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Hydro Exploitations SA (MLHYE) Fair Value & Analysis

Industrials · FR · Market cap €1.3M

HE Hydro Exploitations SA MLHYE · PA
Price from Aug 19, 2026€102.00
Fair Value€134.92
Upside+32.3%
Quality61/100
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Strengths

Trades 24% below our fair value of €134.92

Risks

!Expensive Growth (revenue 5y +10.0 %/yr)
!Loss over the last twelve months · -8.4% net margin · fiscal year 2025 0.3%
!negative free cash flow
!Mixed vs. peers (5/10)
Expensive Growth (revenue 5y +10.0 %/yr)
Loss over the last twelve months · -8.4% net margin · fiscal year 2025 0.3%
negative free cash flow
Mixed vs. peers (5/10)
Narrow moat 4/100
Evidence: Medium Range €110.09 – €136.97 Share as image

Fair value as of: Aug 27, 2026

From 14 valuation models · updated today

Fair value updated Aug 27, 2026, revised from €136.45 to €134.92 (−1.1%) since Aug 13, 2026.

A solid business, trading 24% below our fair value.

What runs behind every stock

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

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What matters now

  • The price is below even our cautious bear case (€110.09). The market is more pessimistic than our downside scenario.
  • Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

€224.00 €71.50 Fair Value €134.92 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

60‑month range €71.50 – €224.00 · fair‑value band €110.09 – €136.97 · the €102.00 price screens below the €134.92 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 Aug 27, 2026.

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Analysis

Hydro Exploitations SA (MLHYE) currently trades at €102.00, while our model-based Fair Value estimate is €134.92, implying the stock looks roughly 32.3% undervalued today. The Quality Score stands at 61/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Hydro Exploitations SA generated revenue of €4.4M at a net margin of -8.4%. It earns a return on equity of -9.7%. The balance sheet holds a net cash position of €13.4M. The stock trades on a trailing P/E of 0.4. Fundamentals as of Aug 27, 2026

Our scenario range runs from €110.09 (bear case) to €136.97 (bull case); at €102.00, the current price sits below 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 27% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -46% fair-value upside, at 32%, MLHYE screens cheaper 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 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
Highest evidence
Growth-Adj P/E €944.82 €1,350 €1,755 68
ROIC Compounder €1,107 €1,118 €1,127 67
P/E Multiple €464.36 €619.15 €773.94 63
All 14 models by family
Earnings-Based
Graham-Dodd €200.49 €1,398 €1,962 54
Lynch FV €722.34 €1,032 €1,341 50
PEG = 1.0 €722.34 €1,032 €1,341 46
EPV €1,107 €1,118 €1,127 59
Multiples
P/E Multiple €464.36 €619.15 €773.94 63
P/S Multiple €375.91 €501.22 €626.52 58
P/B Multiple €375.91 €501.22 €626.52 55
EV/EBIT €1,340 €1,448 €1,556 53
EV/EBITDA €2,487 €2,977 €3,467 54
EV/Revenue €1,248 €1,347 €1,446 43
Asset-Based
NCAV (Graham) €1,115 €1,494 €2,231 50
Economic Profit
Residual Income €1,379 €1,236 €793.71 61
ROIC Compounder €1,107 €1,118 €1,127 67
Growth Earnings
Growth-Adj P/E €944.82 €1,350 €1,755 68

Widest divergence: Asset-Based (€1,494) versus Multiples (€619.15). Highest evidence: Growth-Adj P/E (68).

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Key figures & financial health

P/E ratio 0.4
P/S ratio 0.34 TTM
Net margin -8.4% TTM
Return on equity -9.7% TTM
Return on assets -0.3% TTM
Operating margin -3.0% TTM
More key figures
Profitability
EPS (TTM) €231.69
Growth
Revenue (TTM) €4.4M TTM
Balance sheet & cash flow
Free cash flow −€1.7M FY2025
Net cash €13.4M FY2024

Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 65 · Market factors (momentum, volatility) 30

Profitability 51
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 86
Disciplined investing over empire-building
Low Volatility 61
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 14
Distance to the 52-week high (market factor)
Net Issuance 92
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Hydro-Exploitations Societe Anonyme engages in the production of hydroelectric power in France. The company produces electricity from micro power plants installed in the South West of France. Hydro-Exploitations Societe Anonyme was founded in 1953 and is headquartered in Paris, France.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Hydro Exploitations SA reported revenue of €128M in FY2025 versus €91.0M in FY2021, a compound +8.9%/yr. Reported net income was €383K in FY2025.

Growth Quality 49/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
€128M
Latest YoY
+10.0%
Avg. revenue growth/yr (3Y) 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.
+11.1%
Avg. revenue growth/yr (5Y) 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.
+10.0%
Avg. revenue growth/yr (25Y) 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.
+24.6%
Value creation/yr (3Y) Earnings growth per share (CAGR 3 years, EBIT basis) plus dividend yield: value created per share and year.
−43.4% (-43.4 + 0.0)
Revenue +8.9%/yr
FY21 €91.0M
FY22 €93.4M
FY23 €92.8M
FY24 €117M
FY25 €128M
Net income
FY21 −€405K
FY22 −€201K
FY23 €1.7M
FY24 €2.8M
FY25 €383K
Character of growth · EPS growth decomposed (2013-2024) +16.0 % p.a.
Revenue per share +2.0 pp

of which total revenue +2.0 pp · buybacks/dilution +0.0 pp

EBIT margin +4.0 pp
Tax rate +0.8 pp
Residual (interest, one-offs) +9.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Hydro Exploitations SA Fair Value". https://www.fairvalue-calculator.com/stock/MLHYE

Peer Group

Engineering & Construction · 835 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 61 · Top 25%
Fair Value upside +32% · Above median
Return on assets -0% · Bottom 25%
Net margin (TTM) -8% · Bottom 25%
Operating margin (TTM) -3% · Bottom 25%
Revenue growth 0% · Below median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 0.4× · Cheaper than 75% of peers
P/B 0.05× · Cheaper than 75% of peers
P/S (TTM) 0.35× · Cheaper than median

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE76 · sector 16
FUTURE0 · sector 14
PAST0 · sector 26
HEALTH0 · sector 94
DIVIDEND0 · sector 38

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

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Frequently asked questions

Is Hydro Exploitations SA (MLHYE) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of €134.92 versus the last price from Aug 19, 2026 of €102.00, about +32% (undervalued).
What is the fair value of MLHYE?
Our model-based fair value for Hydro Exploitations SA is €134.92 (as of Aug 27, 2026), built from audited fundamentals. Last price (from Aug 19, 2026): €102.00.
What is the quality score of MLHYE?
Hydro Exploitations SA has a Quality Score of 61/100. 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 revenue of Hydro Exploitations SA (MLHYE)?
Hydro Exploitations SA reported trailing-twelve-month revenue of about €4.4M (latest available figure, as of Aug 27, 2026).
What is the net profit margin of MLHYE?
The net profit margin of Hydro Exploitations SA is about -8.4%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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