Hanza AB (publ) (HANZA.ST) fair value

ACCE thesis

Hanza AB makes electronic manufacturing services for Nordic and European industrial customers, assembling circuit boards and building complete electromechanical products on contract. Its edge is being embedded in customers' supply chains, where switching a contract manufacturer means requalifying products, which tends to keep volumes sticky. Revenue growth of 69.7% is the headline driver, though much of the near-term question is whether acquired capacity and new programmes can keep converting that top line into profit, since the 4.6% operating margin is thin for the sector. At a 24.9 trailing and 27.0 forward P/E, the market is paying for continued expansion rather than current earnings power, with a 45.0% gross margin suggesting the reported margin figure is depressed by operating costs rather than weak pricing. The name deserves a deeper look if margin progression is visible in the next reporting periods; without it, the multiple leaves little room for error.