PIERER Mobility (WBAG:PMAG) - Share price, News & Analysis

Q: What is the Fair Price of PMAG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

PMAG (€63) is trading below our estimate of [[fair value]] (€67.94)

PMAG fundamental analysis
Snowflake Score
Valuation	1/6
Future Growth	3/6
Past Performance	5/6
Financial Health	6/6
Dividends	2/6

PMAG Stock Overview

PIERER Mobility AG, together with its subsidiaries, operates as a motorcycle producer in Europe, North America, Mexico, and internationally.

Rewards

Trading at 7.3% below our estimate of its fair value

Earnings are forecast to grow 17.51% per year

Earnings grew by 136.4% over the past year

Risk Analysis

Shareholders have been substantially diluted in the past year

PIERER Mobility Competitors

Zhejiang Qianjiang Motorcycle

SZSE:000913

CN¥11.8b

Loncin Motor

SHSE:603766

CN¥10.2b

Sanyang Motor

TWSE:2206

NT$28.6b

Piaggio & C

BIT:PIA

€927.5m

Price History & Performance

Summary of all time highs, changes and price drops for PIERER Mobility
Historical stock prices
Current Share Price	€63.00
52 Week High	€93.00
52 Week Low	€60.70
Beta	1.26
1 Month Change	-0.32%
3 Month Change	-14.75%
1 Year Change	-16.45%
3 Year Change	26.00%
5 Year Change	29.90%
Change since IPO	228.13%

Recent News & Updates

Jul 29

We Ran A Stock Scan For Earnings Growth And PIERER Mobility (VIE:PMAG) Passed With Ease

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...

Jun 27

What Is PIERER Mobility AG's (VIE:PMAG) Share Price Doing?

PIERER Mobility AG ( VIE:PMAG ), might not be a large cap stock, but it received a lot of attention from a substantial...

Jun 13

PIERER Mobility (VIE:PMAG) Could Easily Take On More Debt

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...

May 13

Slowing Rates Of Return At PIERER Mobility (VIE:PMAG) Leave Little Room For Excitement

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...

Apr 06

We Think That There Are Issues Underlying PIERER Mobility's (VIE:PMAG) Earnings

Despite posting some strong earnings, the market for PIERER Mobility AG's ( VIE:PMAG ) stock hasn't moved much. We did...

Shareholder Returns

	PMAG	AT Auto	AT Market
7D	0%	3.2%	2.5%
1Y	-16.4%	-17.6%	-4.8%

Return vs Industry: PMAG exceeded the Austrian Auto industry which returned -19.7% over the past year.

Return vs Market: PMAG underperformed the Austrian Market which returned -5.5% over the past year.

Price Volatility

Is PMAG's price volatile compared to industry and market?
PMAG volatility
PMAG Average Weekly Movement	4.1%
Auto Industry Average Movement	5.2%
Market Average Movement	4.9%
10% most volatile stocks in AT Market	7.0%
10% least volatile stocks in AT Market	2.8%

Stable Share Price: PMAG is not significantly more volatile than the rest of Austrian stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: PMAG's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1953	5,249	Stefan Pierer	https://www.pierermobility.com

PIERER Mobility AG, together with its subsidiaries, operates as a motorcycle producer in Europe, North America, Mexico, and internationally. It operates through Motorcycles, E-Bicycles, and Others segments. The company develops, produces, and distributes motorized leisure equipment, including off-road and street motorcycles; mini-motorcycles; X-BOW; and brand accessories, such as spare parts, technical accessories, and clothing under the KTM, Husqvarna Motorcycles, and GASGAS brands.

PIERER Mobility Fundamentals Summary

How do PIERER Mobility's earnings and revenue compare to its market cap?
PMAG fundamental statistics
Market Cap	€2.13b
Earnings (TTM)	€82.54m
Revenue (TTM)	€2.04b

25.8x

P/E Ratio

1.0x

P/S Ratio

Is PMAG overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
PMAG income statement (TTM)
Revenue	€2.04b
Cost of Revenue	€1.45b
Gross Profit	€593.10m
Other Expenses	€510.56m
Earnings	€82.54m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

Aug 30, 2022

Earnings per share (EPS)	2.44
Gross Margin	29.05%
Net Profit Margin	4.04%
Debt/Equity Ratio	65.0%

How did PMAG perform over the long term?

See historical performance and comparison

Dividends

1.6%

Current Dividend Yield

30%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is PMAG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PMAG?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for PMAG. This is calculated by dividing PMAG's market cap by their current preferred multiple.
What is PMAG's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€2.13b

PMAG key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.1x
Enterprise Value/EBITDA	7x
PEG Ratio	1.5x

Price to Earnings Ratio vs Peers

How does PMAG's PE Ratio compare to its peers?

PMAG PE Ratio vs Peers

The above table shows the PE ratio for PMAG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	25.6x
000913 Zhejiang Qianjiang Motorcycle	55.4x	n/a	CN¥11.8b
603766 Loncin Motor	20.4x	n/a	CN¥10.2b
2206 Sanyang Motor	11.6x	n/a	NT$28.6b
PIA Piaggio & C	15x	14.5%	€927.5m
PMAG PIERER Mobility	25.8x	17.5%	€2.1b

Price-To-Earnings vs Peers: PMAG is expensive based on its Price-To-Earnings Ratio (25.8x) compared to the peer average (25.6x).

Price to Earnings Ratio vs Industry

How does PMAG's PE Ratio compare vs other companies in the Global Auto Industry?

Price-To-Earnings vs Industry: PMAG is expensive based on its Price-To-Earnings Ratio (25.8x) compared to the European Auto industry average (8.2x)

Price to Earnings Ratio vs Fair Ratio

What is PMAG's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PMAG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	25.8x
Fair PE Ratio	15.8x

Price-To-Earnings vs Fair Ratio: PMAG is expensive based on its Price-To-Earnings Ratio (25.8x) compared to the estimated Fair Price-To-Earnings Ratio (15.8x).

Share Price vs Fair Value

What is the Fair Price of PMAG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PMAG (€63) is trading below our estimate of fair value (€67.94)

Significantly Below Fair Value: PMAG is trading below fair value, but not by a significant amount.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is PIERER Mobility forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

17.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: PMAG's forecast earnings growth (17.5% per year) is above the savings rate (0.2%).

Earnings vs Market: PMAG's earnings (17.5% per year) are forecast to grow faster than the Austrian market (3.9% per year).

High Growth Earnings: PMAG's earnings are forecast to grow, but not significantly.

Revenue vs Market: PMAG's revenue (8% per year) is forecast to grow faster than the Austrian market (-1.1% per year).

High Growth Revenue: PMAG's revenue (8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: PMAG's Return on Equity is forecast to be low in 3 years time (17%).

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Past Performance

How has PIERER Mobility performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

10.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: PMAG has high quality earnings.

Growing Profit Margin: PMAG's current net profit margins (4%) are higher than last year (2.3%).

Past Earnings Growth Analysis

Earnings Trend: PMAG's earnings have grown by 10.3% per year over the past 5 years.

Accelerating Growth: PMAG's earnings growth over the past year (136.4%) exceeds its 5-year average (10.3% per year).

Earnings vs Industry: PMAG earnings growth over the past year (136.4%) exceeded the Auto industry 7%.

Return on Equity

High ROE: PMAG's Return on Equity (18.7%) is considered low.

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Financial Health

How is PIERER Mobility's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: PMAG's short term assets (€1.0B) exceed its short term liabilities (€618.7M).

Long Term Liabilities: PMAG's short term assets (€1.0B) exceed its long term liabilities (€649.5M).

Debt to Equity History and Analysis

Debt Level: PMAG's net debt to equity ratio (14.1%) is considered satisfactory.

Reducing Debt: PMAG's debt to equity ratio has reduced from 141.8% to 65% over the past 5 years.

Debt Coverage: PMAG's debt is well covered by operating cash flow (73.8%).

Interest Coverage: PMAG's interest payments on its debt are well covered by EBIT (18.1x coverage).

Balance Sheet

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Dividend

What is PIERER Mobility current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

1.59%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: PMAG's dividend (1.59%) isn’t notable compared to the bottom 25% of dividend payers in the Austrian market (1.96%).

High Dividend: PMAG's dividend (1.59%) is low compared to the top 25% of dividend payers in the Austrian market (5.14%).

Stability and Growth of Payments

Stable Dividend: PMAG has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: PMAG's dividend payments have increased, but the company has only paid a dividend for 6 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (30%), PMAG's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (18.2%), PMAG's dividend payments are well covered by cash flows.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

5.9yrs

Average management tenure

CEO

Stefan Pierer (66 yo)

7.17yrs

Tenure

€1,481,927

Compensation

Mr. Stefan Pierer, Dipl.-Ing. serves as the Chief Executive Officer and Member of Management Board at Pierer Industrie AG. He serves as Member of Supervisory Board at Oberbank AG since 2022.Mr. Pierer ser...

CEO Compensation Analysis

Compensation vs Market: Insufficient data to establish whether Stefan's total compensation is reasonable compared to companies of similar size in the Austrian market.

Compensation vs Earnings: Stefan's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: PMAG's management team is seasoned and experienced (5.9 years average tenure).

Board Members

Experienced Board: PMAG's board of directors are not considered experienced ( 0.6 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 51.2%.

Data	Last Updated (UTC time)
Company Analysis	2022/08/16 00:00
End of Day Share Price	2022/08/16 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31