2 models fit Friedrich Vorwerk Group SE and they disagree: 0 of 2 land within 15% of the average. The price is below every model.
Two or more of our models back this value.
Large discount(i)Silver65
Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionFriedrich Vorwerk Group SE (VH2.DE)
Fair value (2 models)
€106
ACCE price target
€75.00
Rating
Undervalued
Horizon
12 months
Fair value published on 22 Oct 2026, 12:04 CEST.
ACCE price target published on 23 Oct 2026, 01:53 CEST.
Rating published on 22 Oct 2026, 12:04 CEST.
Price used: €69.35 at the close on 23 Oct 2026, 17:30 CEST.
Models: P/E comparison and EV/EBITDA comparison.
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
34.5% below
+52.8% to fair value
ACCE score
69
out of 100
P/E
12.2x
forward 11.9x
1-year return
-32.5%
Dividend yield
0.96%
Friedrich Vorwerk Group SE in four questions
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Overview
ACCE thesis
Friedrich Vorwerk builds and maintains the gas and water pipeline networks that German utilities rely on, along with hydrogen-ready infrastructure and associated engineering and construction services. At a 1.4bn EUR market cap, the company sits well below the scale of the large German engineering contractors, which is part of why it trades on 12.1x trailing earnings and 11.8x forward. The main tailwind is regulated and government-backed infrastructure spend on grid and pipe replacement, where demand is less cyclical than private construction. Revenue growth of 16.5% and a 20.1% operating margin combined with a 44.4% ROE suggest the business is converting that demand into profit efficiently, though the 56.1% gross margin should be checked against how much of it is service mix versus project pricing. The name is not in any major index, so the stock may be under-followed, and that is the first thing a deeper look should test.
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
moderate
Insider control concentration
Insiders hold 62.3% of shares, so float is thin and a few holders can drive the price. Worth sizing positions with that liquidity risk in mind.
AI research notes
AI-assisted·How I use AIWritten Oct 23, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
Revenue grew 16.5% year over year, and the five-year average growth rate is 19.3% a year.
Free cash flow of EUR 120M over the last twelve months gives a free cash flow yield of 8.5% at the current price.
The stock trades at a trailing P/E of 13.0x against a sector median forward P/E of 22.9x, and sits 34.5% below the model fair value of €105.96.
Why it could disappoint
Order intake is slowing after the German gas and hydrogen pipeline build-out peaks, which makes 16.5% revenue growth hard to repeat.
Return on equity of 44.4% and a net margin of 14.6% look like a cyclical peak that could compress as margins revert toward sector norms.
The share price implies only 2.9% yearly cash flow growth over five years, and the stock sits 7.5% below the ACCE price target of €75.00, so the market may already price in a slowdown.
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Next results
Nov 12, 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 VH2.DE's valuation models land
Price
€69.35
Model fair value
€106
Model range
€87.41 to €128
Fair value €106
Price €69.35
The price is below the whole model range.
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