# Hoegh Autoliners ASA (HAUTO.OL)

Canonical: https://gigainvestors.com/s/HAUTO.OL

Analysis as of: 2026-10-16T07:38:15.318Z. Financial observations: FY2018–FY2025.

Listing currency: NOK. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: NOK 187.70 per share; close as of 2026-10-15.

Estimated value: low NOK 199.22 per share, central NOK 225.46 per share, high NOK 260.40 per share. Buy at or below the central value NOK 225.46 per share. Valuation as of 2026-10-16T07:38:15.318Z; scenarios are not confidence intervals.

Expected annual return: 11.5% at the stated quote. About 11.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NO 10-year bond 4.5% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 3

- Years with a net loss: 3

- Operating margin variation: 0.81×

Chart: Operating margin; fiscal year observations.

- FY2018: -0.01×

- FY2019: 0.04×

- FY2020: 0.03×

- FY2021: 0.17×

- FY2022: 0.25×

- FY2023: 0.43×

- FY2024: 0.45×

- FY2025: 0.39×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 16.6%

- ROIC, second-lowest year: 1.4%

- Typical minus recent gross margin: -9.4 pp

- Typical gross margin (annual median): 30.8%

- Recent gross margin (lower of latest and 3-year median): 40.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.3%

- ROIC including acquisitions, ten-year median: 15.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: -0.6%

- FY2019: 1.9%

- FY2020: 1.4%

- FY2021: 12.4%

- FY2022: 20.7%

- FY2023: 42.2%

- FY2024: 34.9%

- FY2025: 28.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.82×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.8B

- Net income, five-year total: $2.1B

- Return on incremental invested capital: 1724.9%

- Working capital / revenue, annual change: -0.4 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.45×

- FY2022: 0.86×

- FY2023: 0.94×

- FY2024: 0.55×

- FY2025: 0.82×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 1.4% vs 34.9%

- Per-share earnings: -0.47 to 3.07 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 8.0%

- Diluted shares, 5-year annual growth: 8.0%

- Per-share value change: $3.54

- Per-share value, starting three-year median: -$0.47

- Per-share value, ending three-year median: $3.07

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.1%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 1.4%

- ROIC, last three-year median: 34.9%

Chart: Earnings per share; fiscal year observations.

- FY2018: -$0.48

- FY2019: -$0.47

- FY2020: -$0.14

- FY2021: $0.81

- FY2022: $1.56

- FY2023: $3.07

- FY2024: $3.24

- FY2025: $2.69

### accounting: pass

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.14×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -5.1%

- FY2019: -13.5%

- FY2020: -10.7%

- FY2021: -2.9%

- FY2022: -6.1%

- FY2023: -7.6%

- FY2024: -4.2%

- FY2025: -3.0%

## Holders

## Price story

Price needs cash profits to shrink 1.5% a year for ten years · sales +4%

Story as of 2026-10-16T10:00:09.824Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.5% a year for ten years

### Sales · FY2024–2025

sales +4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: $1.1B 

- FY2019: $922M 

- FY2020: $737M 

- FY2021: $947M 

- FY2022: $1.3B 

- FY2023: $1.4B 

- FY2024: $1.4B 

- FY2025: $1.4B 

### Gross margin · FY2025

gross margin 45.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 9.5% 

- FY2019: 25.0% 

- FY2020: 24.6% 

- FY2021: 23.1% 

- FY2022: 36.5% 

- FY2023: 38.8% 

- FY2024: 40.2% 

- FY2025: 45.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in marine shipping; annual sales are USD 1.4 billion.

- Source: https://eodhd.com/api/fundamentals/HAUTO.OL.json#2025-12-31 (filed 2026-10-16T07:38:15.318Z); FY2025: revenue 1425512000; grossProfit 644657000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HAUTO.OL: Höegh Autoliners ASA provides ocean transportation services within the roll-on roll-off (RoRo) segment for the deep sea and short sea markets in Norway. It operates through two segments, Shipping Services and Logistics Services. The company offers ocean cargo transportation for automobiles; breakbulk; trucks, buses, and trailers; railcars and tramways; mining equipment; agricultural machinery; machinery shipping; construction equipment; power equipment; and boats and yachts. It also provides equipment handling and project cargo logistics services. In addition, the company is involved in terminal-related, management, ship owning, and crewing office activities, as well as the establishment of SPVs for entering into ship building contracts. It serves vehicle manufacturers; and producers of high and heavy construction equipment, as well as of other rolling and non-rolling stocks. As of December 31, 2025, the company operated a fleet of approximately 40 vessels. Höegh Autoliners ASA was founded in 1927 and is headquartered in Oslo, Norway.

### Why customers stay

Margins ranged from 38.8% to 45.2% during 2023–25; it earns 16.6% on its capital.

- Source: https://eodhd.com/api/fundamentals/HAUTO.OL.json#2023-12-31 (filed 2026-10-16T07:38:15.318Z); FY2023: grossProfit / revenue = 38.8%.

- Source: https://eodhd.com/api/fundamentals/HAUTO.OL.json#2024-12-31 (filed 2026-10-16T07:38:15.318Z); FY2024: grossProfit / revenue = 40.2%.

- Source: https://eodhd.com/api/fundamentals/HAUTO.OL.json#2025-12-31 (filed 2026-10-16T07:38:15.318Z); FY2025: grossProfit / revenue = 45.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.318Z); 8-year return on capital observations [[2018,-0.006224556682500383],[2019,0.019007328287677663],[2020,0.014494244279059926],[2021,0.124156547907958],[2022,0.207118792379141],[2023,0.4218313390898712],[2024,0.3493417959233893],[2025,0.28763498776162755]]; median 0.1656376701435495. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 15.7% of cash earnings; earns over 100% on new investment.

- Source: https://eodhd.com/api/fundamentals/HAUTO.OL.json#2018-12-31 (filed 2026-10-16T07:38:15.318Z); FY2018: growth capex 0; upkeep 17126531; owner earnings 2730469. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/HAUTO.OL.json#2019-12-31 (filed 2026-10-16T07:38:15.318Z); FY2019: growth capex 0; upkeep 23142429; owner earnings 9453971. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/HAUTO.OL.json#2020-12-31 (filed 2026-10-16T07:38:15.318Z); FY2020: growth capex 0; upkeep 30047259; owner earnings 51647341. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/HAUTO.OL.json#2021-12-31 (filed 2026-10-16T07:38:15.318Z); FY2021: growth capex 0; upkeep 23091101; owner earnings 181171299. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/HAUTO.OL.json#2022-12-31 (filed 2026-10-16T07:38:15.318Z); FY2022: growth capex 0; upkeep 134811350; cash acquisitions 0; owner earnings 255485250. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/HAUTO.OL.json#2023-12-31 (filed 2026-10-16T07:38:15.318Z); FY2023: growth capex 40439012; upkeep 145565000; cash acquisitions 0; owner earnings 556773000. Growth capex plus acquisitions / owner earnings = 0.07263105789971856.

- Source: https://eodhd.com/api/fundamentals/HAUTO.OL.json#2024-12-31 (filed 2026-10-16T07:38:15.318Z); FY2024: growth capex 0; upkeep 393755711; cash acquisitions 0; owner earnings 341509489. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/HAUTO.OL.json#2025-12-31 (filed 2026-10-16T07:38:15.318Z); FY2025: growth capex 66316832.15134692; upkeep 216448167.84865308; cash acquisitions 0; owner earnings 422524232.1513469. Growth capex plus acquisitions / owner earnings = 0.1569539143676674.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.318Z); Incremental return on capital 17.24866280911832, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.318Z); Dividend observations: [[2018,0],[2019,35000000],[2020,35000000],[2021,0],[2022,35000000],[2023,241000000],[2024,840995000],[2025,414992000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/HAUTO.OL.json#2025-12-31 (filed 2026-10-16T07:38:15.318Z); FY2025: cash repurchases 984000 USD.

### Are managers owners

Insiders own 34.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HAUTO.OL SharesStats.PercentInsiders = 34.766000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.318Z); Ten-year compound average after fade. Initial solved rate -0.03399771842294902. Price 187.7; FX 9.475080538184574; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (NOK per share)

- 2021-11: NOK 21.00 per share

- 2021-12: NOK 23.00 per share

- 2022-01: NOK 25.10 per share

- 2022-02: NOK 30.78 per share

- 2022-03: NOK 30.92 per share

- 2022-04: NOK 29.60 per share

- 2022-05: NOK 34.05 per share

- 2022-06: NOK 27.15 per share

- 2022-07: NOK 34.55 per share

- 2022-08: NOK 38.90 per share

- 2022-09: NOK 37.25 per share

- 2022-10: NOK 58.40 per share

- 2022-11: NOK 57.90 per share

- 2022-12: NOK 64.90 per share

- 2023-01: NOK 62.00 per share

- 2023-02: NOK 68.10 per share

- 2023-03: NOK 58.90 per share

- 2023-04: NOK 69.10 per share

- 2023-05: NOK 62.05 per share

- 2023-06: NOK 60.85 per share

- 2023-07: NOK 58.65 per share

- 2023-08: NOK 74.15 per share

- 2023-09: NOK 77.00 per share

- 2023-10: NOK 90.30 per share

- 2023-11: NOK 87.30 per share

- 2023-12: NOK 92.25 per share

- 2024-01: NOK 105.90 per share

- 2024-02: NOK 103.60 per share

- 2024-03: NOK 92.20 per share

- 2024-04: NOK 117.20 per share

- 2024-05: NOK 124.40 per share

- 2024-06: NOK 125.80 per share

- 2024-07: NOK 119.10 per share

- 2024-08: NOK 118.40 per share

- 2024-09: NOK 136.10 per share

- 2024-10: NOK 114.60 per share

- 2024-11: NOK 128.20 per share

- 2024-12: NOK 113.20 per share

- 2025-01: NOK 103.10 per share

- 2025-02: NOK 76.15 per share

- 2025-03: NOK 76.45 per share

- 2025-04: NOK 83.00 per share

- 2025-05: NOK 84.95 per share

- 2025-06: NOK 89.15 per share

- 2025-07: NOK 104.50 per share

- 2025-08: NOK 115.40 per share

- 2025-09: NOK 107.00 per share

- 2025-10: NOK 90.85 per share

- 2025-11: NOK 89.10 per share

- 2025-12: NOK 98.05 per share

- 2026-01: NOK 107.70 per share

- 2026-02: NOK 132.50 per share

- 2026-03: NOK 138.90 per share

- 2026-04: NOK 132.50 per share

- 2026-05: NOK 137.00 per share

- 2026-06: NOK 144.90 per share

- 2026-07: NOK 168.50 per share

- 2026-08: NOK 171.90 per share

- 2026-09: NOK 189.80 per share

- 2026-10: NOK 188.90 per share

## Annual estimated value (NOK per share)

- FY2022: low NOK 56.00 per share, central NOK 62.64 per share, high NOK 71.48 per share

- FY2023: low NOK 170.12 per share, central NOK 190.66 per share, high NOK 218.00 per share

- FY2024: low NOK 158.45 per share, central NOK 179.07 per share, high NOK 206.51 per share

- FY2025: low NOK 206.54 per share, central NOK 233.09 per share, high NOK 268.43 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations