HAS
ConstructionValuation Breakdown
Construction and industrial firms have characteristics of both cyclical businesses (lumpy project-based revenue) and growth companies (expanding order books). This model blends two approaches 50/50: EV/EBITDA valuation (captures current earning power relative to peers) and FCF-based DCF (captures future cash generation potential). If EV/EBITDA produces a negative value (debt exceeds enterprise value), only DCF is used.
Valuation Track Record
Retroactive intrinsic value vs actual close price — HAS
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
The Beneish M-Score of -2.0092 indicates a low likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality score of 40.7/100, particularly low scores in receivables and margin metrics, raises concerns about the sustainability of earnings.
- Earnings Quality Score of 40.7/100 indicates significant issues with revenue recognition and cash conversion, particularly a receivables score of 30.8/100.
- The DEPI of 3.3107 suggests aggressive revenue recognition practices, which could indicate potential manipulation.
- Beneish M-Score of -2.0092 suggests a lower risk of earnings manipulation compared to the threshold.
- The SGI of 0.8213 indicates a reasonable growth rate that is sustainable relative to industry standards.
The ownership structure is concentrated, with the largest shareholder holding 27.6%, which may lead to potential governance issues and conflicts of interest.
Investors should closely monitor the company's cash flow and receivables management while considering a cautious approach to investing due to the elevated risks in earnings quality.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for HAS — hover nodes for intel, click to navigate