Harmony Energy Income Trust Plc

DB:WF0 Stock Report

Market Cap: €141.2m

Harmony Energy Income Trust Valuation

Is WF0 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of WF0 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: WF0 (€0.61) is trading above our estimate of fair value (€0.06)

Significantly Below Fair Value: WF0 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for WF0?

Key metric: As WF0 is unprofitable and pre-revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for WF0. This is calculated by dividing WF0's market cap by their current book value.
What is WF0's PB Ratio?
PB Ratio0.5x
BookUK£218.53m
Market CapUK£117.43m

Price to Book Ratio vs Peers

How does WF0's PB Ratio compare to its peers?

The above table shows the PB ratio for WF0 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average29.8x
SPT6 Sparta
0.9xn/a€156.3m
DG6 DG-Gruppe
115xn/a€156.5m
QB7 Quirin Privatbank
2.7xn/a€164.1m
BBHK Deutsche Balaton
0.5xn/a€175.4m
WF0 Harmony Energy Income Trust
0.5x19.7%€117.4m

Price-To-Book vs Peers: WF0 is good value based on its Price-To-Book Ratio (0.5x) compared to the peer average (29.8x).

Price to Book Ratio vs Industry

How does WF0's PB Ratio compare vs other companies in the DE Capital Markets Industry?

6 CompaniesPrice / BookEstimated GrowthMarket Cap
XE8 Black Sea Property
0.1xn/aUS$7.78m
LEH Lehner Investments
0.1xn/aUS$1.48m
FNZA China Finance Online
0.1xn/aUS$1.21m
WD0 Smart Valor
0.06xn/aUS$346.66k
WF0 0.5xIndustry Avg. 1.2xNo. of Companies12PB00.61.21.82.43+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: WF0 is good value based on its Price-To-Book Ratio (0.5x) compared to the German Capital Markets industry average (1.2x).

Price to Book Ratio vs Fair Ratio

What is WF0's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

WF0 PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio0.5x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate WF0's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst WF0 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.61
€1.15
+87.7%
18.0%€1.33€0.86n/a3
Nov ’25€0.60
€1.13
+86.6%
18.0%€1.31€0.84n/a3
Oct ’25€0.60
€1.13
+88.2%
18.0%€1.31€0.84n/a3
Sep ’25€0.61
€1.13
+83.6%
18.0%€1.31€0.84n/a3
Aug ’25€0.61
€1.13
+85.1%
18.0%€1.31€0.84n/a3
Jul ’25€0.62
€1.21
+95.1%
6.0%€1.29€1.12n/a3
Jun ’25€0.56
€1.20
+116.7%
6.0%€1.28€1.11n/a3
May ’25€0.53
€1.20
+129.1%
6.0%€1.28€1.11n/a3
Apr ’25€0.48
€1.20
+151.8%
6.0%€1.29€1.11n/a3
Mar ’25€0.44
€1.20
+173.5%
6.0%€1.29€1.11n/a3
Feb ’25€0.64
€1.28
+100.8%
13.5%€1.51€1.10n/a3
Jan ’25€0.90
€1.36
+50.8%
13.9%€1.49€1.09n/a3
Dec ’24€0.93
€1.36
+46.7%
13.9%€1.49€1.09n/a3
Nov ’24€0.82
€1.36
+65.5%
13.9%€1.49€1.09€0.603
Oct ’24€0.96
€1.55
+61.3%
2.5%€1.60€1.52€0.603
Sep ’24€1.02
€1.55
+51.6%
2.5%€1.60€1.52€0.613
Aug ’24€1.10
€1.56
+41.4%
2.2%€1.59€1.51€0.613
Jul ’24€1.20
€1.56
+29.6%
2.2%€1.59€1.51€0.623
Jun ’24€1.26
€1.58
+25.6%
1.8%€1.62€1.55€0.563
May ’24€1.28
€1.58
+23.8%
1.2%€1.60€1.56€0.533
Apr ’24€1.29
€1.58
+22.8%
1.2%€1.60€1.56€0.483

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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