Below median
Return on assets1% · Below median
Net margin (TTM)13% · Below median
Operating margin (TTM)24% · Below median
Growth and dividend
Revenue growth0% · Below median
Dividend yield (TTM)9.2% · Top 25%
Balance sheet
Debt / equity1.36× · Highest 25%
Valuation Multiplesvs REIT - Diversified 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). "Hamborner REIT AG Fair Value". https://www.fairvalue-calculator.com/stock/HABA
Frequently asked questions
Is Hamborner REIT AG (HABA) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €4.32 versus a price of €4.25, about +2% upside (fairly valued).
What is the fair value of HABA?
Our model-based fair value for Hamborner REIT AG is €4.32 (as of Sep 23, 2026), built from audited fundamentals. The current price: €4.25.
What is the quality score of HABA?
Hamborner REIT AG has a Quality Score of 57/100. 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 Hamborner REIT AG (HABA)?
Our model-based price target is the fair value of €4.32 (as of Sep 23, 2026) from 15 valuation models. Cautious scenario €1.96, optimistic scenario €8.41. It is a calculation from audited fundamentals, not an analyst target.
What is the Hamborner REIT AG stock forecast for 2026?
Our models put fair value at €4.32, about +2% upside versus a price of €4.25 (fairly valued). Cautious scenario €1.96, optimistic scenario €8.41. The calculation is refreshed regularly with new filings.
What is the revenue of Hamborner REIT AG (HABA)?
Hamborner REIT AG reported trailing-twelve-month revenue of about €102M (latest available figure, as of Sep 23, 2026).
Does Hamborner REIT AG pay a dividend?
Hamborner REIT AG currently shows a dividend yield of about 9.19% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Hamborner REIT AG (HABA)?
For today's price to be fair in a discounted-cash-flow model, Hamborner REIT AG would have to grow free cash flow by +10.8 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.8 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of HABA use?
Our models discount Hamborner REIT AG at 10.1 %: a base by market capitalisation (small), damped by beta 0.67, 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 Hamborner REIT AG that is +10.8 % per year a year over ten years, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has Hamborner REIT AG (HABA) delivered so far?
Over the past 5 years revenue at Hamborner REIT AG grew +0.8 % a year. The price currently implies +10.8 % 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 Hamborner REIT AG (HABA) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Hamborner REIT AG (+10.8 % 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 Hamborner REIT AG (HABA)?
The free-cash-flow yield on the price is 12.79 %: that much free cash flow Hamborner REIT AG produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hamborner REIT AG (HABA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hamborner REIT AG it is €4.32 per share (as of Sep 23, 2026), against a price of €4.25. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Hamborner REIT AG stock overvalued or undervalued in 2026?
As of Sep 23, 2026, HABA trades below its calculated fair value: price €4.25, fair value €4.32, a gap of about +2% (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 HABA?
No. The price is what the market pays today (€4.25); the fair value is what the company's own numbers justify (€4.32). For Hamborner REIT AG the two are €0.0750 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hamborner REIT AG worth?
The market values Hamborner REIT AG at about €345M (market capitalisation, as of Sep 23, 2026). Per share that is €4.25; our models calculate a fair value of €4.32 per share.
What do the bullish and bearish scenarios say about HABA?
Our models span a range for Hamborner REIT AG: cautious scenario €1.96, base €4.32, optimistic €8.41 per share (as of Sep 23, 2026, price €4.25). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HABA?
Hamborner REIT AG trades at a price-to-earnings ratio of 28.3 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €4.32 is built from several models across several years. Other multiples: PEG 272.3, P/B 1.0, P/S 3.9, EV/EBITDA 14.4.
What is the PEG ratio of HABA?
The PEG ratio of Hamborner REIT AG is 272.28 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Hamborner REIT AG (HABA)?
Balance-sheet figures for Hamborner REIT AG (as of Sep 23, 2026): return on equity 3.2%, debt of 1.36 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is HABA from its 52-week high?
Hamborner REIT AG trades at €4.25, about 19% below its 52-week high of €5.24 and 8% above the low of €3.94 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of €4.32 is for.
Which stocks are comparable to Hamborner REIT AG?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Charter Hall Group, 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 Hamborner REIT AG stock attractive at the current price?
The data as of Sep 23, 2026: price €4.25, calculated fair value €4.32 (+2%), Quality Score 57/100, from 15 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 HABA calculated?
We run Hamborner REIT AG through 15 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 €4.32, 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 14.1 % above its aggregate fair value. Hamborner REIT AG currently trades 2 % 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 Hamborner REIT AG (HABA)?
The closing price on Sep 23, 2026 was €4.25. Our model-based fair value is €4.32, about +2% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hamborner REIT AG right now?
The model range is unusually wide (€1.96 to €8.41). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Hamborner REIT AG
How large is the market capitalisation of Hamborner REIT AG (HABA)?
The market capitalisation of Hamborner REIT AG is €345M. 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 Hamborner REIT AG (HABA)?
The price-to-sales ratio of Hamborner REIT AG is 3.32 (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 Hamborner REIT AG (HABA)?
Earnings per share at Hamborner REIT AG are €0.1500 (price ÷ EPS = P/E 28.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hamborner REIT AG (HABA)?
The dividend yield of Hamborner REIT AG is 9.2%. 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 Hamborner REIT AG (HABA)?
The net margin of Hamborner REIT AG is 11.7% (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 Hamborner REIT AG (HABA)?
The return on equity (ROE) of Hamborner REIT AG is 3.2% (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 Hamborner REIT AG (HABA)?
On an EBIT basis the return on assets of Hamborner REIT AG is 2.0% (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 Hamborner REIT AG (HABA)?
The operating margin of Hamborner REIT AG is 23.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast are earnings growing at Hamborner REIT AG (HABA)?
Earnings per share at Hamborner REIT AG are growing +10.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hamborner REIT AG (HABA) carry?
The net debt of Hamborner REIT AG is €597M (fiscal year 2025, ≈ 13.5 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
Sep 23, 2026