HOCHTIEF Aktiengesellschaft
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5-year stock timeline
2021 — FY 2021: operational recovery; Chile arbitration
HOCHTIEF reported operational net profit €454m (+26% yoy) but nominal net profit only €208m after a €195m one-off arbitration charge related to a legacy Chile hydro project. Net cash stood at ~€556m and order backlog at €51.9bn; management guided for FY2022 operational net profit of €475–520m. [2], [38]
The market saw a resilient post-COVID operational recovery (strong backlog and cash flow) but treated the Chile arbitration as a material one-off risk to headline earnings. Perception settled on "cash-backed infrastructure recovery" with a short-term governance and legacy risk overlay. [2], [4]
Technically, a seasonal Q4 rally into results gave way to range consolidation as investors digested the one-off charge and 2022 guidance. [2]
Feb–Jun 2022 — CIMIC takeover bid and completion
HOCHTIEF launched an unconditional A$22 per-share offer (≈€940m max) for the remaining ~21.4% of CIMIC on Feb 23, 2022. Subsequent acceptances and compulsory acquisition completed the full takeover by June 10, 2022, financed partly via a ~€406m (10%) capital increase plus cash and debt. [21], [13], [8], [22]
Investors re-interpreted HOCHTIEF as consolidating scale in Asia-Pacific — strategic upside from full CIMIC control (services, PPP, resources) but short-term scrutiny on capital allocation and balance-sheet impact. Perception shifted to "strategic scale at a financing cost." [8], [13]
The takeover premium produced near-term sentiment uplift and breakout, followed by consolidation and drawdown as markets priced the capital increase and integration risk. [8]
2022 — FY 2022: strong recovery, re-rating begins
FY2022 results showed sales +23% to €26.2bn, operational net profit €522m (+15% yoy) and nominal net profit €482m (large yoy increase). Management proposed a materially higher dividend (EUR 4.00/share) and reported growing backlog and cash conversion after consolidating CIMIC. [29], [32], [33]
Market perception shifted from "COVID recovery" to "earnings momentum + cash compounder": investors rewarded clearer earnings leverage from CIMIC consolidation and robust new-orders flow. Emphasis moved to execution, dividends and balance-sheet repair. [29], [33]
The stock showed a sustained uptrend and breakout as FY numbers validated the strategic case and drove renewed investor rotation into infrastructure names. [29]
2023 — Integration, order momentum and confirmation of the growth story
FY2023 operational net profit reached ≈€553m (≈+11% f/x-adjusted), with nominal net profit ≈€523m. New orders and backlog growth continued and management reiterated medium-term guidance for further net-profit improvement. [36], [35]
HOCHTIEF was increasingly seen as an execution-led compounder: integration risks were fading, recurring concessions and PPP cash flows (Abertis exposure) and services revenues improved visibility. Investors shifted to multi-year earnings and cash conversion expectations. [36], [35]
The stock maintained a steady uptrend with periodic consolidations as fundamentals broadened and long-term investors accumulated. [36]
2024 (reported Feb 2025) — record 2024; upgraded guidance for 2025
FY2024 reported nominal net profit up sharply (≈+48% to €776m) and record backlog (≈+22%). Management issued ambitious FY2025 operational net-profit guidance (c. €680–730m, implying further high-single to mid-teens % growth if achieved). [12]
The market moved to view HOCHTIEF as a de-risked, larger-scale infrastructure champion with superior cash generation and clearer shareholder-return optionality (higher dividends, buybacks and sustained guidance). Sentiment turned broadly bullish on structural margin improvement. [12]
An extended rally to multi-year highs reflected investor pricing of stronger earnings, cash flows and higher shareholder returns. [12]
2025–mid-2026 — sustained delivery, re-rating embedded; price point
Execution continued against a larger, de-risked portfolio (post-CIMIC consolidation) and multi-year margin and cash improvements that underpinned management guidance updates across 2023–2025. Latest price as of 2026-07-11: 455.2. [36], [12], [29]
By mid-2026 the market had largely re-rated HOCHTIEF from cyclic contractor to a scaled, cash-generative infrastructure compounder. The narrative is now execution plus recurring concession and services earnings plus disciplined capital allocation (dividends and buybacks) rather than a pure project-cycle play. [12], [36]
A multi-year uptrend culminated in sustained breakout to new highs with periodic pullbacks; the technical regime reflects structural uptrend as of the latest price (455.2). [12]
Key risks and downside factors
HOCHTIEF competes in global heavy civil engineering, infrastructure, and concessions—a market where scale and financial depth matter. Its main rivals are integrated European and multinational players with substantial balance sheets and existing concession portfolios: VINCI, Bouygues, Eiffage, Ferrovial. Competition on large EPC, PPP, and concession tenders is relentless, and margins reflect it. The business carries real structural pressures. Project execution risk and cost overruns can erode returns quickly. Working capital and bonding requirements are substantial. Input costs move unpredictably, and the entire sector sits exposed to shifts in public spending and regulatory appetite. These aren't theoretical concerns—they shape project economics materially.
- Large EPC and infrastructure projects carry execution and contract risk. Cost overruns, schedule delays, claims, and penalties can materially compress profits.
- Working capital, bonding, and liquidity risk—long project cycles and substantial surety and bonding requirements strain cash flow and credit access.
- Large integrated rivals and state-backed contractors are bidding aggressively on major tenders, compressing margins across the market.
- Public spending, concession agreements, and regulatory frameworks all carry real risk. Budget cuts to infrastructure, shifts in PPP terms, or changes to concession structures can shrink project backlogs and erode asset valuations quickly.
Competitive landscape
HOCHTIEF AG is a global construction and infrastructure services leader, majority-owned by Grupo ACS, with established regional platforms in Turner, CIMIC and Flatiron. The company competes against large European contractors and integrated infrastructure groups bidding on major transport, energy and PPP projects. Its risk profile centers on execution challenges across large and complex contracts, input-cost and supply-chain volatility, geographic revenue concentration, and balance-sheet exposure tied to concession and investment activities.
| Company | Ticker |
|---|---|
| VINCI SA | DG.PA |
| Bouygues S.A. | EN.PA |
| Eiffage S.A. | FGR.PA |
Private competitors
- Bechtel Corporation
- Kiewit Corporation
- Laing O'Rourke
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Start Free TrialPerformance Figures of HOCHTIEF Aktiengesellschaft
Relative Performance vs Benchmarks
| Period | HOCHTIEF Aktiengesellschaft | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -5.87% | -9.41% | -8.46% |
| 3M | +2.16% | -3.15% | -9.24% |
| 6M | +26.64% | +27.97% | +17.46% |
| 1Y | +165.66% | +162.31% | +143.26% |
| 3Y | +524.16% | +467.72% | +448.46% |
| 5Y | +731.65% | +672.90% | +646.84% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 42.6 | 0.9 | 22.2 | 14.7 |
| 1Y ago | 16.0 | 0.4 | 18.2 | 6.6 |
| 3Y ago | 11.6 | 0.2 | 5.2 | 5.9 |
| 5Y ago | 10.5 | 0.2 | 5.7 | 5.8 |
Frequently Asked Questions
Where is the HOCHTIEF Aktiengesellschaft stock traded?
What does HOCHTIEF Aktiengesellschaft do?
What are the key metrics for HOT.XETRA?
How has HOCHTIEF Aktiengesellschaft's stock price performed?
How is HOT.XETRA valued?
Does HOT.XETRA pay dividends?
What are the key risks when investing in HOT.XETRA?
- Large EPC and infrastructure projects carry execution and contract risk. Cost overruns, schedule delays, claims, and penalties can materially compress profits.
- Working capital, bonding, and liquidity risk—long project cycles and substantial surety and bonding requirements strain cash flow and credit access.
- Large integrated rivals and state-backed contractors are bidding aggressively on major tenders, compressing margins across the market.
- Public spending, concession agreements, and regulatory frameworks all carry real risk. Budget cuts to infrastructure, shifts in PPP terms, or changes to concession structures can shrink project backlogs and erode asset valuations quickly.
Who are the main competitors of HOCHTIEF Aktiengesellschaft?
- VINCI SA (DG.PA)
- Bouygues S.A. (EN.PA)
- Eiffage S.A. (FGR.PA)
When does HOCHTIEF Aktiengesellschaft report earnings?
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 6.60 EUR | 1.47% | 3.3% |
| 2025 | 5.23 EUR | 3.08% | |
| 2024 | 4.40 EUR | 4.36% | |
| 2023 | 4.00 EUR | 4.96% | |
| 2022 | 1.91 EUR | 3.20% | |
| 2021 | 3.93 EUR | 4.97% | |
| 2020 | 5.80 EUR | 7.91% | |
| 2019 | 4.98 EUR | 4.07% | |
| 2018 | 3.38 EUR | 2.21% | |
| 2017 | 2.60 EUR | 1.52% | |
| 2016 | 2.00 EUR | 1.76% | |
| 2015 | 1.90 EUR | 2.81% | |
| 2014 | 1.50 EUR | 2.22% | |
| 2013 | 1.00 EUR | 1.77% | |
| 2011 | 2.00 EUR | 3.23% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 38.24B | 33.30B | 27.76B | 26.22B | 21.38B |
| Operating income (EBIT) | 993.84M | 569.87M | 890.67M | 816.22M | 582.20M |
| Net income | 902.33M | 775.63M | 522.75M | 481.77M | 293.40M |
| Free cash flow | 1.61B | 1.66B | 1.12B | 863.28M | 307.96M |
| Total assets | 24.94B | 24.65B | 19.01B | 18.30B | 16.24B |
| Equity | 1.27B | 1.07B | 1.24B | 1.13B | 801.00M |
| Net debt | 1.97B | 2.76B | 350.88M | 1.31B | 820.73M |
PWP Leeway UG (haftungsbeschränkt)
