(VH2) Friedrich Vorwerk SE - Ratings and Ratios
Natural Gas, Electricity, Hydrogen, Gas Treatment
Dividends
| Dividend Yield | 0.37% |
| Yield on Cost 5y | 0.67% |
| Yield CAGR 5y | -59.15% |
| Payout Consistency | 72.6% |
| Payout Ratio | 12.9% |
| Risk via 10d forecast | |
|---|---|
| Volatility | 51.6% |
| Value at Risk 5%th | 71.2% |
| Relative Tail Risk | -16.07% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 2.29 |
| Alpha | 210.45 |
| CAGR/Max DD | 0.89 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.585 |
| Beta | 0.031 |
| Beta Downside | 0.507 |
| Drawdowns 3y | |
|---|---|
| Max DD | 60.30% |
| Mean DD | 25.04% |
| Median DD | 19.84% |
Description: VH2 Friedrich Vorwerk SE November 12, 2025
Friedrich Vorwerk Group SE (XETRA: VH2) is a German-based energy-infrastructure company that operates across four segments: Natural Gas, Electricity, Clean Hydrogen, and Adjacent Opportunities. Its core business involves building, operating, and maintaining high-pressure pipelines, compressor stations, storage facilities, and metering systems for the transport and processing of natural gas, as well as underground high-voltage cables for renewable electricity, electrolyzer-linked hydrogen production, and specialty gas-treatment technologies.
Key market drivers include the EU’s decarbonisation targets, which are boosting demand for renewable electricity transmission and clean-hydrogen infrastructure, and the ongoing shift from coal-based power to wind and solar-fueling growth in underground cable installations. In 2023, Vorwerk reported a pipeline capacity of roughly 30 billion Nm³ per year and a hydrogen-related order backlog that grew by 45 % YoY, reflecting accelerating investment in the European hydrogen corridor.
Financially, the company’s EBITDA margin has hovered around 12 % over the past three years, with a modest free-cash-flow conversion rate of 70 %, indicating a relatively stable cash generation profile despite the capital-intensive nature of its projects. The GICS classification places Vorwerk in the Oil & Gas Storage & Transportation sub-industry, which historically trades at a lower EV/EBITDA multiple (≈6×) than pure-play renewables, suggesting a potential valuation discount that could be priced in by the market.
Analysts should watch regulatory developments around EU gas-grid unbundling and the forthcoming European Hydrogen Backbone plan, as these could materially affect Vorwerk’s growth outlook and capital allocation strategy.
For a deeper quantitative assessment, the ValueRay platform offers a granular view of Vorwerk’s valuation metrics and peer benchmarks.
Piotroski VR‑10 (Strict, 0-10) 8.0
| Net Income (70.8m TTM) > 0 and > 6% of Revenue (6% = 39.9m TTM) |
| FCFTA 0.20 (>2.0%) and ΔFCFTA 6.60pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 22.92% (prev 21.89%; Δ 1.03pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.29 (>3.0%) and CFO 136.3m > Net Income 70.8m (YES >=105%, WARN >=100%) |
| Net Debt (-152.3m) to EBITDA (82.4m) ratio: -1.85 <= 3.0 (WARN <= 3.5) |
| Current Ratio 2.22 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (20.0m) change vs 12m ago 0.48% (target <= -2.0% for YES) |
| Gross Margin 54.21% (prev 34.66%; Δ 19.56pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 158.5% (prev 117.5%; Δ 40.95pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 41.56 (EBITDA TTM 82.4m / Interest Expense TTM 1.56m) >= 6 (WARN >= 3) |
Altman Z'' 5.10
| (A) 0.33 = (Total Current Assets 276.7m - Total Current Liabilities 124.5m) / Total Assets 466.2m |
| (B) 0.34 = Retained Earnings (Balance) 160.0m / Total Assets 466.2m |
| (C) 0.15 = EBIT TTM 64.9m / Avg Total Assets 419.2m |
| (D) 0.76 = Book Value of Equity 160.0m / Total Liabilities 210.6m |
| Total Rating: 5.10 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 88.50
| 1. Piotroski 8.0pt |
| 2. FCF Yield 5.13% |
| 3. FCF Margin 13.90% |
| 4. Debt/Equity 0.09 |
| 5. Debt/Ebitda -1.85 |
| 6. ROIC - WACC (= 12.32)% |
| 7. RoE 31.40% |
| 8. Rev. Trend 82.59% |
| 9. EPS Trend 65.42% |
What is the price of VH2 shares?
Over the past week, the price has changed by -5.08%, over one month by -6.84%, over three months by +15.19% and over the past year by +208.36%.
Is VH2 a buy, sell or hold?
What are the forecasts/targets for the VH2 price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 76.2 | -5.2% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 91.5 | 13.7% |
VH2 Fundamental Data Overview December 08, 2025
Market Cap EUR = 1.90b (1.90b EUR * 1.0 EUR.EUR)
P/E Trailing = 32.1691
P/S = 2.5852
P/B = 6.6117
Beta = 0.867
Revenue TTM = 664.3m EUR
EBIT TTM = 64.9m EUR
EBITDA TTM = 82.4m EUR
Long Term Debt = 11.8m EUR (from longTermDebt, last quarter)
Short Term Debt = 3.88m EUR (from shortLongTermDebt, last quarter)
Debt = 22.4m EUR (from shortLongTermDebtTotal, last fiscal year)
Net Debt = -152.3m EUR (from netDebt column, last fiscal year)
Enterprise Value = 1.80b EUR (1.90b + Debt 22.4m - CCE 123.9m)
Interest Coverage Ratio = 41.56 (Ebit TTM 64.9m / Interest Expense TTM 1.56m)
FCF Yield = 5.13% (FCF TTM 92.3m / Enterprise Value 1.80b)
FCF Margin = 13.90% (FCF TTM 92.3m / Revenue TTM 664.3m)
Net Margin = 10.66% (Net Income TTM 70.8m / Revenue TTM 664.3m)
Gross Margin = 54.21% ((Revenue TTM 664.3m - Cost of Revenue TTM 304.2m) / Revenue TTM)
Gross Margin QoQ = 55.52% (prev 55.25%)
Tobins Q-Ratio = 3.86 (Enterprise Value 1.80b / Total Assets 466.2m)
Interest Expense / Debt = 1.46% (Interest Expense 327.0k / Debt 22.4m)
Taxrate = 31.29% (13.0m / 41.5m)
NOPAT = 44.6m (EBIT 64.9m * (1 - 31.29%))
Current Ratio = 2.22 (Total Current Assets 276.7m / Total Current Liabilities 124.5m)
Debt / Equity = 0.09 (Debt 22.4m / totalStockholderEquity, last quarter 256.2m)
Debt / EBITDA = -1.85 (Net Debt -152.3m / EBITDA 82.4m)
Debt / FCF = -1.65 (Net Debt -152.3m / FCF TTM 92.3m)
Total Stockholder Equity = 225.5m (last 4 quarters mean from totalStockholderEquity)
RoA = 15.19% (Net Income 70.8m / Total Assets 466.2m)
RoE = 31.40% (Net Income TTM 70.8m / Total Stockholder Equity 225.5m)
RoCE = 27.34% (EBIT 64.9m / Capital Employed (Equity 225.5m + L.T.Debt 11.8m))
RoIC = 18.39% (NOPAT 44.6m / Invested Capital 242.3m)
WACC = 6.07% (E(1.90b)/V(1.92b) * Re(6.13%) + D(22.4m)/V(1.92b) * Rd(1.46%) * (1-Tc(0.31)))
Discount Rate = 6.13% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: 0.0 | Cagr: 0.0%
[DCF Debug] Terminal Value 80.03% ; FCFE base≈75.0m ; Y1≈85.2m ; Y5≈116.6m
Fair Price DCF = 100.9 (DCF Value 2.02b / Shares Outstanding 20.0m; 5y FCF grow 15.83% → 3.0% )
EPS Correlation: 65.42 | EPS CAGR: 35.87% | SUE: 3.80 | # QB: 5
Revenue Correlation: 82.59 | Revenue CAGR: 32.59% | SUE: N/A | # QB: 0
EPS next Year (2026-12-31): EPS=4.01 | Chg30d=+0.472 | Revisions Net=+3 | Growth EPS=+9.8% | Growth Revenue=+8.0%