Hulamin (HLM) Fair Value & Analysis

Industrials · ZA · Market cap 561M ZAC · ISIN ZAE000096210

Below-average quality, trading 66% below our fair value.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

What matters now

• The large discount to fair value meets weak quality (42/100). That raises the risk this is a value trap rather than a bargain.
• The price is below even our cautious bear case (R3.61). The market is more pessimistic than our downside scenario.
• A fairly wide model range (R3.61 to R6.65) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.

How to read this chart

60‑month range R1.58 – R5.23 · fair‑value band R3.61 – R6.65 · the R2.23 price screens below the R6.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 23, 2026.

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Analysis

Hulamin (HLM) currently trades at R2.23, while our model-based Fair Value estimate is R6.65, implying the stock looks roughly 198.2% undervalued today. The Quality Score stands at 42/100 (below-average quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Hulamin generated revenue of 13.0B ZAR at a net margin of -1.1%. Revenue declined 4.6% year over year. It earns a return on equity of -1.8%. Net debt stands at 1.7B ZAR. Fundamentals as of Aug 23, 2026

Our scenario range runs from R3.61 (bear case) to R6.65 (bull case); at R2.23, 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 Industrials peers we cover trades at -58% fair-value upside, at 198%, HLM screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

Widest divergence: Asset-Based (R7.97) versus Multiples (R1.07). Highest evidence: Gordon GGM (70).

Key figures & financial health

Quality Score breakdown

About the company

Hulamin Limited engages in the manufacture and supply of fabricated and rolled semi-finished aluminum products in South Africa, North America, Europe, Asia, the Middle East, Australasia, South America, and rest of Africa.

Full company description

Hulamin Limited engages in the manufacture and supply of fabricated and rolled semi-finished aluminum products in South Africa, North America, Europe, Asia, the Middle East, Australasia, South America, and rest of Africa. It offers aluminum products, including can stocks, foil, plates, smelter busbar plates and flexes, flat rolled sheets, coils, and tread sheets, as well as aluminum foil containers and aluminum for automotive heat exchange products. The company is also involved in property rental activities. It serves automotive, building, electrical, general engineering, packaging, renewable energy, and transport industries. The company was formerly known as Hulett Aluminium (Pty) Limited and changed its name to Hulamin Limited in 2007. Hulamin Limited was founded in 1935 and is headquartered in Pietermaritzburg, South Africa.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Hulamin reported revenue of 13.0B ZAR in FY2025 versus 13.0B ZAR in FY2021, a compound +0.1%/yr. Reported net income was −148M ZAR in FY2025.

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Peer Group

Metal Fabrication · 255 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.

Valuation Multiples vs Metal Fabrication median · lower = cheaper

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.

Values & ESG

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

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.