Haulotte (PIG FP) France

Industrials

Bleak outlook for this small, family-owned, material lifting equipment specialist - profits to remain well below pre-Covid levels for the next two years (violent price / cost squeeze), but the biggest problem the company faces is that it is sub-scale with margins under constant pressure. Debt levels are also worryingly high. The best that shareholders can hope for is that a larger peer (e.g. Manitou) comes calling, but would the 78-year old President and his son be prepared to lose their power to create value?

- 10 December, 2021