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H+H International A/S (HH) Fair Value & Analysis

Basic Materials · DK · Market cap 1.6B DKK

HH H+H International A/S HH · CO
Pricekr 99.00
Fair Valuekr 103.76
Upside+4.8%
Quality45/100
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Weak Growth
Loss-making · -26.5% net margin
Moderate debt · negative free cash flow
Trails peers (4/12)
Narrow moat 15/100
Evidence: Medium Range kr 53.34 – kr 154.18 Share as image

Fair value as of: Jul 14, 2026

From 6 valuation models · updated 27 days ago

Fair value updated Jul 14, 2026, revised from kr 132.32 to kr 103.76 (−21.6%) since Jun 24, 2026. Share price +0.2% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The model range is unusually wide (kr 53.34 to kr 154.18). 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.
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Price vs Fair Value (5 years)

kr 273.00 kr 65.60 Fair Value kr 103.76 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range kr 65.60 – kr 273.00 · fair‑value band kr 53.34 – kr 154.18 · the kr 99.00 price screens below the kr 103.76 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

H+H International A/S (HH) currently trades at kr 99.00, while our model-based Fair Value estimate is kr 103.76, implying the stock looks roughly 4.8% fairly valued today. The Quality Score stands at 45/100 (below-average quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, H+H International A/S generated revenue of 2.6B DKK at a net margin of -26.5%. Revenue declined 17.0% year over year. It earns a return on equity of -54.3%. Net debt stands at 802M DKK. Fundamentals as of Jul 14, 2026

Our scenario range runs from kr 53.34 (bear case) to kr 154.18 (bull case); at kr 99.00, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 29% below its 52-week high and 32% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -59% fair-value upside, at 5%, HH screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Gordon GGM kr 15.16 kr 23.78 kr 32.36 70
DDM Multi-Stage kr 15.16 kr 21.23 kr 27.05 61
EV/EBITDA kr 94.75 kr 140.07 kr 185.39 54
All 6 models by family
Dividend Discount
Gordon GGM kr 15.16 kr 23.78 kr 32.36 70
DDM Multi-Stage kr 15.16 kr 21.23 kr 27.05 61
Multiples
EV/EBIT kr 34.42 kr 59.63 kr 84.84 53
EV/EBITDA kr 94.75 kr 140.07 kr 185.39 54
EV/Revenue kr 24.34 kr 52.43 kr 80.52 43
Asset-Based
NCAV (Graham) kr 28.14 kr 37.70 kr 56.27 50

Widest divergence: Multiples (kr 59.63) versus Dividend Discount (kr 21.23). Highest evidence: Gordon GGM (70).

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Key figures & financial health

Revenue (TTM) 2.6B DKK
Revenue growth (YoY) -17.0%
Net margin -26.5%
Return on equity -54.3%
Free cash flow −56.0M DKK FY2025
Operating margin -7.7%
More key figures
EPS (TTM) kr -42.40
EPS growth (YoY) -67.8%
Net debt 802M DKK FY2025

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 43 · Market factors (momentum, volatility) 38

Profitability 21
Margins and returns on capital today
Quality Growth 36
Are margins and returns improving?
Cashflow 11
Earnings quality: real cash, not paper profit
Fin. Strength 39
Balance sheet, leverage, solvency risk
Investment 95
Disciplined investing over empire-building
Low Volatility 45
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 33
Distance to the 52-week high (market factor)
Net Issuance 95
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

H+H International A/S engages in the provision of wall building materials and solutions in the United Kingdom, Central Western Europe, and Poland. It offers autoclaved aerated concrete and calcium silicate blocks. The company also provides foundation blocks, wall elements, and partition walls.

Full company description

H+H International A/S engages in the provision of wall building materials and solutions in the United Kingdom, Central Western Europe, and Poland. It offers autoclaved aerated concrete and calcium silicate blocks. The company also provides foundation blocks, wall elements, and partition walls. It serves its products in the private low-rise houses, volume house builders, public sector housing, commercial, and other industries. The company's products are used primarily in residential high-rise, self-build, and renovation applications. H+H International A/S was founded in 1909 and is headquartered in Copenhagen, Denmark.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

H+H International A/S reported revenue of kr 2.7B in FY2025 versus kr 3.0B in FY2021, a compound −2.4%/yr. Reported net income was −kr 662M in FY2025.

Growth Quality 6/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
2.7B DKK
Latest YoY
−0.1%
Avg. growth/yr (3Y) 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.
−8.7%
Avg. growth/yr (5Y) 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.
+0.7%
Avg. growth/yr (22Y) 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.
+2.5%
Revenue −2.4%/yr
FY21 kr 3.0B
FY22 kr 3.6B
FY23 kr 2.7B
FY24 kr 2.7B
FY25 kr 2.7B
Net income
FY21 kr 310M
FY22 kr 303M
FY23 −kr 248M
FY24 −kr 53.0M
FY25 −kr 662M

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Cite: Fair Value Calculator (2026). "H+H International A/S Fair Value". https://www.fairvalue-calculator.com/stock/HH

Peer Group

Building Materials · 253 stocks

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.

Quality Score 45 · Below median
Fair Value upside +4% · Above median
Return on assets 1% · Below median
Net margin (TTM) -27% · Bottom 25%
Operating margin (TTM) -8% · Bottom 25%
Revenue growth -17% · Bottom 25%
Debt / equity 0.91× · Higher than 75% of peers

Valuation Multiples vs Building Materials median · lower = cheaper

P/B 0.27× · Cheaper than 75% of peers
P/S (TTM) 0.10× · Cheaper than 75% of peers
EV/EBITDA 4.7× · Cheaper than median
PEG 4.10× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 38 · sector 27
FUTURE 0 · sector 2
PAST 0 · sector 15
HEALTH 54 · sector 92
DIVIDEND 0 · sector 42

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Building Materials stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

Stock Price Fair Value vs Fair Value
CRH plc CRH $102.92 $70.57 -31%
UltraTech Cement Limited ULTRACEMCO ₹11,711 ₹4,719 -60%
China Jushi Co 600176 ¥54.52 ¥13.95 -74%
Grasim Industries Limited GRASIM ₹3,073 ₹1,245 -59%
CEMEX, S.A. CEMEXCPO 21.71 MXN 15.42 MXN -29%
Anhui Conch Cement Company 600585 ¥16.99 ¥26.14 +54%
Ambuja Cements Limited AMBUJACEM ₹435.25 ₹227.96 -48%
Shree Cement Limited SHREECEM ₹26,930 ₹8,215 -69%
TCC Group 1101B 43.70 TWD 10.48 TWD -76%
Taiwan Glass Ind. Corp 1802 53.30 TWD 13.98 TWD -74%

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Frequently asked questions

Is H+H International A/S (HH) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of kr 103.76 versus a price of kr 99.00, about +5% (fairly valued).
What is the fair value of HH?
Our model-based fair value for H+H International A/S is kr 103.76 (as of Jul 14, 2026), built from audited fundamentals. The current price is kr 99.00.
What is the quality score of HH?
H+H International A/S has a Quality Score of 45/100. 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 revenue of H+H International A/S (HH)?
H+H International A/S reported trailing-twelve-month revenue of about 2.6B DKK (latest available figure, as of Jul 14, 2026).
What is the net profit margin of HH?
The net profit margin of H+H International A/S is about -26.5%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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