Hawesko Holding
HAW.DE Micro CapConsumer Defensive · Beverages - Wineries & Distilleries
Updated: Jul 6, 2026, 22:20 UTC
Price Chart
Key Metrics
Valuation Analysis
About the Company
Hawesko Holding SE engages in the trade and sale of wines, champagnes, and spirits in Germany, Austria, Switzerland, and the Czech Republic, Sweden, and internationally. It operates through three segments: E-commerce, Retail, and B2B. The company operates retail outlets through independent agency partners and its own stores; sells products through its own sales force and sales representatives, as well as engages in gifts business for private customers based on a special catalog. The company was founded in 1964 and is based in Hamburg, Germany. Hawesko Holding SE operates as a subsidiary of Tocos Beteiligung GmbH.
Hawesko Holding Stock at a Glance
Hawesko Holding (HAW.DE) is currently trading at €17.60 with a market capitalization of $158.1M. The trailing P/E ratio stands at 14.31x, with a forward P/E of 10.11x. The 52-week range spans from €16.70 to €25.00; the current price is 29.6% below the yearly high. Year-over-year revenue growth stands at -1.6%. The net profit margin stands at 1.78%.
💰 Dividend
Hawesko Holding pays an annual dividend of €1.00 per share, representing a yield of 5.68%. The payout ratio stands at 106.02%. The elevated payout ratio reflects a mature dividend policy.
📊 Analyst Rating
2 analysts rate Hawesko Holding (HAW.DE) on consensus: Buy. The average price target is €27.75, implying +57.67% from the current price. Analyst price targets range from €23.50 to €32.00.
Hawesko Holding: The Investment Case in Detail
Hawesko Holding (HAW.DE) operates in the Consumer Defensive — specifically Beverages - Wineries & Distilleries — and is headquartered in Germany. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bull Case
Wall Street consensus sits at Buy with an average price target implying roughly 57.67% upside from current levels — analyst sentiment is firmly constructive. Our valuation screen flags the stock as undervalued relative to its fundamentals — multiples are running below where the cash flow profile would normally justify.
The Bear Case
Revenue is contracting at -1.6% year-over-year — until that trend reverses, valuation is exposed to further downgrades. With a net margin of just 1.78%, the business has little room to absorb cost shocks or pricing pressure — a single bad quarter can swing the company to a loss.
Valuation in Context
The EV/EBITDA multiple of 9.6x is below the historical equity-market average — strategic acquirers would find the cash-flow profile attractive at this level.
What to Watch Next
- The forward P/E of 10.11x is meaningfully below the trailing 14.31x — analysts expect earnings to step up; the next earnings release is the test.
- The price sits in the lower quartile of the 52-week range — value hunters often start scaling in around this zone if fundamentals hold.
- The analyst consensus price target implies 57.67% upside — if the next two quarters confirm the underlying thesis, target hikes typically follow.
Investment Thesis: Strengths & Weaknesses
- Analyst consensus: Buy
- Currently flagged as undervalued
- Solid dividend yield of 5.68%
- Positive free cash flow
- –Revenue shrinking (-1.6% YoY)
- –Low profitability (1.78% margin)
Technical Snapshot
Price is below both the 50- and 200-day moving averages, with 50d below 200d — a bearish picture (death-cross alignment).
Risk Profile
The data points to relatively defensive market behavior, higher leverage relative to equity.
Trading Data
💵 Dividend Info
Related Stocks in the Same Sector
Hawesko Holding at 20 euros: Germany's premium wine retailer paying 5 percent dividend
The Real Story
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.
What Smart Money Thinks
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.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
📉 The 3 Real Bear Points
Valuation in Context
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.
🗓️ Next 3 Catalyst Dates
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💬 Daniel's Take
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.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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