Hiab (HIAB.HE) — 2026-W121

Analysis date: 2026-05-31 | Country: FI | Currency: EUR

Recommendation Summary

Field	Value
Rating	Buy
Intrinsic Value	65.0 EUR
24m Target	60.0 EUR
Price at Analysis	53.9 EUR
Buffett Score	14/20
ROIC	18.4%
Economic Profit	+77.8M EUR
Implied Upside (IV)	20.6%

Research history · this company (3 notes)

2026-W121 · 2026-05-31 · HIAB.HEviewingBuy · ROIC 18% · tgt 60 EURΔ tgt +7% · IV +16% · HOLD→Buy · MEDIUM→medium convHiab: Starkt värdeskapande ROIC 18.36% >> WACC 8%

2026-06-15 · 2026-06-15 · HIAB.HEHOLD · tgt 56 EUR 2026-06-09 · 2026-06-09 · HIAB.HEHOLD · tgt 56 EURfirst note

0. Company Identification

Ticker: HIAB.HE | Name: Hiab | Country: FI | Sector: Industrial/Commercial

1. What the Company Sells

Hiab operates in the Nordic market. ROIC 18.4% vs WACC 8% → EP +77.8M EUR.

2. Who Pays and Why They Stay

Customers pay for products/services based on value proposition and brand strength.

3. Revenue Model

Revenue generated through product/service sales. Scalability and recurring revenue characteristics vary by segment.

4. Margin and Cash Mechanics

ROIC 18.4% vs WACC 8.0% → Economic Profit +77.8M EUR.

5. Supply-side Dependencies

Raw materials, suppliers, distribution channels, and human capital.

6. Competitive Position

Moat strength: 3/5. Brand strength, technology, and customer relationships drive competitive advantage.

7. Growth Engine

Market penetration, geographic expansion, and product development.

8. Business Model Risks

Top risks: Cyclical demand, competitive pressure, raw material costs, macro exposure.

9. History, Management & ESG

Established Nordic industrial company with stable management.

10. Synthesis and Recommendation

Buy — Hiab: Strong value creation, ROIC 18.4% >> WACC 8%, attractive at current price.

mttssn research · Hiab (HIAB.HE) · 2026-W121 · 2026-05-31