Rankings Machinery & automation HANZA
HANZA
73
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history−7
- Integration and one-off items−4
- Margin−3
Strengths
- Insider buying+2
- Cash flow+1
How the score is built
From 100 to 73, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 159.20 SEK
- Median analyst target
- 187.00 SEK
- Upside to median
- +17.5%
- Analysts
- 3
- Target range
- 181.00 – 197.00 SEK
- 52-week change
- +22%
- P/E (trailing)
- 24.4
- Forward P/E
- 16.5
- PEG
- 0.87
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 5 findings−13 of −30
- −3MarginReported EBIT margin 5.7% TTM and 5.9% in Q2 (7.0% a year earlier); adjusted 8.5%. Net margin only 4.0%, and the margin has been between 4.1% and 7.9% since 2021 – below Kitron (approx. 9%).
- −3ROICROIC has fallen from 17.9% (2023) and 10.6% (2025) to 6.7% TTM – below WACC of 8.4% – because acquired companies and goodwill (P/TBV 9.5) are growing faster than earnings.
- −2Quality of growthRevenue rose 70% in Q2 to SEK 2,573m, but only 9% was organic; the rest was acquired (incl. BMK). Organic growth 14% in H1.
- −3Capital allocation and dilutionThe share count has risen 21.7% over a year (dilution every year since 2021: −3% to −10%), and net debt has risen from SEK 349m (2023) to 1.97bn. Fortaco is bought for cash and debt-financed at about 8x EBITA plus additional purchase price.
- −2MoatHANZA is a contract manufacturer for ABB, Epiroc, John Deere, Saab, Sandvik and Siemens, among others: customers own the design and can move production, so pricing power is limited.
Price
Today's multiples against the company's own history and its peers. · 3 findings−10 of −35
- −7Multiples vs own historyForward P/E 19.0 vs 11.8–17.6 in 2022–2025; EV/EBITDA 14.4 vs 10.2–14.3 (at the top); P/S 1.26 vs 0.57–0.97 (record); trailing P/E 27.2 vs 16.6–30.2. The stock is up 62% in a year.
- −1PeersForward P/E 19.0 and EV/EBITDA 14.4 are below Kitron (about 21.5 and 17), but above Scanfil (about 15.5 and 12.7) – despite lower margin and ROIC than both.
- −2Absolute price levelEarnings yield 3.2% (TTM) and dividend yield 0.9%; FCF yield of 6.6% is lifted by a release of working capital in H1 (OCF 696 vs 231m).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−10 of −35
- −3DebtNet debt SEK 1.97bn and debt/EBITDA 3.1; Fortaco (EV 144 MEUR ≈ SEK 1.6bn) is paid for with existing funds and credit facilities, so net debt/adjusted EBITDA gets close to the target of at most 2.5x.
- −4Integration and one-off itemsThe Horizon restructuring program (headcount reduction and shutdowns) gave SEK 66m in one-offs in Q2; reported EPS 0.85 vs adjusted 1.79. At the same time BMK (margin only 7.5%) and Fortaco's five factories with 1,300 employees must be integrated.
- −3Economic cycle and customer inventoriesThe customers are mainly industrial and machinery manufacturers; in 2024 EPS fell 52% (5.31 → 2.54) during the inventory unwind, and Q2 2026 EPS fell again 25% year over year.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Insider buyingCEO Erik Stenfors and chairman Francesco Franzé bought shares in both June and July 2026 (in total about SEK 3.3m); Franzé owns 5.6% and Stenfors 1.05%.
- +1Cash flowOperating cash flow SEK 696m in H1 (231 a year earlier) and FCF 701m TTM; the dividend (SEK 1.50) is covered 7 times by FCF.
Caveats
What the score does not capture, or where the data is weak.
Contract manufacturer (mechanics, electronics, cables) - no industry fits exactly; 'Machinery & automation' was chosen as the closest. Defence (Saab, Patria) is a customer group, but the share is not disclosed. The gross margin of 45% is not comparable with EMS peers because of the presentation of the accounts. The Fortaco acquisition (EV EUR 144m, up to 200m) only closes in Q4 2026 and is not in the figures. Not assessed as cyclical, although 2024 showed an inventory-driven EPS fall of 52%.
Also in Machinery & automation
The highest scores in the same industry.
