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Hansa Investment Company Ltd (HANA) Fair Value & Analysis

Financial Services · GB · Market cap 644M GBX · ISIN BMG428941089

What is Hansa Investment Company Ltd really worth?

HI Hansa Investment Company Ltd HANA · LSE
Price£3.30
Fair Value£6.51
Upside+97.3%
Quality61/100

A solid business, trading 49% below our fair value of £6.51.

As of Aug 30, 2026, the fair value of Hansa Investment Company Ltd is £6.51 per share against a price of £3.30, so the fair value sits 97% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Highly profitable · 93.3% net margin
generates free cash flow
Ranks above peers (9/12)
Wide moat 80/100

Risks

!Weak Growth (revenue 5y −20.4 %/yr)
!Weak on dividend: 3 out of 100
Evidence: High Range £4.88 – £8.14

Fair value as of: Aug 30, 2026

From 2 valuation models · updated 7 days ago

Share price +3.1% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price is below even our cautious bear case (£4.88). The market is more pessimistic than our downside scenario.
  • Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

£3.34 £1.54 Fair Value £6.51 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.

How to read this chart

60‑month range £1.54 – £3.34 · fair‑value band £4.88 – £8.14 · the £3.30 price screens below the £6.51 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.

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Analysis

Hansa Investment Company Ltd (HANA) currently trades at £3.30, while our model-based Fair Value estimate is £6.51, implying the stock looks roughly 49.3% undervalued today. The Quality Score stands at 61/100 (solid quality), in the Financial Services sector. How firm this estimate is: it rests on 21 models at a data quality of 96/100, which puts the evidence level at high.

Over the trailing twelve months, Hansa Investment Company Ltd generated revenue of £30.4M at a net margin of 75.6%. Revenue grew 92.2% year over year. It earns a return on equity of 4.8%. The balance sheet holds a net cash position of £178M. Fundamentals as of Aug 30, 2026

Our scenario range runs from £4.88 (bear case) to £8.14 (bull case); at £3.30, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 97%, HANA screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly £0.0828 per share. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model 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. Evidence
Highest evidence
P/B Multiple best evidence £4.88 £6.51 £8.14 55
NCAV (Graham) £3.83 £5.13 £7.66 51
All 2 models by family
Multiples
P/B Multiple best evidence £4.88 £6.51 £8.14 55
Asset-Based
NCAV (Graham) £3.83 £5.13 £7.66 51

Widest divergence: Multiples (£6.51) versus Asset-Based (£5.13). Highest evidence: P/B Multiple (55).

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Key figures & financial health

P/E ratio 3.6 as of Aug 27, 2026
P/S ratio 15.1 P/E × margin
EPS (TTM) £0.9000 price ÷ EPS = P/E 3.6
Dividend yield 0.2% payout 0.6%
Net margin 75.6% TTM
Return on equity 4.8% TTM
More key figures
Profitability
Return on assets (EBIT) 7.3% avg 5y
Operating margin 85.8% TTM
Growth
Revenue (TTM) £30.4M TTM
Revenue growth (YoY) +92.2%
EPS growth (YoY) +93.5%
Balance sheet & cash flow
Free cash flow 327M GBX FY2026
Net cash 178M GBX FY2026

Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 63 · Market factors (momentum, volatility) 74

Profitability 47
Margins and returns on capital today
Quality Growth 70
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 90
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 57
Price trend over the last 3–12 months (market factor)
52W Momentum 79
Distance to the 52-week high (market factor)
Net Issuance 6
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Hansa Investment Company Limited is a closed-ended equity fund of funds launched and managed by Hanseatic Asset Management LBG. The fund is co-managed by Hansa Capital Partners LLP. It invests in public equity markets across the globe. The fund seeks to invest in stocks of companies operating across diversified sectors.

Full company description

Hansa Investment Company Limited is a closed-ended equity fund of funds launched and managed by Hanseatic Asset Management LBG. The fund is co-managed by Hansa Capital Partners LLP. It invests in public equity markets across the globe. The fund seeks to invest in stocks of companies operating across diversified sectors. It primarily invests in value stocks of companies involved in special situations, with a bias towards small cap companies. The fund also invests through other third party funds. It benchmarks the performance of its portfolios against the FTSE All Share Index and MSCI All Country World & Frontier Markets Index. The fund was previously known as Hansa Trust PLC. Hansa Investment Company Limited was formed in 1912 and is domiciled in the United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Hansa Investment Company Ltd reported revenue of £30.9M in FY2026 versus £20.2M in FY2022, a compound +11.2%/yr. Reported net income was £131M in FY2026, compounding +62.3%/yr from FY2022.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
£30.9M
Avg. revenue growth/yr (5Y) 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.
−20.4%
Avg. revenue growth/yr (22Y) 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.
−1.2%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
≈ +13.8% (approximate, leans on 2026) · in GBP
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+13.6%
Dividend yield0.2%
Trend 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.5Y 13.6% vs 10Y 6.8%, picking up
Operating margin (EBIT) 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.97.3% (2004) → 418.6% (2026) · rising
Worst earnings drop392% (2020) (loss year, drop beyond 100%) · in GBP
⚠ Rate leans on 2026: that final year sits 112% above its own trend (e.g. a one-off disposal gain) and could not be adjusted
Revenue +11.2%/yr
FY22 £20.2M
FY23 −£8.0M
FY24 £93.1M
FY25 £12.2M
FY26 £30.9M
Net income +62.3%/yr
FY22 £18.8M
FY23 −£12.1M
FY24 £91.4M
FY25 £10.3M
FY26 £131M

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Cite: Fair Value Calculator (2026). "Hansa Investment Company Ltd Fair Value". https://www.fairvalue-calculator.com/stock/HANA.LSE

Peer Group

Asset Management · 695 stocks

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.

Quality Score 60 · Above median
Return on equity (TTM) 18% · Top 25%
Return on assets 11% · Top 25%
Net margin (TTM) 93% · Top 25%
Operating margin (TTM) 94% · Top 25%
Revenue growth 92% · Top 25%
Dividend yield (TTM) 0.2% · Bottom 25%

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 3.6× · Cheaper than 75% of peers
P/B 0.89× · Pricier than median
P/S (TTM) 6.22× · Pricier than median
P/FCF 2.7× · Cheaper than median
EV/EBITDA 5.3× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 40
FUTURE100 · sector 15
PAST72 · sector 24
HEALTH0 · sector 95
DIVIDEND3 · sector 81

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $142.39 $52.88 −63%
Investor AB INVEB kr 408.05 kr 827.56 +103%
Brookfield Corporation BN C$55.74 C$10.67 −81%
KKR & Co KKR $108.68 $19.97 −82%
Apollo Global Management, Inc APO $135.04 $101.04 −25%
State Street Corporation STT $193.33 $138.33 −28%
Ameriprise Financial, Inc AMP $559.32 $515.24 −8%
Ares Management Corporation ARES $143.10 $30.88 −78%
Northern Trust Corporation NTRS $186.79 $122.02 −35%
Raymond James Financial, Inc RJF $181.10 $142.42 −21%

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Frequently asked questions

Is Hansa Investment Company Ltd (HANA) overvalued or undervalued?
As of Aug 30, 2026, our model estimates a fair value of £6.51 versus a price of £3.30, about +97% upside (undervalued).
What is the fair value of HANA?
Our model-based fair value for Hansa Investment Company Ltd is £6.51 (as of Aug 30, 2026), built from audited fundamentals. The current price: £3.30.
What is the quality score of HANA?
Hansa Investment Company Ltd has a Quality Score of 61/100. 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 Hansa Investment Company Ltd (HANA)?
Our model-based price target is the fair value of £6.51 (as of Aug 30, 2026) from 2 valuation models. Cautious scenario £4.88, optimistic scenario £8.14. It is a calculation from audited fundamentals, not an analyst target.
What is the Hansa Investment Company Ltd stock forecast for 2026?
Our models put fair value at £6.51, about +97% upside versus a price of £3.30 (undervalued). Cautious scenario £4.88, optimistic scenario £8.14. The calculation is refreshed regularly with new filings.
What is the revenue of Hansa Investment Company Ltd (HANA)?
Hansa Investment Company Ltd reported trailing-twelve-month revenue of about £30.4M (latest available figure, as of Aug 30, 2026).
What is the net profit margin of HANA?
The net profit margin of Hansa Investment Company Ltd is about 75.6%, meaning it keeps roughly 75.6% of revenue as net income. Based on the latest reported figures.
Does Hansa Investment Company Ltd pay a dividend?
Hansa Investment Company Ltd currently shows a dividend yield of about 0.15% relative to its recent price (as of Aug 30, 2026).
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