olivLaw · European equity research
HÖEGH AUTOLINERS ASA HAUTO.OL
Norway · Euronext Oslo Børs · ISIN NO0011082075 · Vertical: Listed companies from Norway
Höegh Autoliners operates one of the largest RoRo and PCTC car carrier fleets in the world, with an average vessel capacity above 7500 CEU according to its 2025 annual report. The company is renewing its fleet toward ammonia-capable vessels, a shift that matters now for customers decarbonising their supply chains.
At the close of 06 Nov 2026, HÖEGH AUTOLINERS ASA (HAUTO.OL) stock was 169.60 NOK (−3.31% on the day), with beta 0.20, 52-week range 85.10–193.70 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 33.3
- weak (30–45)
- Bollinger (20, 2)
- 172.59 – 191.09
- below the lower band · %B -0.16 · band width 10.2%
- SMA 50 / 200
- 181.24 / 152.08
- mixed trend
- MACD (12, 26, 9)
- -2.10 / -0.76
- 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 | −4.3% | −0.6% | −3.6 pp | — |
| 3 months | −3.6% | −4.2% | +0.5 pp | — |
| 6 months | +28.5% | +4.3% | +24.2 pp | — |
| Year to date | +73.0% | +7.5% | +65.5 pp | — |
| 1 year | +90.6% | +9.9% | +80.6 pp | −4.7% |
| 3 years | +98.0% | +49.8% | +48.2 pp | +12.7% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.4 bn | 1.4 bn | 1.4 bn |
| Revenue YoY | unavailable | −5.2% | +4.0% |
| Net income | 589.6 m | 619.5 m | 513.5 m |
| Net income YoY | unavailable | +5.1% | −17.1% |
| Diluted EPS | 3.07 | 3.24 | 2.69 |
| Diluted EPS YoY | unavailable | +5.5% | −17.0% |
| net % | 40.8% | 45.2% | 36.0% |
| Free cash flow | 568.0 m | 290.8 m | 300.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 299.5 m USD
- Financial debt
- 913.2 m USD
- Net debt
- 613.7 m USD
- Equity
- 1.3 bn USD
- Total assets
- 2.3 bn USD
- Debt / equity
- 0.72x
- Current ratio
- 2.50x
- ROE
- 41.9%
- ROA
- 23.1%
- FCF margin
- 21.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.4 bn | 1.4 bn | 1.4 bn | esef· 21 Oct 2026verified |
| Operating income | 626.5 m | 613.5 m | 550.3 m | esef· 21 Oct 2026verified |
| Pre-tax income | 597.9 m | 583.9 m | 515.6 m | esef· 21 Oct 2026verified |
| Income tax | 8.3 m | -35.6 m | 2.1 m | esef· 21 Oct 2026verified |
| Net income | 589.6 m | 619.5 m | 513.5 m | esef· 21 Oct 2026verified |
| Diluted EPS | 3.07 | 3.24 | 2.69 | esef· 21 Oct 2026verified |
| Dividend per share | 1.26 | 4.41 | 2.17 | esef· 21 Oct 2026derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 458.3 m | 207.9 m | 299.5 m | esef· 21 Oct 2026verified |
| Current assets | 593.2 m | 351.7 m | 466.8 m | esef· 21 Oct 2026verified |
| Total assets | 2.1 bn | 2.1 bn | 2.3 bn | esef· 21 Oct 2026verified |
| Short-term debt | 49.6 m | 46.3 m | 56.1 m | esef· 21 Oct 2026verified |
| Long-term debt | 296.2 m | 661.5 m | 857.1 m | esef· 21 Oct 2026verified |
| Current liabilities | 229.3 m | 207.4 m | 186.4 m | esef· 21 Oct 2026verified |
| Equity | 1.4 bn | 1.2 bn | 1.3 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 190.8 m | 190.6 m | 190.9 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 746.3 m | 707.7 m | 583.5 m | esef· 21 Oct 2026verified |
| Capex | 178.2 m | 416.9 m | 282.8 m | esef· 21 Oct 2026verified |
| Free cash flow | 568.0 m ≈ | 290.8 m ≈ | 300.7 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -102.7 m | -280.3 m | -166.8 m | esef· 21 Oct 2026verified |
| Financing cash flow | -368.8 m | -676.6 m | -330.4 m | esef· 21 Oct 2026verified |
| Dividends paid | 241.0 m | 841.0 m | 415.0 m | esef· 21 Oct 2026verified |
| Share repurchases | 0 | 3.9 m | 984.0 k | esef· 21 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
- indicators available: 5 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
31% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 24.63 – 84.98 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E24.63 – 84.98 (Mid 53.15)19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6xABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
- Dividend discount (DDM)28.57 – 38.42 (Mid 32.77)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 30.7% | 86 (vs peers) | 33% |
| Net margin · Quality | 36.0% | 97 (vs peers) | 20% |
| FCF conversion · Quality | 58.6% | 41 (on a fixed band) | 20% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 138.0% | 0 (on a fixed band) | 13% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality77/100 · 3/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
HÖEGH AUTOLINERS ASA (HAUTO.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.4 bn USD in 2025; YoY growth 4.0%; net margin 36.0%; ROE 41.9%.
The estimated value range is 26.60–61.70 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 30.7%
- Net margin: 36.0%
- Current ratio: 2.5x
What contradicts it
- Payout ratio (FCF): 138.0%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Norway · 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 | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for HAUTO.OL 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
Scenarios are not available. input data missing
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
Höegh Autoliners operates one of the largest RoRo and PCTC car carrier fleets in the world, with an average vessel capacity above 7500 CEU according to its 2025 annual report. The company is renewing its fleet toward ammonia-capable vessels, a shift that matters now for customers decarbonising their supply chains 1.
SWOT
Strengths
- The company operates one of the most efficient PCTC fleets and has the largest average vessel size in the industry, supporting economies of scale.
- A stable ownership structure with one principal shareholder gives long-term strategic continuity.
- The quarterly dividend policy has been backed by operating cash generation, with significant distributions to shareholders.
Weaknesses
- Dependence on a relatively small number of routes and a specialised segment makes the company sensitive to changes in the automotive industry.
- The share price was volatile in 2025, with sharp declines on tariff and port fee announcements.
- Large investments in new alternative-fuel vessels create pressure on liquidity and on the dividend policy.
Opportunities
- Customer demand for low-emission transport could bring long-term contracts for Aurora Class vessels.
- Delivery of the first ammonia-powered vessels could strengthen the company's position as a leader in shipping decarbonisation.
- Expanding routes and flexible services could attract new automotive and equipment transport customers.
Threats
- USTR port fees and trade tariffs can reduce route profitability and affect demand.
- Competition from other PCTC operators and companies with newer fleets could pressure pricing.
- Geopolitical changes and emission rules may alter costs and transport routes.
Risks
- USTR port feeshigh
USTR port fees caused a sharp share price decline in 2025, and their reintroduction after the suspension could affect revenues.
- Dependence on the automotive marketmedium
Revenues depend on car transport volumes, which are sensitive to automotive industry cycles and international trade.
- Ammonia vessel investmentsmedium
The Aurora Class programme and ammonia technology involve large investments and technical or delivery risks that could delay planned benefits.
- Dividend policymedium
The new dividend policy, based on cash above a minimum balance, makes distributions less predictable for shareholders.
- Shareholder concentrationlow
A principal shareholder holds a large stake, which can limit liquidity and influence decisions relative to minority holders.
Investment thesis
What would need to be true (bull case)
- If demand for low-emission transport grows, the modern Aurora Class fleet could provide lasting competitive advantages.
- The large average vessel size and operating efficiency could support solid margins even under tariff pressure.
- The dividend track record and distribution policy may attract investors focused on long-term income.
What would break the thesis
- If port fees or trade tariffs return, revenues could fall and share price volatility could increase.
- If investments in new vessels are delayed or cost more, the financial benefits could be postponed.
- If Chinese exports slow, demand for car transport could weaken quickly.
What to watch
- Quarterly results and company guidanceQ1 2026
- Delivery of further Aurora Class vessels2026-2027
- Evolution of USTR port fees after the one-year suspension2026
- Application of the new dividend policy and level of distributionsnext 10-K
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
Höegh Autoliners is a shipping company specialised in transporting cars and rolling cargo on deep sea routes (PCTC). At the end of 2025 it operated a fleet of about 40 vessels, most of them owned and one on long-term charter 1. The company is listed on the Oslo Stock Exchange under the ticker HAUTO 1.
Segments
PCTC transport with Aurora Class vessels
The Aurora Class, described as the largest and most environmentally friendly PCTC ever built, is being delivered, with vessels delivered in 2024 and 2025 and more scheduled for 2026-2027 1. The company presents this class as a step toward net zero in vessel operations by 2040 1.
Market context
Trends
- Decarbonisation of shippingtailwind
Automotive customers and their supply chains increasingly ask for low-emission transport, and the company invests in alternative-fuel vessels including ammonia 1. This could attract long-term contracts if demand for green transport grows.
- Port fees and trade tariffsheadwind
USTR port fees and waves of tariffs caused sharp share price declines in 2025, and a one-year suspension of the fees helped the shares recover toward year end 1. If such measures return, revenues and share value could be affected.
- Strong Chinese export growthmixed
Strong exports from China kept the market tight in 2025, supporting demand for the company's capacity 1. Whether this continues depends on trade policy and global economic conditions.
- Emission regulationmixed
Shipping emission requirements raise pressure on older fleets and favour newer, efficient vessels, an advantage the company uses in its newbuilding programme 1. Adaptation costs may be high for operators with older ships.
Competitive position
The company competes with other PCTC and RoRo operators serving the same deep sea routes and automotive customers. Its stated advantage is average vessel size, which allows economies of scale and lower cost per unit transported 1. Direct comparisons depend on each competitor's fleet and routes, which the analysed source does not detail.
- Wallenius Wilhelmsen
Global PCTC and RoRo operator and direct competitor on deep sea car transport routes; not US-listed, so symbol is null.
- Eukor Car Carriers
South Korean car carrier operator active on similar routes; not US-listed.
- NYK Line
Japanese shipping company with a car transport division competing on PCTC routes; not US-listed.
- Grimaldi Group
Italian RoRo and PCTC operator competing on European and transatlantic routes; not US-listed.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / HÖEGH AUTOLINERS ASA · 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.