HKBN Ltd.

DB:2HK Stock Report

Market Cap: €689.6m

HKBN Valuation

Is 2HK undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 2HK when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2HK (€0.6) is trading below our estimate of fair value (€2.17)

Significantly Below Fair Value: 2HK is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2HK?

Key metric: As 2HK is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 2HK. This is calculated by dividing 2HK's market cap by their current revenue.
What is 2HK's PS Ratio?
PS Ratio0.5x
SalesHK$10.65b
Market CapHK$5.65b

Price to Sales Ratio vs Peers

How does 2HK's PS Ratio compare to its peers?

The above table shows the PS ratio for 2HK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.6x
UTDI United Internet
0.4x4.2%€2.7b
O2D Telefónica Deutschland Holding
0.7x-1.3%€6.2b
O2D Telefónica Deutschland Holding
0.8x-1.1%€7.2b
E4C ecotel communication ag
0.4x9.6%€47.1m
2HK HKBN
0.5x2.2%€5.7b

Price-To-Sales vs Peers: 2HK is good value based on its Price-To-Sales Ratio (0.5x) compared to the peer average (0.6x).

Price to Sales Ratio vs Industry

How does 2HK's PS Ratio compare vs other companies in the European Telecom Industry?

5 CompaniesPrice / SalesEstimated GrowthMarket Cap
2HK 0.5xIndustry Avg. 1.1xNo. of Companies12PS012345+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 2HK is good value based on its Price-To-Sales Ratio (0.5x) compared to the European Telecom industry average (1.1x).

Price to Sales Ratio vs Fair Ratio

What is 2HK's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2HK PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.5x
Fair PS Ratio0.5x

Price-To-Sales vs Fair Ratio: 2HK is expensive based on its Price-To-Sales Ratio (0.5x) compared to the estimated Fair Price-To-Sales Ratio (0.5x).

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 2HK forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.59
€0.46
-22.5%
5.5%€0.50€0.44n/a3
Nov ’25€0.42
€0.39
-5.7%
8.6%€0.44€0.35n/a3
Oct ’25€0.35
€0.33
-5.4%
16.4%€0.38€0.25n/a3
Sep ’25€0.31
€0.39
+26.6%
39.0%€0.62€0.25n/a4
Aug ’25€0.28
€0.40
+41.5%
35.5%€0.64€0.26n/a5
Jul ’25€0.28
€0.40
+41.5%
35.5%€0.64€0.26n/a5
Jun ’25€0.27
€0.40
+47.8%
35.5%€0.64€0.26n/a5
May ’25€0.27
€0.40
+46.7%
35.5%€0.64€0.26n/a5
Apr ’25€0.34
€0.46
+35.5%
28.1%€0.63€0.28n/a5
Mar ’25€0.35
€0.51
+45.2%
17.4%€0.64€0.41n/a5
Feb ’25€0.37
€0.52
+39.7%
19.1%€0.67€0.41n/a5
Jan ’25€0.39
€0.52
+32.5%
17.9%€0.66€0.42n/a5
Dec ’24€0.40
€0.52
+31.8%
17.9%€0.66€0.42n/a5
Nov ’24€0.31
€0.67
+116.1%
43.6%€1.14€0.42€0.424
Oct ’24€0.37
€0.63
+70.7%
45.0%€1.15€0.41€0.355
Sep ’24€0.40
€0.70
+75.9%
40.2%€1.08€0.42€0.315
Aug ’24€0.47
€0.70
+49.5%
40.2%€1.08€0.42€0.285
Jul ’24€0.47
€0.74
+57.3%
37.3%€1.11€0.43€0.285
Jun ’24€0.56
€0.82
+44.5%
28.6%€1.13€0.50€0.275
May ’24€0.61
€0.77
+25.7%
28.4%€1.10€0.49€0.276
Apr ’24€0.66
€0.82
+25.6%
34.0%€1.32€0.50€0.346
Mar ’24€0.70
€0.83
+17.2%
31.4%€1.32€0.50€0.357
Feb ’24€0.63
€0.83
+31.1%
31.4%€1.32€0.50€0.377
Jan ’24€0.64
€0.80
+25.9%
36.2%€1.35€0.49€0.397
Dec ’23€0.68
€0.81
+20.5%
34.8%€1.34€0.50€0.407
Nov ’23€0.62
€0.90
+44.7%
44.6%€1.75€0.52€0.317

Analyst Forecast: Target price is lower than the current share price.

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