Hamborner REIT AG

HABA.DE

REIT - Diversified · Real Estate

Price

€4.29

-0.01 (-0.23%)

Market Cap

€349.0M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Mixed

Stability

Weak

Valuation

Data not available

Dividends

Good

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Winston Score History

The full picture

Hamborner REIT AG is a German real estate company that owns and rents out commercial properties across Germany. Its portfolio focuses on two main property types: everyday retail locations (like supermarkets and drugstores) and office buildings. The tenants are mostly large, established businesses that sign long-term leases, which provides steady rental income.

The company makes money by collecting rent from its tenants, which is the standard model for a real estate investment trust (REIT). Hamborner operates entirely within Germany and has a portfolio valued at roughly €1.5 billion, making it a small player in the European real estate market. Its retail properties are anchored by necessity-based tenants, which helps keep vacancy rates relatively low, but the company faces real risk from rising interest rates, which increase borrowing costs and can pressure property valuations — a key challenge for any leveraged real estate business.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-500.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

12.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€34M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Hamborner REIT AG's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.4% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 81.0M (2021) → 81.3M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

-50.2%

Losing money on operations — -50.2%

Return on the money invested

ROCE

0.7%

Weak — 0.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+2.6%

Nearly flat sales (+2.6% YoY)

Profit growth

EPS YoY

-149.1%

Earnings shrinking (-149.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

45.3%

Converts sales into free cash efficiently (45.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.37

Elevated debt (1.37)

Covers its interest

Interest Cover

0.43x

Dangerous — barely covers interest (0.4x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

8.88%

Healthy income — 8.88% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-2.7%

Dividend cut (-2.7% YoY) — warning sign

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