Holding Varna AD

Research Holding Varna AD (HVAR) on Bullrun: market cap EUR 167.34M, P/E 32.8. Explore financials, valuation history, model signals, and stock context.

Key Metrics

TickerHVAR
ExchangeBUL
CountryBulgaria
IndustryMulti-Sector Holdings
CurrencyEUR
Market capEUR 167.34M
P/E32.8
Financial periodQ2 2026
Revenue-EUR 8.65M
Net incomeEUR 1.29M
Gross margin41.5%

Valuation Snapshot

latest market cap is EUR 167.34M; P/E is 32.8.

Peer valuation comparison

Latest P/E is 32.75x versus a Bulgaria median of 17.9x (83.0% above).

Five-year financial history

Year	Revenue	Net income	Free cash flow	Gross margin	Diluted EPS	Cash	Total debt	Equity
FY2025	EUR 52.92M	EUR 4.82M	n/a	48.2%	0.74	EUR 7.72M	n/a	n/a
FY2024	EUR 43.70M	EUR 860.00K	n/a	44.6%	0.13	EUR 24.74M	n/a	n/a
FY2023	EUR 43.39M	EUR 560.00K	n/a	41.5%	0.09	EUR 6.44M	n/a	n/a
FY2022	EUR 37.07M	EUR 1.25M	n/a	35.8%	0.19	EUR 6.62M	n/a	n/a

Valuation history

Year	Snapshot date	Market cap	P/E	Dividend yield	Annual dividend/share
2026	2026-10-15	EUR 167.34M	32.8	n/a	n/a

Related stock research

Bulgaria stocks A-Z stock index

Other related stocks

Doverie United Holding AD (DUH) Eleven Capital AD (11C@ZBUL) Agria Group Holding AD (AGH@ZBUL) Albena AD (ALB@ZBUL) Alcomet AD (ALCM) Alpha Bulgaria AD (ALFB) Alteron REIT (ALT@ZBUL) Advance Terrafund REIT (ATER@ZBUL) Atomenergoremont AD (ATOM@ABUL) Bulgarian-American Credit Bank AD (BACB) Billboard AD (BBRD) Bulmetal JSC (BMTL)