Aankondiging • May 07
Talgo, S.A. to Report Q1, 2026 Results on May 13, 2026 Talgo, S.A. announced that they will report Q1, 2026 results at 5:30 PM, Central European Standard Time on May 13, 2026 Aankondiging • Apr 29
Talgo, S.A., Annual General Meeting, Jun 02, 2026 Talgo, S.A., Annual General Meeting, Jun 02, 2026. Location: calle postas 13-15, centro cultural arkabia, vitoria-gasteiz, alava., Spain Board Change • Mar 12
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. Independent Director Antonio Oporto del Olmo is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Aankondiging • Feb 27
Talgo, S.A. to Report Fiscal Year 2025 Results on Feb 27, 2026 Talgo, S.A. announced that they will report fiscal year 2025 results After-Market on Feb 27, 2026 Major Estimate Revision • Nov 12
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €630.5m to €600.5m. Now expected to report a loss of €0.37 per share instead of €0.17 per share profit previously forecast. Machinery industry in Spain expected to see average net income growth of 25% next year. Consensus price target of €3.63 unchanged from last update. Share price rose 8.7% to €2.86 over the past week. Aankondiging • Nov 05
Talgo, S.A. to Report Q3, 2025 Results on Nov 13, 2025 Talgo, S.A. announced that they will report Q3, 2025 results at 5:30 PM, Central European Standard Time on Nov 13, 2025 Price Target Changed • Jul 29
Price target decreased by 7.5% to €3.58 Down from €3.87, the current price target is an average from 5 analysts. New target price is 19% above last closing price of €3.01. Stock is down 29% over the past year. The company is forecast to post earnings per share of €0.17 next year compared to a net loss per share of €0.86 last year. Aankondiging • Jul 26
Talgo, S.A. announced that it expects to receive €150 million in funding Talgo, S.A announced a private placement of convertible bonds for gross proceeds €150,000,000 on July 24, 2025. The transaction includes participation from State-owned Industrial Holdings Company, Ekarpen, the BBK Foundation, the Vital Foundation, and Clerbil. The transaction is subject to approval by the extraordinary shareholders' meeting Aankondiging • Jul 08
Talgo, S.A. to Report First Half, 2025 Results on Aug 01, 2025 Talgo, S.A. announced that they will report first half, 2025 results on Aug 01, 2025 Aankondiging • Jul 02
Talgo, S.A., Annual General Meeting, Aug 01, 2025 Talgo, S.A., Annual General Meeting, Aug 01, 2025. Location: paseo del tren talgo 2, las matas., madrid Spain Reported Earnings • Jun 04
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: €0.86 loss per share (down from €0.11 profit in FY 2023). Revenue: €672.2m (up 2.7% from FY 2023). Net loss: €106.1m (down €119.8m from profit in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in Spain. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jun 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.4% to €3.24. The fair value is estimated to be €4.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Aankondiging • May 07
Talgo, S.A. to Report Q1, 2025 Results on May 26, 2025 Talgo, S.A. announced that they will report Q1, 2025 results at 5:30 PM, Central European Standard Time on May 26, 2025 Price Target Changed • Mar 03
Price target decreased by 8.0% to €3.93 Down from €4.27, the current price target is an average from 5 analysts. New target price is 12% above last closing price of €3.50. Reported Earnings • Mar 03
Full year 2024 earnings released Full year 2024 results: Revenue: €687.8m (up 5.1% from FY 2023). Net loss: €107.9m (down €121.6m from profit in FY 2023). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Machinery industry in Spain. New Risk • Feb 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 5.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 137% Paying a dividend despite having no free cash flows. High level of non-cash earnings (33% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (5.1% average weekly change). Aankondiging • Jan 31
Talgo, S.A. to Report Fiscal Year 2024 Results on Feb 25, 2025 Talgo, S.A. announced that they will report fiscal year 2024 results After-Market on Feb 25, 2025 Major Estimate Revision • Dec 26
Consensus EPS estimates fall by 24%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €656.3m to €671.8m. EPS estimate fell from €0.137 to €0.103 per share. Net income forecast to shrink 17% next year vs 25% growth forecast for Machinery industry in Spain . Consensus price target down from €4.45 to €4.27. Share price was steady at €3.42 over the past week. Board Change • Dec 01
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director Marisa Luisa Garcia was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Aankondiging • Oct 23
Talgo, S.A. to Report Q3, 2024 Results on Nov 19, 2024 Talgo, S.A. announced that they will report Q3, 2024 results at 5:30 PM, Central European Standard Time on Nov 19, 2024 Aankondiging • Aug 30
Ganz-mavag Europe Zartkoruen Mukodo Reszvenytarsasag cancelled the acquisition of Talgo, S.A. (BME:TLGO) from Pegaso Transport International S.c.a. and others. Ganz-mavag Europe Zartkoruen Mukodo Reszvenytarsasag made an offer to acquire Talgo, S.A. (BME:TLGO) from Pegaso Transport International S.c.a. and others for approximately €620 million on March 6, 2024. Ganz-mavag offered to the Talgo's shareholders is €5 per share and will be totally paid in cash. As a consequence, the maximum total amount to be disbursed by the Offeror will be €619.30 million. The Offeror has binding commitment letters from its shareholders (Ganz-Mavag Holding Kft. and Corvinus Zrt.), which in turn have both bank and equity binding financing commitments, to pay the total consideration of the offer. The Board of Directors of Talgo has unanimously confirmed that the Offer is friendly and that the consideration offered is attractive for Talgo 's shareholders, expressing a preliminary favorable view on such price offered. The transaction is subject to relevant anti-trust clearances and Foreign direct investment authorizations in other countries. After completion of the relevant competition law analysis, it is confirmed that, pursuant to the provisions of article 26.1 of Royal Decree 1066/2007, the Offer is conditional upon the economic concentration that will take place as a result of the settlement of the Offer obtaining the following mandatory antitrust authorisations imposing no conditions: The European Commission, The Competition Authority of Albania, The Competition Authority of Kosovo, The Competition Authority of Montenegro, The Competition Authority of Serbia, The Egyptian Competition Authority under the Egyptian Antitrust and The General Authority for Competition in Saudi Arabia. As of April 4, 2024, Ganz-Mavag Europe Requests For Authorisation Of Voluntary Takeover Bid For Shares Of Talgo and The decision to launch the Offer is not subject to the approval by the general shareholders' meeting of the Offeror. As of June 19, 2024, Government extends the deadlines to resolve the Talgo takeover bid. As announced on July 3, 2024, the Government can extend the deadline for the approval of the operation that is due on August 10. Ganz-Mavag have the support of the Hungarian banks to finance the €600 million that the operation costs and also that of the Spanish banks to continue financing Talgo's activity. AS of July 29, 2024, Government has given itself to make a final decision on the veto of the takeover bid that the Hungarian Magyar Vagon launched for Talgo. As of August 27, 2024, The Foreign Investment Board, an agency dependent on the Ministry of Economy, has rejected the purchase. The Government has cited reasons of "national security" to reject the takeover bid. Magyar Vagon is still waiting for an official response.
Lazard acted as financial advisor to Ganz-mavag Europe Zartkoruen Mukodo Reszvenytarsasag and J&A Garrigues acted as legal advisors to Offeror.
Ganz-mavag Europe Zartkoruen Mukodo Reszvenytarsasag cancelled the acquisition of Talgo, S.A. (BME:TLGO) from Pegaso Transport International S.c.a. and others on August 30, 2024. The deal got cancelled as the acquisition was blocked by the Spanish government. Reported Earnings • Aug 05
First half 2024 earnings released: EPS: €0.12 (vs €0.058 in 1H 2023) First half 2024 results: EPS: €0.12 (up from €0.058 in 1H 2023). Revenue: €347.4m (up 20% from 1H 2023). Net income: €15.0m (up 112% from 1H 2023). Profit margin: 4.3% (up from 2.4% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Machinery industry in Spain. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Aankondiging • Jul 09
Talgo, S.A. to Report First Half, 2024 Results on Jul 30, 2024 Talgo, S.A. announced that they will report first half, 2024 results on Jul 30, 2024 Reported Earnings • Mar 01
Full year 2023 earnings released Full year 2023 results: Revenue: €676.5m (up 44% from FY 2022). Net income: €12.2m (up €10.8m from FY 2022). Profit margin: 1.8% (up from 0.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Machinery industry in Spain. Aankondiging • Jan 30
Talgo, S.A. to Report Fiscal Year 2023 Results on Feb 28, 2024 Talgo, S.A. announced that they will report fiscal year 2023 results at 5:30 PM, Central European Standard Time on Feb 28, 2024 New Risk • Nov 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 4.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Share price has been volatile over the past 3 months (4.8% average weekly change). Profit margins are more than 30% lower than last year (0.6% net profit margin). Reported Earnings • Jul 31
First half 2023 earnings released: EPS: €0.058 (vs €0.045 in 1H 2022) First half 2023 results: EPS: €0.058 (up from €0.045 in 1H 2022). Revenue: €289.8m (up 33% from 1H 2022). Net income: €7.10m (up 29% from 1H 2022). Profit margin: 2.4% (down from 2.5% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Machinery industry in Spain. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Aankondiging • Jul 18
Talgo, S.A. to Report First Half, 2023 Results on Jul 27, 2023 Talgo, S.A. announced that they will report first half, 2023 results on Jul 27, 2023 Aankondiging • Jun 15
Talgo, S.A., Annual General Meeting, Jun 29, 2023 Talgo, S.A., Annual General Meeting, Jun 29, 2023. Buying Opportunity • Apr 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.4%. The fair value is estimated to be €4.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has declined by 14%. For the next 3 years, revenue is forecast to grow by 9.0% per annum. Earnings is also forecast to grow by 53% per annum over the same time period. Reported Earnings • Mar 04
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: €0.01 (down from €0.22 in FY 2021). Revenue: €469.1m (down 16% from FY 2021). Net income: €1.44m (down 95% from FY 2021). Profit margin: 0.3% (down from 5.0% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) also missed analyst estimates by 94%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Machinery industry in Spain. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Mar 03
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from €0.243 to €0.215 per share. Revenue forecast steady at €546.2m. Net income forecast to grow 8.2% next year vs 17% growth forecast for Machinery industry in Spain. Consensus price target broadly unchanged at €4.42. Share price fell 2.9% to €3.47 over the past week. Aankondiging • Feb 17
Talgo, S.A. to Report Fiscal Year 2022 Results on Feb 28, 2023 Talgo, S.A. announced that they will report fiscal year 2022 results at 5:30 PM, Central European Standard Time on Feb 28, 2023 Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Maria Luisa Garcia was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Aug 02
Price target decreased to €4.41 Down from €4.76, the current price target is an average from 8 analysts. New target price is 61% above last closing price of €2.74. Stock is down 37% over the past year. The company is forecast to post earnings per share of €0.20 for next year compared to €0.22 last year. Reported Earnings • Jul 30
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €10.2m from profit in 1H 2021). Profit margin: (down from 3.5% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 15%, compared to a 1.0% growth forecast for the industry in Spain. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Jul 29
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €550.4m to €531.9m. EPS estimate also fell from €0.25 per share to €0.21 per share. Net income forecast to grow 1.6% next year vs 14% growth forecast for Machinery industry in Spain. Consensus price target broadly unchanged at €4.73. Share price fell 12% to €2.90 over the past week. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Maria Luisa Garcia was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 26
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: €0.22 (up from €0.14 loss in FY 2020). Revenue: €555.4m (up 14% from FY 2020). Net income: €27.6m (up €45.0m from FY 2020). Profit margin: 5.0% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 18%. Over the next year, revenue is forecast to grow 6.0%, compared to a 5.2% growth forecast for the industry in Spain. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS €0.086 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €144.7m (up 11% from 3Q 2020). Net income: €10.5m (up €12.4m from 3Q 2020). Profit margin: 7.3% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Jul 29
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €142.7m (up 40% from 2Q 2020). Net income: €3.75m (up €14.4m from 2Q 2020). Profit margin: 2.6% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • May 19
First quarter 2021 earnings released: EPS €0.052 The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: €150.6m (up 30% from 1Q 2020). Net income: €6.40m (up 31% from 1Q 2020). Profit margin: 4.2% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Mar 06
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) also surpassed analyst estimates by 9,972%. Over the next year, revenue is forecast to grow 19%, compared to a 5.0% growth forecast for the Machinery industry in Spain. Reported Earnings • Mar 05
Full year 2020 earnings released: €1.40 loss per share (vs €0.30 profit in FY 2019) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: €489.0m (up 21% from FY 2019). Net loss: €17.4m (down 145% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 85% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 09
New 90-day high: €4.54 The company is up 26% from its price of €3.60 on 09 October 2020. The Spanish market is up 18% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Machinery industry, which is also up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.24 per share. Is New 90 Day High Low • Dec 10
New 90-day high: €4.45 The company is up 11% from its price of €4.00 on 10 September 2020. The Spanish market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.16 per share. Is New 90 Day High Low • Nov 16
New 90-day high: €4.04 The company is up 6.0% from its price of €3.81 on 18 August 2020. The Spanish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Machinery industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.88 per share. Price Target Changed • Nov 16
Price target lowered to €5.44 Down from €5.92, the current price target is an average from 8 analysts. The new target price is 35% above the current share price of €4.04. As of last close, the stock is down 33% over the past year. Reported Earnings • Nov 14
Third quarter 2020 earnings released: €0.014 loss per share The company reported a soft third quarter result with weaker earnings and control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: €129.9m (up 17% from 3Q 2019). Net loss: €1.90m (down 117% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Nov 12
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from €0.15 to €0.13. No change was made to the revenue estimate which at the last update was €469.2m. Net income is expected to grow by 66% next year compared to 66% growth forecast for the Machinery industry in Spain. The consensus price target of €5.53 was unchanged from the last update. Share price is up 15% to €3.55 over the past week. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 21% share price gain to €3.76, the stock is trading at a trailing P/E ratio of 25x, up from the previous P/E ratio of 20.7x. This compares to an average P/E of 23x in the Machinery industry in Spain. Total return to shareholders over the past three years is a loss of 4.6%. Is New 90 Day High Low • Oct 16
New 90-day low: €3.29 The company is down 21% from its price of €4.17 on 17 July 2020. The Spanish market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €18.54 per share. Is New 90 Day High Low • Sep 24
New 90-day low: €3.55 The company is down 14% from its price of €4.12 on 26 June 2020. The Spanish market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €24.20 per share.