HAKI Safety A (HAKI-A) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of HAKI Safety A SEK 13.02, price SEK 21.00, upside -38.0%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 30, 2026.
How to read this chart
60‑month range kr 14.98 – kr 31.25 · fair‑value band kr 7.21 – kr 23.65 · the kr 21.00 price screens above the kr 13.02 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 30, 2026.
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HAKI Safety AB (publ) provides safety products and solutions for infrastructure, energy, industry, aviation, rail and construction, and civil engineering industries in Europe and North America.
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HAKI Safety AB (publ) provides safety products and solutions for infrastructure, energy, industry, aviation, rail and construction, and civil engineering industries in Europe and North America. The company offers work zone safety products, such as catchfans, barrier systems, access platforms, and stairs; scaffolding system products, including modular and frame scaffolding, weather protection, stair solutions, and bridge systems; and surveying instruments and equipment for land surveying and mapping. The company was formerly known as Midway Holding AB (publ) and changed its name to HAKI Safety AB (publ) in December 2023. The company was incorporated in 1988 and is headquartered in Malmö, Sweden.
Stock analysis
HAKI Safety A (HAKI-A) currently trades at kr 21.00, while our model-based Fair Value estimate is kr 13.02, 38.0% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 20.72 per share, and 6 of the 22 models we run sit above the kr 21.00 price.
Bear case: the Growth DCF group reads lowest at kr 10.09, and 16 of the 22 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 7.21 (bear) to kr 23.65 (bull), the price of kr 21.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
HAKI Safety A reported revenue of 1.2B SEK in FY2025 versus 863M SEK in FY2021, a compound +8.1%/yr. Reported net income was 34.0M SEK in FY2025, compounding −12.5%/yr from FY2021.
Key figures
Market cap 710M SEK (≈ $70.7M) · P/E ratio 13.0 · P/S ratio 0.38 · EPS (TTM) kr 1.83 · Dividend yield 2.4% · Net margin 2.9% · Return on equity 7.6% · Return on assets (EBIT) 6.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −57% fair-value upside, at −38%, HAKI-A screens cheaper than that median.
Fair Value models
Bear kr 7.21Fair Value kr 13.02Bull kr 23.65
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (kr 1.33 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.77/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+12.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.9%
Start year 2020 (pandemic). Over 10 years: −2.6% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−5.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.2%
Dividend (yield on the price)2.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−8.2% vs 8.5%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.3% → 5%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 6.2%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+14.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +11.9% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Metal Fabrication · 252 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Top 25%
Fair Value upside−38.0% · Below median
Profitability
Return on equity (TTM)7.6% · Above median
Return on assets3.2% · Above median
Net margin (TTM)4.2% · Above median
Operating margin (TTM)1.8% · Below median
Growth and dividend
Revenue growth8.7% · Below median
Dividend yield (TTM)2.4% · Above median
Balance sheet
Debt / equity0.52× · Highest 25%
Valuation Multiplesvs Metal Fabrication median · lower = cheaper
P/E (TTM)13.0× · Cheapest 25%
P/B1.04× · Cheaper than median
P/S (TTM)0.59× · Cheaper than median
P/FCF14.8× · Pricier than median
EV/EBITDA5.7× · Cheapest 25%
PEG2.36× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)44· sector 52
PAST (return on equity)30· sector 21
HEALTH (low debt)74· sector 95
DIVIDEND (yield)48· sector 24
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "HAKI Safety A Fair Value". https://www.fairvalue-calculator.com/stock/HAKI-A
Frequently asked questions
Is HAKI Safety A (HAKI-A) overvalued or undervalued?
As of Sep 30, 2026, our model estimates a fair value of kr 13.02 versus a price of kr 21.00, about −38% upside (overvalued).
What is the fair value of HAKI-A?
Our model-based fair value for HAKI Safety A is kr 13.02 (as of Sep 30, 2026), built from audited fundamentals. The current price: kr 21.00.
What is the quality score of HAKI-A?
HAKI Safety A has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for HAKI Safety A (HAKI-A)?
Our model-based price target is the fair value of kr 13.02 (as of Sep 30, 2026) from 22 valuation models. Cautious scenario kr 7.21, optimistic scenario kr 23.65. It is a calculation from audited fundamentals, not an analyst target.
What is the HAKI Safety A stock forecast for 2026?
Our models put fair value at kr 13.02, about −38% upside versus a price of kr 21.00 (overvalued). Cautious scenario kr 7.21, optimistic scenario kr 23.65. The calculation is refreshed regularly with new filings.
What is the revenue of HAKI Safety A (HAKI-A)?
HAKI Safety A reported trailing-twelve-month revenue of about 1.2B SEK (latest available figure, as of Sep 30, 2026).
Does HAKI Safety A pay a dividend?
HAKI Safety A currently shows a dividend yield of about 2.38% relative to its recent price (as of Sep 30, 2026).
What growth is priced into HAKI Safety A (HAKI-A)?
For today's price to be fair in a discounted-cash-flow model, HAKI Safety A would have to grow free cash flow by +14.2 % per year for five years (discount rate 11.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.9 % per year. As of Sep 30, 2026.
What discount rate (WACC) does the fair value of HAKI-A use?
Our models discount HAKI Safety A at 11.7 %: a base by market capitalisation (micro), damped by beta 0.75, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For HAKI Safety A that is +14.2 % per year a year over ten years, using the same discount rate (11.7 %) and the same formula as our fair value.
How much growth has HAKI Safety A (HAKI-A) delivered so far?
Over the past 5 years revenue at HAKI Safety A grew +14.9 % a year. The price currently implies +14.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of HAKI Safety A (HAKI-A) growing?
The median revenue growth in the sector is +7.1 % a year. That is the yardstick for the growth priced into HAKI Safety A (+14.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of HAKI Safety A (HAKI-A)?
The free-cash-flow yield on the price is 8.19 %: that much free cash flow HAKI Safety A produces per unit of market value. When it exceeds the discount rate of our models (11.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of HAKI Safety A (HAKI-A)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HAKI Safety A it is kr 13.02 per share (as of Sep 30, 2026), against a price of kr 21.00. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is HAKI Safety A stock overvalued or undervalued in 2026?
As of Sep 30, 2026, HAKI-A trades above its calculated fair value: price kr 21.00, fair value kr 13.02, a gap of about −38% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HAKI-A?
No. The price is what the market pays today (kr 21.00); the fair value is what the company's own numbers justify (kr 13.02). For HAKI Safety A the two are kr 7.98 per share apart. That gap is exactly why we show both numbers side by side.
How much is HAKI Safety A worth?
The market values HAKI Safety A at about 710M SEK (market capitalisation, as of Sep 30, 2026). Per share that is kr 21.00; our models calculate a fair value of kr 13.02 per share.
What do the bullish and bearish scenarios say about HAKI-A?
Our models span a range for HAKI Safety A: cautious scenario kr 7.21, base kr 13.02, optimistic kr 23.65 per share (as of Sep 30, 2026, price kr 21.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HAKI-A?
HAKI Safety A trades at a price-to-earnings ratio of 13.0 (as of Sep 30, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 13.02 is built from several models across several years. Other multiples: PEG 2.4, P/B 1.0, P/S 0.6, EV/EBITDA 5.7.
What is the PEG ratio of HAKI-A?
The PEG ratio of HAKI Safety A is 2.36 (P/E divided by earnings growth, as of Sep 30, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of HAKI Safety A (HAKI-A)?
Balance-sheet figures for HAKI Safety A (as of Sep 30, 2026): return on equity 7.6%, debt of 0.52 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is HAKI-A from its 52-week high?
HAKI Safety A trades at kr 21.00, about 17% below its 52-week high of kr 25.20 and 4% above the low of kr 20.19 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 13.02 is for.
Which stocks are comparable to HAKI Safety A?
From the same area (Industrials) we also value ATI Inc, Carpenter Technology Corporation, Mueller Industries, Inc, Bharat Forge Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is HAKI Safety A stock attractive at the current price?
The data as of Sep 30, 2026: price kr 21.00, calculated fair value kr 13.02 (−38%), Quality Score 59/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HAKI-A calculated?
We run HAKI Safety A through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 13.02, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. HAKI Safety A itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of HAKI Safety A (HAKI-A)?
The closing price on Oct 2, 2026 was kr 21.00. Our model-based fair value is kr 13.02, about −38% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HAKI Safety A right now?
The model range is unusually wide (kr 7.21 to kr 23.65). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of HAKI Safety A
How large is the market capitalisation of HAKI Safety A (HAKI-A)?
The market capitalisation of HAKI Safety A is 710M SEK (≈ $70.7M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of HAKI Safety A (HAKI-A)?
The price-to-sales ratio of HAKI Safety A is 0.38 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of HAKI Safety A (HAKI-A)?
Earnings per share at HAKI Safety A are kr 1.83 (price ÷ EPS = P/E 13.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of HAKI Safety A (HAKI-A)?
The dividend yield of HAKI Safety A is 2.4% (payout 27.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of HAKI Safety A (HAKI-A)?
The net margin of HAKI Safety A is 2.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of HAKI Safety A (HAKI-A)?
The return on equity (ROE) of HAKI Safety A is 7.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of HAKI Safety A (HAKI-A)?
On an EBIT basis the return on assets of HAKI Safety A is 6.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of HAKI Safety A (HAKI-A)?
The operating margin of HAKI Safety A is 1.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HAKI Safety A (HAKI-A)?
Revenue at HAKI Safety A is growing +8.7% versus a year earlier (3y avg +0.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at HAKI Safety A (HAKI-A)?
Earnings per share at HAKI Safety A are growing −54.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does HAKI Safety A (HAKI-A) carry?
The net debt of HAKI Safety A is 466M SEK (fiscal year 2025, ≈ 9.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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