2 models fit Hamborner REIT AG and they disagree: 0 of 2 land within 15% of the average.
Two or more of our models back this value.
Large discount(i)
Valued as a REIT (property company): Price to FFO, Dividend discount, and EV/EBITDA comparison.
ACCE opinionHamborner REIT AG (HABA.DE)
Fair value (2 models)
€5.67
ACCE price target
€4.30
Rating
Undervalued
Horizon
12 months
Fair value published on 22 Oct 2026, 14:04 CEST.
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Rating published on 22 Oct 2026, 14:04 CEST.
Price used: €4.14 at the close on 23 Oct 2026, 17:30 CEST.
Models: Dividend discount and Price to FFO.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
26.9% below
+36.9% to fair value
ACCE score
34
out of 100
1-year return
-21.3%
Dividend yield
9.51%
Hamborner REIT AG in four questions
Plain answers, details below
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Overview
ACCE thesis
Hamborner REIT owns and manages a diversified portfolio of German commercial property, mostly office, retail and logistics assets held through its listed holding structure in Duisburg. Its moat is local scale and a long tenant base in secondary German locations, where a 72.8% gross margin shows the rent roll covers property costs comfortably, though the 50.2% negative operating margin tells you the cost of carrying and revaluing that portfolio is absorbing most of the income. Revenue is shrinking slightly (down 0.7%) and ROE is negative at -2.1%, so the case rests on whether rents hold and valuations stabilise rather than on any near-term earnings rebound. At a forward P/E of 30.6 the market is still paying a premium for earnings that are only beginning to recover, which makes this worth a deeper look mainly for the asset value and debt schedule, not the headline multiple. The name is small at 336M EUR and sits outside any index, so liquidity and coverage will be thin and should be checked before any position is considered.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
high
Operating losses and negative ROE
Operating margin is -50.2% and ROE is -2.1%, so the business is not covering its costs at the operating line. Net margin of -7.6% confirms the losses reach the bottom line.
moderate
Revenue shrinking, leverage elevated
Revenue fell 0.7% year on year, the 5-year revenue CAGR is only +0.8%, and debt/equity sits at 1.66. Growth is flat while debt is heavy relative to equity.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Hamborner pays a 9.5% dividend yield, which is a large income stream compared with most listed stocks.
The trailing 12-month free cash flow of EUR 44M shows the business still generates real cash after its costs.
Analysts' mean price target of EUR 8.17 sits far above the current share price of €4.14.
Why it could disappoint
Revenue fell 0.7% in the latest year, and the five-year average growth of only 0.8% a year is weak.
The company lost money, with a net margin of -7.6% and a return on equity of -2.1%.
Debt to equity of 1.66 means borrowings are well above the shareholder equity backing the company.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 10, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where HABA.DE's valuation models land
Price
€4.14
Model fair value
€5.67
Model range
€3.67 to €7.66
Fair value €5.67
Price €4.14
The price sits inside the model range.
Model
Fair value
Upside
Dividend discount
EV/EBITDA comparison
Price to FFO
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