olivLaw · European equity research
HANZA AB HANZA.ST
Sweden · Nasdaq Stockholm · ISIN SE0005878543 · Vertical: Listed companies from Sweden
HANZA AB is a Swedish industrial group that produces components and systems for customers in electronics and mechanics, with factories in Northern Europe. Its 2025 annual report shows a company now formalising its sustainability reporting under CSRD, which makes its supply chain and related risks more visible to investors and customers. Ownership is concentrated, with a majority shareholder holding a significant share of votes.
At the close of 05 Nov 2026, HANZA AB (HANZA.ST) stock was 152.00 SEK (−4.40% on the day), with market capitalisation 6.9 bn SEK, P/E 28.3 on diluted EPS of 5.38 SEK over the last 12 months, dividend yield 0.53%, beta 0.83, 52-week range 116.40–179.40 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 40.5
- weak (30–45)
- Bollinger (20, 2)
- 151.57 – 173.61
- in the lower half of the band · %B 0.02 · band width 13.6%
- SMA 50 / 200
- 157.30 / 150.71
- mixed trend
- MACD (12, 26, 9)
- -0.27 / 1.03
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −11.2% | −0.6% | −10.6 pp | — |
| 3 months | +15.0% | −4.2% | +19.1 pp | — |
| 6 months | −15.2% | +4.3% | −19.5 pp | — |
| Year to date | +19.5% | +7.5% | +12.0 pp | — |
| 1 year | +20.1% | +9.9% | +10.1 pp | −8.5% |
| 3 years | +117.1% | +49.8% | +67.3 pp | +12.3% |
| 5 years | +359.2% | +42.8% | +316.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 16.1, median 23.6, max 30.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4.1 bn | 4.9 bn | 6.0 bn |
| Revenue YoY | unavailable | +17.1% | +24.2% |
| Net income | 214.0 m | 111.0 m | 246.0 m |
| Net income YoY | unavailable | −48.1% | +121.6% |
| Diluted EPS | 5.31 | 2.54 | 5.38 |
| Diluted EPS YoY | unavailable | −52.2% | +111.8% |
| net % | 5.2% | 2.3% | 4.1% |
| Free cash flow | 31.0 m | 305.0 m | 317.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 490.0 m SEK
- Financial debt
- 1.4 bn SEK
- Net debt
- 954.0 m SEK
- Equity
- 1.8 bn SEK
- Total assets
- 5.3 bn SEK
- Debt / equity
- 0.80x
- Current ratio
- 1.69x
- ROE
- 14.9%
- ROA
- 5.5%
- FCF margin
- 5.3%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.1 bn | 4.9 bn | 6.0 bn | esef· 26 Oct 2026verified |
| Operating income | 327.0 m | 239.0 m | 413.0 m | esef· 26 Oct 2026verified |
| Interest expense | 80.0 m | 114.0 m | 130.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 247.0 m | 125.0 m | 283.0 m | esef· 26 Oct 2026verified |
| Income tax | 33.0 m | 14.0 m | 37.0 m | esef· 26 Oct 2026verified |
| Net income | 214.0 m | 111.0 m | 246.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | 5.31 | 2.54 | 5.38 | esef· 26 Oct 2026verified |
| Dividend per share | — | 1.20 | 0.80 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 340.0 m | 276.0 m | 490.0 m | esef· 26 Oct 2026verified |
| Inventories | 936.0 m | 1.1 bn | 1.3 bn | esef· 26 Oct 2026verified |
| Current assets | 1.5 bn | 1.8 bn | 2.4 bn | esef· 26 Oct 2026verified |
| Goodwill | 387.0 m | 529.0 m | 798.0 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 77.0 m | 135.0 m | 249.0 m | esef· 26 Oct 2026verified |
| Total assets | 2.9 bn | 3.6 bn | 5.3 bn | esef· 26 Oct 2026verified |
| Short-term debt | 86.0 m | 161.0 m | 60.0 m | esef· 26 Oct 2026verified |
| Long-term debt | 326.0 m | 601.0 m | 1.4 bn | esef· 26 Oct 2026verified |
| Current liabilities | 985.0 m | 1.2 bn | 1.4 bn | esef· 26 Oct 2026verified |
| Equity | 1.3 bn | 1.5 bn | 1.8 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 39.9 m | 43.5 m | 45.6 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 277.0 m | 569.0 m | 517.0 m | esef· 26 Oct 2026verified |
| Capex | 246.0 m | 264.0 m | 200.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 31.0 m ≈ | 305.0 m ≈ | 317.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -295.0 m | -632.0 m | -567.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | 217.0 m | -12.0 m | 272.0 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 6.9 bn SEK
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.2% | 61 (vs peers) | 20% |
| Net margin · Quality | 4.1% | 47 (vs peers) | 12% |
| FCF conversion · Quality | 128.9% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.2x | 26 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.7x | 74 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 28.3x | 42 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.6% | 57 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet45/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality68/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation49/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HANZA AB (HANZA.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 6.0 bn SEK in 2025; YoY growth 24.2%; net margin 4.1%; ROE 14.9%.
The estimated value range is 94.82–168.70 SEK per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 120.52 SEK, the price of 152.00 SEK leaves a potential of -20.7% (value / price − 1) and a margin of safety of -26.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 128.9%
- Current ratio: 1.7x
What contradicts it
- Interest coverage: 3.2x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| HANZA.STHanza Ab | 6.9 bn | 28.3 | 14.9% | 4.1% | +24.2% | +29% / +84% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
1- and 3-year price returns: for HANZA.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 99.70 Total return -34% · Per year -34% | 175.45 Total return 16% · Per year 16% | 263.17 Total return 74% · Per year 74% |
| 3 years | 118.26 Total return -21% · Per year -7% | 232.03 Total return 55% · Per year 16% | 378.97 Total return 152% · Per year 36% |
| 5 years | 140.27 Total return -5% · Per year -1% | 306.86 Total return 106% · Per year 16% | 545.72 Total return 264% · Per year 30% |
- Exit P/E± 58.01
- Net margin± 40.61
- Annual revenue growth± 30.28
- Annual dilution± 3.41
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
HANZA AB is a Swedish industrial group that produces components and systems for customers in electronics and mechanics, with factories in Northern Europe. Its 2025 annual report shows a company now formalising its sustainability reporting under CSRD, which makes its supply chain and related risks more visible to investors and customers. Ownership is concentrated, with a majority shareholder holding a significant share of votes.
SWOT
Strengths
- An integrated production structure with capabilities in electronics and mechanics, and a management team with broad industrial experience.
- The ability to offer recycled and green materials in mechanics, which can support relationships with sustainability-minded customers.
- Structured sustainability reporting under CSRD, which could ease dialogue with customers and investors.
Weaknesses
- Dependence on a few large customers, with customer concentration named explicitly in the risk assessment.
- The high share of materials in production cost makes margins sensitive to metal and component prices.
- No separate internal audit function; the company relies on internal review under management and audit committee oversight.
Opportunities
- Rising customer demand for sustainable materials could generate new projects and more durable commercial relationships.
- Investment in employee training could raise production efficiency and attractiveness to customers.
- Production close to customers, especially in Northern Europe, could reduce transport emissions and improve delivery times.
Threats
- Higher costs for hazardous waste handling if regulation tightens.
- Supply chain risks, including human rights violations at suppliers in high-risk regions.
- Price competition and customers' sustainability demands could compress profit margins.
Risks
- Customer dependencehigh
Customer relationships largely determine sales, and losing a major customer could significantly affect revenue.
- Supply chainhigh
Problems at suppliers or sub-suppliers, including human rights issues, could create compliance costs and production interruptions.
- Material costsmedium
Materials make up a large part of production cost, and price fluctuations could affect margins.
- Information securitymedium
A cybersecurity incident could damage customer trust and could lead to production stoppages.
- Hazardous wastelow
Stricter rules on hazardous waste could raise operating costs.
Investment thesis
What would need to be true (bull case)
- If customers keep asking for greener materials and verifiable sustainability data, HANZA could benefit from more stable commercial relationships. Combining electronics and mechanics may support this positioning.
- CSRD reporting could become a competitive advantage if large customers require it in their procurement processes.
- Investment in staff training could ease recruitment difficulties and support growth in production capacity.
What would break the thesis
- If a major customer reduces orders, revenue could fall quickly, and a fixed cost structure could amplify the effect.
- Fluctuations in material prices, which make up a large part of cost, could compress margins if they cannot be passed on to customers.
- Rising compliance and reporting requirements could add administrative costs and reduce operational flexibility.
What to watch
- Development of relationships with main customers and order volumes2027
- Material costs and their effect on margins in electronics and mechanicsQ1 2027
- Implementation of climate and waste measures as described in the sustainability reportnext 10-K
- Progress on staff training and on easing recruitment difficulties2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the annual report for the year ended 31 December 2025, HANZA operates in manufacturing for industrial customers, with a focus on electronics and mechanics. Input materials make up a material part of production cost: between 60 and 70 percent in electronics and between 40 and 50 percent in mechanics 1. The company works with factories in Northern Europe, where most of its production staff are also based.
Segments
Market context
The report does not offer a detailed market analysis, but it describes customers as serving industries that increasingly demand data, more sustainable materials and production close to the customer 1. Dependence on customer requirements and the business cycle is explicitly named as a risk factor 1. On this basis, demand for industrial components could be shaped by the economic cycle and by customers' supplier policies.
Trends
- Reporting and sustainability requirementsmixed
CSRD and ESRS requirements push the company toward more detailed reporting of its environmental impact and supply chain. For customers who ask for verifiable data this could become an advantage, but it also adds administrative work.
- Pressure for greener materialstailwind
Customers increasingly ask for recycled and green materials, and HANZA says it can offer such solutions, especially in mechanics. This could support more stable commercial relationships if the offer proves competitive.
- Compliance and waste costsheadwind
Tighter legal requirements on hazardous waste handling could raise the company's costs. The report names this as a medium-term risk.
- Workforce skillsmixed
Attracting and keeping qualified staff remains a challenge, and the report links this to production capacity and business opportunities. Training investment can partly offset this pressure.
Competitive position
The annual report names competition as a risk factor without naming competitors. Competition likely plays out on price, quality and the ability to meet customers' sustainability requirements. The source provided gives no comparative data on other manufacturers.
- Regional industrial component suppliers
The report does not identify specific competitors; the source does not allow a list of listed firms.
- Contract manufacturers in Europe
Mentioned only generically; the source gives no data on these companies.
- Asian electronics manufacturers
Possible price competition, not explicitly identified in the report.
- Precision mechanics manufacturers
Competition in the mechanics segment, not explicitly identified in the report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / HANZA AB · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.