Company Overview
Hiab Corporation is a global leader in the design, manufacture, and distribution of cranes, hoists, and other material handling equipment. With over 150 years of experience, Hiab has established itself as a trusted partner for customers across various industries, including construction, mining, and manufacturing.
The company's primary mission is to provide innovative solutions that enable its customers to work safely and efficiently, while minimizing environmental impact. At the heart of Hiab's values are its commitment to excellence, customer satisfaction, and responsible business practices.
Hiab Corporation is headquartered in Finland and has a global presence with operations in over 30 countries. The company employs over 4,000 people worldwide and has a strong commitment to research and development, ensuring that its products and services remain at the forefront of innovation.
The company's leadership team is dedicated to driving growth, profitability, and sustainability, while maintaining its core values of excellence, customer satisfaction, and responsible business practices.
Key Products/Services
Hiab offers a wide range of products and services, including:
- Cranes, hoists, and other material handling equipment designed for various industries such as construction, mining, and manufacturing.
- Solutions for load handling, lifting, and material transportation, ensuring safe and efficient operations.
- Services for maintenance, repair and overhaul (MRO) of cranes and other equipment, ensuring optimal performance and longevity.
The benefits of Hiab's products and services include:
- Improved safety and efficiency in material handling operations.
- Increased productivity and reduced costs through optimized equipment usage.
- Enhanced customer satisfaction through reliable and efficient service delivery.
Investment Opportunity
Hiab Corporation presents an attractive investment opportunity for those seeking a stable and growing company with a strong track record of innovation and customer satisfaction.
The company's solid financial position, expanding global presence, and commitment to research and development make it an attractive choice for investors looking to capitalize on the growth potential of the material handling equipment industry.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 64.7 | 64.7 | 64.7 | 64.7 | 64.7 | 64.7 | 64.7 |
| Target Valuation (MEur) | 2743.4 | 2547.3 | 1567.4 | 1637.2 | 2764.9 | 3037.0 | 3037.0 |
| Target Price | 42.4 | 39.37 | 24.22 | 25.3 | 42.73 | 46.93 | 46.93 |
| Potential, % | 2.6 | -25.3 | -53.0 | -48.9 | -21.5 | -13.8 | -13.8 |
| Recommendation | Hold | Sell | Sell | Sell | Hold | Hold | Hold |
| MCAP (MEur) | 2673.7 | 3410.1 | 3338.3 | 3204.3 | 3523.4 | 3523.4 | 3523.4 |
| Price | 41.32 | 52.7 | 51.59 | 49.52 | 54.45 | 54.45 | 54.45 |
| EV | 3052.0 | 3589.0 | 3152.0 | 2995.0 | 3338.0 | 3097.0 | 2811.0 |
| P/S | 0.66 | 0.75 | 1.49 | 2.06 | 1.95 | 1.56 | 1.72 |
| EV/S | 0.76 | 0.79 | 1.4 | 1.92 | 1.85 | 1.37 | 1.37 |
| EV/EBIT | 9.97 | 7.42 | 13.72 | 14.43 | 14.42 | 9.55 | 9.79 |
| P/E | 16.05 | 9.78 | 18.12 | 19.15 | 19.83 | 13.59 | 15.34 |
| P/B | 1.75 | 1.95 | 3.26 | 3.17 | 3.13 | 2.54 | 2.18 |
| P/OCF | 16.66 | 7.82 | 7.01 | 16.9 | 32.44 | 13.6 | 11.61 |
| EV/OCF | 19.01 | 8.23 | 6.62 | 15.8 | 30.73 | 11.95 | 9.26 |
| P/FCF | 16.05 | 9.12 | 7.26 | 14.22 | 45.89 | 14.61 | 12.34 |
| EV/FCF | 18.32 | 9.59 | 6.86 | 13.29 | 43.47 | 12.84 | 9.84 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 4035.9 | 4568.9 | 2244.9 | 1556.3 | 1807.6 | 2262.1 | 2049.1 |
| Rev. Growth, % | 21.8 | 13.2 | -50.9 | -30.7 | 16.1 | 25.1 | -9.4 |
| Ebit | 306.1 | 483.8 | 229.8 | 207.6 | 231.4 | 324.2 | 287.1 |
| Ebit Growth, % | 143.9 | 58.1 | -52.5 | -9.7 | 11.5 | 40.1 | -11.4 |
| Ebit, % | 7.6 | 10.6 | 10.2 | 13.3 | 12.8 | 14.3 | 14.0 |
| Profit | 166.6 | 348.7 | 184.2 | 167.3 | 177.7 | 259.3 | 229.7 |
| EPS | 2.57 | 5.39 | 2.85 | 2.59 | 2.75 | 4.01 | 3.55 |
| Profit Growth, % | 165.7 | 109.3 | -47.2 | -9.2 | 6.2 | 45.9 | -11.4 |
| Profit, % | 4.1 | 7.6 | 8.2 | 10.7 | 9.8 | 11.5 | 11.2 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 1013.3 | 1033.8 | 728.8 | 284.8 | 330.5 | 339.6 | 294.1 |
| Acc. Receivable | 734.7 | 723.8 | 240.8 | 250.8 | 317.1 | 344.0 | 307.4 |
| Cash | 451.9 | 684.7 | 439.1 | 459.7 | 1345.0 | 1586.1 | 1871.7 |
| Equity | 1528.3 | 1752.3 | 1025.4 | 1010.0 | 1126.5 | 1385.8 | 1615.5 |
| ROE, % | 10.9 | 19.9 | 18.0 | 16.6 | 15.8 | 18.7 | 14.2 |
| ROCE, % | 13.0 | 18.5 | 18.0 | 16.5 | 10.1 | 12.7 | 10.3 |
| Net Debt | 378.0 | 179.0 | -186.3 | -209.2 | -185.6 | -426.7 | -712.3 |
| Gearing, % | 24.7 | 10.2 | -18.2 | -20.7 | -16.5 | -30.8 | -44.1 |
| Equity ratio, % | 36.5 | 40.0 | 41.9 | 62.0 | 39.0 | 43.7 | 54.9 |
| Acc. Payable | 617.1 | 511.2 | 158.9 | 151.7 | 146.6 | 116.9 | 129.7 |
| Total Assets | 4189.3 | 4376.5 | 2450.1 | 1628.2 | 2887.5 | 3167.8 | 2944.4 |
| ROA, % | 4.0 | 8.0 | 7.5 | 10.3 | 6.2 | 8.2 | 7.8 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 160.5 | 435.9 | 476.2 | 189.6 | 108.6 | 259.0 | 303.5 |
| Investment Cash Flow | 6.1 | -61.8 | -16.5 | 35.8 | -31.8 | -17.9 | -17.9 |
| Free Cash Flow | 166.6 | 374.1 | 459.7 | 225.4 | 76.8 | 241.1 | 285.6 |
| OCF/CAPEX | 0.0 | 7.05 | 28.86 | 0.0 | 3.41 | 14.47 | 16.96 |
| Financial Cash Flow | -208.5 | -132.2 | -311.4 | -333.0 | 805.0 | 0.0 | 0.0 |
Disclaimer
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