Heidelberger Beteiligungsholding AG (IPOK) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Heidelberger Beteiligungsholding AG €155, price €120, upside +29.6%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
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 €60.67 – €238.00 · fair‑value band €69.78 – €268.54 · the €120.00 price screens below the €155.46 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. Dashed = 300-day average. As of Sep 23, 2026.
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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 €120.00, while our model-based Fair Value estimate is €155.46, implying the stock looks roughly 22.8% undervalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of €966.42 per share, and 2 of the 3 models we run sit above the €120.00 price.
Bear case: the Asset-Based group reads lowest at €16.61, and 1 of the 3 models stay below the price. Evidence for this calculation is medium.
Scenario range: €69.78 (bear) to €268.54 (bull), the price of €120.00 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 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 €36.5M · P/S ratio 5.34 · EPS (TTM) €−8.15 · Net margin −110% · Return on equity 44.2% · Return on assets (EBIT) 10.2% · Operating margin 67.6% · Free cash flow −€6.2M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 35 out of 100 (low confidence).
What moves the price
The share trades about 50% below its 52-week high and 42% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 30%, IPOK screens cheaper than that median.
Fair Value models
Bear €69.78Fair Value €155.46Bull €268.54
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.
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.48/100
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%
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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
Compare Heidelberger Beteiligungsholding AG with another stock
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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 · 657 stocks
Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside+29% · Above median
Profitability
Return on equity (TTM)44% · Top 25%
Return on assets24% · Top 25%
Net margin (TTM)100% · Top 25%
Operating margin (TTM)68% · Above median
Growth and dividend
Revenue growth0% · Below median
Valuation Multiplesvs Asset Management median · lower = cheaper
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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 Sep 23, 2026, our model estimates a fair value of €155.46 versus a price of €120.00, about +30% upside (undervalued).
What is the fair value of IPOK?
Our model-based fair value for Heidelberger Beteiligungsholding AG is €155.46 (as of Sep 23, 2026), built from audited fundamentals. The current price: €120.00.
What is the quality score of IPOK?
Heidelberger Beteiligungsholding 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 Heidelberger Beteiligungsholding AG (IPOK)?
Our model-based price target is the fair value of €155.46 (as of Sep 23, 2026) from 3 valuation models. Cautious scenario €69.78, optimistic scenario €268.54. It is a calculation from audited fundamentals, not an analyst target.
What is the Heidelberger Beteiligungsholding AG stock forecast for 2026?
Our models put fair value at €155.46, about +30% upside versus a price of €120.00 (undervalued). Cautious scenario €69.78, optimistic scenario €268.54. 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 €155.46 per share (as of Sep 23, 2026), against a price of €120.00. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is Heidelberger Beteiligungsholding AG stock overvalued or undervalued in 2026?
As of Sep 23, 2026, IPOK trades below its calculated fair value: price €120.00, fair value €155.46, a gap of about +30% (undervalued). 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 (€120.00); the fair value is what the company's own numbers justify (€155.46). For Heidelberger Beteiligungsholding AG the two are €35.46 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 €36.5M (market capitalisation, as of Sep 23, 2026). Per share that is €120.00; our models calculate a fair value of €155.46 per share.
What do the bullish and bearish scenarios say about IPOK?
Our models span a range for Heidelberger Beteiligungsholding AG: cautious scenario €69.78, base €155.46, optimistic €268.54 per share (as of Sep 23, 2026, price €120.00). 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 Sep 23, 2026): return on equity 44.2%. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is IPOK from its 52-week high?
Heidelberger Beteiligungsholding AG trades at €120.00, about 50% below its 52-week high of €238.00 and 42% above the low of €84.50 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €155.46 is for.
Which stocks are comparable to Heidelberger Beteiligungsholding AG?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, 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 Sep 23, 2026: price €120.00, calculated fair value €155.46 (+30%), Quality Score 51/100, from 3 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 IPOK calculated?
We run Heidelberger Beteiligungsholding AG through 3 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 €155.46, 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. Heidelberger Beteiligungsholding AG currently trades 30 % 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 Heidelberger Beteiligungsholding AG (IPOK)?
The closing price on Sep 24, 2026 was €120.00. Our model-based fair value is €155.46, about +30% upside (undervalued). 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 model range is unusually wide (€69.78 to €268.54). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality. 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 €36.5M. 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 Heidelberger Beteiligungsholding AG (IPOK)?
The price-to-sales ratio of Heidelberger Beteiligungsholding AG is 5.34 (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 Heidelberger Beteiligungsholding AG (IPOK)?
Earnings per share at Heidelberger Beteiligungsholding AG are €−8.15. 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 44.2% (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 67.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
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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