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Heidelberger Beteiligungsholding AG (IPOK) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Heidelberger Beteiligungsholding AG stock €65.79, price €114, that is 42.3% below the price, quality 43 out of 100. Rating: strongly overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Financial Services DE · ISIN DE000A254294

HB Heidelberger Beteiligungsholding AG logo Thin data Nov 10, 2026

Heidelberger Beteiligungsholding AG

IPOK · XETRA
Very expensive, weak quality

Our calculation puts a fair price 42% below what the stock costs today.

Quality 43/100
Mixed Growth (revenue 3y +20.6 %/yr in EUR)
Fair value €65.79 · Strongly overvalued
Loss-making · -110.0% net margin (FY2025)
Negative free cash flow
Trails peers (1/8)
Narrow moat 32/100 · thin data
Thin data
Estimate
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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

€238.00 €60.67 Fair Value €65.79 Sep 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range €60.67 – €238.00 · fair‑value band €49.34 – €82.23 · the €114.00 price screens above the €65.79 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 10, 2026.

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Company profile

Heidelberger Beteiligungsholding AG operates as an investment company in Germany. The company primarily invests in listed securities. Heidelberger Beteiligungsholding AG is headquartered in Heidelberg, Germany.

Stock analysis

Heidelberger Beteiligungsholding AG (IPOK) currently trades at €114.00, while our estimate is €65.79, 42% below the price, so the stock looks overvalued today.

Show more

Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: €49.34 (bear) to €82.23 (bull), the price of €114.00 sits above 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 43/100 (below-average quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Heidelberger Beteiligungsholding AG reported revenue of €2.0M in FY2025 versus €9.7M in FY2021, a compound −32.7%/yr. Reported net income was −€2.2M in FY2025.

Key figures

Market cap €30.6M Micro · EPS (TTM) €−29.94 · Net margin −110% · Return on equity −130% · Return on assets (EBIT) 10.2% (5-year average) · Operating margin 107% · Revenue (TTM) −€7.6M · Free cash flow −€6.2M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).

What moves the price

The share trades about 52% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −19% fair-value upside, at −42%, IPOK screens richer than that median.

Fair Value

Bear €49.34 Fair Value €65.79 Bull €82.23
Price €114.00 · Downside -42.3%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 43/100

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

Profitability 12
How much profit the company makes from its sales and capital
Quality Growth 21
Are margins and returns getting better?
Cashflow 33
Do the profits arrive as real cash?
Financial strength 59
Debt, balance sheet and risk of trouble
Investment 67
Does it invest with discipline instead of growing at any price?
Low Volatility 56
How calm the share price moves, does not count
Price momentum 29
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 22
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

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. 24/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−72.6%
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.
+20.6%
Revenue growth 18 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.
+50.5%
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.
74.5% (2019) → 94.5% (2024)
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

IPOK screens overvalued: fair value 42% below the price. Compare with Blackstone 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.Asset Management · 658 stocks

Beats the industry median on 1/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 43 · Bottom 25%
Fair Value upside −42.3% · Bottom 25%
Profitability
Return on assets −30.8% · Bottom 25%
Net margin (12 months) −110.0% · Bottom 25%
Operating margin (12 months) 106.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 0.0% · Below median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 5.14× · Priciest 25%

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 Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Raymond James Financial, Inc RJF $168.11 $281.42 +67% vs IPOK
Apollo Global Management, Inc APO $122.74 $197.52 +61% vs IPOK
Ameriprise Financial, Inc AMP $519.96 $609.56 +17% vs IPOK
Exor N.V EXO €74.30 €76.42 +3% vs IPOK
State Street Corporation STT $171.62 $139.37 −19% vs IPOK
Ares Management Corporation ARES $139.41 $99.35 −29% vs IPOK
Northern Trust Corporation NTRS $177.89 $123.42 −31% vs IPOK
Brookfield Asset Management Ltd BAM $53.49 $31.26 −42% vs IPOK
Blackstone Inc BX $122.53 $52.29 −57% vs IPOK
KKR & Co KKR $100.85 $27.63 −73% vs IPOK

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Heidelberger Beteiligungsholding AG: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Heidelberger Beteiligungsholding AG Fair Value". https://www.fairvalue-calculator.com/stock/IPOK

Frequently asked questions

Is Heidelberger Beteiligungsholding AG (IPOK) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is €65.79 versus a price of €114.00, about 42% lower (overvalued).
What is the fair value of IPOK?
Our estimate for Heidelberger Beteiligungsholding AG is €65.79 (as of Nov 10, 2026), built from audited fundamentals. The current price: €114.00.
What is the quality score of IPOK?
Heidelberger Beteiligungsholding AG has a Quality Score of 43/100. 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 Heidelberger Beteiligungsholding AG (IPOK)?
Our calculated price target is the estimate of €65.79 (as of Nov 10, 2026). Cautious scenario €49.34, optimistic scenario €82.23. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Heidelberger Beteiligungsholding AG stock forecast for 2026?
Our estimate puts fair value at €65.79, about 42% lower versus a price of €114.00 (overvalued). Cautious scenario €49.34, optimistic scenario €82.23. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Heidelberger Beteiligungsholding AG (IPOK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Heidelberger Beteiligungsholding AG it is €65.79 per share (as of Nov 10, 2026), against a price of €114.00.
Is Heidelberger Beteiligungsholding AG stock overvalued or undervalued in 2026?
As of Nov 10, 2026, IPOK trades above its calculated fair value: price €114.00, fair value €65.79, a gap of about −42% (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 IPOK?
No. The price is what the market pays today (€114.00); the fair value is what the company's own numbers justify (€65.79). For Heidelberger Beteiligungsholding AG the two are €48.21 per share apart. That gap is exactly why we show both numbers side by side.
How much is Heidelberger Beteiligungsholding AG worth?
The market values Heidelberger Beteiligungsholding AG at about €30.6M (market capitalisation, as of Nov 10, 2026). Per share that is €114.00; our models calculate a fair value of €65.79 per share.
What do the bullish and bearish scenarios say about IPOK?
Our models span a range for Heidelberger Beteiligungsholding AG: cautious scenario €49.34, base €65.79, optimistic €82.23 per share (as of Nov 10, 2026, price €114.00). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Heidelberger Beteiligungsholding AG (IPOK)?
Balance-sheet figures for Heidelberger Beteiligungsholding AG (as of Nov 10, 2026): return on equity −129.9%. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is IPOK from its 52-week high?
Heidelberger Beteiligungsholding AG trades at €114.00, about 52% below its 52-week high of €238.00 and 8% above the low of €106.00 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of €65.79 is for.
Which stocks are comparable to Heidelberger Beteiligungsholding AG?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Asset Management Ltd, Apollo Global Management, 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 Heidelberger Beteiligungsholding AG stock attractive at the current price?
The data as of Nov 10, 2026: price €114.00, calculated fair value €65.79 (−42%), Quality Score 43/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Heidelberger Beteiligungsholding 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 Heidelberger Beteiligungsholding AG (IPOK)?
The closing price on Nov 10, 2026 was €114.00. Our estimate is €65.79, about 42% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Heidelberger Beteiligungsholding AG right now?
The price sits above even our optimistic bull case (€82.23). The favourable scenario is already priced in. Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Heidelberger Beteiligungsholding AG (IPOK) come from?
Earnings per share at Heidelberger Beteiligungsholding AG grew +8.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.1 %, EBIT margin +9.3 %, tax rate +0.1 %, residual (interest, one-offs) −4.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Heidelberger Beteiligungsholding AG

How large is the market capitalisation of Heidelberger Beteiligungsholding AG (IPOK)?
The market capitalisation of Heidelberger Beteiligungsholding AG is €30.6M. 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 are the earnings per share of Heidelberger Beteiligungsholding AG (IPOK)?
Earnings per share at Heidelberger Beteiligungsholding AG are €−29.94. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Heidelberger Beteiligungsholding AG (IPOK)?
The net margin of Heidelberger Beteiligungsholding AG is −110% (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 Heidelberger Beteiligungsholding AG (IPOK)?
The return on equity (ROE) of Heidelberger Beteiligungsholding AG is −130% (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 Heidelberger Beteiligungsholding AG (IPOK)?
On an EBIT basis the return on assets of Heidelberger Beteiligungsholding AG is 10.2% (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 Heidelberger Beteiligungsholding AG (IPOK)?
The operating margin of Heidelberger Beteiligungsholding AG is 107% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much revenue does Heidelberger Beteiligungsholding AG (IPOK) generate?
Heidelberger Beteiligungsholding AG generates revenue of −€7.6M (last twelve months). Revenue of the last twelve months (TTM), the most recent full year, not the calendar year.
How much free cash flow does Heidelberger Beteiligungsholding AG (IPOK) generate?
The free cash flow of Heidelberger Beteiligungsholding AG is −€6.2M (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 Heidelberger Beteiligungsholding AG (IPOK) hold?
Heidelberger Beteiligungsholding AG holds more cash than debt, €5.0K net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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