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Haulotte Group (PIG) Fair Value & Analysis

Industrials · FR · Market cap €61.8M

HG Haulotte Group PIG · PA
Price€2.38
Fair Value€6.30
Upside+164.7%
Quality45/100
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Mixed Growth
Loss-making · -7.4% net margin
Moderate debt · generates free cash flow
Trails peers (5/14)
Narrow moat 16/100
Evidence: Medium Range €3.00 – €9.44 Share as image

Fair value as of: Jul 16, 2026

From 12 valuation models · updated 25 days ago

Fair value updated Jul 16, 2026, revised from €2.18 to €6.30 (+188.4%) since Jun 25, 2026. Share price +9.7% over the past month.

Below-average quality, screening 165% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (€3.00). The market is more pessimistic than our downside scenario.
  • The model range is unusually wide (€3.00 to €9.44). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (45/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

€5.66 €1.93 Fair Value €6.30 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range €1.93 – €5.66 · fair‑value band €3.00 – €9.44 · the €2.38 price screens below the €6.30 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Haulotte Group (PIG) currently trades at €2.38, while our model-based Fair Value estimate is €6.30, implying the stock looks roughly 164.7% undervalued today. The Quality Score stands at 45/100 (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, Haulotte Group generated revenue of €511M at a net margin of -7.4%. Revenue declined 9.9% year over year. It earns a return on equity of -21.6%. Net debt stands at €218M. Fundamentals as of Jul 16, 2026

Our scenario range runs from €3.00 (bear case) to €9.44 (bull case); at €2.38, 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. The share trades about 12% below its 52-week high and 22% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 12% fair-value upside, at 165%, PIG 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.

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
Growth DCF €5.50 €8.76 €12.48 80
Rev-Margin DCF €5.78 €11.55 €17.98 74
Gordon GGM €1.53 €2.57 €3.33 70
All 12 models by family
DCF Models
FCF DCF €5.44 €9.14 €13.59 38
5Y Revenue Exit €5.78 €11.43 €18.47 39
5Y EBITDA Exit €1.43 €3.52 €5.77 41
10Y Revenue Exit €5.23 €9.80 €15.57 36
10Y EBITDA Exit €3.15 €5.17 €7.49 37
Dividend Discount
Gordon GGM €1.53 €2.57 €3.33 70
DDM Multi-Stage €1.53 €2.19 €2.75 61
Multiples
EV/EBITDA €0.0800 €1.43 54
EV/Revenue €6.80 €11.98 €17.17 43
Asset-Based
NCAV (Graham) €2.43 €3.26 €4.86 50
Growth DCF
Growth DCF €5.50 €8.76 €12.48 80
Rev-Margin DCF €5.78 €11.55 €17.98 74

Widest divergence: DCF Models (€9.14) versus Multiples (€0.0800). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €511M
Revenue growth (YoY) -9.9%
Net margin -7.4%
Return on equity -21.6%
Free cash flow €39.1M FY2025
P/E ratio 4.7
More key figures
Operating margin -2.6%
EPS (TTM) €0.4600
EPS growth (YoY) -75.5%
Net debt €218M FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 45 · Market factors (momentum, volatility) 52

Profitability 26
Margins and returns on capital today
Quality Growth 24
Are margins and returns improving?
Cashflow 55
Earnings quality: real cash, not paper profit
Fin. Strength 20
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 71
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 44
Distance to the 52-week high (market factor)
Net Issuance 71
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.

About the company

Haulotte Group SA, through its subsidiaries, designs, manufactures, and distributes people and material lifting equipment in France and internationally.

Full company description

Haulotte Group SA, through its subsidiaries, designs, manufactures, and distributes people and material lifting equipment in France and internationally. Its products include people lifting equipment comprising push-arounds, vertical masts, scissor lifts, articulating and telescopic booms, trailer mounted booms, and lightweight self-propelled booms; military vehicles; and refurbished and second hand lifting machines. The company also offers spare parts; provides training, repair, and financing services; and rents lifting equipment. It serves civil and military applications; rental companies; and logistics, manufacturing, airport operations, maintenance, and retail sectors. Haulotte Group SA was founded in 1881 and is based in Lorette, France. Haulotte Group SA is a subsidiary of Solem SA.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Haulotte Group reported revenue of €512M in FY2025 versus €497M in FY2021, a compound +0.7%/yr. Reported net income was −€38.0M in FY2025.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€512M
Latest YoY
−20.0%
Avg. growth/yr (3Y) 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.
−5.6%
Avg. 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.
+3.1%
Avg. growth/yr (23Y) 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.
+4.2%
Revenue +0.7%/yr
FY21 €497M
FY22 €608M
FY23 €759M
FY24 €640M
FY25 €512M
Net income
FY21 €7.9M
FY22 −€15.3M
FY23 €186K
FY24 €15.1M
FY25 −€38.0M
Character of growth · EPS growth decomposed (2013-2024) −9.6 % p.a.
Revenue per share +5.7 pp

of which total revenue +6.1 pp · buybacks/dilution −0.4 pp

EBIT margin −2.2 pp
Tax rate +0.6 pp
Residual (interest, one-offs) −13.7 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Haulotte Group Fair Value". https://www.fairvalue-calculator.com/stock/PIG

Peer Group

Farm & Heavy Construction Machinery · 148 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 45 · Below median
Fair Value upside +165% · Top 25%
Return on assets -1% · Bottom 25%
Net margin (TTM) -7% · Bottom 25%
Operating margin (TTM) -3% · Bottom 25%
Revenue growth -10% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 1.29× · Higher than 75% of peers

Valuation Multiples vs Farm & Heavy Construction Machinery median · lower = cheaper

P/E (TTM) 4.6× · Cheaper than 75% of peers
P/B 0.50× · Cheaper than 75% of peers
P/S (TTM) 0.14× · Cheaper than 75% of peers
P/FCF 1.8× · Cheaper than median
PEG 20.05× · Pricier than 75% of peers

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.

VALUE 100 · sector 22
FUTURE 0 · sector 30
PAST 0 · sector 32
HEALTH 35 · sector 93
DIVIDEND 0 · sector 40

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Farm & Heavy Construction Machinery stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Caterpillar Inc CAT $952.41 $307.83 -68%
Deere & Company DE $597.24 $187.86 -69%
AB Volvo (publ), VOLVA kr 336.60 kr 288.08 -14%
PACCAR Inc PCAR $126.20 $94.80 -25%
Epiroc AB EPIA kr 251.90 kr 144.14 -43%
Exor N.V EXO €69.40 €219.41 +216%
Sany Heavy Industry Co 600031 ¥18.65 ¥20.84 +12%
XCMG Construction Machinery Co 000425 ¥8.39 ¥11.79 +41%
Sinotruk (Hong Kong) Limited 3808 HK$41.00 HK$53.51 +31%
Yutong Bus Co 600066 ¥32.29 ¥42.00 +30%

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Frequently asked questions

Is Haulotte Group (PIG) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of €6.30 versus a price of €2.38, about +165% (undervalued).
What is the fair value of PIG?
Our model-based fair value for Haulotte Group is €6.30 (as of Jul 16, 2026), built from audited fundamentals. The current price is €2.38.
What is the quality score of PIG?
Haulotte Group has a Quality Score of 45/100. 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 revenue of Haulotte Group (PIG)?
Haulotte Group reported trailing-twelve-month revenue of about €511M (latest available figure, as of Jul 16, 2026).
What is the net profit margin of PIG?
The net profit margin of Haulotte Group is about -7.4%, meaning it is currently running at a net loss. Based on the latest reported figures.

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.

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