Stock Analysis & Valuation Haulotte Group S.A. (0HVA.L)

• Previous Close: £2.25
• Sector Valuation Confidence Level: Moderate

Valuation method	Value, £	Upside, %
Artificial intelligence (AI)	119.60	5216
Intrinsic value (DCF)	1.06	-53
Graham-Dodd Method	7.50	233
Graham Formula		n/a

Strategic Investment Analysis

Company Overview

Haulotte Group SA is a leading French manufacturer of people and material lifting equipment, serving industries such as construction, logistics, and maintenance. Founded in 1881 and headquartered in Lorette, France, the company specializes in articulating and telescopic booms, scissor lifts, vertical masts, and telehandlers, alongside offering rental services, spare parts, and financing solutions. Haulotte operates globally, with a strong presence in Europe, Asia Pacific, North America, and Latin America. The company caters to diverse sectors, including civil and military applications, airport operations, and retail. As a subsidiary of Solem S.A., Haulotte leverages its long-standing expertise to provide innovative, reliable lifting solutions. With a market cap of approximately €76.5 million and revenue of €634 million, Haulotte remains a key player in the industrial capital goods sector, emphasizing safety, efficiency, and sustainability in its product offerings.

Investment Summary

Haulotte Group SA presents a mixed investment profile. The company operates in a competitive but growing market for lifting equipment, supported by global infrastructure and construction demand. With €634 million in revenue and €15 million in net income, Haulotte demonstrates moderate profitability. However, its high beta of 1.343 suggests elevated volatility relative to the market. The company’s €298.5 million in total debt and lack of dividend payments may deter conservative investors. Positive operating cash flow of €35.3 million and manageable capital expenditures indicate operational stability. Investors should weigh Haulotte’s established market position against sector competition and macroeconomic risks affecting industrial demand.

Competitive Analysis

Haulotte Group SA competes in the global lifting equipment market, where differentiation hinges on product innovation, service quality, and geographic reach. The company’s competitive advantages include its long-standing industry presence, diversified product portfolio, and strong rental and after-sales services. However, Haulotte faces intense competition from larger multinational players with greater financial resources and broader distribution networks. Its focus on niche applications, such as military and airport operations, provides some insulation from mass-market competition. The company’s reliance on European markets (a significant revenue source) exposes it to regional economic fluctuations. While Haulotte’s €76.5 million market cap is modest compared to industry giants, its specialization in high-margin rental and service segments offers resilience. To maintain competitiveness, Haulotte must continue investing in R&D for energy-efficient and smart equipment while expanding in high-growth regions like Asia Pacific and North America.

Major Competitors

• Terex Corporation (TEX): Terex is a global leader in lifting and material handling solutions, with a broader product range and stronger North American presence than Haulotte. Its financial scale (market cap ~$3.8 billion) allows for greater R&D and acquisitions. However, Terex’s focus on heavy machinery may limit agility in niche segments where Haulotte competes.
• Hochtief AG (HEI.DE): Hochtief, a German construction and engineering firm, competes indirectly via its equipment rental services. Its larger infrastructure projects give it economies of scale, but it lacks Haulotte’s specialization in lifting equipment. Hochtief’s diversified operations reduce reliance on equipment sales alone.
• Oshkosh Corporation (JLG Industries) (JLG): Oshkosh’s JLG unit is a dominant player in aerial work platforms, directly competing with Haulotte. JLG’s strong brand and extensive dealer network in the US overshadow Haulotte’s presence. However, Haulotte’s European base and rental services provide regional advantages.
• Speedy Hire Plc (0QXR.L): Speedy Hire is a UK-based equipment rental firm, competing in Haulotte’s service segment. Its focus on rental-only models contrasts with Haulotte’s hybrid sales-and-rental approach. Speedy’s local market dominance in the UK challenges Haulotte’s growth in the region.