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Value-Holdings AGSTU:VHO 76 Forward Rate of Return (Yacktman) % is 5.70% as of Dec. 2025, which is 41% below its 10-year median of 9.63. GuruFocus rates STU:VHO with a GF Score™ of 76/100 and a GF Value™ of €11.52 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 517 Capital Markets companies, Value-Holdings AG ranks worse than 56.87% on this metric.
Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. Value-Holdings AG's forward rate of return for was 5.70%.
The historical rank and industry rank for Value-Holdings AG's Forward Rate of Return (Yacktman) % or its related term are showing as below:
STU:VHO'
s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: -29.58 Med: 9.63 Max: 20
Current: 5.7
During the past 13 years, Value-Holdings AG's highest Forward Rate of Return was 20.00. The lowest was -29.58. And the median was 9.63.
STU:VHO's Forward Rate of Return (Yacktman) % is ranked worse than 56.87% of 517
companies
in the Capital Markets industry
Industry Median: 9.49
vs STU:VHO: 5.70
Unlike the Earnings Yield %, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
Value-Holdings AG (STU:VHO) Forward Rate of Return (Yacktman) % Explanation
Unlike the Earnings Yield, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
For the growth part of the Forward Rate of Return calculation, GuruFocus uses the 5-year average growth rate of EBITDA per share as the growth rate, and the growth rate is always capped at 20%. For the Free Cash Flow we use per share data averaged over five years. The reason we use five years is to make it comparable to the growth rate.
Be Aware
In the Forward Rate of Return calculation, the growth rate is added directly to today's free cash flow yield. Therefore the calculation is reliable only if the company can grow at the same rate in the future as it did in the past. Investors should pay close attention to this when researching growth stocks. A more accurate measurement for return is Return on Capital.
Value-Holdings AG Forward Rate of Return (Yacktman) % Related Terms
Value-Holdings AG Forward Rate of Return (Yacktman) % Historical Data
* Premium members only.
The historical data trend for Value-Holdings AG's Forward Rate of Return (Yacktman) % 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.
Value-Holdings AG Forward Rate of Return (Yacktman) % Chart
STU:VHO vs MS, GS, SCHW: Forward Rate of Return (Yacktman) % Comparison
For the Capital Markets subindustry, Value-Holdings AG's Forward Rate of Return (Yacktman) %, along with its competitors' market caps and Forward Rate of Return (Yacktman) % 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.
Value-Holdings AG Forward Rate of Return (Yacktman) % vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Value-Holdings AG's Forward Rate of Return (Yacktman) % distribution charts can be found below:
* The bar in red indicates where Value-Holdings AG's Forward Rate of Return (Yacktman) % falls into.
Value-Holdings AG Forward Rate of Return (Yacktman) % Calculation
Forward Rate of Return is a concept that Don Yacktman uses in his investment approach. Yacktman explained the forward rate of return concept in detail in his interview with GuruFocus. Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. He said in the interview (March 2012, when the S&P 500 was at about 1400):
If the business is stable, this calculation is fairly straightforward. For instance, on the S&P 500 we would normalize earnings. We would then calculate what percentage of those earnings are not reinvested in the underlying businesses and are therefore free. Historically, for the S&P 500, this has been just under 50% of earnings. Currently, we expect the S&P to earn about 70 on a normalized basis, a number which is far below reported earnings due to our adjusting for record high profit margins. $70 X ½ / 1400 gives you a normalized free cash flow yield of approximately 2.5%.
The historical real growth rate of the S&P 500 (companies) is about 1.5%. Assuming an inflation rate of 2.5%, the forward rate of return on an investment in the S&P 500 is about 6.5% today (2.5% free cash flow yield plus 1.5% real growth plus 2.5% inflation).
* 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 Forward Rate of Return (Yacktman) % of 5.70% mean?
Value-Holdings AG (STU:VHO) has a Forward Rate of Return (Yacktman) % of 5.70% as of Dec. 2025. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Value-Holdings AG and its competitors. This is 41% below median its historical median of 9.63. According to the industry distribution chart, Value-Holdings AG ranks #294 out of 517 companies in the Capital Markets industry, placing it in the top 56.9%.
Is Value-Holdings AG's Forward Rate of Return (Yacktman) % too high?
Value-Holdings AG's current Forward Rate of Return (Yacktman) % of 5.70% is 41% below median its 10-year median of 9.63. The Capital Markets industry median Forward Rate of Return (Yacktman) % is 9.49. Value-Holdings AG's value of 5.70% is 39.9% below this industry median. Based on the distribution chart, Value-Holdings AG ranks #294 out of 517 companies in the Capital Markets industry, which is below the industry midpoint. Overall, Value-Holdings AG has a GF Score™ of 76/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Value-Holdings AG's Forward Rate of Return (Yacktman) % compare to MS and GS?
According to the Capital Markets industry distribution chart, Value-Holdings AG ranks #294 out of 517 companies for Forward Rate of Return (Yacktman) %. This places Value-Holdings AG in the lower half of its industry. The industry median Forward Rate of Return (Yacktman) % is 9.49. Value-Holdings AG's value of 5.70% is 39.9% below this benchmark. While the company's 10-year median is 9.63 vs. the industry median of 9.49, Value-Holdings AG has consistently been below 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 Forward Rate of Return (Yacktman) % for a Capital Markets company?
The median Forward Rate of Return (Yacktman) % among Capital Markets companies is 9.49, based on 517 companies in the industry. Companies in the top quartile (top 25%) have a Forward Rate of Return (Yacktman) % significantly above this median, while those in the bottom quartile fall well below. However, Forward Rate of Return (Yacktman) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Value-Holdings AG's current Forward Rate of Return (Yacktman) % of 5.70% is 39.9% below 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 Forward Rate of Return (Yacktman) % mean?
A high Forward Rate of Return (Yacktman) % can signal that a stock is expensive relative to its fundamentals. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Value-Holdings AG and its competitors. For the Capital Markets industry, the median Forward Rate of Return (Yacktman) % is 9.49 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Value-Holdings AG's current Forward Rate of Return (Yacktman) % is 5.70%, which is 41% below median its own 10-year median of 9.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Value-Holdings AG stock overvalued right now?
Based on GuruFocus' analysis, Value-Holdings AG (STU:VHO) is currently considered Significantly Undervalued. The stock's GF Value™ is €11.52, compared to a current price of €7.30 — trading 36.6% below its estimated fair value. The current Forward Rate of Return (Yacktman) % is 5.70%, which is 41% below median its 10-year median of 9.63 and 39.9% below the Capital Markets industry median of 9.49. Value-Holdings AG's overall GF Score™ is 76/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Forward Rate of Return (Yacktman) % calculated?
Forward Rate of Return (Yacktman) % is calculated from a company's financial statements. For Value-Holdings AG (STU:VHO), the current Forward Rate of Return (Yacktman) % is 5.70% as of Dec. 2025. 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 Value-Holdings AG (STU:VHO) Overvalued in 2026?
Based on GuruFocus' analysis, Value-Holdings AG stock appears to be undervalued.
The current stock price of €7.30 is trading 36.6% below its estimated GF Value™ of €11.52.
GuruFocus considers Value-Holdings AG to be Significantly Undervalued.
Key valuation signals for STU:VHO:
Forward Rate of Return (Yacktman) %: 5.70% (41% below median its 10-year median of 9.63)
GF Value™: €11.52 vs. price of €7.30 (36.6% below fair value)
Industry Position: 39.9% below the Capital Markets median (#294 of 517)
No single metric tells the full story. See the STU:VHO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Value-Holdings AG is a German investment company that acquires shareholdings in listed medium-sized companies. It invests in its own portfolio, as well as managing third-party investment funds. The company along with its subsidiaries also advises institutional investors on investing as per the value-investing strategies. It manages two funds namely Value Holdings Germany Fund and Value Holdings Europe Fund.
76GF Score
Get the complete analysis for STU:VHO
Forward Rate of Return (Yacktman) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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