Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to €32.50, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 29x in the Aerospace & Defense industry in France. Total loss to shareholders of 69% over the past three years. Upcoming Dividend • Jul 01
Upcoming dividend of €0.06 per share Eligible shareholders must have bought the stock before 08 July 2026. Payment date: 16 July 2026. Payout ratio is a comfortable 4.0% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of French dividend payers (5.5%). Lower than average of industry peers (1.4%). Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €27.50, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 29x in the Aerospace & Defense industry in France. Total loss to shareholders of 74% over the past three years. Declared Dividend • May 31
Dividend of €0.06 announced Dividend of €0.06 is the same as last year. Ex-date: 8th July 2026 Payment date: 16th July 2026 Dividend yield will be 0.2%, which is lower than the industry average of 1.2%. Payout Ratios Payout ratio: 6%. Cash payout ratio: 11%. Reported Earnings • May 29
First quarter 2026 earnings released: EPS: €0.57 (vs €0.16 in 1Q 2025) First quarter 2026 results: EPS: €0.57 (up from €0.16 in 1Q 2025). Revenue: €128.1m (up 57% from 1Q 2025). Net income: €20.1m (up 253% from 1Q 2025). Profit margin: 16% (up from 7.0% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Annuncio • May 28
H&K AG announces Annual dividend, payable on July 16, 2026 H&K AG announced Annual dividend of EUR 0.0600 per share payable on July 16, 2026, ex-date on July 08, 2026 and record date on July 09, 2026. Annuncio • May 27
H&K AG, Annual General Meeting, Jul 07, 2026 H&K AG, Annual General Meeting, Jul 07, 2026, at 10:00 W. Europe Standard Time. Reported Earnings • Apr 16
Full year 2025 earnings released: EPS: €1.07 (vs €0.76 in FY 2024) Full year 2025 results: EPS: €1.07 (up from €0.76 in FY 2024). Revenue: €393.0m (up 14% from FY 2024). Net income: €38.1m (up 41% from FY 2024). Profit margin: 9.7% (up from 7.9% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year and the company’s share price has also fallen by 27% per year. New Risk • Feb 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of French stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €31.00, the stock trades at a trailing P/E ratio of 32.4x. Average trailing P/E is 37x in the Aerospace & Defense industry in France. Total loss to shareholders of 63% over the past three years. Reported Earnings • Nov 29
Third quarter 2025 earnings released: EPS: €0.35 (vs €0.12 in 3Q 2024) Third quarter 2025 results: EPS: €0.35 (up from €0.12 in 3Q 2024). Revenue: €99.6m (up 21% from 3Q 2024). Net income: €12.2m (up 198% from 3Q 2024). Profit margin: 12% (up from 5.0% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year whereas the company’s share price has fallen by 26% per year. Buy Or Sell Opportunity • Sep 30
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 55% to €49.00. The fair value is estimated to be €61.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Earnings per share has declined by 25%. Buy Or Sell Opportunity • Sep 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 58% to €48.80. The fair value is estimated to be €61.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Earnings per share has declined by 25%. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €48.80, the stock trades at a trailing P/E ratio of 66.9x. Average trailing P/E is 32x in the Aerospace & Defense industry in France. Total loss to shareholders of 36% over the past three years. Reported Earnings • Aug 28
Second quarter 2025 earnings released: EPS: €0.17 (vs €0.30 in 2Q 2024) Second quarter 2025 results: EPS: €0.17 (down from €0.30 in 2Q 2024). Revenue: €97.9m (up 1.6% from 2Q 2024). Net income: €6.10m (down 42% from 2Q 2024). Profit margin: 6.2% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €55.00, the stock trades at a trailing P/E ratio of 64.5x. Average trailing P/E is 34x in the Aerospace & Defense industry in France. Total loss to shareholders of 32% over the past three years. Buy Or Sell Opportunity • Jul 15
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 37% to €97.00. The fair value is estimated to be €124, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has declined by 20%. Annuncio • Jul 11
H&K AG announces Annual dividend, payable on July 18, 2025 H&K AG announced Annual dividend of EUR 0.0600 per share payable on July 18, 2025, ex-date on July 10, 2025 and record date on July 11, 2025. Buy Or Sell Opportunity • Jun 30
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 39% to €97.00. The fair value is estimated to be €124, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has declined by 20%. New Risk • Jun 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of French stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Reported Earnings • May 02
Full year 2024 earnings released: EPS: €0.76 (vs €0.59 in FY 2023) Full year 2024 results: EPS: €0.76 (up from €0.59 in FY 2023). Revenue: €343.4m (up 14% from FY 2023). Net income: €27.0m (up 41% from FY 2023). Profit margin: 7.9% (up from 6.4% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. New Risk • Mar 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (71% net debt to equity). Share price has been volatile over the past 3 months (7.5% average weekly change). Profit margins are more than 30% lower than last year (7.5% net profit margin). Reported Earnings • Dec 01
Third quarter 2024 earnings released: EPS: €0.12 (vs €0.07 in 3Q 2023) Third quarter 2024 results: EPS: €0.12 (up from €0.07 in 3Q 2023). Revenue: €82.2m (up 26% from 3Q 2023). Net income: €4.10m (up 64% from 3Q 2023). Profit margin: 5.0% (up from 3.8% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: €0.30 (vs €0.044 loss in 2Q 2023) Second quarter 2024 results: EPS: €0.30 (up from €0.044 loss in 2Q 2023). Revenue: €96.4m (up 26% from 2Q 2023). Net income: €10.5m (up €12.4m from 2Q 2023). Profit margin: 11% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Aug 21
H&K AG, Annual General Meeting, Oct 01, 2024 H&K AG, Annual General Meeting, Oct 01, 2024, at 10:00 W. Europe Standard Time. Reported Earnings • Jun 05
First quarter 2024 earnings released: EPS: €0.068 (vs €0.36 in 1Q 2023) First quarter 2024 results: EPS: €0.068 (down from €0.36 in 1Q 2023). Revenue: €75.0m (up 2.5% from 1Q 2023). Net income: €2.40m (down 76% from 1Q 2023). Profit margin: 3.2% (down from 14% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Annuncio • May 27
H&K AG, Annual General Meeting, Jul 02, 2024 H&K AG, Annual General Meeting, Jul 02, 2024, at 10:00 W. Europe Standard Time. Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: €0.54 (vs €1.83 in FY 2022) Full year 2023 results: EPS: €0.54 (down from €1.83 in FY 2022). Revenue: €301.4m (down 1.2% from FY 2022). Net income: €19.2m (down 62% from FY 2022). Profit margin: 6.4% (down from 17% in FY 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. New Risk • Dec 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). High level of non-cash earnings (27% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Shareholders have been diluted in the past year (28% increase in shares outstanding). Reported Earnings • Nov 30
Third quarter 2023 earnings released Third quarter 2023 results: EPS: €0.071. Revenue: €65.5m (down 5.8% from 3Q 2022). Net income: €2.50m (down 81% from 3Q 2022). Profit margin: 3.8% (down from 19% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. New Risk • Nov 30
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 14% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). High level of non-cash earnings (27% accrual ratio). Minor Risk Shareholders have been diluted in the past year (28% increase in shares outstanding). Reported Earnings • Sep 03
Second quarter 2023 earnings released: €0.044 loss per share (vs €0.29 profit in 2Q 2022) Second quarter 2023 results: €0.044 loss per share (down from €0.29 profit in 2Q 2022). Revenue: €76.7m (down 2.4% from 2Q 2022). Net loss: €1.90m (down 124% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €113, the stock trades at a trailing P/E ratio of 76.3x. Average trailing P/E is 25x in the Aerospace & Defense industry in France. Total returns to shareholders of 61% over the past three years. Reported Earnings • Jun 02
First quarter 2023 earnings released: EPS: €0.36 (vs €0.29 in 1Q 2022) First quarter 2023 results: EPS: €0.36 (up from €0.29 in 1Q 2022). Revenue: €73.2m (down 5.5% from 1Q 2022). Net income: €10.0m (up 24% from 1Q 2022). Profit margin: 14% (up from 11% in 1Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Annuncio • May 11
H&K AG has completed a Follow-on Equity Offering in the amount of €105.825227 million. H&K AG has completed a Follow-on Equity Offering in the amount of €105.825227 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 7,897,405
Price\Range: €13.4
Transaction Features: Rights Offering Buying Opportunity • Jul 27
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 33%. The fair value is estimated to be €131, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Jul 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 38%. The fair value is estimated to be €128, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 06
Full year 2021 earnings released: EPS: €0.79 (vs €0.49 in FY 2020) Full year 2021 results: EPS: €0.79 (up from €0.49 in FY 2020). Revenue: €290.2m (up 5.5% from FY 2020). Net income: €21.8m (up 62% from FY 2020). Profit margin: 7.5% (up from 4.9% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Buying Opportunity • Feb 22
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be €107, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% per annum over the last 3 years. The company has become profitable over the last 3 years. Buying Opportunity • Feb 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 3.6%. The fair value is estimated to be €102, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% per annum over the last 3 years. The company has become profitable over the last 3 years. Reported Earnings • Dec 01
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: €0.20 (up from €0.19 in 3Q 2020). Revenue: €66.5m (down 2.3% from 3Q 2020). Net income: €5.60m (up 3.7% from 3Q 2020). Profit margin: 8.4% (up from 7.9% in 3Q 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 02
Second quarter 2021 earnings released: EPS €0.30 (vs €0.13 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €80.1m (up 12% from 2Q 2020). Net income: €8.20m (up 149% from 2Q 2020). Profit margin: 10% (up from 4.6% in 2Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Jun 02
First quarter 2021 earnings released: EPS €0.12 (vs €0.15 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: €63.4m (down 6.2% from 1Q 2020). Net income: €3.30m (down 23% from 1Q 2020). Profit margin: 5.2% (down from 6.4% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Reported Earnings • May 10
Full year 2020 earnings released: EPS €0.49 (vs €0.058 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €275.0m (up 15% from FY 2019). Net income: €13.5m (up €11.9m from FY 2019). Profit margin: 4.9% (up from 0.7% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 25
New 90-day high: €94.00 The company is up 44% from its price of €65.50 on 26 November 2020. The French market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Aerospace & Defense industry, which is up 2.0% over the same period. Annuncio • Dec 17
C.G. Haenel and Heckler & Koch Patent Dispute over New Bundeswehr Assault Rifle Could Last Years C.G. Haenel in Thuringia and Heckler & Koch dispute over the German Armed Forces' new assault rifle and the allegedly infringed patents between weapons manufacturers expected to drag on for some time. According to information from Meister Mandeltree Kommunikation, the first days of the trial will be announced on Jan. 11, 2021, by the presiding judge of the chamber of the Düsseldorf Regional Court. Currently, the lawyers are still exchanging pleadings. In the summer of 2021, things should really get going and the negotiations should begin. If one of the parties moves to the next instance, the dispute could possibly last for years. (Ref. LG Düsseldorf 4AO 68/20). Following a call for bids for a new assault rifle for the German Armed Forces, the previous regular supplier Heckler & Koch lost out to the much smaller weapons manufacturer C.G. Haenel from Thuringia. Heckler & Koch had successfully applied for a review of the decision, citing patent infringements. For both sides, it is not only the order volume of around 250 million euros that is at stake, but also a massive gain in prestige. Is New 90 Day High Low • Nov 12
New 90-day high: €77.00 The company is up 10.0% from its price of €70.00 on 14 August 2020. The French market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Aerospace & Defense industry, which is up 14% over the same period. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS €0.19 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €68.1m (up 16% from 3Q 2019). Net income: €5.40m (up €4.50m from 3Q 2019). Profit margin: 7.9% (up from 1.5% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 15
New 90-day low: €44.00 The company is down 45% from its price of €80.00 on 14 July 2020. The French market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is down 9.0% over the same period. Is New 90 Day High Low • Sep 28
New 90-day low: €59.50 The company is down 26% from its price of €80.00 on 26 June 2020. The French market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is down 8.0% over the same period. Annuncio • Jul 19
Compagnie de Développement de l'Eau S.A. (CDE) acquired an additional majority stake in H&K AG (ENXTPA:MLHK). Compagnie de Développement de l'Eau S.A. (CDE) agreed to acquire an additional majority stake in H&K AG (ENXTPA:MLHK) on July 15, 2020. Following the acquisition, CDE becomes a majority shareholder of H&K AG. The Federal Ministry for Economic Affairs and Energy (Bundesministerium für Wirtschaft und Energie; BMWi) has granted CDE the permit to acquire the majority stake in H&K AG.
Compagnie de Développement de l'Eau S.A. (CDE) completed the acquisition of an additional majority stake in H&K AG (ENXTPA:MLHK) on July 17, 2020.