AVHNF (Ackermans & Van Haaren NV) Intrinsic Value: DCF (FCF Based): $450.23 (As of Aug. 20, 2026) — 40099% Above Median

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Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

AVHNF Ackermans & Van Haaren NV AVHNF
70 GF Score
Price $306.20
GF Value $221.30
Valuation Significantly Overvalued
! 8 Warning Signs
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What is Ackermans & Van Haaren NV Intrinsic Value: DCF (FCF Based)?

Ackermans & Van Haaren NV AVHNF 70 Intrinsic Value: DCF (FCF Based) is $450.23 as of Aug. 20, 2026, which is 40099% above its 10-year median of 1.12. GuruFocus rates AVHNF with a GF Score™ of 70/100 and a GF Value™ of $221.30 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 168 Construction companies, Ackermans & Van Haaren NV ranks worse than 595237.5% on this metric.

As of today (2026-08-20), Ackermans & Van Haaren NV's intrinsic value calculated from the Discounted Cash Flow model is $450.23.

Note: Discounted Cash Flow model is only suitable for predictable companies (Business Predictability Rank higher than 1-Star). If the company's predictability rank is 1-Star or Not Rated, result may not be accurate due to the low predictability of business and the data will not be stored into our database.

Ackermans & Van Haaren NV's Predictability Rank is 1-Star. Thus, this page is only used for demonstration purposes and the DCF related results in the screener and portfolio will appear as zero.

Margin of Safety (FCF Based) using Discounted Cash Flow model for Ackermans & Van Haaren NV is 31.99%.

The industry rank for Ackermans & Van Haaren NV's Intrinsic Value: DCF (FCF Based) or its related term are showing as below:

AVHNF's Price-to-DCF (FCF Based) is not ranked *
in the Construction industry.
Industry Median: 0.885
* Ranked among companies with meaningful Price-to-DCF (FCF Based) only.

Ackermans & Van Haaren NV  (OTCPK:AVHNF) Intrinsic Value: DCF (FCF Based) Explanation

Unlike valuation methods such as Net Current Asset Value, Tangible Book per Share, Graham Number, Median PS Value etc, discounted Cash Flow model evaluates the companies based on their future earnings power instead of their assets.


Be Aware

What you need to know about the DCF model:

1. The DCF model evaluates a company based on its future earnings power
2. Growth is taken into account; therefore a faster growth company is worth more if everything else is the same.
3. Since we are projecting future growth, it is assumed that the company will grow at the same rate as it did during the past 10 years. Therefore this model works better for the companies that have relatively consistent performance.
4. The DCF model works poorly for inconsistent performers such as cyclicals.
5. What discount rate should you use? Your expected return from the investment is a good discount rate assumption.
6. A larger margin of safety should be required for companies with less predictable businesses.

You can screen for stocks that trade below their Intrinsic Value: DCF (FCF Based) and Intrinsic Value: DCF (Earnings Based) with the GuruFocus All-in-One Screener. Companies with a high Predictability Rank that trade at a discount to their Intrinsic Value: DCF (FCF Based) and Intrinsic Value: DCF (Earnings Based) can be found in the screen of Undervalued Predictable Companies.


Ackermans & Van Haaren NV Intrinsic Value: DCF (FCF Based) Related Terms


Ackermans & Van Haaren NV Intrinsic Value: DCF (FCF Based) Historical Data

* Premium members only.

The historical data trend for Ackermans & Van Haaren NV's Intrinsic Value: DCF (FCF Based) can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Ackermans & Van Haaren NV Intrinsic Value: DCF (FCF Based) Chart

Ackermans & Van Haaren NV Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Intrinsic Value: DCF (FCF Based)
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 69.82 1,304.18 0.00

Ackermans & Van Haaren NV Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Intrinsic Value: DCF (FCF Based) Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 69.82 0.00 1,304.18 0.00 0.00

AVHNF vs PWR, FIX, EME: Intrinsic Value: DCF (FCF Based) Comparison

For the Engineering & Construction subindustry, Ackermans & Van Haaren NV's Price-to-DCF (FCF Based), along with its competitors' market caps and Price-to-DCF (FCF Based) data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Ackermans & Van Haaren NV Price-to-DCF (FCF Based) vs Construction Industry

For the Construction industry and Industrials sector, Ackermans & Van Haaren NV's Price-to-DCF (FCF Based) distribution charts can be found below:

* The bar in red indicates where Ackermans & Van Haaren NV's Price-to-DCF (FCF Based) falls into.


AVHNF
70GF Score
Ackermans & Van Haaren NV AVHNF
Intrinsic Value: DCF (FCF Based) is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Ackermans & Van Haaren NV Intrinsic Value: DCF (FCF Based) Calculation

This is the intrinsic value calculated from the Discounted Cash Flow model with default parameters. In a discounted cash flow model, the future cash flow is estimated based on a cash flow growth rate and a discount rate. The cash flow of the future is discounted to its current value at the discount rate. All of the discounted future cash flow is added together to get the current intrinsic value of the company.

Usually a two-stage model is used when calculating a stock's intrinsic value using a discounted cash flow model. The first stage is called the growth stage; the second is called the terminal stage. In the growth stage the company grows at a faster rate. Because it cannot grow at that rate forever, a lower rate is used for the terminal stage.

GuruFocus DCF calculator is a two-stage model. The default values are defined as:

1. Discount Rate: d = 10%
A reasonable discount rate assumption should be at least the long term average return of the stock market, which can be estimated from risk free rate plus risk premium of stock market. GuruFocus uses 10-Year Treasury Constant Maturity Rate as the risk-free rate and rounded up to the nearest integer. It is updated daily. The current risk-free rate is 3.51%. Please go to Economic Indicators page for more information. Please note that we use the 10-Year Treasury Constant Maturity Rate of the country/region where the company is headquartered. If the data for that country/region is not available, then we will use the 10-Year Treasury Constant Maturity Rate of the United States as default. Then we added a risk premium of 6% to get the estimated discount rate. Some investors use their expected rate of return, which is also reasonable. A typical discount rate can be anywhere between 6% - 20%.

2. Growth Rate in the growth stage: g1 = 14.50%
The Growth Rate in the growth stage is initially set as the default 10-Year FCF Growth Rate (Per Share). In cases where the 10-year growth rate is unavailable, it defaults to using the 5-Year FCF Growth Rate (Per Share). If both the 10-year and 5-year growth rates are unavailable, the system defaults to the 3-Year FCF Growth Rate (Per Share).
However, it's important to note that there is a growth rate range. If the calculated growth rate exceeds 20%, it will be capped at 20%. Conversely, if the calculated growth rate falls below 5%, it will be adjusted to 5% to maintain a reasonable range.
=> Ackermans & Van Haaren NV's average Free Cash Flow Growth Rate in the past 5 years was 14.50%, which is between 5% and 20%. => GuruFocus defaults => Growth Rate: 14.50%

3. Years of Growth Stage: y1 = 10

4. Terminal Growth Rate: g2 = 4%

5. Years of Terminal Growth: y2 = 10

6. Free Cash Flow per Share: fcf = $19.028.
However, GuruFocus DCF calculator is actually a Discounted Earnings calculator, the EPS without NRI is used as the default. The reason we are doing this is we found that historically stock prices are more correlated with earnings than free cash flow.

All of the default settings can be changed and the results are calculated automatically.

Ackermans & Van Haaren NV's Intrinsic Value: DCF (FCF Based) for today is calculated as

Intrinsic Value: DCF (FCF Based)=Free Cash Flow per Share*{[(1+g1)/(1+d)+(1+g1)^2/(1+d)^2+...+(1+g1)^10/(1+d)^10]
+(1+g1)^10/(1+d)^10*[(1+g2)/(1+d)+(1+g2)^2/(1+d)^2+...+(1+g2)^10/(1+d)^10]}

set x = (1+g1)/(1+d) = (1+0.145)/(1+0.1) = 1.0409090909091
and y = (1+g2)/(1+d) = (1+0.04)/(1+0.1) = 0.94545454545455

Intrinsic Value: DCF (FCF Based)=Free Cash Flow per Share*{[x+x^2+...+x^10]+x^10*[y+y^2+...+y^10]}
=Free Cash Flow per Share*[x*(1-x^10)/(1-x)+x^10*y*(1-y^10)/(1-y)]
=19.028*23.6616
=450.23

Margin of Safety (FCF Based)=(Intrinsic Value: DCF (FCF Based)-Current Price)/Intrinsic Value: DCF (FCF Based)
=(450.23-306.20)/450.23
=31.99 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

What does a Intrinsic Value: DCF (FCF Based) of $450.23 mean?
Ackermans & Van Haaren NV (AVHNF) has a Intrinsic Value: DCF (FCF Based) of $450.23 as of Aug. 20, 2026. Intrinsic Value: DCF (FCF Based) is the stock value based on a two-stage discounted free cash flow model. View historical data on Ackermans & Van Haaren NV and its competitors. This is 40099% above median its historical median of 1.12. Over the past decade, Ackermans & Van Haaren NV's Intrinsic Value: DCF (FCF Based) has ranged from 0.15 to 2.08. According to the industry distribution chart, Ackermans & Van Haaren NV ranks #999999 out of 168 companies in the Construction industry.
Is Ackermans & Van Haaren NV's Intrinsic Value: DCF (FCF Based) too high?
Ackermans & Van Haaren NV's current Intrinsic Value: DCF (FCF Based) of $450.23 is 40099% above median its 10-year median of 1.12. Over the past 10 years, this metric has ranged from a low of 0.15 to a high of 2.08. The Construction industry median Intrinsic Value: DCF (FCF Based) is 0.89. Ackermans & Van Haaren NV's value of $450.23 is 50773.4% above this industry median. Based on the distribution chart, Ackermans & Van Haaren NV ranks #999999 out of 168 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Ackermans & Van Haaren NV has a GF Score™ of 70/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ackermans & Van Haaren NV's Intrinsic Value: DCF (FCF Based) compare to PWR and FIX?
According to the Construction industry distribution chart, Ackermans & Van Haaren NV ranks #999999 out of 168 companies for Intrinsic Value: DCF (FCF Based). This places Ackermans & Van Haaren NV in the lower half of its industry. The industry median Intrinsic Value: DCF (FCF Based) is 0.89. Ackermans & Van Haaren NV's value of $450.23 is 50773.4% above this benchmark. Historically, Ackermans & Van Haaren NV's own Intrinsic Value: DCF (FCF Based) has ranged from 0.15 to 2.08 over the past decade. While the company's 10-year median is 1.12 vs. the industry median of 0.89, Ackermans & Van Haaren NV has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Intrinsic Value: DCF (FCF Based) for a Construction company?
The median Intrinsic Value: DCF (FCF Based) among Construction companies is 0.89, based on 168 companies in the industry. Companies in the top quartile (top 25%) have a Intrinsic Value: DCF (FCF Based) significantly above this median, while those in the bottom quartile fall well below. However, Intrinsic Value: DCF (FCF Based) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Ackermans & Van Haaren NV's current Intrinsic Value: DCF (FCF Based) of $450.23 is 50773.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Intrinsic Value: DCF (FCF Based) mean?
A high Intrinsic Value: DCF (FCF Based) can signal that a stock is expensive relative to its fundamentals. Intrinsic Value: DCF (FCF Based) is the stock value based on a two-stage discounted free cash flow model. View historical data on Ackermans & Van Haaren NV and its competitors. For the Construction industry, the median Intrinsic Value: DCF (FCF Based) is 0.89 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ackermans & Van Haaren NV's current Intrinsic Value: DCF (FCF Based) is $450.23, which is 40099% above median its own 10-year median of 1.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ackermans & Van Haaren NV stock overvalued right now?
Based on GuruFocus' analysis, Ackermans & Van Haaren NV (AVHNF) is currently considered Significantly Overvalued. The stock's GF Value™ is $221.30, compared to a current price of $306.20 — trading 38.4% above its estimated fair value. The current Intrinsic Value: DCF (FCF Based) is $450.23, which is 40099% above median its 10-year median of 1.12 and 50773.4% above the Construction industry median of 0.89. Ackermans & Van Haaren NV's overall GF Score™ is 70/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Intrinsic Value: DCF (FCF Based) calculated?
Intrinsic Value: DCF (FCF Based) is calculated from a company's financial statements. For Ackermans & Van Haaren NV (AVHNF), the current Intrinsic Value: DCF (FCF Based) is $450.23 as of Aug. 20, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Ackermans & Van Haaren NV (AVHNF) Overvalued in 2026?

Based on GuruFocus' analysis, Ackermans & Van Haaren NV stock appears to be overvalued. The current stock price of $306.20 is trading 38.4% above its estimated GF Value™ of $221.30. GuruFocus considers Ackermans & Van Haaren NV to be Significantly Overvalued.

Key valuation signals for AVHNF:

  • Intrinsic Value: DCF (FCF Based): $450.23 (40099% above median its 10-year median of 1.12)
  • GF Value™: $221.30 vs. price of $306.20 (38.4% above fair value)
  • GF Score™: 70/100 with 8 warning signs
  • Industry Position: 50773.4% above the Construction median (#999999 of 168)

No single metric tells the full story. See the AVHNF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Ackermans & Van Haaren NV Business Description

Address Begijnenvest 113, Antwerp, BEL, 2000
Ackermans & Van Haaren NV is an investment company. It is a diversified group active in Marine Engineering & Contracting, Private Banking, Real Estate, Energy & Resources, and Growth Capital. The company's business segments include: Marine Engineering and Contracting, Private Banking, Real Estate, Energy and Resources, and AvH and Growth Capital. The majority of revenue is derived from the Marine Engineering & Contracting segment.
70GF Score

Get the complete analysis for AVHNF

Intrinsic Value: DCF (FCF Based) is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$306.20
Price
$221.30
GF Value