Halma (AO) | Buy | FY results firs take: strong 2026, solid start to 2027

研报英文原文证据摘录

Halma (AO) | Buy | FY results firs take: strong 2026, solid start to 2027

Halma Buy | Target Price: 5060p

Company description Management

Halma is a global technology group focused on critical products and services. Marc Ronchetti, Group Chief Executive

The Safety division provides technologies including fire detection and Carole Cran, Chief Financial Officer

suppression systems, public space safety solutions, and elevator safety. The

Key shareholdersEnvironmental & Analysis segment offers tools to monitor air, water, and food Free float 98.25%

quality, as well as instruments for material analysis. The Healthcare division BlackRock Institutional Trust Company 6.39%

delivers a range of medical devices and technologies for procedures, disease The Vanguard Group 3.03%

diagnosis, and treatment. Norges Bank Investment Mgmt 1.80%

Investment case Valuation methodology

Specialised products and services tailored to niche end-markets We value Halma using a blended DCF and relative valuation

with high demands for reliability and certification, supporting a multiples methodology.

structurally strong market position and robust pricing power, Our DCF model implies a FY 2027E P/E multiple of c. 36x, slightly

with exposure to end-markets that have strong long-term above its longer-term(10Y) historical average of c. 30x.

demand prospects. Halma trades at a premium multiple to its peers. Given Halma's

Halma demonstrates strong profitability and a resilient return positive growth outlook, strong profitability and excellent return

profile across the economic cycle, underpinned by a robust profile, this premium is well justified, in our view.

business model and disciplined operational execution. Risks to our rating