Long

Very undervalued H5E

Helma's current assets - liabilities equals to ~120M vs ~20M market cap.
The company is profitable and projects profitability for 2023.
When market returns to normal conditions, the stock is likely to grow fast and steady to about ~30€ per share.

The company is at way better shape then at 2007-2009. However, it's trading at values that are 2.5x lower than in the worst period of the 2008 financial crisis. It would imply that the absolute lowest price for the stock is 14.3€.

Based on it's current assets - liabilities, the company should cost at least 24€ per share and higher as company maintains profitability. We just need to wait for real estate market to recover.

I'd expect the company to climb to 14.3€ than to 24€ then to 30€ -> per share at the first site of market recovery.

If the company liquidates right now, the price would be at ~20-24€ per share due to it's current assets (which is cash + land + built real estate)
Fundamental Analysis

Clause de non-responsabilité