Rankings Construction & materials Huhtamäki
Huhtamäki
74
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Quality of growth−4
- Commodity prices and the Middle East−4
- Margin−3
Strengths
- Dividend below FCF+2
- Growth segments+1
How the score is built
From 100 to 74, 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
- 26.26 EUR
- Median analyst target
- 32.00 EUR
- Upside to median
- +21.9%
- Analysts
- 10
- Target range
- 29.00 – 35.00 EUR
- 52-week change
- −11%
- P/E (trailing)
- 13.2
- Forward P/E
- 10.4
- PEG
- 2.08
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−12 of −30
- −3MarginOperating margin 8.4% and gross margin 19.0% (TTM) – stable, but flat around 7.8–8.5% in all years since 2021; no sign of a stronger company.
- −3ROICROIC 7.9% and in the range 7.3–8.9% over the last five years – only slightly above the cost of capital.
- −4Quality of growthRevenue has fallen four years in a row from EUR 4.48bn in 2022 to 3.91bn (TTM); like-for-like growth only +1% in H1 2026, and analysts expect zero growth in 2026.
- −2MoatFoodservice Packaging (disposable food packaging) fell 4% comparable in H1 2026, and the segment's adjusted EBIT fell 14% to 36.9 m EUR – weak pricing power in the core business.
Price
Today's multiples against the company's own history and its peers. · 1 finding−2 of −35
- −2FCF qualityThe FCF yield of 10% (TTM) rests on a strong H2 2025; free cash flow in H1 2026 was only 33.9 m EUR (−46%).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−11 of −35
- −4Commodity prices and the Middle EastThe war in the Middle East caused supply disruptions and sharply rising polymer prices; the company has warned of margin pressure and plans measures in Flexible Packaging.
- −3North AmericaNorth America (largest segment) fell 8% like-for-like in Q2, and the segment's adjusted EBIT fell 21% to EUR 67.3m in H1 2026.
- −2Recurring one-off itemsNon-comparable items of −40.8m EUR in H1 2026 (incl. a write-down in Foodservice of 16m, restructuring of 22.9m and SaaS implementation) after −61.6m in H1 2025 – the 'one-offs' keep coming back year after year.
- −2DebtNet debt EUR 1.22bn (net debt/EBITDA 2.45) and Altman Z-score 2.3, below the threshold of 3.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Dividend below FCF16 consecutive years of rising dividends (EUR 1.14, yield 4.3%), and the dividend amounts to 43% of free cash flow.
- +1Growth segmentsFlexible Packaging grew 14% comparable in Q2, and adjusted EBIT rose 25% in Flexible and 28% in Fiber Packaging in H1 2026.
Caveats
What the score does not capture, or where the data is weak.
The Helsinki listing (HUH1V). Industry set to 'Construction & materials' as the nearest category (packaging is a materials industry; no category for packaging). The stock has fallen about 14% since August (RSI 15.5); part of this is due to the dividend (ex-date 30 Sep.), but no specific news explaining the rest has been found – check before the Q3 report 29 Oct. 2026. EU rules on single-use packaging (PPWR) have not been investigated and may be a risk for Foodservice. The multiples look cheap against its own history, and no deduction has been given for them.
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