Hydrogene De France SA (HDF) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Hydrogene De France SA stock €4.86, price €1.81, upside +168.5%, quality 41 out of 100. Rating: strongly undervalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.
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. As of Nov 3, 2026.
How to read this chart
60‑month range €1.65 – €33.00 · fair‑value band €4.22 – €5.51 · the €1.81 price screens below the €4.86 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Hydrogène de France focuses on developing hydrogen infrastructure and multi-megawatt fuel cell technology. The company also generates clean electricity; and produces low-carbon hydrogen. It serves heavy maritime and rail mobility sectors, as well as electricity production for public electric grids.
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The company was incorporated in 2012 and is headquartered in Blanquefort, France.
Stock analysis
Hydrogene De France SA (HDF) currently trades at €1.81, while our model-based Fair Value estimate is €4.86, implying the stock looks roughly 63% undervalued today.
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Valuation
How firm this estimate is: it rests on 2 models at a data quality of 96/100, which puts the data coverage at low.
Scenario range: €4.22 (bear) to €5.51 (bull), the price of €1.81 sits below 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 41/100 (below-average quality), in the Utilities sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Hydrogene De France SA reported revenue of €998K in FY2025 versus €885K in FY2021, a compound +3.0%/yr. Reported net income was −€5.7M in FY2025.
Key figures
Market cap €26.7M Micro · P/S ratio 21.1 · EPS (TTM) €−0.3900 · Return on equity −3.8% · Return on assets (EBIT) −7.0% (5-year average) · Operating margin −830% · Revenue (TTM) €1.1M · Revenue growth (YoY) +34.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 11 out of 100 (low confidence).
What moves the price
The share trades about 57% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −52% fair-value upside, at 169%, HDF screens cheaper than that median.
Fair Value models
Bear€4.22Fair Value €4.86Bull€5.51
Price €1.81 · Upside +168.5%
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.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.
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.0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−91.0%
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.
−33.9%
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.
−12.4%
Start year 2020 (pandemic)
Revenue growth 7 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.
+0.7%
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Profit margin (trend) ⓘ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.
28.8% (2020) → −230.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
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.Utilities - Renewable · 196 stocks
Beats the industry median on 4/7 measures
A mixed picture versus its industry peers.
Valuation
Quality Score41 · Below median
Fair Value upside+168.5% · Top 25%
Profitability
Return on assets−6.4% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)34.6% · Top 25%
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Utilities - Renewable median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Hydrogene De France SA Fair Value". https://www.fairvalue-calculator.com/stock/HDF
Frequently asked questions
Is Hydrogene De France SA (HDF) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of €4.86 versus a price of €1.81, about +169% upside (undervalued).
What is the fair value of HDF?
Our model-based fair value for Hydrogene De France SA is €4.86 (as of Nov 3, 2026), built from audited fundamentals. The current price: €1.81.
What is the quality score of HDF?
Hydrogene De France SA has a Quality Score of 41/100. 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 Hydrogene De France SA (HDF)?
Our model-based price target is the fair value of €4.86 (as of Nov 3, 2026) from 2 valuation models. Cautious scenario €4.22, optimistic scenario €5.51. It is a calculation from audited fundamentals, not an analyst target.
What is the Hydrogene De France SA stock forecast for 2026?
Our models put fair value at €4.86, about +169% upside versus a price of €1.81 (undervalued). Cautious scenario €4.22, optimistic scenario €5.51. The calculation is refreshed regularly with new filings.
What is the revenue of Hydrogene De France SA (HDF)?
Hydrogene De France SA reported trailing-twelve-month revenue of about €1.1M (latest available figure, as of Nov 3, 2026).
What is the intrinsic value of Hydrogene De France SA (HDF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hydrogene De France SA it is €4.86 per share (as of Nov 3, 2026), against a price of €1.81. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is Hydrogene De France SA stock overvalued or undervalued in 2026?
As of Nov 3, 2026, HDF trades below its calculated fair value: price €1.81, fair value €4.86, a gap of about +169% (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 HDF?
No. The price is what the market pays today (€1.81); the fair value is what the company's own numbers justify (€4.86). For Hydrogene De France SA the two are €3.05 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hydrogene De France SA worth?
The market values Hydrogene De France SA at about €26.7M (market capitalisation, as of Nov 3, 2026). Per share that is €1.81; our models calculate a fair value of €4.86 per share.
What do the bullish and bearish scenarios say about HDF?
Our models span a range for Hydrogene De France SA: cautious scenario €4.22, base €4.86, optimistic €5.51 per share (as of Nov 3, 2026, price €1.81). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Hydrogene De France SA (HDF)?
Balance-sheet figures for Hydrogene De France SA (as of Nov 3, 2026): return on equity −3.8%, debt of 0.00 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is HDF from its 52-week high?
Hydrogene De France SA trades at €1.81, about 57% below its 52-week high of €4.18 and 10% above the low of €1.65 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €4.86 is for.
Which stocks are comparable to Hydrogene De France SA?
From the same area (Utilities) we also value China Yangtze Power Co, Ørsted A/S, Huaneng Lancang River Hydropower Inc, VERBUND AG, 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 Hydrogene De France SA stock attractive at the current price?
The data as of Nov 3, 2026: price €1.81, calculated fair value €4.86 (+169%), Quality Score 41/100, from 2 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 HDF calculated?
We run Hydrogene De France SA through 2 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of €4.86 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. Hydrogene De France SA currently trades 63% 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 Hydrogene De France SA (HDF)?
The closing price on Nov 6, 2026 was €1.81. Our model-based fair value is €4.86, about +169% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hydrogene De France SA right now?
The large discount to fair value meets weak quality (41/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (€4.22). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Hydrogene De France SA
How large is the market capitalisation of Hydrogene De France SA (HDF)?
The market capitalisation of Hydrogene De France SA is €26.7M. 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 Hydrogene De France SA (HDF)?
The price-to-sales ratio of Hydrogene De France SA is 21.1 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Hydrogene De France SA (HDF)?
Earnings per share at Hydrogene De France SA are €−0.3900. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Hydrogene De France SA (HDF)?
The return on equity (ROE) of Hydrogene De France SA is −3.8% (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 Hydrogene De France SA (HDF)?
On an EBIT basis the return on assets of Hydrogene De France SA is −7.0% (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 Hydrogene De France SA (HDF)?
The operating margin of Hydrogene De France SA is −830% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hydrogene De France SA (HDF)?
Revenue at Hydrogene De France SA is growing +34.6% versus a year earlier (3y avg −33.9%). 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 Hydrogene De France SA (HDF) generate?
The free cash flow of Hydrogene De France SA is −€5.1M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Hydrogene De France SA (HDF) hold?
Hydrogene De France SA holds more cash than debt, €33.1M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 3, 2026