New Risk • May 25
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 Austrian stocks, typically moving 5.9% 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 Debt is not well covered by operating cash flow (1.3% operating cash flow to total debt). Earnings have declined by 5.2% per year over the past 5 years. High level of non-cash earnings (59% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (5.9% average weekly change). Reported Earnings • May 14
First quarter 2026 earnings released First quarter 2026 results: Revenue: €331.3m (up 56% from 1Q 2025). Net loss: €34.8m (down 109% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 36% per year, which means it is performing significantly worse than earnings. Reported Earnings • Feb 01
Full year 2025 earnings released Full year 2025 results: Revenue: €1.01b (down 46% from FY 2024). Net income: €590.0m (up €1.58b from FY 2024). Profit margin: 59% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Announcement • Jan 16
Bajaj Mobility AG Provides Consolidated Sales Guidance for the Fiscal Year 2025 Bajaj Mobility AG provided consolidated sales guidance for the fiscal year 2025. The company expects consolidated sales for the past fiscal year 2025 to be just over EUR 1 billion, marking a reduction of approximately 46% compared to the previous year. Announcement • Dec 09
PIERER Mobility AG, Annual General Meeting, Apr 24, 2026 PIERER Mobility AG, Annual General Meeting, Apr 24, 2026. Announcement • Nov 21
Florian Burguet and Cesar Rojo agreed to acquire an unknown majority stake in Felt Racing, LLC from PIERER Mobility AG (WBAG:PKTM). Florian Burguet and Cesar Rojo agreed to acquire an unknown majority stake in Felt Racing, LLC from PIERER Mobility AG (WBAG:PKTM) on November 20, 2025. Florian Burguet and Cesar Rojo, were already managing directors and minority shareholders of Felt Racing, LLC since 2023 and will continue running the Spanish and North American units independently.
The closing of the transaction is subject to the approval by the Supervisory Board and is expected to be completed before the end of the year. Reported Earnings • Sep 01
First half 2025 earnings released: EPS: €22.00 (vs €5.02 loss in 1H 2024) First half 2025 results: EPS: €22.00 (up from €5.02 loss in 1H 2024). Revenue: €425.2m (down 58% from 1H 2024). Net income: €743.4m (up €913.1m from 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. New Risk • Aug 25
New major risk - Revenue and earnings growth Earnings have declined by 55% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (7.3% average weekly change). Earnings have declined by 55% per year over the past 5 years. Minor Risk Negative equity (-€194m). New Risk • May 29
New minor risk - Negative shareholders equity The company has negative equity. Total equity: -€194m This is considered a minor risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. It should be noted that some of the negative equity could be due to large buybacks of stock, which is not as much of a risk as a company with overwhelming debt, but likewise is not sustainable in the long-term. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (17% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Negative equity (-€194m). New Risk • Mar 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (19% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Announcement • Jan 28
PIERER Mobility AG Appoints Stephan Zöchling as Supervisory Board Chairman PIERER Mobility AG announced that The Supervisory Board meeting following the Extraordinary General Meeting elected Stephan Zöchling as the new Chairman. Announcement • Jan 27
PIERER Mobility AG, Annual General Meeting, Apr 25, 2025 PIERER Mobility AG, Annual General Meeting, Apr 25, 2025. Announcement • Jan 03
PIERER Mobility AG Announces Resignation of Chairman of the Supervisory Board, Josef Blazicek PIERER Mobility AG announced the current chairman of the supervisory board, Josef Blazicek, resigned from the supervisory board with effect from the end of the next general assembly. Announcement • Oct 22
PIERER Mobility AG Cancels Guidance for the Year 2024 PIERER Mobility AG canceled guidance for the year 2024 . Company will fall short of expectations in terms of revenue and earnings, as well as with regard to the reduction in working capital and net debt in the current financial year, and is revoking its guidance for the 2024 financial year. A new review of non-cash value adjustments will also be carried out by the end of the year. Buy Or Sell Opportunity • Oct 22
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 47% to €15.80. The fair value is estimated to be €20.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last year. Earnings per share has grown by 29%. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings are forecast to decline by 33% per annum over the same time period. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €20.30, the stock trades at a trailing P/E ratio of 4.4x. Average forward P/E is 4x in the Auto industry in Europe. Total loss to shareholders of 73% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €20.17 per share. New Risk • Oct 16
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (6.2% average weekly change). Earnings are forecast to decline by an average of 33% per year for the foreseeable future. Minor Risks High level of debt (50% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 29
First half 2023 earnings released: EPS: €1.63 (vs €2.00 in 1H 2022) First half 2023 results: EPS: €1.63 (down from €2.00 in 1H 2022). Revenue: €1.39b (up 20% from 1H 2022). Net income: €55.0m (down 19% from 1H 2022). Profit margin: 4.0% (down from 5.9% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.1% p.a. on average during the next 4 years, compared to a 2.7% growth forecast for the Auto industry in Europe. Buy Or Sell Opportunity • Aug 27
Now 27% overvalued Over the last 90 days, the stock has fallen 23% to €28.80. The fair value is estimated to be €22.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings are also forecast to grow by 6.0% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to €28.00, the stock trades at a trailing P/E ratio of 11.8x. Average forward P/E is 5x in the Auto industry in Europe. Total loss to shareholders of 60% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €17.77 per share. Buy Or Sell Opportunity • Jun 05
Now 21% overvalued Over the last 90 days, the stock has fallen 21% to €37.60. The fair value is estimated to be €31.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 5.6% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Buy Or Sell Opportunity • May 14
Now 27% overvalued Over the last 90 days, the stock has fallen 24% to €39.30. The fair value is estimated to be €31.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 5.6% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Buy Or Sell Opportunity • Apr 29
Now 22% overvalued Over the last 90 days, the stock has fallen 23% to €38.00. The fair value is estimated to be €31.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 5.6% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Upcoming Dividend • Apr 17
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 24 April 2024. Payment date: 29 April 2024. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Austrian dividend payers (5.8%). Lower than average of industry peers (5.7%). New Risk • Mar 30
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). High level of non-cash earnings (38% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (4.3% average weekly change). Profit margins are more than 30% lower than last year (3.0% net profit margin). Declared Dividend • Mar 17
Dividend of €0.50 announced Shareholders will receive a dividend of €0.50. Ex-date: 24th April 2024 Payment date: 29th April 2024 Dividend yield will be 1.1%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (43% earnings payout ratio) but not adequately covered by cash flows (99% cash payout ratio). The dividend has increased by an average of 27% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share has grown by 25% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Jan 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (5.5% average weekly change). Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. Minor Risks High level of debt (50% net debt to equity). Dividend is not well covered by cash flows (99% cash payout ratio). Announcement • Jan 11
Pierer Mobility Ag Provides Preliminary Consolidated Earnings Guidance for the Year 2023 PIERER Mobility AG provided preliminary consolidated earnings guidance for the year 2023. For the year, the company expects sales of between EUR 2,650 million and EUR 2,670 million for the 2023 financial year, which represents an increase of around 9 % compared to the previous year. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €52.40, the stock trades at a trailing P/E ratio of 11.3x. Average forward P/E is 6x in the Auto industry in Europe. Total loss to shareholders of 11% over the past three years. New Risk • Aug 31
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 50% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (50% net debt to equity). Dividend is not well covered by cash flows (99% cash payout ratio). Upcoming Dividend • Apr 19
Upcoming dividend of €2.00 per share at 2.5% yield Eligible shareholders must have bought the stock before 26 April 2023. Payment date: 02 May 2023. Payout ratio is a comfortable 40% and the cash payout ratio is 100%. Trailing yield: 2.5%. Lower than top quartile of Austrian dividend payers (5.4%). Lower than average of industry peers (5.5%). Reported Earnings • Mar 29
Full year 2022 earnings released Full year 2022 results: Revenue: €2.44b (up 19% from FY 2021). Net income: €169.9m (up 106% from FY 2021). Profit margin: 7.0% (up from 4.0% in FY 2021). Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Auto industry in Europe. Announcement • Sep 14
PIERER Mobility AG to Report Fiscal Year 2022 Results on Jan 31, 2023 PIERER Mobility AG announced that they will report fiscal year 2022 results on Jan 31, 2023 Reported Earnings • Sep 01
First half 2022 earnings released: EPS: €2.00 (vs €1.79 in 1H 2021) First half 2022 results: EPS: €2.00 (up from €1.79 in 1H 2021). Revenue: €1.15b (up 7.1% from 1H 2021). Net income: €67.6m (up 68% from 1H 2021). Profit margin: 5.9% (up from 3.7% in 1H 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 10%, compared to a 10% growth forecast for the Auto industry in Austria. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be €74.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 7.4% per annum. Earnings is also forecast to grow by 20% per annum over the same time period. Upcoming Dividend • Apr 27
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 04 May 2022. Payment date: 09 May 2022. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Austrian dividend payers (4.9%). Lower than average of industry peers (6.2%). Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: €3.34 (vs €1.56 in FY 2020) Full year 2021 results: EPS: €3.34 (up from €1.56 in FY 2020). Revenue: €2.04b (up 33% from FY 2020). Net income: €82.5m (up 136% from FY 2020). Profit margin: 4.0% (up from 2.3% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 8.9%, compared to a 11% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Apr 15
PIERER Mobility AG Revises Revenue Guidance for the Year 2021 PIERER Mobility AG revised revenue guidance for the year 2021. Despite the ongoing COVID-19 related supply chain challenges, the outlook remains positive and the Executive Board raises the revenue guidance for the 2021 financial year 2021 to EUR 1,850 million - EUR 1,950 million (previous revenue guidance 2021: EUR 1,800 million - EUR 1,900 million). Announcement • Mar 11
PIERER Mobility AG to Report Fiscal Year 2020 Results on Mar 30, 2021 PIERER Mobility AG announced that they will report fiscal year 2020 results on Mar 30, 2021 Announcement • Dec 13
PIERER Mobility AG Increases Earnings Guidance for the Financial Year 2020 PIERER Mobility AG provided earnings guidance for the financial year 2020. Due to the continued positive global demand for powered two-wheelers (motorbikes and e-bicycles), the Board of Directors announced that it is again raising the revenue forecast for the 2020 financial year published in September 2020. For the 2020 financial year, annual Group sales are now expected to exceed EUR 1,500 million. Due to the high demand, it was possible in the second half of 2020 to largely make up for the lost production and sales volumes from the COVID19 lockdown in the spring and to generate sales of approximately EUR 900 million. This means that turnover for the second half of the year will be more than 17% higher than in the same period of the previous year. With an expected EBIT of approximately EUR 100 million for the 2020 financial year. Announcement • Oct 05
PIERER Mobility AG Revised Sales Forecast for the Second Half and Full Year of Fiscal 2020 PIERER Mobility AG announced that due to the sustained high demand for the motorcycles of the brands KTM, Husqvarna and GASGAS as well as the e-bikes /bicycles of the brands Husqvarna and R Raymon, the Management Board decided to increase the sales forecast published at the end of August 2020 for the second half of 2020 to over €850 Million (previously:€800 million).
Annual Group sales of more than €1,450 million are therefore expected for the financial year 2020, with the E-Bikes /Bicycles division making a sales contribution of more than €110 million.