WBAG:PMAG

Stock Analysis Report

Executive Summary

PIERER Mobility AG, together with its subsidiaries, operates as a motorcycle producer worldwide.

Rewards

Trading at 33.2% below its fair value

Earnings are forecast to grow 15.93% per year

Earnings grew by 22.1% over the past year

Risk Analysis

Has a high level of debt



Snowflake Analysis

Solid track record with excellent balance sheet.

Share Price & News

How has PIERER Mobility's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: PMAG has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

2.0%

PMAG

-2.5%

AT Auto

-0.5%

AT Market


1 Year Return

-8.4%

PMAG

2.2%

AT Auto

5.8%

AT Market

Return vs Industry: PMAG underperformed the Austrian Auto industry which returned 6.1% over the past year.

Return vs Market: PMAG underperformed the Austrian Market which returned 9.1% over the past year.


Shareholder returns

PMAGIndustryMarket
7 Day2.0%-2.5%-0.5%
30 Day5.1%-2.6%-0.7%
90 Day5.1%-0.1%1.1%
1 Year-7.8%-8.4%7.4%2.2%9.6%5.8%
3 Year2.7%1.0%6.3%-4.8%33.3%21.1%
5 Yearn/a-2.8%-18.2%67.4%44.0%

Price Volatility Vs. Market

How volatile is PIERER Mobility's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is PIERER Mobility undervalued compared to its fair value and its price relative to the market?

31.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: PMAG (€50) is trading below our estimate of fair value (€74.88)

Significantly Below Fair Value: PMAG is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: PMAG is poor value based on its PE Ratio (26.5x) compared to the Auto industry average (10x).

PE vs Market: PMAG is poor value based on its PE Ratio (26.5x) compared to the Austrian market (14.7x).


Price to Earnings Growth Ratio

PEG Ratio: PMAG is poor value based on its PEG Ratio (1.7x)


Price to Book Ratio

PB vs Industry: PMAG is overvalued based on its PB Ratio (3.7x) compared to the XE Auto industry average (0.9x).


Next Steps

Future Growth

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

15.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PMAG's forecast earnings growth (15.9% per year) is above the savings rate (-0.1%).

Earnings vs Market: PMAG's earnings (15.9% per year) are forecast to grow faster than the Austrian market (8.8% per year).

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

Revenue vs Market: PMAG's revenue (8.5% per year) is forecast to grow faster than the Austrian market (2.5% per year).

High Growth Revenue: PMAG's revenue (8.5% 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 (14.6%).


Next Steps

Past Performance

How has PIERER Mobility performed over the past 5 years?

7.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PMAG has high quality earnings.

Growing Profit Margin: PMAG's current net profit margins (2.8%) are higher than last year (2.5%).


Past Earnings Growth Analysis

Earnings Trend: PMAG's earnings have grown by 7.5% per year over the past 5 years.

Accelerating Growth: PMAG's earnings growth over the past year (22.1%) exceeds its 5-year average (7.5% per year).

Earnings vs Industry: PMAG earnings growth over the past year (22.1%) exceeded the Auto industry 1.4%.


Return on Equity

High ROE: PMAG's Return on Equity (15.1%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is PIERER Mobility's financial position?


Financial Position Analysis

Short Term Liabilities: PMAG's short term assets (€657.8M) exceed its short term liabilities (€327.2M).

Long Term Liabilities: PMAG's short term assets (€657.8M) exceed its long term liabilities (€577.3M).


Debt to Equity History and Analysis

Debt Level: PMAG's debt to equity ratio (81.9%) is considered high.

Reducing Debt: PMAG's debt to equity ratio has reduced from 103.7% to 81.9% over the past 5 years.

Debt Coverage: PMAG's debt is well covered by operating cash flow (39.7%).

Interest Coverage: PMAG's interest payments on its debt are well covered by EBIT (7.6x coverage).


Balance Sheet

Inventory Level: PMAG has a high level of physical assets or inventory.

Debt Coverage by Assets: PMAG's debt is covered by short term assets (assets are 1.4x debt).


Next Steps

Dividend

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

0.58%

Current Dividend Yield


Dividend Yield vs Market

company0.6%marketbottom25%1.6%markettop25%4.2%industryaverage4.5%forecastin3Years0.6%

Current dividend yield vs market & industry

Notable Dividend: PMAG's dividend (0.6%) isn’t notable compared to the bottom 25% of dividend payers in the Austrian market (1.6%).

High Dividend: PMAG's dividend (0.6%) is low compared to the top 25% of dividend payers in the Austrian market (4.17%).


Stability and Growth of Payments

Stable Dividend: PMAG is not paying a notable dividend for the Austrian market, therefore no need to check if payments are stable.

Growing Dividend: PMAG is not paying a notable dividend for the Austrian market, therefore no need to check if payments are increasing.


Current Payout to Shareholders

Dividend Coverage: PMAG is not paying a notable dividend for the Austrian market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of PMAG's dividend in 3 years as they are not forecast to pay a notable one for the Austrian market.


Next Steps

Management

What is the CEO of PIERER Mobility's salary, the management and board of directors tenure and is there insider trading?

€2m

CEO Compensation


CEO

Stefan Pierer (63yo)

0yrs

Tenure

€1,592,598

Compensation

Mr. Stefan Pierer, Dipl.-Ing. serves as the Chief Executive Officer of Pierer Industrie AG. Engineer Pierer serves as the Chief Executive Officer of CROSS Informatik GmbH and CROSS Immobilien AG. Engineer  ...


CEO Compensation Analysis

Compensation vs Market: Stefan's total compensation ($USD1.77M) is about average for companies of similar size in the Austrian market ($USD1.71M).

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


Insider Trading

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 not been meaningfully diluted in the past year.


Management Team

  • Stefan Pierer (63yo)

    CEO & Chairman of Executive Board

    • Compensation: €1.59m
  • Hubert Trunkenpolz (57yo)

    Member of Executive Board & CSO

    • Tenure: 2yrs
    • Compensation: €1.30m
  • Friedrich Roithner (56yo)

    CFO & Member of Executive Board

    • Tenure: 9.5yrs
    • Compensation: €842.10k
  • Michaela Friepeß (47yo)

    Head of Investor Relations

    • Compensation: €40.93k

Board Members

  • Josef Blazicek (55yo)

    Supervisory Board Chairman

    • Alfred Hörtenhuber (64yo)

      Member of Supervisory Board

      • Tenure: 1.8yrs
    • Wels Chalupsky (65yo)

      Deputy Supervisory Board Chairman

      • Klaus Rinnerberger (55yo)

        Member of Supervisory Board

        • Tenure: 5yrs

      Company Information

      PIERER Mobility AG's company bio, employee growth, exchange listings and data sources


      Key Information

      • Name: PIERER Mobility AG
      • Ticker: PMAG
      • Exchange: WBAG
      • Founded: 1953
      • Industry: Motorcycle Manufacturers
      • Sector: Automobiles
      • Market Cap: €1.161b
      • Shares outstanding: 22.54m
      • Website: https://www.pierermobility.com

      Number of Employees


      Location

      • PIERER Mobility AG
      • Edisonstrasse 1
      • Wels
      • Upper Austria
      • 4600
      • Austria

      Listings

      TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
      KTMIVBATS-CHIXE (BATS 'Chi-X Europe')NPVGBEURNo data
      PMAGWBAG (Wiener Boerse AG)YesCommon StockATEURJun 2015
      BFCXTRA (XETRA Trading Platform)YesCommon StockDEEURJun 2015
      PMAGDB (Deutsche Boerse AG)YesCommon StockDEEURJun 2015
      PMAGSWX (SIX Swiss Exchange)YesCommon StockCHCHFJun 2015
      KTMIWBAG (Wiener Boerse AG)NPVATEURMay 2018
      KTMISWX (SIX Swiss Exchange)NPVCHCHFMay 2018

      Biography

      PIERER Mobility AG, together with its subsidiaries, operates as a motorcycle producer worldwide. It operates in KTM and Others segments. The company develops, produces, and distributes motorized vehicles for recreational purposes, including off-road and street motorcycles; mini-motorcycles; X-BOW; and brand accessories, which includes spare parts, technical accessories, and apparel under the KTM and Husqvarna Motorcycles brands. It also develops, produces, and sells chassis components for motorcycles and vehicles, including suspension components, frame construction and related welded-steel components, exhaust systems, and cooling systems under the WP brand. The company was formerly known as KTM Industries AG and changed its name to PIERER Mobility AG in October 2019. PIERER Mobility AG was founded in 1953 and is headquartered in Wels, Austria. PIERER Mobility AG is a subsidiary of Pierer Industrie AG. 


      Company Analysis and Financial Data Status

      All financial data provided by Standard & Poor's Capital IQ.
      DataLast Updated (UTC time)
      Company Analysis2020/01/20 21:48
      End of Day Share Price2020/01/20 00:00
      Earnings2019/06/30
      Annual Earnings2018/12/31


      Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.