A quick update on my absolute top performer in my portfolio:
HOCHTIEF ($HOT (+0,33 %) ).
Anyone who’s been with me from the start knows: My initial purchase price back then was a modest
99.30 euros. Over the course of 2026, the price skyrocketed to a record high of just under
550 euros. That means: In just about 3 years, the invested capital quintupled at its peak! Even though the price has fallen noticeably since then, we’re still looking at a hefty gain of around 250%—and that’s without even counting the dividends received so far.
P/E Ratio
The fundamental valuation has, of course, changed as a result of the extreme price rally. Currently (as of September 2026), Hochtief’s P/E ratio ranges from
approximately 32 to 36. When I first bought in, the stock was valued much more favorably. The currently higher P/E ratio reflects the market’s high expectations and also explains why the stock is now taking a breather and undergoing a healthy correction following its rapid surge.
Dividend
Let’s move on to my absolute favorite metric: the personal dividend yield (yield on cost). With the most recent dividend payout of
8.92 euros, I’m looking at a yield on my cost basis of a fantastic 8.9% to 10%.
My long-term strategy here: If I simply let the stock sit in my portfolio and assume an annual return of
>5% on my initial capital, I can refinance
50% of my total original investment over the next few years through dividends alone. A real cash flow machine.
Chart
As is well known in the stock market, where there’s light, there’s also shadow. Since the all-time high of 550 euros, we’ve seen a steep correction of a good 30%. In my portfolio, this translates to an almost five-figure paper loss
(-10,000 euros) in my portfolio. Visually, of course, this is painful at first glance and a significant figure.
Nevertheless, the overall trend remains intact. For the current correction phase, the next key support levels—where the price could stabilize—are:
359.63 / 365.40 EUR
349.60 EUR
339.60 / 341.60 EUR
318.00 / 322.17 EUR
Conclusion
So what is the right course of action in this situation—strategically, tactically, or speculatively? The answer is quite clear: It depends on your own investment strategy!
Those who think strategically and for the long term can sit back and relax. I’m playing with the market’s money here
(+250% paper profit) and let the dividends do the work to reduce my risk to nearly zero over the long term (refinancing).
Those taking a tactical or speculative approach should keep a close eye on the support zones mentioned above for potential rebounds or additional purchases. For me, Hochtief remains an excellent investment, and after the massive rally of recent years, I fully expect it to take a 30% breather.
