Paul Hartmann AG (PHH2) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Paul Hartmann AG €278, price €196, upside +42.3%, quality 57 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 1, 2026.
How to read this chart
60‑month range €159.58 – €314.46 · fair‑value band €180.95 – €372.83 · the €195.50 price screens below the €278.23 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 1, 2026.
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Paul Hartmann AG manufactures and sells medical and care products in Germany, the rest of Europe, the Middle East, Africa, Asia and Pacific region, and the Americas. The company operates through three segments: Wound Care, Incontinence Management, and Infection Management.
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Paul Hartmann AG manufactures and sells medical and care products in Germany, the rest of Europe, the Middle East, Africa, Asia and Pacific region, and the Americas. The company operates through three segments: Wound Care, Incontinence Management, and Infection Management. It offers absorbent underwear, incontinence pads and pants, and fixation pants; medical skincare products; wound management products, such as hydro active wound and silicone SAP dressings, post-op dressings, nature care, adhesive fixation, non-adhesive fixation, gauze, sponges/tamponades, contact layers, absorption pads, cotton, and negative pressure wound therapy; compression, universal, zinc paste, and padding bandages; and hands, skin, surface, instruments, and equipment disinfection and hygiene products. In addition, the company sells operating theater products, including surgical drapes, operating theater clothing, surgical gloves, surgical absorbents and instruments; various Mediset products; patient care products, such as hygiene and maternity products, examination gloves, and nursing care products; diagnostics, such as blood pressure monitors, scale, and thermometers; first aid products; and cotton wool and cosmetic products. It sells its products under the CombiSet, DermaPlast, MoliCare, Sterillium, Veroval, and Zetuvit brands. Paul Hartmann AG was founded in 1818 and is headquartered in Heidenheim, Germany.
Stock analysis
Paul Hartmann AG (PHH2) currently trades at €195.50, while our model-based Fair Value estimate is €278.23, implying the stock looks roughly 29.7% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €344.55 per share, and 17 of the 24 models we run sit above the €195.50 price.
Bear case: the Dividend Discount group reads lowest at €78.04, and 7 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: €180.95 (bear) to €372.83 (bull), the price of €195.50 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 57/100 (solid quality), in the Healthcare sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Paul Hartmann AG reported revenue of €2.4B in FY2025 versus €2.3B in FY2021, a compound +1.6%/yr. Reported net income was €61.2M in FY2025, compounding −10.3%/yr from FY2021.
Key figures
Market cap €694M · P/E ratio 6.9 · P/S ratio 0.17 · EPS (TTM) €28.13 · Dividend yield 4.1% · Net margin 2.5% · Return on equity 8.6% · Return on assets (EBIT) 3.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −37% fair-value upside, at 42%, PHH2 screens cheaper than that median.
Fair Value models
Bear €180.95Fair Value €278.23Bull €372.83
Price €195.50 · Upside +42.3%
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€15.33 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+1.7%
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.
+2.0%
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.
+0.1%
Start year 2020 (pandemic). Over 10 years: +2.3% a year
Revenue growth 12 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.
+2.6%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−6.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−10.5%
Dividend (yield on the price)4.1%
Profit margin 2020 to 2025 ⓘ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% → 4%
2025 sits 69% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +13.2% a year for the price.
Price, fair value, quality and upside side by side.
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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.Medical Instruments & Supplies · 191 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside+42.3% · Top 25%
Profitability
Return on equity (TTM)8.6% · Above median
Return on assets4.4% · Above median
Net margin (TTM)4.0% · Below median
Operating margin (TTM)7.1% · Below median
Growth and dividend
Revenue growth3.1% · Below median
Dividend yield (TTM)4.1% · Top 25%
Balance sheet
Debt / equity0.17× · Above median
Valuation Multiplesvs Medical Instruments & Supplies median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Paul Hartmann AG Fair Value". https://www.fairvalue-calculator.com/stock/PHH2
Frequently asked questions
Is Paul Hartmann AG (PHH2) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of €278.23 versus a price of €195.50, about +42% upside (undervalued).
What is the fair value of PHH2?
Our model-based fair value for Paul Hartmann AG is €278.23 (as of Oct 1, 2026), built from audited fundamentals. The current price: €195.50.
What is the quality score of PHH2?
Paul Hartmann AG has a Quality Score of 57/100. 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 Paul Hartmann AG (PHH2)?
Our model-based price target is the fair value of €278.23 (as of Oct 1, 2026) from 24 valuation models. Cautious scenario €180.95, optimistic scenario €372.83. It is a calculation from audited fundamentals, not an analyst target.
What is the Paul Hartmann AG stock forecast for 2026?
Our models put fair value at €278.23, about +42% upside versus a price of €195.50 (undervalued). Cautious scenario €180.95, optimistic scenario €372.83. The calculation is refreshed regularly with new filings.
What is the revenue of Paul Hartmann AG (PHH2)?
Paul Hartmann AG reported trailing-twelve-month revenue of about €2.5B (latest available figure, as of Oct 1, 2026).
Does Paul Hartmann AG pay a dividend?
Paul Hartmann AG currently shows a dividend yield of about 4.09% relative to its recent price (as of Oct 1, 2026).
What growth is priced into Paul Hartmann AG (PHH2)?
For today's price to be fair in a discounted-cash-flow model, Paul Hartmann AG would have to grow free cash flow by +15.7 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.1 % per year. As of Oct 1, 2026.
What discount rate (WACC) does the fair value of PHH2 use?
Our models discount Paul Hartmann AG at 9.6 %: a base by market capitalisation (small), damped by beta 0.48, country premium for Germany. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Paul Hartmann AG that is +15.7 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Paul Hartmann AG (PHH2) delivered so far?
Over the past 5 years revenue at Paul Hartmann AG grew +0.1 % a year. The price currently implies +15.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Paul Hartmann AG (PHH2) growing?
The median revenue growth in the sector is +5.2 % a year. That is the yardstick for the growth priced into Paul Hartmann AG (+15.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Paul Hartmann AG (PHH2)?
The free-cash-flow yield on the price is 4.09 %: that much free cash flow Paul Hartmann AG produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Paul Hartmann AG (PHH2)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Paul Hartmann AG it is €278.23 per share (as of Oct 1, 2026), against a price of €195.50. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Paul Hartmann AG stock overvalued or undervalued in 2026?
As of Oct 1, 2026, PHH2 trades below its calculated fair value: price €195.50, fair value €278.23, a gap of about +42% (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 PHH2?
No. The price is what the market pays today (€195.50); the fair value is what the company's own numbers justify (€278.23). For Paul Hartmann AG the two are €82.73 per share apart. That gap is exactly why we show both numbers side by side.
How much is Paul Hartmann AG worth?
The market values Paul Hartmann AG at about €694M (market capitalisation, as of Oct 1, 2026). Per share that is €195.50; our models calculate a fair value of €278.23 per share.
What do the bullish and bearish scenarios say about PHH2?
Our models span a range for Paul Hartmann AG: cautious scenario €180.95, base €278.23, optimistic €372.83 per share (as of Oct 1, 2026, price €195.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PHH2?
Paul Hartmann AG trades at a price-to-earnings ratio of 6.9 (as of Oct 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €278.23 is built from several models across several years. Other multiples: P/B 0.6, P/S 0.3, EV/EBITDA 3.1.
How solid is the balance sheet of Paul Hartmann AG (PHH2)?
Balance-sheet figures for Paul Hartmann AG (as of Oct 1, 2026): return on equity 8.6%, debt of 0.17 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is PHH2 from its 52-week high?
Paul Hartmann AG trades at €195.50, about 12% below its 52-week high of €222.99 and at the low of €195.12 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of €278.23 is for.
Which stocks are comparable to Paul Hartmann AG?
From the same area (Healthcare) we also value Intuitive Surgical, Inc, EssilorLuxottica Société anonyme, Becton, Dickinson and Company, Medline 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 Paul Hartmann AG stock attractive at the current price?
The data as of Oct 1, 2026: price €195.50, calculated fair value €278.23 (+42%), Quality Score 57/100, from 24 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 PHH2 calculated?
We run Paul Hartmann AG through 24 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 €278.23, 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 15.0 % above its aggregate fair value. Paul Hartmann 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 Paul Hartmann AG (PHH2)?
The closing price on Oct 1, 2026 was €195.50. Our model-based fair value is €278.23, about +42% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Paul Hartmann AG right now?
Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€180.95 to €372.83) leaves room in how you read the outcome.
Key figures of Paul Hartmann AG
How large is the market capitalisation of Paul Hartmann AG (PHH2)?
The market capitalisation of Paul Hartmann AG is €694M. 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 Paul Hartmann AG (PHH2)?
The price-to-sales ratio of Paul Hartmann AG is 0.17 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Paul Hartmann AG (PHH2)?
Earnings per share at Paul Hartmann AG are €28.13 (price ÷ EPS = P/E 6.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Paul Hartmann AG (PHH2)?
The dividend yield of Paul Hartmann AG is 4.1% (payout 28.4%). 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 Paul Hartmann AG (PHH2)?
The net margin of Paul Hartmann AG is 2.5% (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 Paul Hartmann AG (PHH2)?
The return on equity (ROE) of Paul Hartmann AG is 8.6% (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 Paul Hartmann AG (PHH2)?
On an EBIT basis the return on assets of Paul Hartmann AG is 3.9% (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 Paul Hartmann AG (PHH2)?
The operating margin of Paul Hartmann AG is 7.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Paul Hartmann AG (PHH2)?
Revenue at Paul Hartmann AG is growing +3.1% versus a year earlier (3y avg +2.0%). 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 Paul Hartmann AG (PHH2)?
Earnings per share at Paul Hartmann AG are growing +244% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Paul Hartmann AG (PHH2) carry?
The net debt of Paul Hartmann AG is €105M (fiscal year 2025, ≈ 3.7 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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