Friedrich Vorwerk Group SE (DE:VH2)
XETRA:VH2
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Friedrich Vorwerk Group SE
(XETRA:VH2)
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Rating:73Outperform
Price Target:
€78.00
▼(-4.47% Downside)
Action:Reiterated
Date:06/11/26
The score is supported primarily by strong financial performance (rapid growth, improved profitability, and very low leverage) and a reasonable valuation (P/E ~12.5). These positives are tempered by weak technicals, with the price below key moving averages and negative MACD signaling a bearish trend.
Positive Factors
Balance Sheet Health
Very low debt-to-equity and steadily rising equity provide durable financial flexibility for bidding and executing multi-quarter EPC projects. This conservative capital structure lowers solvency risk, supports working-capital needs during project timing mismatches, and reduces reliance on external financing through project cycles.
Negative Factors
Margin Volatility
Gross-margin swings tied to project mix and contract pricing create structural earnings variability in an EPC model. Even with recent margin gains, ongoing variability can materially change reported profitability across reporting periods, complicating multi-quarter forecasting and reducing predictability of sustained returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Health
Very low debt-to-equity and steadily rising equity provide durable financial flexibility for bidding and executing multi-quarter EPC projects. This conservative capital structure lowers solvency risk, supports working-capital needs during project timing mismatches, and reduces reliance on external financing through project cycles.
Read all positive factors
Friedrich Vorwerk Group SE (VH2) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€1.39B
Dividend Yield0.37%
Average Volume (3M)56.81K
Price to Earnings (P/E)15.0
Beta (1Y)0.48
Revenue Growth28.08%
EPS Growth119.97%
CountryDE
Employees2,001
SectorIndustrials
Sector Strength72
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)4.70
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)4.74
Revenue Forecast (FY)€765.13M
Friedrich Vorwerk Group SE Business Overview & Revenue Model
Company Description
Friedrich Vorwerk Group SE, established in 1962 and based in Tostedt, Germany, specializes in offering comprehensive energy conversion and transmission services across Germany and the wider European continent. The company's operations are segmente...
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:Aug 13, 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
86
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 710.45M | 704.33M | 498.35M | 373.36M | 368.16M | 279.07M |
| Gross Profit | 291.63M | 170.52M | 261.61M | 167.97M | 164.34M | 158.73M |
| EBITDA | 158.65M | 135.56M | 75.20M | 31.91M | 48.08M | 51.10M |
| Net Income | 94.08M | 86.50M | 35.77M | 10.15M | 17.14M | 26.77M |
Balance Sheet | ||||||
| Total Assets | 576.42M | 578.03M | 437.56M | 311.28M | 308.08M | 290.46M |
| Cash, Cash Equivalents and Short-Term Investments | 236.26M | 273.61M | 174.65M | 56.53M | 45.88M | 108.28M |
| Total Debt | 16.41M | 17.80M | 22.37M | 16.53M | 21.19M | 27.99M |
| Total Liabilities | 275.90M | 292.78M | 232.55M | 139.73M | 144.90M | 137.99M |
| Stockholders Equity | 301.56M | 285.86M | 205.04M | 171.50M | 162.81M | 151.41M |
Cash Flow | ||||||
| Free Cash Flow | 154.55M | 119.56M | 119.75M | 19.35M | -42.37M | 8.27M |
| Operating Cash Flow | 212.63M | 171.18M | 155.58M | 50.42M | -10.26M | 29.82M |
| Investing Cash Flow | -71.68M | -65.68M | -35.60M | -29.47M | -32.56M | -28.46M |
| Financing Cash Flow | -14.85M | -14.11M | -1.87M | -10.31M | -19.58M | 61.66M |
Friedrich Vorwerk Group SE Technical Analysis
Neutral
81.65
Price Trends
69.21
Positive
73.79
Negative
78.65
Negative
Market Momentum
0.41
Negative
60.35
Neutral
90.96
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:VH2, the sentiment is Neutral. The current price of 81.65 is above the 20-day moving average (MA) of 63.74, above the 50-day MA of 69.21, and above the 200-day MA of 78.65, indicating a neutral trend. The MACD of 0.41 indicates Negative momentum. The RSI at 60.35 is Neutral, neither overbought nor oversold. The STOCH value of 90.96 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DE:VH2.
Friedrich Vorwerk Group SE Peers Comparison
UnderperformOutperform
Sector (63)
DE:VH2
Friedrich Vorwerk Group SE
70.70
14.27
25.28%
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5.39%
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61.00
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DE:R3NK
RENK Group AG
45.74
-19.48
-29.87%
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.