Stock

HORNBACH Baumarkt AG

0ENN.L
30
Home Improvement · Consumer Cyclical
Price
61.50 GBp
-2.00 (-3.15%)
Market Cap
£1.96B
Exchange
London Stock Exchange
Winston Score
30
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Oct 8, 2026 · filings through Feb 28, 2025

§How the score breaks down

Quality
Weak
4/30
Growth
Weak
2/20
Cash Flow
Weak
2/10
Stability
Weak
2/10
Valuation
Strong
7/10
Ownership
Good
10/15
Dividends
Good
3/5

30 of 100 counted points = Winston Score 30.

§Winston Score History

The full picture

HORNBACH Baumarkt AG is a German home improvement retailer that sells building materials, tools, garden supplies, and DIY products. Its stores are large-format warehouses aimed at both everyday homeowners and tradespeople who want to tackle renovation and construction projects. It is one of the larger DIY chains in continental Europe and operates under the well-known HORNBACH brand.

The company makes money primarily by selling products directly to customers in its physical stores, with a growing online sales channel adding to revenue. HORNBACH operates across Germany and several other European countries, including Austria, the Netherlands, Sweden, and Romania, giving it a broad regional footprint. Its moat comes partly from large store formats that are hard to replicate quickly and a loyal DIY customer base, though thin operating margins of around 3% leave little room for error. The main risk is that consumer spending on home improvement tends to slow when household budgets are squeezed by inflation or rising interest rates, both of which have been pressuring European consumers in recent years.

Growth Profile

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

Revenue Growth

+5.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-337.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

95.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

€312M cash & investments at current burn rate

Growth context

HORNBACH Baumarkt AG is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

+0.2% over 4y

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

Diluted shares outstanding: 31.8M (2022) → 31.8M (2026)

Score breakdown

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Quality

Profit per sale
Gross Margin
39.7%
Modest — 39.7% gross margin
Profit after running costs
Operating Margin
-9.0%
Losing money on operations — -9.0%
Return on the money invested
ROCE
-2.2%
Weak — -2.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
N/A
Data not available
Profit growth
EPS YoY
N/A
Data not available
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
6.2%
Modest free cash flow (6.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
1.16
Elevated debt (1.16)
Covers its interest
Interest Cover
N/A
—
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
18.0x
Fair value — P/E 18.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+5.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (18.0 → 12.1)

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Dividends

Dividend
Dividend Yield
1.42%
Small dividend — 1.42% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+13.9%
Dividend growing fast (13.9% YoY)

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