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H+H International A/S (HH) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of H+H International A/S stock DKK 104, price DKK 99.50, upside +4.3%, quality 44 out of 100. Rating: fairly valued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.

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Basic Materials DK · ISIN DK0015202451

HH H+H International A/S logo Thin data Nov 8, 2026

H+H International A/S

HH · CO
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Fair value kr 103.76 · Fairly valued
Quality 44/100
Moderate debt
Profit last quarter 68% below a year ago.
Weak Growth (revenue 5y +0.7 %/yr in DKK)
Loss-making · -2.6% net margin (TTM)
Negative free cash flow
Trails peers (3/11)
Narrow moat 19/100 · thin data
Thin data
⟳ Cyclical
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

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

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 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 99.50 price screens below the kr 103.76 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

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.

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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.

Stock analysis

H+H International A/S (HH) currently trades at kr 99.50, while our model-based Fair Value estimate is kr 103.76, so the stock looks roughly fairly valued today (gap 4.1%).

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Valuation

Bull case: the Multiples group reads highest at a median of kr 51.88 per share, and 1 of the 4 models we run sit above the kr 99.50 price.

Bear case: the Asset-Based group reads lowest at kr 24.66, and 3 of the 4 models stay below the price. Data coverage for this calculation is low.

Scenario range: kr 53.34 (bear) to kr 154.18 (bull), the price of kr 99.50 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 44/100 (below-average quality), in the Basic Materials sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

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

Key figures

Market cap 1.6B DKK (≈ $243M) Micro · P/E ex one-offs 410.5 · P/S ratio 0.59 · EPS (TTM) kr −4.40 · Net margin −2.6% · Return on equity −7.8% · Return on assets (EBIT) 6.1% (5-year average) · Operating margin 5.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 19 out of 100 (low confidence).

What moves the price

The share trades about 11% below its 52-week high and 28% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −21% fair-value upside, at 4%, HH screens cheaper than that median.

Fair Value models

Bear kr 53.34 Fair Value kr 103.76 Bull kr 154.18
Price kr 99.50 · Upside +4.3%
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.
Best data coverage
EV/EBITDA kr 87.00 kr 132.32 kr 177.64 66
EV/EBIT kr 26.67 kr 51.88 kr 77.09 63
NCAV (Graham) kr 18.40 kr 24.66 kr 36.80 54
All 4 models by family
Multiples
EV/EBIT kr 26.67 kr 51.88 kr 77.09 63
EV/EBITDA kr 87.00 kr 132.32 kr 177.64 66
EV/Revenue kr 16.59 kr 44.68 kr 72.76 50
Asset-Based
NCAV (Graham) kr 18.40 kr 24.66 kr 36.80 54

The fair value above starts from this blend and is adjusted for a cyclical trough year.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 44/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 21
How much profit the company makes from its sales and capital
Quality Growth 36
Are margins and returns getting better?
Cashflow 11
Do the profits arrive as real cash?
Financial strength 39
Debt, balance sheet and risk of trouble
Investment 95
Does it invest with discipline instead of growing at any price?
Low Volatility 49
How calm the share price moves, does not count
Price momentum 39
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 56
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

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Revenue & earnings trend

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. 6/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−0.1%
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.
−8.7%
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.
+0.7%
Start year 2020 (pandemic). Over 10 years: +5.4% a year
Revenue growth 22 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.
+2.5%
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.
12.3% (2020) → 4.3% (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
not computed

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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.Building Materials · 257 stocks

Beats the industry median on 3/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 44 · Below median
Fair Value upside +4.3% · Above median
Profitability
Return on assets −25.0% · Bottom 25%
Net margin (12 months) −2.6% · Bottom 25%
Operating margin (12 months) 5.7% · Below median
Growth and dividend
Revenue growth (quarter YoY) 4.6% · Above median
Balance sheet
Debt / equity 0.91× · Highest 25%

Valuation Multiplesvs Building Materials median · lower = cheaper

P/B 1.76× · Pricier than median
P/S (12 months) 0.61× · Cheapest 25%
PEG 4.10× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)39 · sector 30
FUTURE (revenue growth)23 · sector 13
PAST (return on equity)0 · sector 17
HEALTH (low debt)54 · sector 92
DIVIDEND (yield)0 · sector 47

Context: sector, industry, market

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

Similar stocks

10 more Building Materials stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
China Jushi Co 600176 ¥27.45 ¥28.04 +2% vs HH
Heidelberg Materials AG HEI €173.80 €177.49 +2% vs HH
Holcim AG HOLN CHF 73.26 CHF 66.54 −9% vs HH
Amrize AG AMRZ $41.87 $35.08 −16% vs HH
CRH plc CRH $94.81 $75.09 −21% vs HH
Vulcan Materials Company VMC $282.72 $132.92 −53% vs HH
Martin Marietta Materials, Inc MLM $518.15 $214.62 −59% vs HH
Grasim Industries Limited GRASIM ₹3,227 ₹1,245 −61% vs HH
UltraTech Cement Limited ULTRACEMCO ₹12,450 ₹4,721 −62% vs HH
James Hardie Industries plc JHX A$41.89 A$10.28 −75% vs HH

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H+H International A/S: fair value per Fair Value Calculator

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

Frequently asked questions

Is H+H International A/S (HH) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of kr 103.76 versus a price of kr 99.50, about +4% upside (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 Nov 8, 2026), built from audited fundamentals. The current price: kr 99.50.
What is the quality score of HH?
H+H International A/S has a Quality Score of 44/100. 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+H International A/S (HH)?
Our model-based price target is the fair value of kr 103.76 (as of Nov 8, 2026) from 4 valuation models. Cautious scenario kr 53.34, optimistic scenario kr 154.18. It is a calculation from audited fundamentals, not an analyst target.
What is the H+H International A/S stock forecast for 2026?
Our models put fair value at kr 103.76, about +4% upside versus a price of kr 99.50 (fairly valued). Cautious scenario kr 53.34, optimistic scenario kr 154.18. The calculation is refreshed regularly with new filings.
What is the revenue of H+H International A/S (HH)?
H+H International A/S reported trailing-twelve-month revenue of about 2.7B DKK (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of H+H International A/S (HH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For H+H International A/S it is kr 103.76 per share (as of Nov 8, 2026), against a price of kr 99.50. It is the blended result of 4 valuation models in 2 families (Multiples, Asset-Based).
Is H+H International A/S stock overvalued or undervalued in 2026?
As of Nov 8, 2026, HH trades below its calculated fair value: price kr 99.50, fair value kr 103.76, a gap of about +4% (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 HH?
No. The price is what the market pays today (kr 99.50); the fair value is what the company's own numbers justify (kr 103.76). For H+H International A/S the two are kr 4.26 per share apart. That gap is exactly why we show both numbers side by side.
How much is H+H International A/S worth?
The market values H+H International A/S at about 1.6B DKK (market capitalisation, as of Nov 8, 2026). Per share that is kr 99.50; our models calculate a fair value of kr 103.76 per share.
What do the bullish and bearish scenarios say about HH?
Our models span a range for H+H International A/S: cautious scenario kr 53.34, base kr 103.76, optimistic kr 154.18 per share (as of Nov 8, 2026, price kr 99.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of HH?
The PEG ratio of H+H International A/S is 4.10 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of H+H International A/S (HH)?
Balance-sheet figures for H+H International A/S (as of Nov 8, 2026): return on equity −7.8%, debt of 0.91 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is HH from its 52-week high?
H+H International A/S trades at kr 99.50, about 11% below its 52-week high of kr 111.80 and 28% above the low of kr 77.90 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 103.76 is for.
Which stocks are comparable to H+H International A/S?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Martin Marietta Materials, Inc, Vulcan Materials Company, 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+H International A/S stock attractive at the current price?
The data as of Nov 8, 2026: price kr 99.50, calculated fair value kr 103.76 (+4%), Quality Score 44/100, from 4 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 HH calculated?
We run H+H International A/S through 4 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of kr 103.76 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. H+H International A/S currently trades 4% 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 H+H International A/S (HH)?
The closing price on Nov 6, 2026 was kr 99.50. Our model-based fair value is kr 103.76, about +4% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with H+H International A/S right 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. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of H+H International A/S

How large is the market capitalisation of H+H International A/S (HH)?
The market capitalisation of H+H International A/S is 1.6B DKK (≈ $243M). 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/E ratio of H+H International A/S (HH) excluding one-off items?
Excluding one-off items, the price-to-earnings ratio of H+H International A/S is 410.5 (fiscal year 2025, the reported result was a loss, median at FY-end 12.1 (6 FY)).
What is the P/S ratio of H+H International A/S (HH)?
The price-to-sales ratio of H+H International A/S is 0.59 (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 H+H International A/S (HH)?
Earnings per share at H+H International A/S are kr −4.40. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of H+H International A/S (HH)?
The net margin of H+H International A/S is −2.6% (last twelve months). 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+H International A/S (HH)?
The return on equity (ROE) of H+H International A/S is −7.8% (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 H+H International A/S (HH)?
On an EBIT basis the return on assets of H+H International A/S is 6.1% (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+H International A/S (HH)?
The operating margin of H+H International A/S is 5.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at H+H International A/S (HH)?
Revenue at H+H International A/S is growing +4.6% versus a year earlier (3y avg −8.7%). 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 H+H International A/S (HH)?
Earnings per share at H+H International A/S are growing −67.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does H+H International A/S (HH) generate?
The free cash flow of H+H International A/S is −56.0M DKK (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+H International A/S (HH) carry?
The net debt of H+H International A/S is 802M DKK (fiscal year 2025). 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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