Hawesko Holding SE (HAW.DE) : juste valeur

Thèse ACCE

Hawesko Holding sells wine and sparkling wine through its mail-order and online retail brands (including Jacques' Wein-Depot in Germany) and runs a wholesale and import business, which gives it a direct-to-consumer franchise in a fragmented German market. Its structural edge is the scale of its customer database and the gross margin of 44.4%, which is high for the sector and suggests pricing power in its own-label and premium lines. The near-term question is whether the top line stabilises: revenue is shrinking 5.3% a year and the 2.4% operating margin leaves little room for error, so any return to growth or cost discipline would move earnings sharply. At a trailing P/E of 12.7 and a forward P/E of 8.4, the market is pricing in a decline in profit, which makes the name worth a closer look if you believe the consumer wine channel is bottoming. Its ROE of 9.2% and absence from any index also mean liquidity and coverage are thin, so sizing and the depth of the balance-sheet review should be settled before anything else.