Rankings Machinery & automation Lamor
Lamor
39
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Debt and refinancing−10
- Profit warning−8
- Margin and returns−7
Strengths
- Main shareholder backs the company+2
How the score is built
From 100 to 39, 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
- 0.69 EUR
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −36%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
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−22 of −30
- −7Margin and returnsAdjusted EBIT was only EUR 0.5m (1.4%) in H1 2026, and net income over the last 12 months is −EUR 5.8m (−6.9%); the operating margin has fallen from 9.1% (2022) to 3.7%, and ROIC is 2.7%.
- −7Quality of growthRevenue has fallen three years in a row (EUR 127.7m in 2022 → 90.2m in 2025 → 84.4m over the last 12 months), order intake in H1 2026 fell to 27.3m (47.9) and the order book to 54.4m (86.1).
- −6Capital allocationNegative free cash flow five years in a row (−EUR 7.1m in 2025) due to approx. 20m a year in investments in, among others, the Kilpilahti plant; net debt has risen from 14m (2022) to EUR 58m, and net gearing is 108%.
- −2MoatWell-known global supplier of oil spill equipment with a large installed base, but the business is project-based and depends on a few large customers; plastics recycling (10,000 tons/year in the first line, about EUR 10m in revenue potential) is not yet proven.
Price
Today's multiples against the company's own history and its peers. · 2 findings−7 of −35
- −4Multiples vs own historyEV/Sales 0.97 vs 0.86-1.06 in 2022-2025 and EV/EBITDA 13.1 vs 9-15; P/B 0.38 looks cheap (0.49 in 2025), but P/TBV is 0.95, and the debt makes the EV multiples normal - not cheap. With the new guidance (65-75m) EV/Sales rises to about 1.15.
- −3PeersEV/Sales 0.97 (about 1.15 on new guidance) vs Vow 1.27; both have weak earnings. Lamor's EV of about EUR 81m consists of about 72% net debt, so the stock is a leveraged option on a turnaround.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−28 of −35
- −10Debt and refinancingThe EUR 25m bond that matured in August 2026 had to be extended to 24/8-2028 with a rising redemption price and new covenants (minimum liquidity); the bank debt of 60m was refinanced with 15m extra. Liquidity was only EUR 7.1m at 31/5-2026, and Debt/EBITDA is 11.
- −8Profit warningOn 29/9-2026 Lamor lowered 2026 guidance to revenue of EUR 65–75m (before 80–92) and adjusted EBIT 'significantly below' 2025 (6.5m), only two months after repeating guidance. It is at least the second downgrade in two years (also in 2025).
- −5Customer concentrationThe Middle East and Africa account for 39 of EUR 84m in revenue (46%), and the downgrade is precisely because customers in the Middle East are postponing large equipment and service projects to 2027; working capital is tied up in the Kuwait project.
- −5Execution of KilpilahtiThe plastics plant was to start production in Q1 2026, but only received Tukes' commissioning inspection in June and began start-up preparations on 3/7-2026; the plant has not yet generated cash flow, but requires 15m EUR of extra funding for start-up and working capital.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Main shareholder backs the companyMain shareholder Larsen Family Corporation (about 34%) has committed to subscribe for EUR 2m of the coming issue of at least EUR 5m.
Caveats
What the score does not capture, or where the data is weak.
Lamor makes equipment and services for oil spills and environmental cleanup (including soil remediation in Kuwait) and is building a plant that makes oil from plastic waste (Kilpilahti). 'Machinery & automation' was chosen as the closest industry (like Vow). The share count is 27.50m according to the company's flagging notice; stockanalysis shows 26.96m and a misleading rise of +27% over a year, and Nordnet's market cap (DKK 172m) is outdated. Market cap calculated myself: 27.50 × 0.806 = EUR 22.2m ≈ DKK 166m. The profit warning of 29/9-2026 is factored in; the 1/10 price probably reflects it. Runway is calculated on cash alone; the new EUR 15m bank facility is conditional on an issue of at least EUR 5m by 15/12-2026 at the latest. No analysts on stockanalysis (Inderes: Reduce). Short register and insider trades not systematically checked.
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