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There (HXGB) Fair Value & Analysis

Other · DE · Market cap €35.8B

T There HXGB · BE
Price€7.28
Fair Value€2.05
Upside-71.8%
Quality65/100
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Healthy Growth
Thin margins · 0.0% net margin
Low debt · generates free cash flow
1.66% dividend yield
Mixed vs. peers (7/12)
Moderate moat 60/100
Evidence: High Range €1.60 – €2.67 Share as image

Fair value as of: Jul 17, 2026

From 23 valuation models · updated 24 days ago

Share price −16.5% over the past month.

A solid business, but screening 72% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (€2.67). The favourable scenario is already priced in.
  • Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

€14.03 €6.60 Fair Value €2.05 Apr 2021 Jun 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range €6.60 – €14.03 · fair‑value band €1.60 – €2.67 · the €7.28 price screens above the €2.05 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

There (HXGB) currently trades at €7.28, while our model-based Fair Value estimate is €2.05, implying the stock looks roughly 71.8% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Other sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Net debt stands at €3.3B. Fundamentals as of Jul 17, 2026

Our scenario range runs from €1.60 (bear case) to €2.67 (bull case); at €7.28, the current price sits above 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 32% below its 52-week high and 15% above its 52-week low, currently below its 200-day average. For context, the median of 10 Other peers we cover trades at -22% fair-value upside, at -72%, HXGB screens richer 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 BearBaseBull Evidence
Highest evidence
Growth DCF €1.60 €2.44 €3.61 80
Residual Income €1.64 €1.70 €1.72 76
Rev-Margin DCF €1.04 €1.71 €2.44 74
All 23 models by family
DCF Models
FCF DCF €1.56 €2.48 €3.83 38
Owner Earnings €1.43 €2.29 €3.54 31
5Y Revenue Exit €1.04 €1.68 €2.47 39
5Y EBITDA Exit €1.90 €3.24 €4.76 41
5Y P/E Exit €1.25 €2.05 €2.87 38
10Y Revenue Exit €1.18 €1.80 €2.56 36
10Y EBITDA Exit €1.76 €2.86 €4.26 37
10Y P/E Exit €1.35 €2.05 €2.86 35
Earnings-Based
Graham-Dodd €0.8500 €2.26 €2.95 54
PEG = 1.0 €0.4300 €0.6200 €0.8100 46
EPV €1.22 €1.48 €1.71 59
Multiples
P/E Multiple €1.60 €2.14 €2.67 63
P/S Multiple €1.24 €1.66 €2.07 58
P/B Multiple €1.60 €2.14 €2.67 55
EV/EBIT €1.84 €2.56 €3.28 53
EV/EBITDA €2.42 €3.34 €4.26 54
EV/Revenue €0.8200 €1.32 €1.82 43
Asset-Based
NCAV (Graham) €1.04 €1.39 €2.08 50
Growth DCF
Growth DCF €1.60 €2.44 €3.61 80
Rev-Margin DCF €1.04 €1.71 €2.44 74
Economic Profit
Residual Income €1.64 €1.70 €1.72 76
ROIC Compounder €1.22 €1.48 €1.71 72
Growth Earnings
Growth-Adj P/E €1.28 €1.83 €2.38 68

Widest divergence: Multiples (€2.14) versus Asset-Based (€1.39). Highest evidence: Growth DCF (80).

Key figures & financial health

Free cash flow €852M FY2025
Dividend yield 1.7%
Net debt €3.3B FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 62 · Market factors (momentum, volatility) 26

Profitability 35
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 78
Disciplined investing over empire-building
Low Volatility 40
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 19
Distance to the 52-week high (market factor)
Net Issuance 82
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

There is no Profile data available for HXGB.BE.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

There reported revenue of €5.4B in FY2025 versus €4.3B in FY2021, a compound +5.7%/yr. Reported net income was €617M in FY2025, compounding −6.3%/yr from FY2021.

Growth Quality 75/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€5.4B
Latest YoY
+0.4%
Avg. growth/yr (3Y)
+1.7%
Avg. growth/yr (5Y)
+7.6%
Avg. growth/yr (9Y)
+6.2%
Revenue +5.7%/yr
FY21 €4.3B
FY22 €5.2B
FY23 €5.4B
FY24 €5.4B
FY25 €5.4B
Net income −6.3%/yr
FY21 €802M
FY22 €1.0B
FY23 €859M
FY24 €1.0B
FY25 €617M

HXGB screens 72% overvalued. Compare with Federal Home Loan Mortgage Corporation →

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Cite: Fair Value Calculator (2026). "There Fair Value". https://www.fairvalue-calculator.com/stock/HXGB

Peer Group

Other · 390 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 65 · Top 25%
Fair Value upside −72% · Bottom 25%
Return on assets 0% · Top 25%
Net margin (TTM) 0% · Above median
Operating margin (TTM) 0% · Above median
Revenue growth 0% · Top 25%
Dividend yield (TTM) 1.7% · Top 25%
Debt / equity 0.22× · Higher than median

Valuation Multiples vs Other median · lower = cheaper

P/B 4.04× · Pricier than 75% of peers
P/FCF 48.5× · Pricier than 75% of peers
EV/EBITDA 24.6× · 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 0 · sector 8
FUTURE 0 · sector 0
PAST 0 · sector 0
HEALTH 89 · sector 97
DIVIDEND 33 · sector 0

VALUE 0: the price sits above our fair-value range.

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 Other stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

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Federal Home Loan Mortgage Corporation FREJO $15.84 $52.77 +233%
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Nestl?? India Limited 500790 ₹1,459 ₹191.93 -87%
540376 540376 ₹3,993 ₹1,806 -55%
540777 540777 ₹567.55 ₹142.69 -75%
Lupin Limited 500257 ₹2,476 ₹1,983 -20%
540719 540719 ₹1,788 ₹850.02 -52%
524804 524804 ₹1,620 ₹1,268 -22%
540716 540716 ₹1,612 ₹1,224 -24%
Eicher Motors Limited 505200 ₹7,340 ₹6,859 -7%

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Frequently asked questions

Is There (HXGB) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of €2.05 versus a price of €7.28, about −72% (overvalued).
What is the fair value of HXGB?
Our model-based fair value for There is €2.05 (as of Jul 17, 2026), built from audited fundamentals. The current price is €7.28.
What is the quality score of HXGB?
There has a Quality Score of 65/100. 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 net profit margin of HXGB?
The net profit margin of There is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.
Does There pay a dividend?
There currently shows a dividend yield of about 1.66% relative to its recent price (as of Jul 17, 2026).

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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