Hiab makes load-handling equipment — HIAB loader cranes, MULTILIFT hooklifts, MOFFETT truck-mounted forklifts, tail lifts — and, increasingly, the services around them. Standalone since the 2025 Cargotec demerger, FY2025 delivered a record 13.7% comparable operating margin with the Services business (~30% of sales but ~44% of segment profit at a ~23% margin) as the quality engine. ROIC ~20% and economic profit +EUR 85m on a net-cash balance sheet (gearing -21%) make it a genuine compounder; mttssn's adjusted EBIT equals the company's comparable figure (a single restructuring one-off, no SBC add-back).
The constraints are valuation + cycle: ~23.8x P/E / ~15.9x EV/comparable-EBIT, with a US equipment trough weighing on the cyclical (vs services) half. Management has a credible self-help margin runway toward a 16% target (Q1 2026 guidance raised to >13.5%). A high-quality, services-anchored, net-cash compounder — fully valued; accumulate on cyclical weakness.
At ~23.8x P/E / ~15.9x EV/comparable-EBIT for a net-cash, ROIC-~20%, services-anchored compounder, the quality is fairly-to-fully priced; the self-help margin runway is the upside.
Base EUR 56 (~current; quality at a full price); bull EUR 70 if the margin reaches the 16% target + US equipment recovers; bear EUR 42 on a deeper equipment downturn.
At today’s enterprise value the constant-ROIC reverse-DCF maxes out: even at its sustainable-growth ceiling (~18.9%, limited by ROIC 20% ≈ WACC 10%) it cannot reach the current EV. No-growth value is €33/share (59% of price); the market prices in growth and/or a higher ROIC than booked — richly valued on this lens. Read the sensitivity grid.
| Scenario | 24m target | Impl. g | Upside | Prob. | Driver |
|---|---|---|---|---|---|
| Bull | €70 | ≥19% | +26% | 30% | Margin reaches 16% target + US equipment recovers |
| Base | €56 | ≥19% | +1% | 45% | Quality at a full price |
| Bear | €42 | +11% | -25% | 25% | Deeper equipment downturn |
| Prob-weighted | €57 | — | +2% | 100% | Scenario-weighted expected value |
| WACC \ g | 0% | 3% | 5% | 8% | 10% | 15% |
|---|---|---|---|---|---|---|
| 8.50% | 40 | 43 | 46 | 50 | 52 | 60 |
| 9.25% | 36 | 39 | 41 | 44 | 46 | 52 |
| 10.00% (base) | 33 | 35 | 37 | 39 | 41 | 46 |
| 10.75% | 30 | 32 | 34 | 36 | 37 | 41 |
| 11.50% | 28 | 30 | 31 | 33 | 34 | 37 |
Green = fair value above the current price of €55.70. The reverse-DCF conclusion is dominated by WACC and growth — see the whole surface, not a single fair value.
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~23%-margin services on a large installed base — ~44% of segment profit, durable.
A credible runway from 13.7% toward a 16% comparable-margin target.
Gearing -21% — capacity for buybacks + bolt-ons.
Leading load-handling brands (HIAB/MULTILIFT/MOFFETT).
Hiab is a wide-moat, net-cash, services-anchored load-handling compounder (ROIC ~20%, EP +EUR 85m, record 13.7% margin), fully valued at ~23.8x P/E in a US equipment trough. HOLD (quality-accumulate); base EUR 56.
Own the services-led quality; accumulate on cyclical weakness as the margin plan delivers.
Every adjustment traces to the cited note/page in the source filing — click to open it there. Source reports archived locally.
| Adjustment / figure | Value | Source | Why mttssn treats it this way |
|---|---|---|---|
| Sales (revenue), continuing operations | 1,556 | Consolidated statement of income / Note 4 Segment information | Sales line FY2025 = 1,556.3 (FY2024 1,647.3), -5.5% reported (-4% organic, FX -2pp). Note 4 splits by segment (Equipment 1,088, Services 469) and geography (EMEA 785, Americas 662, APAC 110). |
| Operating profit (reported, IFRS) | 208 | Consolidated statement of income | Operating profit line FY2025 = 207.6 (margin 13.3%; FY2024 217.1 / 13.2%). Used as ebit_reported (the GAAP figure); the comparability bridge to 212.9 follows. |
| Comparable operating profit (company APM) | 213 | Items affecting comparability table / Financial result | Comparable operating profit FY2025 = 212.9, record-high 13.7% margin (FY2024 217.1 / 13.2%). = reported operating profit 207.6 + items affecting comparability 5.2 (costs of the 2026 lower-cost-level programme). Used as adjusted_ebit_ours and company_adjusted_ebit (identical). |
| Items affecting comparability (restructuring) | 5.2 | Note 4 Items affecting comparability | FY2025 items affecting comparability = 5.2 (Q4 5.2), all 'Costs of programme targeting lower cost level' (FY2024 0.0). mttssn normalises this genuine one-off restructuring charge (add back 5.2 to reach comparable EBIT). |
| Comparable operating profit by segment (Services / Equipment / Group admin) | 109 | Reporting segments' key figures / Note 4 | FY2025 comparable operating profit: Services 108.9 (margin 23.2%, up from 21.5%), Equipment 140.1 (12.9%), Group administration -36.1; total 212.9. Services = ~44% of segment-level OP (ex admin) on 30% of sales - the high-margin quality engine. |
| Services segment sales | 469 | Reporting segments' key figures | Services sales FY2025 = 469 (FY2024 462), +1%; 30% of group sales (28% prior). Equipment sales 1,088 (1,185), -8%. Services had a 'record year'. |
| Income taxes | -51 | Note 6 Taxes in statement of income | Total income taxes FY2025 = -51.0 (current -103.7; deferred change +55.8 favourable; prior-year +3.0) on profit before taxes 202.2 = 25.2% effective. Finnish statutory 20% used for normalised NOPAT. |
| Profit for the period (continuing operations) / EPS | 151 | Consolidated statement of income | Profit for the period, continuing operations = 151.2 (FY2024 155.0); basic EPS continuing 2.34 (2.40). Total profit incl. discontinued was 164.4 (FY2024 1,067.5), inflated by MacGregor demerger/disposal gains - excluded as non-operating. |
| Total equity / equity attributable to parent / NCI | 1,010 | Consolidated balance sheet / Statement of changes in equity (p.41) | Total equity at 31 Dec 2025 = 1,010.0, all attributable to owners of the parent (NCI nil at year-end; was 1.9 at 1 Jan 2025). Components: share capital 20.0, translation differences -10.1, fair value reserves -0.1, retained earnings 1,000.2. EUR 15.65 equity/share. |
| Accumulated OCI (translation + fair value reserves) | -10.2 | Consolidated balance sheet (equity section) | Translation differences -10.1 + fair value reserves -0.1 = -10.2 accumulated OCI. equity_ex_oci = total equity 1,010.0 - (-10.2) = 1,020.2. |
| Interest-bearing liabilities (incl. leases) | 251 | Consolidated balance sheet / Note 8; mgmt commentary p.19 | Non-current interest-bearing liabilities 76.1 + current interest-bearing liabilities 174.7 = 250.8. Management: 'interest-bearing debt amounted to 251, of which 89 in lease liabilities' (p.19). Lease liabilities (89) retained in IC for a capital-goods manufacturer. |
| Cash and cash equivalents + interest-bearing assets | 460 | Consolidated balance sheet / Note 8; mgmt commentary p.19 | Cash and cash equivalents 459.7 + loans receivable & other interest-bearing assets 0.3 = 460.0 (mgmt: 'cash, loans receivable and other interest-bearing assets totalled 460', p.19). ~46.7 (3% of sales) kept operational; 413.3 treated as excess and stripped from IC. |
| Interest-bearing net debt | -209 | Hiab's key figures / Balance sheet commentary p.19 | Interest-bearing net debt end-2025 = -209 (net cash; FY2024 -186); gearing -20.7%, net debt/EBITDA -0.7x. mttssn computes -209.2 (IB debt 250.8 - IB assets 460.0) - matches the company figure. |
| Depreciation, amortisation and impairment / capex | 41.7 | Note 5 Capital expenditure, depreciation, amortisation and impairment | Total D&A&I FY2025 = 41.7 (owned 20.6 + right-of-use 21.1), impairments 0; EBITA 210.7, EBITDA 249.3 (PPA effect ~3.1). Capex ex-acquisitions 55.0 (FY2024 65.6); 2026 capex guided ~80. Confirms no impairment add-back. |
| Shares outstanding (class A + B, ex-treasury) | 64.519 | Shares and trading / Share capital, own shares | Class A 9,526,089 + class B issued 55,182,079 = 64,708,168 total; less 189,515 own class B in treasury = 64,518,653 outstanding (p.32: outstanding class B 54,992,564 + class A 9,526,089). Used with verified price EUR 55.70 for market cap; cross-checks to ~64.52m and ~EUR 3.6bn cap. |
| Order book / orders received | 534 | Orders received and order book / Reporting segments | Year-end order book 534 (31 Dec 2024: 648), -18%; Equipment 476 (-19%), Services 58 (+2%). Orders received FY2025 1,481 (-2%, flat organically). Q1 2026 order book recovered to 562 and organic orders +7%. |
How the mttssn view has evolved — each prior dated note is preserved.