Hawesko Holding

Hawesko Holding is the largest premium-wine retailer in the German-speaking countries (Germany, Austria, Switzerland) plus the Czech Republic and Sweden. Three segments: E-commerce (Hawesko.de, Vicampo, Wirwinzer), Retail (Jacques' Wein-Depot store network), and B2B (restaurant and hotel wholesale). It owns or distributes some of Germany's most respected wine catalogs including the Riesling and Burgundy collections targeted at affluent middle-aged collectors.

The market has been cool on HAW because of two structural concerns: younger consumers drink less wine (Gen Z and Millennials buy more spirits, RTDs, and alcohol-free), and German premium-wine retail has been hit by general consumer-discretionary weakness in 2024 to 2025. But the company keeps generating cash, dividend payout is conservative, and the 5 percent dividend yield prices in a continued slump that may not happen.

The Tocos family (Alexander Margaritoff and family) controls roughly 33 percent. No major hedge-fund whale. German institutional investors hold most of the rest of the float.

At 20 EUR with 1.18 EUR EPS the trailing P/E is 17.0 and forward P/E 11.5 — defensive-value pricing. P/B 1.47 and EV/EBITDA 9.6 are reasonable for a stable premium-retailer. 5 percent dividend on a covered payout ratio supports the floor.

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HAW is a niche-defensive German consumer-staples-adjacent play with a real 5 percent dividend. The risk is the long-term decline of premium-wine consumption; the reward is patient compounding with downside-defending dividend. I would size 0.5 to 1 percent in an income sleeve and reinvest dividends. Not a fast trade — a quiet 8 to 10 percent total return profile over 5 years if e-commerce mix shift works.