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Highlight Communications AG (HLG) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Highlight Communications AG €0.46, price €0.61, upside -24.5%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Communication Services · DE · Home Switzerland · ISIN CH0006539198

HC Thin data Sep 23, 2026

Highlight Communications AG

HLG · XETRA

Overvalued / MonitorQuality is not strong enough to offset the price risk.

!Fair value €0.4607 · Overvalued (−24%)
!Quality 51/100
!Weak Growth (revenue 5y −0.2 %/yr)
!Loss-making · -25.9% net margin (TTM)
✓Low debt · generates free cash flow
!Trails peers (4/13)
!Narrow moat 12/100
!Evidence only low, so the estimate is less certain
!Weak on valuation: 1 out of 100
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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

€4.20 €0.5000 Fair Value €0.4607 Aug 2020 Sep 2026

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 €0.5000 – €4.20 · fair‑value band €0.3481 – €0.6412 · the €0.6100 price screens above the €0.4607 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Highlight Communications AG operates as a strategic and financial holding company in Switzerland, Germany, rest of Europe, and internationally. It operates through Film; and Sports and Event segments.

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Highlight Communications AG operates as a strategic and financial holding company in Switzerland, Germany, rest of Europe, and internationally. It operates through Film; and Sports and Event segments. The Film segment engages in film production and distribution, home entertainment, license trading/TV exploitation, and TV production; production and distribution of films, procurement of rights, and home entertainment. This segment is also involved in the distribution of DVDs and Blu-ray; and exploitation of its video rights for in-house and licensed films. Its Sports and Event segment markets international sports events, including the UEFA Champions League, the UEFA Europa League, UEFA Europa Conference League, and the UEFA Super Cup; and international music, culture, and entertainment projects, as well as engages in advertising and sponsorship sales in the free TV and digital areas. The company also engages in event marketing; acquisition and development of content; exploitation of sports and music rights; virtual online gaming business; platform operation; development and sale of contract production, application software, and database; and record label and music consulting services. The company was founded in 1983 and is headquartered in Pratteln, Switzerland. Highlight Communications AG is a subsidiary of Highlight Event and Entertainment AG.

Stock analysis

Highlight Communications AG (HLG) currently trades at €0.6100, while our model-based Fair Value estimate is €0.4607, implying the stock looks roughly 32.4% overvalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of €0.4870 per share, and 0 of the 12 models we run sit above the €0.6100 price.

Bear case: the Multiples group reads lowest at €0.4498, and 12 of the 12 models stay below the price. Evidence for this calculation is low.

Scenario range: €0.3481 (bear) to €0.6412 (bull), the price of €0.6100 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 51/100 (solid quality), in the Communication Services sector.

Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.

Highlight Communications AG reported revenue of CHF 409M in FY2025 versus CHF 508M in FY2021, a compound −5.3%/yr. Reported net income was −CHF 135M in FY2025.

Key figures

Market cap €34.6M · P/S ratio 0.05 · EPS (TTM) €−2.59 · Dividend yield 1.9% · Net margin −32.9% · Return on equity −198% · Return on assets (EBIT) 0.3% · Operating margin −0.8%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 60% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Communication Services peers we cover trades at −4% fair-value upside, at −24%, HLG screens richer than that median.

Fair Value models

Bear €0.3481 Fair Value €0.4607 Bull €0.6412
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.
Highest evidence
FCF DCF €0.3773 €0.5134 €0.7575 80
Growth DCF €0.3930 €0.5242 €0.7413 79
5Y EBITDA Exit €0.3252 €0.4607 €0.6401 75
All 12 models by family
DCF Models
FCF DCF €0.3773 €0.5134 €0.7575 80
5Y Revenue Exit €0.3354 €0.4782 €0.6855 73
5Y EBITDA Exit €0.3252 €0.4607 €0.6401 75
10Y Revenue Exit €0.3413 €0.4474 €0.5602 68
10Y EBITDA Exit €0.3436 €0.4368 €0.5343 70
Dividend Discount
Gordon GGM €0.0012 €0.0014 €0.0016 69
DDM Multi-Stage €0.0012 €0.0016 €0.0020 67
Multiples
EV/EBITDA €0.3386 €0.4498 €0.5609 67
EV/Revenue €0.3347 €0.4758 €0.6169 53
Asset-Based
NCAV (Graham) €0.0009 €0.0011 €0.0017 54
Growth DCF
Growth DCF €0.3930 €0.5242 €0.7413 79
Rev-Margin DCF €0.3354 €0.4870 €0.6741 73

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Quality Score breakdown

Overall quality 51/100

Of which business quality 51 · Market factors (momentum, volatility) 21

Profitability 12
Margins and returns on capital today
Quality Growth 38
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 3
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 53
Calm price path (market factor)
Momentum 9
Price trend over the last 3–12 months (market factor)
52W Momentum 5
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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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. 33/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
+1.3%
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.
−7.9%
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.
−0.2%
Start year 2020 (pandemic). Over 10 years: +1.7% a year
Revenue growth 23 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.
+4.0%
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.
6.2% (2020) → −6.8% (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

HLG screens 32% overvalued. Compare with Netflix, Inc →

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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.Entertainment · 263 stocks

Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score 51 · Above median
Fair Value upside −25% · Below median
Profitability
Return on assets −4% · Bottom 25%
Net margin (TTM) −26% · Bottom 25%
Operating margin (TTM) −1% · Below median
Growth and dividend
Revenue growth 8% · Above median
Dividend yield (TTM) 1.9% · Below median
Balance sheet
Debt / equity 0.40× · Above median

Valuation Multiplesvs Entertainment median · lower = cheaper

P/B 6.26× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM) 0.08× · Cheapest 25%
P/FCF 0.3× · Cheaper than median
PEG 22.54× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)1 · sector 33
FUTURE (revenue growth)39 · sector 11
PAST (return on equity)0 · sector 5
HEALTH (low debt)80 · sector 96
DIVIDEND (yield)37 · sector 46

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 Entertainment stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Netflix, Inc NFLX $71.72 $78.89 +10%
The Walt Disney Company DIS $105.56 $101.23 −4%
Warner Bros. Discovery, Inc WBD $30.83 $13.47 −56%
Live Nation Entertainment, Inc LYV $169.84 $64.71 −62%
Universal Music Group UMG €14.55 €16.00 +10%
TKO Group TKO $188.87 $95.50 −49%
Formula One Group FWONK $94.62 $104.08 +10%
Fox Corporation FOXA $63.96 $89.49 +40%
Roku, Inc ROKU $153.49 $42.88 −72%
News Corporation NWS A$45.40 A$29.85 −34%

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Highlight Communications AG · Fair Value
€0.4607 −32%Fair Value
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Cite: Fair Value Calculator (2026). "Highlight Communications AG Fair Value". https://www.fairvalue-calculator.com/stock/HLG

Frequently asked questions

Is Highlight Communications AG (HLG) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €0.4607 versus a price of €0.6100, about −24% upside (overvalued).
What is the fair value of HLG?
Our model-based fair value for Highlight Communications AG is €0.4607 (as of Sep 23, 2026), built from audited fundamentals. The current price: €0.6100.
What is the quality score of HLG?
Highlight Communications AG has a Quality Score of 51/100. 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 Highlight Communications AG (HLG)?
Our model-based price target is the fair value of €0.4607 (as of Sep 23, 2026) from 12 valuation models. Cautious scenario €0.3481, optimistic scenario €0.6412. It is a calculation from audited fundamentals, not an analyst target.
What is the Highlight Communications AG stock forecast for 2026?
Our models put fair value at €0.4607, about −24% upside versus a price of €0.6100 (overvalued). Cautious scenario €0.3481, optimistic scenario €0.6412. The calculation is refreshed regularly with new filings.
What is the revenue of Highlight Communications AG (HLG)?
Highlight Communications AG reported trailing-twelve-month revenue of about CHF 524M (latest available figure, as of Sep 23, 2026).
Does Highlight Communications AG pay a dividend?
Highlight Communications AG currently shows a dividend yield of about 1.87% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of Highlight Communications AG (HLG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Highlight Communications AG it is €0.4607 per share (as of Sep 23, 2026), against a price of €0.6100. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Highlight Communications AG stock overvalued or undervalued in 2026?
As of Sep 23, 2026, HLG trades above its calculated fair value: price €0.6100, fair value €0.4607, a gap of about −24% (overvalued). 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 HLG?
No. The price is what the market pays today (€0.6100); the fair value is what the company's own numbers justify (€0.4607). For Highlight Communications AG the two are €0.1493 per share apart. That gap is exactly why we show both numbers side by side.
How much is Highlight Communications AG worth?
The market values Highlight Communications AG at about €34.6M (market capitalisation, as of Sep 23, 2026). Per share that is €0.6100; our models calculate a fair value of €0.4607 per share.
What do the bullish and bearish scenarios say about HLG?
Our models span a range for Highlight Communications AG: cautious scenario €0.3481, base €0.4607, optimistic €0.6412 per share (as of Sep 23, 2026, price €0.6100). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of HLG?
The PEG ratio of Highlight Communications AG is 22.54 (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 Highlight Communications AG (HLG)?
Balance-sheet figures for Highlight Communications AG (as of Sep 23, 2026): return on equity −197.6%, debt of 0.40 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is HLG from its 52-week high?
Highlight Communications AG trades at €0.6100, about 60% below its 52-week high of €1.52 and 22% above the low of €0.5000 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €0.4607 is for.
Which stocks are comparable to Highlight Communications AG?
From the same area (Communication Services) we also value Netflix, Inc, The Walt Disney Company, Warner Bros. Discovery, Inc, Live Nation Entertainment, Inc, 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 Highlight Communications AG stock attractive at the current price?
The data as of Sep 23, 2026: price €0.6100, calculated fair value €0.4607 (−24%), Quality Score 51/100, from 12 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 HLG calculated?
We run Highlight Communications AG through 12 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 €0.4607, 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 13.0 % above its aggregate fair value. Highlight Communications AG 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 Highlight Communications AG (HLG)?
The closing price on Sep 24, 2026 was €0.6100. Our model-based fair value is €0.4607, about −24% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Highlight Communications AG right now?
Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (€0.3481 to €0.6412) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Highlight Communications AG

How large is the market capitalisation of Highlight Communications AG (HLG)?
The market capitalisation of Highlight Communications AG is €34.6M. 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 Highlight Communications AG (HLG)?
The price-to-sales ratio of Highlight Communications AG is 0.05 (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 Highlight Communications AG (HLG)?
Earnings per share at Highlight Communications AG are €−2.59. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Highlight Communications AG (HLG)?
The dividend yield of Highlight Communications AG is 1.9%. 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 Highlight Communications AG (HLG)?
The net margin of Highlight Communications AG is −32.9% (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 Highlight Communications AG (HLG)?
The return on equity (ROE) of Highlight Communications AG is −198% (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 Highlight Communications AG (HLG)?
On an EBIT basis the return on assets of Highlight Communications AG is 0.3% (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 Highlight Communications AG (HLG)?
The operating margin of Highlight Communications AG is −0.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Highlight Communications AG (HLG)?
Revenue at Highlight Communications AG is growing +7.7% versus a year earlier (3y avg −7.9%). 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 Highlight Communications AG (HLG)?
Earnings per share at Highlight Communications AG are growing +11.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Highlight Communications AG (HLG) generate?
The free cash flow of Highlight Communications AG is CHF 132M (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 Highlight Communications AG (HLG) carry?
The net debt of Highlight Communications AG is CHF 197M (fiscal year 2025, ≈ 1.5 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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