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Hochtief
(XETRA:HOT)
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Rating:52Neutral
Price Target:
€436.00
▼(-2.55% Downside)
Action:Reiterated
Date:07/29/26
The score is held back primarily by balance-sheet risk (very high leverage and thin equity) and a rich valuation (P/E ~36.6 with only ~1.53% yield). Offsetting these, the company shows strong scale and cash generation with improving operating profitability, but technicals are currently weak with the stock trading below most key short-to-medium moving averages.
Positive Factors
Strong cash generation
Consistent operating cash flow (~€2.3B TTM) and substantial free cash flow (~€1.9B TTM) provide durable internal funding for capex, working capital and debt servicing. Over 2–6 months this supports project execution, reduces immediate refinancing pressure and enables selective reinvestment or paydown.
Negative Factors
Very high leverage
Extremely elevated leverage materially reduces financial flexibility. In a project-driven industry, high debt amplifies the impact of cost overruns, claims or delays, raises refinancing and interest burden risk, and limits the company's ability to absorb shocks over the next several months.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent operating cash flow (~€2.3B TTM) and substantial free cash flow (~€1.9B TTM) provide durable internal funding for capex, working capital and debt servicing. Over 2–6 months this supports project execution, reduces immediate refinancing pressure and enables selective reinvestment or paydown.
Read all positive factors
Hochtief (HOT) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€33.35B
Dividend Yield1.49%
Average Volume (3M)64.14K
Price to Earnings (P/E)37.5
Beta (1Y)1.23
Revenue Growth8.06%
EPS Growth8.35%
CountryDE
Employees54,035
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)11.81
Shares Outstanding77,711,300
10 Day Avg. Volume65,004
30 Day Avg. Volume64,141
Financial Highlights & Ratios
PEG Ratio1.72
Price to Book (P/B)20.00
Price to Sales (P/S)0.66
P/FCF Ratio15.72
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€515.35Price Target Upside15.19% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)14.28
Revenue Forecast (FY)€43.56B
Hochtief Business Overview & Revenue Model
Company Description
HOCHTIEF Aktiengesellschaft operates as a global construction and infrastructure enterprise. The company manages its diverse operations through several key divisions: HOCHTIEF Americas, which provides building and transportation infrastructure sol...
How the Company Makes Money
HOCHTIEF primarily makes money by delivering construction and infrastructure projects and recognizing revenue and profit through contracted work for public- and private-sector customers. Key revenue streams include (1) project execution income fro...
Hochtief Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
38
Negative
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 40.00B | 38.24B | 33.30B | 27.76B | 26.22B | 21.38B |
| Gross Profit | 3.21B | 2.91B | 8.78B | 6.85B | 6.32B | 5.29B |
| EBITDA | 2.33B | 1.66B | 2.03B | 1.07B | 968.99M | 747.04M |
| Net Income | 888.92M | 902.33M | 775.63M | 522.75M | 481.77M | 293.40M |
Balance Sheet | ||||||
| Total Assets | 28.22B | 24.94B | 24.65B | 19.01B | 18.30B | 16.24B |
| Cash, Cash Equivalents and Short-Term Investments | 8.96B | 7.07B | 6.25B | 5.78B | 4.94B | 4.57B |
| Total Debt | 9.92B | 8.20B | 8.20B | 5.50B | 5.67B | 4.83B |
| Total Liabilities | 26.83B | 23.55B | 23.46B | 17.74B | 17.07B | 15.15B |
| Stockholders Equity | 1.30B | 1.27B | 1.07B | 1.24B | 1.13B | 801.00M |
Cash Flow | ||||||
| Free Cash Flow | 1.87B | 1.61B | 1.66B | 1.12B | 863.28M | 307.96M |
| Operating Cash Flow | 2.32B | 2.04B | 2.13B | 1.34B | 1.05B | 387.20M |
| Investing Cash Flow | -316.82M | -1.61B | -1.49B | -249.67M | -484.59M | -220.00M |
| Financing Cash Flow | 747.22M | -85.51M | 346.11M | -583.61M | -167.20M | -1.08B |
Hochtief Technical Analysis
Neutral
447.40
Price Trends
477.71
Negative
462.22
Negative
395.30
Positive
Market Momentum
-11.77
Positive
42.54
Neutral
52.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:HOT, the sentiment is Neutral. The current price of 447.4 is below the 20-day moving average (MA) of 452.95, below the 50-day MA of 477.71, and above the 200-day MA of 395.30, indicating a neutral trend. The MACD of -11.77 indicates Positive momentum. The RSI at 42.54 is Neutral, neither overbought nor oversold. The STOCH value of 52.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DE:HOT.
Hochtief Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | €33.56M | 1.31 | 12.62% | 18.71% | ― | ― | |
63 Neutral | €3.08B | 16.99 | 13.75% | 3.43% | 4.88% | -1.67% | |
63 Neutral | €28.39B | 14.38 | 11.07% | 2.14% | 0.38% | 7.48% | |
62 Neutral | €1.12B | 30.47 | 6.80% | 3.39% | 19.45% | -38.43% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | €33.35B | 37.53 | 69.90% | 1.48% | 8.06% | 8.35% | |
51 Neutral | €7.50B | 1,039.22 | 0.10% | 1.22% | -6.47% | ― |
* General Sector Average
DE:HOT
Hochtief
444.80
253.95
133.06%
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162.80
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12.57
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81.25%
DE:VOS
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-31.29%
DE:AB9
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-35.48
-91.20%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.