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Friedrich Vorwerk Group SE (VH2) Fair Value & Analysis

Industrials · DE · Market cap €1.3B

FV Friedrich Vorwerk Group SE VH2 · XETRA
Price€67.05
Fair Value€53.08
Upside-20.8%
Quality74/100
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Healthy Growth
Solidly profitable · 13.2% net margin
Low debt · generates free cash flow
1.06% dividend yield
Ranks above peers (9/14)
Wide moat 73/100
Evidence: High Range €42.91 – €175.88 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 3 days ago

Share price +4.8% over the past month.

A solid business, but screening 21% overvalued on our models.

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What matters now

  • A high-quality business (quality 74/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The model range is unusually wide (€42.91 to €175.88). The outcome hinges heavily on assumptions, so read the point estimate with caution.
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Price vs Fair Value (5 years)

€102.84 €8.77 Fair Value €53.08 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range €8.77 – €102.84 · fair‑value band €42.91 – €175.88 · the €67.05 price screens above the €53.08 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Friedrich Vorwerk Group SE (VH2) currently trades at €67.05, while our model-based Fair Value estimate is €53.08, implying the stock looks roughly 20.8% overvalued today. The Quality Score stands at 74/100 (solid quality), in the Industrials 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).

Over the trailing twelve months, Friedrich Vorwerk Group SE generated revenue of €712M at a net margin of 13.2%. Revenue grew 4.6% year over year. It earns a return on equity of 40.4%. The balance sheet holds a net cash position of €248M. Fundamentals as of Aug 13, 2026

Our scenario range runs from €42.91 (bear case) to €175.88 (bull case); at €67.05, the current price sits within 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 39% below its 52-week high and 23% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -34% fair-value upside, at -21%, VH2 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 DCF €88.97 €139.25 €231.75 80
Residual Income €27.57 €42.01 €371.17 76
Rev-Margin DCF €62.75 €98.51 €168.67 74
All 26 models by family
DCF Models
FCF DCF €94.11 €131.52 €243.34 38
Owner Earnings €51.88 €93.86 €171.76 31
5Y Revenue Exit €60.76 €87.64 €143.25 39
5Y EBITDA Exit €59.93 €85.98 €136.66 41
5Y P/E Exit €70.23 €128.79 €206.48 38
10Y Revenue Exit €71.15 €121.44 €147.68 36
10Y EBITDA Exit €71.72 €119.82 €196.25 37
10Y P/E Exit €78.59 €140.04 €236.21 35
Earnings-Based
Graham-Dodd €29.41 €205.10 €287.83 54
Lynch FV €87.16 €124.52 €161.87 50
PEG = 1.0 €87.16 €124.52 €161.87 46
EPV €39.74 €43.42 €46.49 59
Dividend Discount
Gordon GGM €2.33 €4.20 €5.78 70
DDM Multi-Stage €2.33 €3.84 €4.49 61
Multiples
P/E Multiple €45.41 €60.55 €75.69 63
P/S Multiple €31.69 €42.26 €52.82 58
P/B Multiple €19.30 €25.73 €32.16 55
EV/EBIT €53.62 €67.24 €80.87 53
EV/EBITDA €43.24 €53.41 €63.57 54
EV/Revenue €42.32 €55.00 €67.68 43
Asset-Based
NCAV (Graham) €7.15 €9.58 €14.29 50
Growth DCF
Growth DCF €88.97 €139.25 €231.75 80
Rev-Margin DCF €62.75 €98.51 €168.67 74
Economic Profit
Residual Income €27.57 €42.01 €371.17 76
ROIC Compounder €41.37 €47.10 €53.05 72
Growth Earnings
Growth-Adj P/E €94.70 €135.29 €175.88 68

Widest divergence: Growth Earnings (€135.29) versus Dividend Discount (€3.84). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €712M
Revenue growth (YoY) +4.6%
Net margin 13.2%
Return on equity 40.4%
Free cash flow €120M FY2025
P/E ratio 18.9
More key figures
Operating margin 14.3%
EPS (TTM) €3.54
Dividend yield 1.0%
EPS growth (YoY) +88.4%
Net cash €248M FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 74/100

Of which business quality 76 · Market factors (momentum, volatility) 29

Profitability 78
Margins and returns on capital today
Quality Growth 76
Are margins and returns improving?
Cashflow 78
Earnings quality: real cash, not paper profit
Fin. Strength 94
Balance sheet, leverage, solvency risk
Investment 24
Disciplined investing over empire-building
Low Volatility 45
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 20
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

Friedrich Vorwerk Group SE provides various solutions for transformation and transportation of energy in Germany and Europe. The company operates through Natural Gas, Electricity, Clean Hydrogen, and Adjacent Opportunities segments.

Full company description

Friedrich Vorwerk Group SE provides various solutions for transformation and transportation of energy in Germany and Europe. The company operates through Natural Gas, Electricity, Clean Hydrogen, and Adjacent Opportunities segments. The Natural Gas segment comprises infrastructure services and product solutions for the transport and conversion of raw natural gas into processed natural gas; and engages in transporting the natural gas through high-pressure pipelines to processing in filtering and separation plants, compressor stations, storage and metering systems, LNG terminals, and gas pressure control and metering systems. The Electricity segment provides infrastructure for the underground transport and conversion of electricity that is generated from non-fossil energy sources, such as wind, sun, water, and renewable raw materials. This segment is also involved in landing offshore electricity and installing high-voltage underground cables through which electricity is transported to transmission grids. The Clean Hydrogen segment provides product solutions and infrastructure services for the conversion of energy from energy sources into hydrogen, and its transportation to consumers, which is done through conversion of renewable energy by electrolysis; and processing and transportation of the clean hydrogen produced through storage systems, compressor stations, pipelines, and gas pressure control and measurement systems. The Adjacent Opportunities segment provides technologies, such as the treatment and prification of biogenic and synthetic gases; heat extraction technologies used in district heating; solutions for the transportation of drinking and wastewater; and special solutions for the chemical and petrochemical industries. Friedrich Vorwerk Group SE was founded in 1962 and is headquartered in Tostedt, Germany.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Friedrich Vorwerk Group SE reported revenue of €704M in FY2025 versus €279M in FY2021, a compound +26.0%/yr. Reported net income was €86.5M in FY2025, compounding +34.1%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€704M
Latest YoY
+41.3%
Avg. 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.
+24.1%
Avg. 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.
+19.3%
Avg. growth/yr (6Y) 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.
+25.6%
Revenue +26.0%/yr
FY21 €279M
FY22 €368M
FY23 €373M
FY24 €498M
FY25 €704M
Net income +34.1%/yr
FY21 €26.8M
FY22 €17.1M
FY23 €10.1M
FY24 €35.8M
FY25 €86.5M

VH2 screens 21% overvalued. Compare with Larsen & Toubro Limited →

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Cite: Fair Value Calculator (2026). "Friedrich Vorwerk Group SE Fair Value". https://www.fairvalue-calculator.com/stock/VH2

Peer Group

Engineering & Construction · 837 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 74 · Top 25%
Fair Value upside −21% · Below median
Return on equity (TTM) 40% · Top 25%
Return on assets 16% · Top 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 14% · Top 25%
Revenue growth 5% · Above median
Dividend yield (TTM) 1.1% · Below median
Debt / equity 0.04× · Lower than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 18.9× · Pricier than median
P/B 5.27× · Pricier than 75% of peers
P/S (TTM) 2.12× · Pricier than 75% of peers
P/FCF 12.6× · Pricier than 75% of peers
EV/EBITDA 8.4× · 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.

VALUE 6 · sector 14
FUTURE 23 · sector 15
PAST 100 · sector 26
HEALTH 98 · sector 94
DIVIDEND 21 · sector 43

Insider activity: 40/100

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹4,020 ₹1,994 -50%
Samsung C&T Corporation 028260 357,500 KRW 261,411 KRW -27%
Hyundai Engineering & Construction Co 000720 113,700 KRW 61,453 KRW -46%
Samsung E&A Co 028050 49,300 KRW 43,624 KRW -12%
Rail Vikas Nigam Limited RVNL ₹230.00 ₹48.92 -79%
Daewoo Engineering & Construction Co 047040 18,400 KRW 6,507 KRW -65%
KEPCO Engineering & Construction Company 052690 99,800 KRW 19,346 KRW -81%
GS Engineering & Construction Corporation 006360 35,200 KRW 23,135 KRW -34%
DL E&C Co 375500 73,500 KRW 148,433 KRW +102%
KEPCO Plant Service & Engineering Co 051600 46,350 KRW 43,924 KRW -5%

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Frequently asked questions

Is Friedrich Vorwerk Group SE (VH2) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of €53.08 versus a price of €67.05, about −21% (overvalued).
What is the fair value of VH2?
Our model-based fair value for Friedrich Vorwerk Group SE is €53.08 (as of Aug 13, 2026), built from audited fundamentals. The current price is €67.05.
What is the quality score of VH2?
Friedrich Vorwerk Group SE has a Quality Score of 74/100. 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 Friedrich Vorwerk Group SE (VH2)?
Friedrich Vorwerk Group SE reported trailing-twelve-month revenue of about €712M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of VH2?
The net profit margin of Friedrich Vorwerk Group SE is about 13.2%, meaning it keeps roughly 13.2% of revenue as net income. Based on the latest reported figures.
Does Friedrich Vorwerk Group SE pay a dividend?
Friedrich Vorwerk Group SE currently shows a dividend yield of about 1.04% relative to its recent price (as of Aug 13, 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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