Eurohold Bulgaria AD stock: fair value
EHG.WAThe fair value of Eurohold Bulgaria AD under our model is $5.25, the price is 21% below.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Modestly undervaluedIn our model the price counts as cheap below $3.50 and expensive above $10.51 (uncertainty very high, based on the price swings of the past year).
The two parts of the fair value come to $8.70 (cash-flow model) and $1.81 (industry comparison), and the gap between them shows how uncertain the estimate is.
Calculated with a cost of equity of 8.9%. At 9.9% the fair value would be $4.51, at 7.9% it would be $6.37.
Where the number comes from
Half from the cash-flow model, half from earnings times the industry P/E (19.7).
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 3.8%. Discounted at 8.9% (government bond yield 3.8% plus beta 0.8 times a risk premium of 6.3%); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $8.70 per share: free cash flow for the next ten years, each year discounted to today at 8.9%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 8.9%) |
|---|---|---|---|---|
| 2026 | BGN 341.67M | extrapolated at 19.2% | 0.9185 | BGN 313.84M |
| 2027 | BGN 391.55M | extrapolated at 14.6% | 0.8437 | BGN 330.35M |
| 2028 | BGN 436.06M | extrapolated at 11.4% | 0.7750 | BGN 337.93M |
| 2029 | BGN 475.77M | extrapolated at 9.1% | 0.7118 | BGN 338.66M |
| 2030 | BGN 511.56M | extrapolated at 7.5% | 0.6538 | BGN 334.47M |
| 2031 | BGN 544.38M | extrapolated at 6.4% | 0.6006 | BGN 326.93M |
| 2032 | BGN 575.09M | extrapolated at 5.6% | 0.5516 | BGN 317.23M |
| 2033 | BGN 604.4M | extrapolated at 5.1% | 0.5067 | BGN 306.24M |
| 2034 | BGN 632.91M | extrapolated at 4.7% | 0.4654 | BGN 294.55M |
| 2035 | BGN 661.07M | extrapolated at 4.5% | 0.4275 | BGN 282.6M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | BGN 3.18B |
| Terminal value: cash flow 2035 × (1 + 3.8%) / (8.9% − 3.8%) | BGN 13.62B |
| Present value of terminal value (× 0.4275) | BGN 5.82B |
| Equity value (sum plus present value of terminal value) | BGN 9B |
| Shares (diluted) | 260.44M |
| Value per share (equity value divided by shares) | BGN 34.58 |
| Per share as traded (converted ÷ 3.97) | $8.70 |
| Earnings per share, last twelve months | $0.09 |
| × 19.7 (industry P/E) | $1.81 |
| Fair value (average of both parts) | $5.25 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = PLN 3.9742)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 30 May 2025)
- Valuation signal Fairly valued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.