BUL/HVAR (BUL/HVAR)

Bulgarian Stock Exchange: BUL/HVAR · EUR

€25.8

+0.20 (+0.8%)· Recorded snapshot

Market cap	167.3M
Revenue (ttm)	54.4M
Net income (ttm)	5.1M
EPS (ttm)	€0.79
Shares out	6.5M
P/E (trailing)	32.8x
Volume	110
Beta	-0.01

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 54.4M
Net income (ttm): 5.1M
EPS (ttm): €0.79
P/E (trailing): 32.8x
Market cap: 167.3M

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-29 19:55 UTC

Forward P/En/a

P25 n/aP50 n/aP75 n/a

Trailing P/E32.8

P25 n/aP50 n/aP75 n/a

ROE5.5

P25 n/aP50 n/aP75 n/a

ROIC3.8

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All BUL/HVAR indicators

Market & fundamental data

Available fields

198

Groups with data

Currency

EUR

Showing 198 of 198 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	EUR
Country	Bulgaria
Country code	BG
Earnings date	2026-11-20
Employees	962
Employees change	-7
Employees growth	-0.72%
Enterprise value	EUR 191.1M
Exchange	Bulgarian Stock Exchange
Financial currency	EUR
Financial report date	2026-06-30
First seen	2026-05-10
Fiscal year end	December
Founded	1996
Industry	Multi-Sector Holdings
Is primary listing	Yes
ISIN number	BG1100036984
Last earnings date	2025-11-21
Last refreshed	2026-10-29
Market cap	EUR 167.3M
Next earnings date	2026-11-20
Price	EUR 25.80
Price currency	EUR
SIC code	9998
Stock price date	2026-10-09
Symbol	bul/HVAR
Website	https://www.holdingvarna.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Average P/E ratio (10Y)	203.37x
Average P/E ratio (3Y)	128.29x
Average P/E ratio (5Y)	136.54x
Earnings yield	3.05%
EV/Earnings	37.4x
EV/EBIT	26.14x
EV/EBITDA	16.82x
EV/Sales	3.51x
FCF / EV yield	-4.97%
FCF yield	-5.67%
Graham number	17.26919
Graham upside	-33.07%
Lynch fair value	EUR 19.69
Lynch upside	-23.67%
P/B ratio	1.53x
P/E ratio	32.75x
P/S ratio	3.08x
Price / tangible book value	1.53x
Price/EBITDA ratio	16.72x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	13.16%
EBITDA margin	18.4%
Effective tax rate	15.03%
Gross margin	48.19%
Operating margin	13.16%
Pretax margin	13.57%
Profit margin	9.39%
Profit per employee	EUR 5,311
Revenue per employee	EUR 56,535
ROA	2.37%
ROA (5Y)	0.87%
ROCE	5.72%
ROE	5.55%
ROE (5Y)	1.55%
ROIC	3.84%
ROIC (5Y)	1.42%
Tax / revenue	2.04%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	24.91%
EPS growth (Q)	-4.24%
EPS growth 10Y	7.48%
EPS growth 3Y	90.9%
Gross profit growth	96.5%
Gross profit growth 3Y	24.53%
Gross profit growth 5Y	19.01%
Net income growth	24.91%
Net income growth (Q)	-4.24%
Net income growth 3Y	90.9%
Operating income growth	58.28%
Operating income growth 3Y	71.8%
Revenue growth	100.17%
Revenue growth 10Y	6.56%
Revenue growth 3Y	12.75%
Revenue growth 5Y	15.54%

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	EUR -7.9M
Depreciation and amortization	EUR 2.9M
EBIT	EUR 7.2M
EBITDA	EUR 10M
EPS	EUR 0.79
FCF per share	EUR -1.46
Financing cash flow	EUR -11.8M
Free cash flow	EUR -9.5M
Gross profit	EUR 26.2M
Income taxes	EUR 1.1M
Investing cash flow	EUR -3.2M
Net borrowing	EUR -8.1M
Net cash flow	EUR -16.5M
Net income	EUR 5.1M
Operating income	EUR 7.2M
Revenue	EUR 54.4M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	3.79
Book value per share	EUR 16.83
Debt / EBITDA	2.83
Debt / equity	0.29
Interest coverage	1.98
Long-term assets	EUR 120.3M
Long-term liabilities	EUR 15.9M
Net cash (debt)	EUR -23.7M
Net cash / market cap	-14.18%
Net debt / EBITDA	2.37
Net debt / equity	0.22
Piotroski F-Score	5
Property, plant and equipment	EUR 28.1M
Shareholders' equity	EUR 109.1M
Tangible book value	EUR 109.1M
Tangible book value per share	EUR 16.83
Total assets	EUR 141.7M
Total cash	EUR 7.9M
Total debt	EUR 31.7M
Total liabilities	EUR 32.5M
WACC	5.06%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.29
Current assets	EUR 21.4M
Current liabilities	EUR 16.6M
Current ratio	1.29
Net working capital	EUR 12.8M
Quick ratio	0.56
Working capital	EUR 4.7M
Working capital turnover	56.69

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Dividend per share	EUR 0.00
Last dividend	EUR 0.10

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	77.52%
10Y return CAGR	6%
10Y total return	78.98%
150-day SMA	EUR 24.83
15Y price change	945.38%
15Y return CAGR	17%
15Y total return	954.18%
1D price change	0.78%
1M price change	-0.77%
1M total return	-0.77%
1W price change	0.78%
1W total return	0.78%
1Y price change	6.01%
1Y return CAGR	6.02%
1Y total return	6.01%
20-day SMA	EUR 25.64
200-day SMA	EUR 24.58
3M price change	0.78%
3M total return	0.78%
3Y price change	14.04%
3Y return CAGR	4.48%
3Y total return	14.04%
50-day SMA	EUR 25.52
50-day SMA vs 200-day SMA	50over200
52-week high	EUR 26.00
52-week high date	2026-08-17
52-week low	EUR 23.91
52-week low date	2025-12-19
5Y price change	20.71%
5Y return CAGR	3.84%
5Y total return	20.71%
6M price change	4.03%
6M total return	4.03%
All-time high	EUR 51.03
All-time high date	2009-12-28
All-time low	EUR 2.12
All-time low date	2011-12-06
Average true range (ATR)	EUR 0.14
Average volume	414.1
Beta (1Y)	-0.01
Beta (2Y)	-0
Beta (5Y)	-0.01
Change from 52-week high	-0.77%
Change from 52-week low	7.89%
Change from all-time high	-49.44%
Change from all-time low	1,114.69%
Change from open	0.78%
Day's gap	0%
Dollar volume	EUR 2,838
High price	EUR 25.80
Low price	EUR 25.60
Monthly RSI	72.4
Open price	EUR 25.60
Position in 52-week range	100%
Previous close	EUR 25.60
Price vs 150-day SMA	3.92%
Price vs 20-day SMA	0.62%
Price vs 200-day SMA	4.96%
Price vs 50-day SMA	1.1%
Relative volume	0.27
RSI	56.35
Sharpe ratio	0.89
Sharpe ratio (3Y)	0.35
Sharpe ratio (5Y)	0.33
Sortino ratio	2.06
Sortino ratio (3Y)	0.87
Sortino ratio (5Y)	0.68
Volume	110
Weekly RSI	68.36
YTD price change	3.89%
YTD total return	3.89%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Shares outstanding	6.5M

Deeper analysis on BUL/HVAR

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

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Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

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Risks

Kill scenarios, soft-pass flags, and downside catalysts.

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Earnings

Next earnings setup and beat / inline / miss thresholds.

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Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

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Peers

Relative valuation and profitability against the cohort.

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Moat

Economic-profit evidence and competitive advantage risk.

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Industry cycle

Sector phase, capital cycle, and secular tailwinds.

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Frequently asked questions

About this BUL/HVAR report

Is a complete BUL/HVAR research report available?

No complete published report is available for bul/HVAR (BUL/HVAR) on this page. Market-directory data, when present, is not a substitute for a validated stock analysis.

BUL/HVAR (BUL/HVAR)

Price

Financial snapshot

Fair-value bridge

Latest news · BUL/HVAR

Valuation

Profitability

Balance sheet

Trading

Next earnings

Sector percentile context

All BUL/HVAR indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on BUL/HVAR

Frequently asked questions