Aankondiging • Dec 30
Marel hf.(ICSE:MAREL) dropped from FTSE All-World Index (USD) Marel hf.(ICSE:MAREL) dropped from FTSE All-World Index (USD) Aankondiging • Aug 28
John Bean Technologies Gets Extension of Acceptance Period for Marel Offer John Bean Technologies Corporation (NYSE:JBT) has been granted an extension of the acceptance period of its takeover offer for Marel hf. (ICSE:MAREL). The move will enable the parties to secure the necessary regulatory nods to close their deal, JBT said on August 26, 2024. The offer, originally set to end on September 2, will now close on the earlier of either November 11 or three weeks after all necessary regulatory approvals are obtained, unless the offer period is further extended. JBT Chief Executive Officer Brian Deck said that despite the extension, the firm still expects to complete the transaction by the end of 2024. Under the terms of the deal, sealed in April, the buyer launched its EUR-3.60-per-share (USD 4.02) takeover offer for all outstanding shares of Marel in June. As agreed, Marel shareholders can elect to receive the proposed consideration only in cash, only in stock or in cash and stock, with the total consideration mix being 65% in JBT common stock and 35% in cash. Marel shareholders will thus own a 38% take in the combined entity and receive a total of EUR 950 million in cash. Aankondiging • Apr 06
JBT Corporation and Marel hf. Announce Management Changes JBT Corporation announced that JBT and Marel hf. have executed a definitive transaction agreement related to JBT’s previously announced intention to make a voluntary takeover offer for all of the issued and outstanding shares of Marel. The transaction agreement includes the terms of the offer and other important governance, social, and operating items relating to the proposed business combination of JBT and Marel. The transaction agreement was approved by the boards of directors of both companies. The transaction agreement provides that Brian Deck will serve as Chief Executive Officer (CEO) of the combined company, Arni Sigurdsson will be President of the combined company, and the remainder of the executive leadership positions will be a combination of talent from both companies. The combined company’s board of directors will consist of five independent directors from the pre-closing JBT Board of Directors, four independent directors from the pre-closing Marel Board of Directors, and the CEO of the combined company. Alan Feldman will serve as Chairman of the Board of the combined company. Aankondiging • Mar 05
Marel hf. Announces Chief Financial Officer Changes Marel hf. announced that Sebastiaan Boelen has been appointed as Chief Financial Officer with immediate effect. Sebastiaan is a Dutch-British national and a highly experienced CFO with over 25 years in international CFO and financial roles. He has worked across a number of industries including industrials, food and beverage, and technology and, he has a proven record in supporting businesses deliver enhanced financial performances. Most recently Sebastiaan spent 4 years at Southern Water where he served as Group Chief Financial Officer. Prior to this, Sebastiaan held CFO and senior financial roles at Arrow Global, SPI Group and Black & Decker, amongst others. After almost 10 years with Marel, by mutual agreement, Stacey Katz will step down as Chief Financial Officer of Marel with immediate effect. She will remain available in an advisory capacity at Marel until the end of the financial year to ensure a smooth transition to the experienced finance team and continued delivery of its strategy. Aankondiging • Jan 17
Marel hf. Announces Linda Jonsdottir to Step Down as Chief Operating Officer Linda Jonsdottir has decided to step down from her role as Chief Operating Officer and is leaving Marel hf. Simultaneously the role of Chief Operating Officer will be discontinued. Going forward, the management of the business functions and customer centers will be moved to other members of the executive leadership following a transition plan where Linda will be on hand to ensure a smooth handover of responsibilities internally. Linda joined Marel in 2009 as Corporate Director of Treasury and Investor Relations, she became Chief Financial Officer in 2014 and was appointed Chief Operating Officer in 2022. Aankondiging • Dec 12
Marel Appoints Arni Sigurdsson as Chief Executive Officer Marel announced that Arni Sigurdsson has been appointed as Chief Executive Officer with immediate effect. Arni Sigurdsson took over the role of Chief Business Officer and Deputy Chief Executive Officer of Marel in November 2022, and has held the role of Interim CEO since 7 November of this year. He joined Marel in 2014 initially as Head of Strategy before taking up the role of Chief Strategy Officer and Executive Vice President Strategic Business Units. Before joining Marel, Arni worked at AGC Partners and Landsbanki Islands. He graduated with an MBA degree from Harvard Business School and BSc in Industrial Engineering from the University of Iceland. Aankondiging • Nov 29
John Bean Technologies Corporation (NYSE:JBT) cancelled the acquisition of Marel hf. (ICSE:MAREL). John Bean Technologies Corporation (NYSE:JBT) made a non-binding initial proposal to acquire Marel hf. (ICSE:MAREL) for €2.4 billion on November 24, 2023. Under the terms, John Bean shall pay €3.15 per share for 100% of the outstanding shares in Marel wherein 25% of the proposed consideration would be paid in cash and 75% in the form of shares in JBT. The offer is subject to conclusion of a satisfactory due diligence, final approval by JBT´s board of directors, Regulatory approvals, vote of the JBT shareholders and minimum tender condition of 90%. Goldman Sachs Co LLC acted as financial advisor while LEX and Kirkland & Ellis LLP acted as legal advisors for JBT. JP Morgan acted as financial advisor while Baker McKenzie, BBA/Fjeldco and Osborne Clarke acted as legal advisors for Marel.John Bean Technologies Corporation (NYSE:JBT) cancelled the acquisition of Marel hf. (ICSE:MAREL) on November 28, 2023. The Board of Directors of Marel unanimously rejected the offer. Aankondiging • Nov 26
JBT Corporation Confirms Non-Binding Proposal to Acquire Marel John Bean Technologies Corporation (NYSE:JBT) (‘JBT’ or the ‘Company’) issued the following statement: ‘On November 24, 2023, JBT confirmed that it has submitted a non-binding initial proposal to the board of directors of Marel hf. (ICSE:MAREL) (‘Marel’), whose shares are listed on Nasdaq Iceland and Euronext Amsterdam, in respect of a potential voluntary takeover offer for the entire share capital of Marel in accordance with Chapters X and XII of the Icelandic Takeovers Act no. 108/2007. JBT has received an irrevocable undertaking and entered into exclusivity with respect to the shares owned by Eyrir Invest hf., which holds 24.7% of the shares in Marel. This announcement follows Marel’s disclosure that it had received a potential offer to acquire all shares in the company’. ‘JBT´s non-binding proposal is consistent with the company’s strategic plan and M&A objective of pursuing transactions with strong industrial logic and significant synergy potential while maintaining a strong balance sheet and preserving future strategic flexibility’. ‘JBT’s considerations are at a preliminary stage and there can be no assurance that any formal offer will be made as a result of these considerations. JBT does not intend to comment further unless and until its board determines that it is required or appropriate to do so.’ Goldman Sachs Co LLC is acting as JBT’s financial advisor and LEX and Kirkland & Ellis LLP are serving as legal counsel. Aankondiging • Nov 08
Marel hf. Announces CEO Changes Marel hf. announced Arni Oddur Thordarson, Chief Executive Officer of Marel, has tendered his resignation with immediate effect, due to personal reasons. The Board of Directors of Marel has accepted his resignation and appointed Arni Sigurdsson, Deputy Chief Executive Officer, as Interim Chief Executive Officer of Marel effective immediately. The Board of Directors will now undertake a process to appoint a permanent Chief Executive Officer. Arni Sigurdsson joined Marel in 2014 initially as Head of Strategy, then from 2020 - 2022 held the role of Chief Strategy Officer and Executive Vice President Strategic Business Units before assuming the position of Chief Business Officer and Deputy CEO in November 2022. Before joining Marel he worked at AGC Partners and Landsbanki Islands. He graduated with an MBA degree from Harvard Business School and BSc in Industrial Engineering from the University of Iceland. Aankondiging • Oct 26
Marel hf. Provides Earnings Guidance for the period 2017-2026 Marel hf. provided earnings guidance for the period 2017-2026. The company reported management is committed to the financial targets to reach 14-16% EBIT, gross profit of ~38-40% of revenues. Focus on delivering healthy growth and margin enhancement to reach a sustainable 14-16% EBIT level in the course of 2024. In the period 2017-2026, Marel is targeting 12% average annual revenue growth through market penetration and innovation, complemented by strategic partnerships and acquisitions. Maintaining solid operational performance and strong cash flow is expected to support 5-7% revenue growth on average by acquisition. Marel’s management expects average annual market growth of 4-6% in the long term. Marel aims to grow organically faster than the market, driven by innovation and growing market penetration. Recurring aftermarket revenues to reach 50% of total revenues by YE26, including software and services. Marel’s management expects basic EPS to grow faster than revenues. Upcoming Dividend • Mar 17
Upcoming dividend of €0.016 per share at 0.4% yield Eligible shareholders must have bought the stock before 24 March 2023. Payment date: 14 April 2023. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of Mexican dividend payers (6.2%). Lower than average of industry peers (4.3%). Reported Earnings • Feb 13
Full year 2022 earnings released: EPS: €0.078 (vs €0.13 in FY 2021) Full year 2022 results: EPS: €0.078 (down from €0.13 in FY 2021). Revenue: €1.71b (up 26% from FY 2021). Net income: €58.7m (down 39% from FY 2021). Profit margin: 3.4% (down from 7.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Global Machinery industry. Aankondiging • Feb 09
Marel hf. to Propose Dividend for 2022 Marel hf. proposed Dividend of EUR 11.7 million, or 20% payout ratio, to be proposed by the Board at the AGM 2023, in line with Marel’s dividend policy of 20-40%. Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: €0.012 (vs €0.031 in 3Q 2021) Third quarter 2022 results: EPS: €0.012 (down from €0.031 in 3Q 2021). Revenue: €450.6m (up 36% from 3Q 2021). Net income: €8.90m (down 62% from 3Q 2021). Profit margin: 2.0% (down from 7.1% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Global Machinery industry. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Jul 28
Second quarter 2022 earnings released: EPS: €0.013 (vs €0.031 in 2Q 2021) Second quarter 2022 results: EPS: €0.013 (down from €0.031 in 2Q 2021). Revenue: €397.3m (up 21% from 2Q 2021). Net income: €9.60m (down 59% from 2Q 2021). Profit margin: 2.4% (down from 7.2% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 15%, compared to a 34% growth forecast for the industry in Mexico. Upcoming Dividend • Mar 11
Upcoming dividend of €0.051 per share Eligible shareholders must have bought the stock before 18 March 2022. Payment date: 30 March 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Mexican dividend payers (5.4%). Lower than average of industry peers (2.4%). Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 21% share price gain to Mex$134, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 19x in the Machinery industry globally. Negligible returns to shareholders over past year. Simply Wall St's valuation model estimates the intrinsic value at Mex$121 per share. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment deteriorated over the past week After last week's 19% share price decline to Mex$111, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 18x in the Machinery industry globally. Total loss to shareholders of 8.4% over the past year. Simply Wall St's valuation model estimates the intrinsic value at Mex$106 per share. Board Change • Nov 12
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Svafa Gronfeldt was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 22
Third quarter 2021 earnings released: EPS €0.031 (vs €0.039 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: €331.9m (up 16% from 3Q 2020). Net income: €23.4m (down 20% from 3Q 2020). Profit margin: 7.1% (down from 10% in 3Q 2020). The decrease in margin was driven by higher expenses. Board Change • Oct 14
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Svafa Gronfeldt was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 10
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Svafa Gronfeldt was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Aug 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Svafa Gronfeldt was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Jul 29
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Svafa Gronfeldt was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 21
Full year 2020 earnings released: EPS €0.14 (vs €0.15 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €1.24b (down 3.6% from FY 2019). Net income: €102.5m (down 6.8% from FY 2019). Profit margin: 8.3% (down from 8.6% in FY 2019). The decrease in margin was driven by lower revenue. Executive Departure • Mar 19
Independent Chairman of the Board Ásthildur Otharsdóttir has left the company On the 17th of March, Ásthildur Otharsdóttir's tenure in the role of Independent Chairman of the Board ended. We don't have any record of a personal shareholding under Ásthildur's name. Ásthildur is the only executive to leave the company over the last 12 months. Aankondiging • Mar 19
Marel Elects Svafa Gronfeldt as New Director Marel at its annual general meeting held on March 17, 2021, elected Dr. Svafa Gronfeldt as a new director. Upcoming Dividend • Mar 12
Upcoming Dividend of €0.054 Per Share Will be paid on the 7th of April to those who are registered shareholders by the 19th of March. The trailing yield of 0.9% is below the top quartile of Mexican dividend payers (5.0%), and is lower than industry peers (2.1%). Reported Earnings • Oct 24
Third quarter earnings released Over the last 12 months the company has reported total profits of €83.6m, down 39% from the prior year. Total revenue was €1.21b over the last 12 months, down 6.2% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 24
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 3.6% at €287.2m. Revenue is forecast to grow 9.6% over the next year, compared to a 53% growth forecast for the Machinery industry in Mexico. Aankondiging • Oct 10
Marel hf. (ICSE:MAREL) acquired TREIF Maschinenbau GmbH from Uwe Reifenhäuser for approximately €140.4 million. Marel hf. (ICSE:MAREL) entered into an agreement to acquire TREIF Maschinenbau GmbH from Uwe Reifenhäuser for approximately €140.4 million on September 04, 2020. The consideration includes a cash payment of €128 million and 2.9 million Marel shares. The purchase price is on a cash and debt free basis (enterprise value). Marel will acquire the entire share capital of TREIF Maschinenbau, including all relevant business activities of TREIF Maschinenbau. The transaction will enhance Marel’s full-line offering for the meat industry, as well as its other segments focused on improving automation, food safety and flexibility for consumer-ready product offerings. The transaction will be financed through Marel’s strong balance sheet, existing credit facilities and available treasury shares that Uwe Reifenhäuser, current owner and Chief Executive Officer, will hold with a lock-up period of 18 months. The acquisition is subject to customary closing conditions, including anti-trust approval, which is expected to take place later in 2020. Ernst & Young acted as financial and due diligence provider to Marel hf. in the transaction. Stephan Göckeler, Christian Pitzal, Bastian Liegmann, Florian C. Haus, Alexander Goertz and Christian Bochmann of Flick Gocke Schaumburg acted as legal advisor to Uwe Reifenhäuser. Michiel Huizinga, Michael Ehret, René Galle, Peter Wehner, Udo Herbert Olgemoeller of Allen Overy acted as legal advisor to Marel hf.
Marel hf. (ICSE:MAREL) completed the acquisition of TREIF Maschinenbau GmbH from Uwe Reifenhäuser on October 8, 2020. As of October 8, 2020, all the conditions have been fully satisfied. Aankondiging • Sep 04
Marel hf. (ICSE:MAREL) agreed to acquire TREIF Maschinenbau GmbH from Uwe Reifenhäuser for approximately €140.4 million. Marel hf. (ICSE:MAREL) entered into an agreement to acquire TREIF Maschinenbau GmbH from Uwe Reifenhäuser for approximately €140.4 million on September 04, 2020. The consideration includes a cash payment of €128 million and 2.9 million Marel shares. The purchase price is on a cash and debt free basis (enterprise value). Marel will acquire the entire share capital of TREIF Maschinenbau, including all relevant business activities of TREIF Maschinenbau. The transaction will enhance Marel’s full-line offering for the meat industry, as well as its other segments focused on improving automation, food safety and flexibility for consumer-ready product offerings. The transaction will be financed through Marel’s strong balance sheet, existing credit facilities and available treasury shares that Uwe Reifenhäuser, current owner and Chief Executive Officer, will hold with a lock-up period of 18 months. The acquisition is subject to customary closing conditions, including anti-trust approval, which is expected to take place later in 2020. 
