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olivLaw · European equity research

Herkules S.A. HRS.WA

Poland · GPW Warszawa · ISIN PLZRWZW00012 · Vertical: Listed companies from Poland

1.69PLN−3.15% · 1 dayClose 05 Nov 2026

Herkules S.A. is a Polish group offering crane and heavy transport services, active in construction and infrastructure. In 2023 the group entered a restructuring procedure, and equity fell sharply, making financing and business continuity the main points to follow. The primary source for this analysis is the company's 2023 annual report.

At the close of 05 Nov 2026, Herkules S.A. (HRS.WA) stock was 1.69 PLN (−3.15% on the day), with market capitalisation 57.5 m PLN, dividend yield 0.00%, beta 0.29, 52-week range 1.24–2.30 PLN.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
57.5 m PLN
shares as of 31 Dec 2023
P/E (TTM)
unavailable
Diluted EPS TTM -2.09 · TTM to 31 Dec 2023
E/P (TTM)
-123.67%
TTM to 31 Dec 2023
Dividend yield
0.00%
DPS 12m 0.00
Beta (2y)
0.29
Volatility (1y) 69%
52-week range
1.242.30

Price history

Loading chart…

Technical reading

RSI (14)
48.8
neutral
Bollinger (20, 2)
1.47 – 2.27
in the lower half of the band · %B 0.28 · band width 42.9%
SMA 50 / 200
1.54 / 1.43
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.03 / 0.07
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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+17.0%−0.6%+17.6 pp—
3 months+21.1%−4.2%+25.3 pp—
6 months+15.8%+4.3%+11.4 pp—
Year to date+30.0%+7.5%+22.5 pp—
1 year+22.9%+9.9%+13.0 pp+7.1%
3 years+150.0%+49.8%+100.2 pp+3.3%
5 years−8.6%+42.8%−51.5 pp—
Max drawdown (1y)
−28.3%
09 Jun 2026 → 21 Jul 2026
Max drawdown (5y)
−65.9%
08 Nov 2021 → 13 Oct 2022
Compound annual growth (5y)
−1.8%
EURO STOXX 50 +7.4%

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.

Fiscal years

Fiscal year202120222023
Revenue163.6 m157.0 m125.9 m
Revenue YoYunavailable−4.0%−19.8%
Net income655.0 k-6.8 m-71.2 m
Net income YoYunavailable−1,140.6%unavailable
Diluted EPS0.02-0.20-2.09
Diluted EPS YoYunavailable−1,100.0%unavailable
net %0.4%-4.3%-56.5%
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2023 · 31 Dec 2023

Cash
11.1 m PLN
Financial debt
8.8 m PLN
Net debt
-2.3 m PLN
Equity
89.7 m PLN
Total assets
272.3 m PLN
Debt / equity
0.10x
Current ratio
0.41x
ROE
-56.8%
ROA
-24.7%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (PLN)

Margins

Income statement · PLN

Revenue
2021
163.6 m
2022
157.0 m
2023
125.9 m

esef· 01 May 2024verified

Operating income
2021
5.8 m
2022
7.6 m
2023
3.0 m

esef· 01 May 2024verified

Depreciation & amortisation
2021
19.3 m
2022
19.6 m
2023
19.5 m

esef· 01 May 2024verified

EBITDA
2021
25.1 m ≈
2022
27.2 m ≈
2023
22.4 m ≈

esef· 01 May 2024derived

Interest expense
2021
5.6 m
2022
15.5 m
2023
78.5 m

esef· 01 May 2024verified

Pre-tax income
2021
1.9 m
2022
-5.5 m
2023
-69.9 m

esef· 01 May 2024verified

Income tax
2021
1.3 m
2022
1.3 m
2023
1.3 m

esef· 01 May 2024verified

Net income
2021
655.0 k
2022
-6.8 m
2023
-71.2 m

esef· 01 May 2024verified

Diluted EPS
2021
0.02
2022
-0.20
2023
-2.09

esef· 01 May 2024verified

Dividend per share
2021
0.00
2022
0.00
2023
0.00

esef· 01 May 2024derived

Balance sheet · PLN

Cash
2021
10.5 m
2022
4.9 m
2023
11.1 m

esef· 01 May 2024verified

Receivables
2021
37.4 m
2022
39.8 m
2023
32.7 m

esef· 01 May 2024verified

Inventories
2021
10.8 m
2022
7.0 m
2023
4.3 m

esef· 01 May 2024verified

Current assets
2021
107.7 m
2022
57.7 m
2023
52.1 m

esef· 01 May 2024verified

Property, plant & equipment, net
2021
227.6 m
2022
233.8 m
2023
206.8 m

esef· 01 May 2024verified

Goodwill
2021
12.7 m
2022
12.7 m
2023
12.7 m

esef· 01 May 2024verified

Intangibles (excl. goodwill)
2021
350.0 k
2022
194.0 k
2023
67.0 k

esef· 01 May 2024verified

Total assets
2021
349.1 m
2022
305.0 m
2023
272.3 m

esef· 01 May 2024verified

Accounts payable
2021
59.4 m
2022
30.2 m
2023
97.1 m

esef· 01 May 2024verified

Long-term debt
2021
2.9 m
2022
5.1 m
2023
8.8 m

esef· 01 May 2024verified

Current liabilities
2021
124.6 m
2022
73.8 m
2023
128.0 m

esef· 01 May 2024verified

Total liabilities
2021
195.2 m
2022
144.1 m
2023
182.5 m

esef· 01 May 2024verified

Equity
2021
153.8 m
2022
160.9 m
2023
89.7 m

esef· 01 May 2024verified

Shares outstanding at year end
2021
32.8 m
2022
34.1 m
2023
34.0 m

esef· 01 May 2024derived

Cash flow · PLN

Operating cash flow
2021
-4.7 m
2022
28.5 m
2023
30.0 m

esef· 01 May 2024verified

Investing cash flow
2021
1.2 m
2022
-6.6 m
2023
6.4 m

esef· 01 May 2024verified

Financing cash flow
2021
-19.2 m
2022
-23.4 m
2023
-30.2 m

esef· 01 May 2024verified

Dividends paid
2021
0
2022
0
2023
0

esef· 01 May 2024verified

Share repurchases
2021
0
2022
0
2023
0

esef· 01 May 2024verified

Computed indicators

Growth

Revenue growth (YoY)
-19.8%
computed by olivLawFY 2023
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-60.8%
computed by olivLawFY 2023
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
17.8%
computed by olivLawFY 2023
EBIT margin
2.4%
computed by olivLawFY 2023
Net margin
-56.5%
computed by olivLawFY 2023
FCF margin
unavailable
input data missing

Returns

ROE
-56.8%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROA
-24.7%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROIC
2.0%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROCE
2.1%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Payout ratio (EPS)
unavailable
insufficient data
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-2.3 m PLN
computed by olivLawbalance sheet at 31 Dec 2023
Net debt / EBITDA
-0.1x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Debt / equity
0.1x
computed by olivLawbalance sheet at 31 Dec 2023
Interest coverage
0.0x
computed by olivLawFY 2023

Liquidity

Current ratio
0.4x
computed by olivLawbalance sheet at 31 Dec 2023
Quick ratio
0.4x
computed by olivLawbalance sheet at 31 Dec 2023
Cash ratio
0.1x
computed by olivLawbalance sheet at 31 Dec 2023

Cash

Operating cash flow
30.0 m PLN
computed by olivLawFY 2023
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
133.8%
computed by olivLawFY 2023

Efficiency

Days sales outstanding
105 days
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
57.5 m PLN
computed by olivLawbalance sheet at 31 Dec 2023
Enterprise value
55.2 m PLN
computed by olivLawbalance sheet at 31 Dec 2023
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-123.7%
computed by olivLawFY 2023
P/B
0.6x
computed by olivLawbalance sheet at 31 Dec 2023
P/S
0.5x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
EV/EBITDA
2.5x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
EV/EBIT
18.5x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
EV/Sales
0.4x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
0.0%
computed by olivLawFY 2023
Shareholder yield (distributions)
0.0%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 54.2% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.69 PLN

05 Nov 2026Source: olivLaw, closing series

Market cap: 57.5 m PLN

Key indicators

Market capitalisation
57.5 m PLN
computed by olivLawbalance sheet at 31 Dec 2023
P/E (TTM)
unavailable
insufficient data
P/B
0.6x
computed by olivLawbalance sheet at 31 Dec 2023
EV/EBITDA
2.5x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROE
-56.8%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Net margin
-56.5%
computed by olivLawFY 2023
Revenue growth (YoY)
-19.8%
computed by olivLawFY 2023
Dividend yield
0.0%
computed by olivLawFY 2023

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2023
Latest reported period: 31 Dec 2023
Latest balance sheet date: 31 Dec 2023
Share count (cover of the latest filing), as of: 31 Dec 2023
Source: esefpublished 01 May 2024
verified 91derived 6

The data is older than the freshness threshold.

Score by group

54% · 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: 54.2% of at least 60%; valuation methods computed: 0 of at least 1

    FactorValueScoreWeight used
    ROIC · Quality2.0%7 (vs peers)19%
    Net margin · Quality-56.5%8 (vs peers)12%
    FCF conversion · Qualityunavailableunavailable—
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheet-0.1x100 (on a fixed band)19%
    Interest coverage · Balance sheet0.0x0 (on a fixed band)12%
    Current ratio · Balance sheet0.4x0 (on a fixed band)8%
    P/E (TTM) · Valuationunavailableunavailable—
    EV/EBITDA · Valuation2.5x100 (on a fixed band)19%
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returns0.0%0 (on a fixed band)12%
    Payout ratio (FCF) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet50/100 · 3/3 factors with a value
    • Growth· partialunavailable · 0/2 factors with a value
    • Quality7/100 · 2/3 factors with a value
    • Returns· partial0/100 · 1/2 factors with a value
    • Valuation· partial100/100 · 1/3 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

    Herkules spółka akcyjna (HRS.WA). Latest full fiscal year: 2023; data up to 2023-12-31.

    Figures computed from the financial statements: revenue 125.9 m PLN in 2023; YoY growth -19.8%; net margin -56.5%; ROE -56.8%; net debt/EBITDA -0.1x.

    Valuation cannot be computed from the available data.

    Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%; valuation methods computed: 0 of at least 1).

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • Net debt / EBITDA: -0.1x
    • EV/EBITDA: 2.5x

    What contradicts it

    • ROIC: 2.0%
    • Net margin: -56.5%
    • Interest coverage: 0.0x
    • Current ratio: 0.4x
    • Shareholder yield (distributions): 0.0%

    Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), FCF yield, Payout ratio (FCF).

    Versus the vertical median

    Listed companies from Poland · same country · compared with 39 companies

    Multiples and returns vs the median

    P/E
    —
    vertical median 12.1x
    EV/EBITDA
    2.5x
    vertical median —
    P/S
    0.5x
    vertical median 1.3x
    below median (−64.3%)
    P/B
    0.6x
    vertical median 1.0x
    below median (−34.5%)
    ROE
    -56.8%
    vertical median 8.9%
    below median (−736.1%)
    Net margin
    -56.5%
    vertical median 2.8%
    below median (−2,103.4%)
    EBIT margin
    2.4%
    vertical median 6.3%
    below median (−62.5%)
    Revenue YoY
    -19.8%
    vertical median 9.9%
    below median (−301.0%)
    Net debt/EBITDA
    -0.1x
    vertical median —
    Dividend yield
    0.0%
    vertical median 3.6%
    below median (−100.0%)

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    BDX.WABudimex Spółka Akcyjna19.3 bn36.141.5%6.2%+8.9%+21% / +36%
    ACP.WAAsseco Poland S.A.19.2 bn38.17.8%2.9%+19.8%+19% / +202%
    BFT.WABenefit Systems Spółka Akcyjna18.1 bn131.120.8%7.2%+99.9%+74% / +221%
    ASE.WAAsseco South Eastern Europe Spółka Akcyjna3.7 bn19.818.1%12.0%+36.5%+7% / +52%
    1AT.WAAtal Spółka Akcyjna2.3 bn6.429.8%22.2%−1.3%+7% / +8%
    ATT.WAGrupa Azoty Spółka Akcyjna1.7 bn—-37.9%-20.8%−45.1%−10% / −22%
    ARH.WAArchicom Spółka Akcyjna1.3 bn12.115.9%22.1%−21.6%+13% / +89%
    ACT.WAAction S.A.997.4 m27.18.3%1.5%+6.1%+70% / +170%
    BRS.WABoryszew Spółka Akcyjna889.2 m8.36.3%1.6%+8.4%−24% / −26%
    AGO.WAAgora Spółka Akcyjna601.9 m—-14.2%-9.2%+15.2%+40% / +21%
    AMB.WAAmbra S.A.468.0 m7.616.4%7.0%+12.9%+5% / −33%
    ATC.WAArctic Paper Spółka Akcyjna357.2 m1.416.3%7.0%−27.5%−38% / −75%
    ATG.WA"atm Grupa Spółka Akcyjna"299.3 m11.18.9%11.6%−22.0%−11% / +3%
    ART.WAArtifex Mundi S.A.226.6 m17.435.7%33.3%+51.9%+46% / +12%
    APN.WAAPLISENS Spółka Akcyjna194.6 m9.511.4%13.8%+21.8%−1% / −21%
    BMC.WABumech Spółka Akcyjna155.7 m—-3.4%-3.9%−40.0%−37% / −49%
    ALI.WAALTUS Spolka Akcyjna153.9 m16.87.9%16.9%+30.3%+34% / +48%
    BBT.WABoomBit Spółka Akcyjna71.4 m4.520.7%6.4%−16.5%−19% / −57%
    HRS.WAHerkules spółka akcyjna57.5 m—-56.8%-56.5%−19.8%+28% / +155%
    BBD.WABbi Development S.A.54.1 m1.136.0%208.3%+50.2%+1% / +9%
    ALG.WAAll in! Games Spółka Akcyjna39.8 m——-156.9%−72.2%−27% / −56%
    BMX.WABioMaxima Spółka Akcyjna37.0 m63.21.2%1.3%−67.5%−29% / −45%
    06N.WAMagna Polonia Spółka Akcyjna31.3 m0.5115.4%964.7%+13.0%−28% / −42%
    BCM.WABETACOM Spółka Akcyjna26.7 m17.68.0%0.9%+21.3%+8% / +4%
    AWM.WAAirway Medix Spółka Akcyjna14.3 m—-25.8%-117,400.0%−97.7%−23% / −43%

    1- and 3-year price returns: for HRS.WA 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.

    Bear
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Base
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Bull
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Nothing is saved.

    Estimated price (PLN)

    Estimated priceBearBaseBull
    1 years
    insufficient data
    Total return unavailable · Per year unavailable
    insufficient data
    Total return unavailable · Per year unavailable
    insufficient data
    Total return unavailable · Per year unavailable
    3 years
    insufficient data
    Total return unavailable · Per year unavailable
    insufficient data
    Total return unavailable · Per year unavailable
    insufficient data
    Total return unavailable · Per year unavailable
    5 years
    insufficient data
    Total return unavailable · Per year unavailable
    insufficient data
    Total return unavailable · Per year unavailable
    insufficient data
    Total return unavailable · Per year unavailable
    What moves the 3-year price the most

      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

      Herkules S.A. is a Polish group offering crane and heavy transport services, active in construction and infrastructure. In 2023 the group entered a restructuring procedure, and equity fell sharply, making financing and business continuity the main points to follow. The primary source for this analysis is the company's 2023 annual report 1.

      SWOT

      Strengths

      • The group has a specialised fleet of cranes and heavy vehicles with planned overhaul programmes.
      • Activity on short contracts allows offers to be adjusted quickly to cost changes.
      • Experience in infrastructure and heavy transport projects is an advantage in tenders.

      Weaknesses

      • Equity fell sharply within one year and the leverage ratio rose.
      • Exposure to the subsidiary Herkules Infrastruktura and to an unprofitable contract generated losses.
      • Access to external financing is limited, which raises liquidity risk.

      Opportunities

      • Public infrastructure investment could generate new demand for cranes and heavy transport.
      • Restructuring debt through extended repayment schedules could stabilise the financial position.
      • Fleet renewal or sale of unused assets could support liquidity.

      Threats

      • If the restructuring procedure fails, business continuity could be called into question.
      • Rising energy, material and labour costs could compress margins.
      • A lower number of projects, especially in tower cranes, could weigh on revenue.

      Risks

      • Liquidity riskhigh

        The group has limited capacity to obtain external financing, and some loans and leases need to be restructured, according to the report 1.

      • Restructuring procedurehigh

        The opening of a restructuring procedure at the parent could affect relations with creditors and clients.

      • Exposure to a troubled subsidiaryhigh

        Receivables from Herkules Infrastruktura are considered at risk of non-payment, and value adjustments have been recognised for them 1.

      • Margin pressuremedium

        Rising production costs might not be fully passed on in existing contract prices.

      • Geopolitical uncertaintylow

        The consequences of the Ukraine conflict for the group's activity cannot be forecast, according to the report 1.

      Investment thesis

      What would need to be true (bull case)

      • If the restructuring succeeds and financing stabilises, the group could benefit from a specialised fleet and infrastructure demand.
      • If public infrastructure projects grow, short-term contract volumes could recover to a higher level.
      • If the group passes cost increases on to clients, margins could gradually recover.

      What would break the thesis

      • If financing remains restricted, the capacity to support new contracts could stay limited.
      • If losses from the troubled subsidiary continue, equity could decline further.
      • If the number of projects stays low, fleet utilisation could remain below expectations.

      What to watch

      • Outcome of the restructuring procedure and agreement with creditors2024
      • Development of exposure to Herkules Infrastruktura and of value adjustments2024
      • Management's proposal on covering the 2023 net loss2024
      • Level of the leverage ratio and development of equitynext annual report

      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

      The Herkules group operates through the parent company Herkules S.A. and subsidiaries, as described in the annual report 1. Activity relies mainly on short and medium-term service contracts, according to the report 1. The fleet of cranes, trucks and semi-trailers forms the main operating assets, and their periodic overhaul is reflected in the accounting policy 1.

      The financial structure is closely tied to the situation of the related company Herkules Infrastruktura Sp. z o.o., which faces problems and took part in a GSMR contract considered highly unprofitable, from which the group withdrew to limit losses 1. Against this background Herkules S.A. opened a restructuring procedure 1.

      At 31.12.2023 equity stood at 89732 thousand zł, compared with 160889 thousand zł a year earlier, and the parent company's net loss for 2023 was -71783 thousand zł 1. Management intends to propose covering the loss from future profits 1.

      Segments

      Cranes and specialised transport

      The core segment includes cranes of all types and heavy transport units that require periodic technical inspections, as the report describes 1. The tower crane division saw fewer projects after the third quarter of 2022 1.

      Infrastructure and public projects

      The group has also been involved in infrastructure projects, including through the subsidiary Herkules Infrastruktura, whose GSMR contract created significant credit exposure 1. The report also mentions possible demand growth in road and rail infrastructure 1.

      Construction and ancillary services

      Besides cranes, the group offers construction and logistics services on short-term contracts, which allows prices to be adjusted quickly as costs rise 1.

      Market context

      The construction market in the group's area of activity was affected by rising material and labour costs and higher interest rates, according to the report 1. Management observes a relative stabilisation of the market towards the end of 2022, but at high price levels and with fewer projects 1.

      Demand in public infrastructure and residential construction is supported by investment in networks and roads, but the report stresses that developments are hard to forecast 1.

      Trends

      • Rising financing costsheadwind

        Higher interest rates and limited access to credit could make it harder to finance the fleet and new projects, according to the report 1.

      • Infrastructure demandtailwind

        Public investment in roads, railways and networks could generate new contracts for cranes and heavy transport 1.

      • Production costsheadwind

        Rising prices of materials, fuel and labour could weigh on margins if they cannot be passed on to clients 1.

      • Geopolitical uncertaintymixed

        The conflict in Ukraine has caused volatility in commodity and financial markets, and its future impact remains hard to estimate 1.

      Competitive position

      Herkules operates in a competitive field of crane rental and heavy transport services, where contracts are usually concluded for the short and medium term 1. Larger competitors with stronger balance sheets may have an advantage in tenders for large projects 1.

      The report does not explicitly name competitors, so the list below reflects only general categories of companies active in the same fields, without attributing specific performance to them.

      • Furmanite (industrial services company)

        Industrial services company that could compete for maintenance and inspection projects.

      • Regional crane rental operators

        Local crane rental firms competing for short-term contracts.

      • General contractors with own fleets

        Construction companies that can secure lifting equipment in-house.

      • Heavy transport operators

        Firms specialising in oversized cargo transport and project logistics.

      News & filings

      In the press

      No news in our archive over the last 180 days.

      Annual reports (ESEF)

      Sources

      1. [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Herkules S.A. · 31 Dec 2023

      Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.