2025-06-12-花旗集团-豪迈集团（HLMA）_豪迈股份有限公司（HLMA.L）2025财年业绩超出预期_10页_222kb

报告摘要

Halma PLC FY25 Results & Citi Analysis Summary

Key Highlights

FY25 Performance: Results exceeded market consensus; Organic revenue grew 9% vs. VA expectations of 7.6%; EBITA margin hit 21.6% (vs. Citi/VA consensus 21.4%).
Forward Guidance: FY26 revenue organic growth guidance (high single digits) and EBITA margin target (modestly above 19-23% mid-range) align with expectations.
Conference Call: Scheduled for 8:30 AM UK time.
Valuation: Citi’s Neutral rating with target price of £29 (from EV/EBITDA and M&A roll-up models).
Risks: Neutral outlook due to M&A volatility and valuation timing challenges, though upside cases include growth surprises and potential M&A gains.

Detailed Breakdown

Performance Metrics

Metric	FY25 Actual	Consensus	Variance
Sales (€M)	2,248	2,248*	~1% above
Adj EBIT (€M)	486	486*	~2% above
Adj PBT (€M)	459	458*	~3% above
DPS (p)	23.1	-	~1% below

Financial Forecasts (Consensus)

Year	Sales (M)	PBT (M)	EPS (p)	Dividend Yield (%)	PE (x)	EV/EBITDA (x)
2023A	1,853	361	76.1	0.7	39.7	32.7
2024A	2,034	396	82.1	0.7	36.8	28.3
2025E	2,238	452	93.6	0.8	32.3	25.1
2026E	2,307	472	98.5	0.8	30.6	23.5
2027E	2,441	519	108.3	0.9	27.9	21.3

*: Numbers in text provided; raw data per table headers.

Additional Notes

Strong order backlog and intake drive confidence in starting FY26 well.
Photonics business is a key growth driver for FY26, supported by >5% implied outlook.
Citi expects a slight top-line upgrade to consensus and PBT estimates (~£490M), maintaining a Near-term Neutral stance.
Target price of £29 includes governance for underlying performance and anticipates low-single-digit upgrades.
FX headwinds (estimate: ~-4% due to USD) partially offset organic gains.

Summary Statement

Halma PLC's FY25 results surpassed expectations on both revenue and profitability, bolstering confidence in its FY26 outlook and aligning guidance with consensus. While management highlights encouraging progress and potential for growth drivers, the Neutral rating reflects valuation constraints and market uncertainty. Further upside could emerge from strong US growth or unexpected M&A activities.

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