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Analyses on Hamama (3)
- March 30, 2026March 30, 2026
- Follow-up
Hamama: How inventory and bank funding absorb the profit
At Hamama, 2025 profit was not absorbed by a one-off event but by a structural model: customers work on JIT, the company carries 3 to 6 months of inventory, and supplier credit shortened while customer credit stayed long. The gap was covered mainly by short-term bank funding.
- Follow-up
Hamama and Ultra: How much value really remains for current shareholders if the deal closes
The Ultra deal splits Hamama's current shareholders into two buckets, cash through a self-tender and a residual stake in a new company, but both depend first on converting heavy working capital into clean distributable cash under bank constraints and a tight interim-period regim…
Hamama 2025: Profit improved, but cash got stuck in inventory as the company heads into a different business
Hamama proved in 2025 that it can earn better money in food trading, but it has not yet proved that it can turn that profit into cash and use it to execute an orderly transition into the Ultra transaction.
