HAKI Safety AB (publ) (HAKI-A.ST) : juste valeur

Thèse ACCE

HAKI Safety makes scaffolding, access and fall-protection systems, including the modular Haki scaffolding and access platforms sold to construction and industrial customers in Europe and beyond. Its edge is a long-standing product range and rental and service model that keeps customers in the same systems over many years, supported by a 37.0% gross margin that points to pricing power above what a typical metal fabricator earns. Revenue growth of 12.0% gives the business visible momentum, though the 6.6% operating margin shows how much of that gross profit is absorbed by overhead and distribution costs. At a trailing P/E of 12.3 and a 7.4% ROE, the valuation looks undemanding relative to the margin structure, but the forward P/E is unavailable, so the earnings trajectory needs checking before the multiple can be read with confidence. The obvious next step is to test whether the gap between gross and operating margin is narrowing as volumes grow, since that is where any re-rating would have to come from.