Friedrich Vorwerk Group SE (DE:VH2)
XETRA:VH2
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Friedrich Vorwerk Group SE
(XETRA:VH2)
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Rating:72Outperform
Price Target:
€84.00
▲(2.88% Upside)
Action:ReiteratedDate:04/07/26
The score is driven by strong underlying financial performance (margin expansion, robust recent cash generation, and very low leverage) and a constructive earnings outlook with continued growth guidance. These positives are tempered by clearly bearish technicals (price below key moving averages with negative MACD) and only moderate valuation support given the low dividend yield.
Positive Factors
Balance Sheet Strength
Very low leverage and rising ROE imply durable financial flexibility: the stronger balance sheet supports self-funding of capex, higher dividends, opportunistic M&A and resilience to project timing swings. This structural strength reduces refinancing and liquidity risk across cycles.
Negative Factors
JV Shift & Backlog Visibility
A structural move toward JV and cost‑plus arrangements reduces comparability of backlog and intake metrics, making future revenue and margin recognition less transparent. Even with new KPI reporting, long‑term investor visibility and forecasting reliability are materially weakened.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Very low leverage and rising ROE imply durable financial flexibility: the stronger balance sheet supports self-funding of capex, higher dividends, opportunistic M&A and resilience to project timing swings. This structural strength reduces refinancing and liquidity risk across cycles.
Read all positive factors
Friedrich Vorwerk Group SE (VH2) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€1.46B
Dividend Yield0.37%
Average Volume (3M)56.81K
Price to Earnings (P/E)18.9
Beta (1Y)0.40
Revenue Growth41.33%
EPS Growth141.82%
CountryDE
Employees2,001
SectorIndustrials
Sector Strength72
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)1.47
Shares Outstanding20,000,000
10 Day Avg. Volume116,718
30 Day Avg. Volume56,813
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)5.72
Price to Sales (P/S)2.32
P/FCF Ratio13.67
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€87.50Price Target Upside7.16% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)4.61
Revenue Forecast (FY)€783.60M
Friedrich Vorwerk Group SE Business Overview & Revenue Model
Company Description
Friedrich Vorwerk Group SE provides various solutions for transformation and transportation of energy in Germany and Europe. It operates through four segments: Natural Gas, Electricity, Clean Hydrogen, and Adjacent Opportunities. The Natural Gas s...
How the Company Makes Money
Friedrich Vorwerk Group SE generates revenue mainly by executing contracted infrastructure projects and related services for customers such as transmission system operators, distribution network operators, utilities, and industrial clients. Its co...
Friedrich Vorwerk Group SE Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The call highlights a very strong operational and financial year—record revenue (+41%), materially improved margins (EBITDA margin +7 p.p.), doubled EBIT and strengthened net cash—supported by technology rollout, acquisitions and large project wins. Offsetting issues include a decline in conventional order intake due to a shift to joint ventures, a notable delay on the A-Nord project, seasonal/weather operational risks, and geopolitical/inflationary cost exposure. Management has pragmatic mitigants (new KPI reporting, hedges, capex and hiring focus) and provided constructive 2026 guidance (higher revenues and absolute EBITDA), indicating confidence in continued growth despite near-term headwinds.Positive Updates
Strong Revenue Growth
Full year 2025 revenue of EUR 704 million, representing a 41% increase year-over-year, driven by higher employee numbers, productive hours, equipment utilization and some pricing effects.
Negative Updates
Conventional Order Intake Decline
Conventional order intake was EUR 538 million in 2025, roughly 20% below the previous year due to a shift toward joint ventures and limited internal capacity, leading to a slightly reduced conventional order backlog of about EUR 1 billion.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth
Full year 2025 revenue of EUR 704 million, representing a 41% increase year-over-year, driven by higher employee numbers, productive hours, equipment utilization and some pricing effects.
Read all positive updates
Company Guidance
Guidance for 2026: Friedrich Vorwerk expects revenues of EUR 730–780 million and absolute EBITDA of EUR 160–180 million (midpoint implying roughly a ~22.5% EBITDA margin versus ~23% in 2025), with organic headcount growth of 5–8% (separate add-on from any M&A), planned capital expenditure of about EUR 50 million, and a Q1 2026 expected to be softer/near-flat year‑on‑year due to adverse weather; revenue growth is projected to be somewhat slower because a higher share of work will be executed in joint ventures (company will begin reporting a JV‑inclusive order backlog from Q1), building on a 2025 base of EUR 704 million revenue (+41% YoY), EUR 262 million net cash year‑end, total project volume acquired EUR 991 million (conventional order intake EUR 538 million) and a conventional order backlog of ~EUR 1 billion; management reiterated willingness to pursue larger M&A if attractively priced, no buybacks planned, and a higher shareholder payout for 2025 of EUR 0.70 base plus EUR 0.40 special dividend.Friedrich Vorwerk Group SE Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
82
Very Positive
| Breakdown | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 704.33M | 498.35M | 373.36M | 368.16M | 279.07M |
| Gross Profit | 170.52M | 261.61M | 167.97M | 164.34M | 158.73M |
| EBITDA | 135.56M | 75.20M | 31.91M | 48.08M | 51.10M |
| Net Income | 86.50M | 35.77M | 10.15M | 17.14M | 26.77M |
Balance Sheet | |||||
| Total Assets | 578.03M | 437.56M | 311.28M | 308.08M | 290.46M |
| Cash, Cash Equivalents and Short-Term Investments | 273.61M | 174.65M | 56.53M | 45.88M | 108.28M |
| Total Debt | 17.80M | 22.37M | 16.53M | 21.19M | 27.99M |
| Total Liabilities | 292.78M | 232.55M | 139.73M | 144.90M | 137.99M |
| Stockholders Equity | 285.86M | 205.04M | 171.50M | 162.81M | 151.41M |
Cash Flow | |||||
| Free Cash Flow | 119.56M | 119.75M | 19.35M | -42.37M | 8.27M |
| Operating Cash Flow | 171.18M | 155.58M | 50.42M | -10.26M | 29.82M |
| Investing Cash Flow | -65.68M | -35.60M | -29.47M | -32.56M | -28.46M |
| Financing Cash Flow | -14.11M | -1.87M | -10.31M | -19.58M | 61.66M |
Friedrich Vorwerk Group SE Technical Analysis
Positive
81.65
Price Trends
78.84
Positive
81.56
Positive
81.73
Negative
Market Momentum
-0.04
Negative
62.40
Neutral
95.08
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:VH2, the sentiment is Positive. The current price of 81.65 is above the 20-day moving average (MA) of 73.93, above the 50-day MA of 78.84, and below the 200-day MA of 81.73, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 62.40 is Neutral, neither overbought nor oversold. The STOCH value of 95.08 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:VH2.
Friedrich Vorwerk Group SE Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | €1.46B | 18.89 | 35.21% | 0.37% | 41.33% | 141.82% | |
71 Outperform | €1.91B | 15.56 | 7.38% | 1.97% | -6.26% | -22.28% | |
66 Neutral | €1.69B | 11.99 | 0.33% | 2.76% | 2.34% | 19.31% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | €1.31B | 14.05 | 7.41% | 2.24% | -7.17% | 37.66% | |
55 Neutral | €1.52B | 9.62 | 6.02% | 2.03% | 12.69% | -9.60% | |
51 Neutral | €2.89B | -29.26 | -1.68% | 0.51% | -10.29% | 78.93% |
* Industrials Sector Average
DE:VH2
Friedrich Vorwerk Group SE
72.95
12.05
19.78%
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9.93
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37.61%
DE:JEN
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33.38
15.61
87.86%
DE:KSB
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980.00
156.19
18.96%
DE:SZG
Salzgitter
48.04
25.88
116.74%
DE:BFSA
Befesa S.A.
32.70
6.55
25.04%
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.