Alimak Group AB (publ) (ALIG.ST) | Investment Case

1. Company Snapshot

1.a. Company Description

Alimak Group AB (publ) provides vertical access solutions in Europe, Asia, Australia, South and North America, and internationally.The company operates through four segments: BMU, Construction, Industrial, and Wind.The company develops, manufactures, sells, services, and rents construction hoists and platforms for temporary use in construction and renovation projects; sells used construction products; and provides assembly, disassembly, maintenance, operating assistance, transportation, and insurance services.

It also offers installed rack-and-pinion and traction elevators used in ports, power, cement, marine, and oil and gas segments for maintenance and accessibility; service solutions, such as package, preventive maintenance and repair, inspection, refurbishment, and customer training services, as well as genuine replacement parts; and permanently installed equipment and systems that enable regular access to the building maintenance units.In addition, the company provides vertical access solutions and safety products; and service lifts, vertical ladders, and fall protection systems.It offers its products and services under the Alimak, CoxGomyl, Manntech, Avanti, and Alimak Service brand names.

Alimak Group AB (publ) was founded in 1948 and is headquartered in Stockholm, Sweden.

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1.b. Last Insights on ALIG

Alimak Group AB (publ) faced challenges over the recent 3 months, largely attributed to the broader European market's cautious stance amid easing trade tensions and potential US interest rate cuts. Despite the STOXX Europe 600 Index showing resilience with a 1.68% rise, small-cap stocks like Alimak navigated a complex landscape. With no recent earnings release or announcements on share buybacks, the company's short-term prospects may be influenced by evolving business conditions, including strong business activity and consumer confidence in the eurozone.

1.c. Company Highlights

Last Price	146.2
Change Percentage	0.97%
Open	145.4
Previous Close	144.8
Market Cap ( Millions)	15472
Volume	66414
Year High	173.6
Year Low	107.8
M A 50	146.45
M A 200	144.98

FCF Yield	5.84%
Dividend Yield	2.05%
ROE	9.47%
Debt / Equity	50.17%
Net Debt / EBIDTA	181.50%
Price To Book	2.13
Price Earnings Ratio	22.26
Price To FCF	17.12
Price To sales	2.21
EV / EBITDA	12.54

2. Transcript Summary

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3. NewsRoom

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Alimak Group AB (FRA:2GP) Q2 2025 Earnings Call Highlights: Record Margins and Strategic Growth ...

Jul -19

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.90%)

6. Segments

Facade Access

Expected Growth: 1.8%

Facade Access from Alimak Group AB (publ) achieves 1.8% growth driven by increasing urbanization, infrastructure development, and construction projects. Rising demand for high-rise buildings and renovation of existing structures fuels the need for facade access solutions. Additionally, stringent safety regulations and growing focus on sustainability contribute to the segment's growth.

Construction

Expected Growth: 2.2%

Alimak Group AB's 2.2% growth in Construction is driven by increasing demand for vertical access solutions in high-rise buildings, infrastructure projects, and urbanization. Additionally, the company's focus on innovation, product diversification, and strategic acquisitions have contributed to its growth. Furthermore, the growing need for sustainable and energy-efficient construction practices has also boosted demand for Alimak's eco-friendly solutions.

Height Safety & Productivity Solutions Division

Expected Growth: 1.9%

The 1.9% growth in Height Safety & Productivity Solutions Division is driven by increasing demand for vertical access solutions in the construction and industrial sectors, coupled with Alimak's strategic expansion into new markets and geographies, as well as its focus on innovative product development and customer-centric services.

Industrial

Expected Growth: 1.7%

Alimak Group AB's Industrial segment growth of 1.7% is driven by increasing demand for vertical access solutions in the construction and infrastructure industries, coupled with a growing need for maintenance and refurbishment services. Additionally, the company's strategic focus on product innovation and expansion into new geographic markets also contribute to the segment's growth.

Wind

Expected Growth: 2.1%

Alimak Group AB's 2.1% growth in Wind segment is driven by increasing demand for renewable energy, government incentives for wind power adoption, and the company's strategic expansion into emerging markets. Additionally, Alimak's innovative product offerings and strong relationships with major wind turbine manufacturers have contributed to its growth momentum.

Interdivision Elimination

Expected Growth: 0.0%

Alimak Group AB (publ) reports 0.0% growth in Interdivision Elimination, indicating a neutral impact on consolidated financials. This is driven by offsetting effects of internal transactions, with no significant changes in intercompany sales or purchases, resulting in a zero net effect on the group's overall performance.

7. Detailed Products

Alimak Elevators

Vertical access solutions for construction, industrial and maintenance applications

Alimak Service

Maintenance, repair, and modernization services for elevators and lifting equipment

Alimak Aftermarket

Spare parts, components, and accessories for elevators and lifting equipment

Alimak Construction Hoists

Temporary vertical transportation solutions for construction sites

Alimak Industrial Elevators

Customized elevator solutions for industrial applications

Alimak Wind Industry Solutions

Elevator and lifting solutions for the wind energy industry

8. Alimak Group AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Alimak Group AB (publ) operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the increasing competition from alternative access solutions.

Bargaining Power Of Customers

Alimak Group AB (publ) has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are often customized, making it difficult for customers to switch suppliers.

Bargaining Power Of Suppliers

Alimak Group AB (publ) has a moderate level of dependence on its suppliers, particularly for specialized components. However, the company's long-term relationships with suppliers mitigate the bargaining power of suppliers.

Threat Of New Entrants

The access industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This limits the threat of new entrants and provides a competitive advantage to established players like Alimak Group AB (publ).

Intensity Of Rivalry

The access industry is highly competitive, with several established players competing for market share. Alimak Group AB (publ) faces intense competition from rivals, which can lead to pricing pressure and reduced market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	34.72%
Debt Cost	10.25%
Equity Weight	65.28%
Equity Cost	10.92%
WACC	10.69%
Leverage	53.18%

11. Quality Control: Alimak Group AB (publ) passed 6 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Jensen-Group

A-Score: 6.1/10

Value: 7.0

Growth: 5.3

Quality: 7.0

Yield: 1.2

Momentum: 9.0

Volatility: 7.0

1-Year Total Return ->

Scanfil

A-Score: 6.0/10

Value: 5.4

Growth: 6.8

Quality: 6.7

Yield: 4.4

Momentum: 8.5

Volatility: 4.3

1-Year Total Return ->

WashTec

A-Score: 5.9/10

Value: 4.1

Growth: 5.0

Quality: 5.7

Yield: 8.1

Momentum: 5.5

Volatility: 7.0

1-Year Total Return ->

Alimak

A-Score: 5.7/10

Value: 4.0

Growth: 5.7

Quality: 6.3

Yield: 5.0

Momentum: 7.5

Volatility: 6.0

1-Year Total Return ->

Stemmer Imaging

A-Score: 4.7/10

Value: 1.1

Growth: 8.0

Quality: 5.3

Yield: 3.8

Momentum: 6.0

Volatility: 4.0

1-Year Total Return ->

DEUTZ

A-Score: 4.4/10

Value: 4.7

Growth: 3.1

Quality: 3.0

Yield: 4.4

Momentum: 9.5

Volatility: 1.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

7.28%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

10.69%

Alimak Group AB (publ) - SE0007158910

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on ALIG

1.c. Company Highlights

Stable Momentum

Average Quality

Average Growth

Earnings Beats

Revenues Beats

Earnings Miss

Strong Momentum

Fairly Valued

Revenues Miss

Average Yield

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.90%)

6. Segments

Facade Access

Expected Growth: 1.8%

Construction

Expected Growth: 2.2%

Height Safety & Productivity Solutions Division

Expected Growth: 1.9%

Industrial

Expected Growth: 1.7%

Wind

Expected Growth: 2.1%

Interdivision Elimination

Expected Growth: 0.0%

7. Detailed Products

Alimak Elevators

Alimak Service

Alimak Aftermarket

Alimak Construction Hoists

Alimak Industrial Elevators

Alimak Wind Industry Solutions

8. Alimak Group AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Alimak Group AB (publ) passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

146.2$

Current Price

146.2$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA