Hensoldt AG (HNSDF)
OvervaluedFundamental
49
मूल्य
$76.24
मार्केट कैप
$8.78B
भाग 1 · कंपनी का मूल्य कितना है
अवलोकन
HENSOLDT is a German defense electronics maker: it builds the radars, sensors, cameras and targeting optics that let military platforms see, track and aim, rather than making the aircraft, ships or vehicles themselves. Its equipment goes onto programs like the Eurofighter jet, the P-8 Poseidon patrol aircraft, and Leopard 2 tanks, sold mainly to European and NATO armed forces.
यह पैसा कैसे कमाती है
Revenue comes from long-cycle defense contracts: governments order equipment years in advance, HENSOLDT books the order as backlog and recognizes revenue as it develops, produces and delivers the systems, followed by years of maintenance and upgrade work on equipment already in the field. Growth therefore shows up first as order intake, which converts into revenue only gradually as programs move from contract to delivery.
सेगमेंट के अनुसार राजस्व
Radars, air-defence and reconnaissance sensors used on aircraft, ships and ground-based systems, the core of the business.
Electro-optical sighting, targeting and vision systems mounted on land vehicles such as the Leopard 2 and Puma platforms.
प्रतिस्पर्धी बढ़त (Moat)
स्विचिंग कॉस्ट · संकीर्णOnce HENSOLDT's radar or optronics are integrated into a platform like the Eurofighter or Leopard 2, replacing them mid-program means requalifying a new supplier through years of defense procurement and security clearance processes, which governments rarely choose to do. The trade-off is that this advantage is tied to a small number of large programs, so losing or not winning the next generation of one of them matters a great deal.
मांग को क्या चलाता है
मध्यम रूप से चक्रीयOrders follow government defense budgets and multi-year procurement decisions rather than the broader economy, and the company itself credits Germany's elevated defense spending as the main driver of its record 2025 order intake. That makes demand more a function of political and budgetary decisions — which can also reverse or delay — than of a classic economic cycle.
प्रमुख जोखिम
- Dependence on German defense spending — The company attributes its record 2025 order intake mainly to elevated German federal procurement, so a change in Germany's defense budget priorities would directly affect future orders.
- Concentration in a few large programs — Order intake growth is driven by specific platforms such as the Eurofighter, Leopard 2 and P-8 Poseidon; a shift in any partner nation's procurement plans away from these platforms would reduce expected orders.
- Export licensing dependency — International sales require export licenses from German and European authorities, whose approval decisions can delay or block contracts that are otherwise ready to proceed.
ग्राहक Concentration
HENSOLDT does not disclose an exact percentage, but its own 2025 results credit Germany as the key driver of order intake momentum, indicating heavy reliance on a single national defense customer.
खरीदने के पक्ष में तर्क
Buyers argue that a record order backlog built on elevated German and European defense spending gives HENSOLDT years of visible future revenue, and that its equipment being designed into flagship platforms like the Eurofighter and Leopard 2 makes it difficult for those programs to switch suppliers.
बेचने के पक्ष में तर्क
Sellers fear that growth leans heavily on the German government's current appetite for defense spending, which is a political decision that can change, that revenue is concentrated in a handful of flagship programs, and that export contracts remain subject to licensing decisions HENSOLDT does not control.
Written by the editors, published on 18 अगस्त 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 सितंबर 2026 with claude-haiku-4-5 — shared with all users
Elbit competes for the same optronics, sighting systems and electronic-warfare orders on land vehicles and aircraft, and is an aggressive bidder in the European export tenders Hensoldt targets.
Thales bids against Hensoldt for the same European air-defence radar, naval sensor, optronics and electronic-warfare programmes, with its Ground Master radars competing head-on with Hensoldt's TRML family.
Leonardo sells radars, avionics and electronic-warfare suites to the same European armed forces and airborne platforms, competing with Hensoldt even though it also holds a large stake in it.
Saab's Giraffe and Erieye radar lines and its self-protection systems chase the same ground-based air-defence and airborne surveillance budgets in Europe and in export markets.
Indra supplies radars, electronic-warfare and mission systems to European defence ministries and competes with Hensoldt for the sensor workshare on joint European programmes.
बैलेंस शीट और तरलता
राजस्व
$2.68B
पिछले 12 महीने (30/6/2026 तक)
शुद्ध आय
$120M
पिछले 12 महीने (30/6/2026 तक)
Free Cash Flow
$304M
कुल इक्विटी
$889M
कुल देनदारियाँ
$1.69B
Current Ratio
1.10
Interest Coverage
-
Debt/EBITDA
4.88
Earnings Per Share
राजस्व और शुद्ध आय
Free Cash Flow
आय विवरण
ऐतिहासिक विवरण
समय के साथ मार्जिन
समय के साथ ऋण
ऋण कितना भारी है
वृद्धि तालिका
वृद्धि — राजस्व
Fair Value अनुमान
Fair Value
$47.78
वर्तमान मूल्य
$76.24
Margin of Safety
-59.5%
Fair Value सीमा
$31.06 - $64.51
इस्तेमाल किए गए valuation methods के बीच का फैलाव, कोई सांख्यिकीय रूप से calibrated confidence interval नहीं।
अनुमान विधियाँ
मूल्यांकन मेट्रिक्स
P/E Ratio
73.08
ROE
12.9%
P/B Ratio
9.87
P/FCF
28.88
Gross Margin
21.0%
ROIC
4.3%
लाभप्रदता Radar
मूल्य सृजन (प्रतिस्पर्धी बढ़त)
ROIC
4.3%
WACC
14.6%
ROIC − WACC
-10.4 pp
ROIC पूंजी की लागत से कम है — कंपनी निवेशित हर डॉलर पर मूल्य नष्ट कर रही है।
Fundamental विश्लेषण मानदंड
पास (11)
- Price CAGR 33.11%
- P/FCF 28.88
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- ROE 11.9%
- Revenue Growth 5Y 15.3%
- Analyst Consensus 50% Buy
- Earnings Surprise avg 35.3%
- Earnings Quality (OCF/NI) 6.37
फेल (7)
- ROIC 4.3%
- Gross Margin 21.0%
- P/B Ratio 9.87
- CapEx intensity
- DCF valuation (Overvalued)
- Net Margin Trend 3.6% vs 4.8%
- Piotroski F-Score 2/9
अनुपलब्ध (9)
- EPS data insufficient
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-Score
गंभीर वित्तीय चिंताएं
Earnings गुणवत्ता
उच्च गुणवत्ता: earnings नकदी द्वारा समर्थित
शेयर Dilution
शेयर वापस खरीद रही है। शेयरधारक अनुकूल
संस्थागत होल्डिंग
इस कंपनी के लिए कोई संस्थागत घोषणा उपलब्ध नहीं है।
प्रशासन
कार्यकारी टीम
| नाम | पद | आयु |
|---|---|---|
| Mr. Oliver Dorre | CEO & Chairman of Management Board | - |
| Mr. Christian Ladurner | CFO & Member of Management Board | 48 |
| Dr. Lars Immisch | Executive Officer | 58 |
| Nicolas Debove | Chief Operating Officer | - |
| Ms. Inka Tews | Chief Human Resources Officer, Labour Director & Member of Management Board | 54 |
| Ms. Veronika Endres | Head of Group Reporting & Investor Relations | - |
| Dr. Katja Stadelmann | General Counsel | - |
| Ms. Simona Patap | Marketing Manager | - |
| Mr. Stefan Hess | Head of Group Sales & Account Management | 57 |
| Mr. Temur Karbassioun | Head of Customer Service | - |
Audit जोखिम
5
बोर्ड जोखिम
6
मुआवजा जोखिम
6
शेयरधारक अधिकार जोखिम
9
भाग 2 · कीमत और खरीदने का समय
यह हिस्सा यह नहीं बताता कि कंपनी अच्छी है या नहीं: यह तय करने में मदद करता है कि उसे कब खरीदें, जब फंडामेंटल आपको आश्वस्त कर चुके हों। इसमें: तकनीकी विश्लेषण, संभावना, ऐतिहासिक गिरावट, गामा एक्सपोज़र।
Latest News
Recent headlines for HNSDF, sourced from Markets Gazette.