Stock Analysis Report

Executive Summary

Aliaxis SA, together with its subsidiaries, manufactures and sells plastic pipe systems and related building and sanitary products for use in residential and commercial construction and renovation, and industrial and public utility applications.


Trading at 24.8% below its fair value

Earnings grew by 17.8% over the past year

Risk Analysis

Has a high level of debt

Unstable dividend track record

Snowflake Analysis

Undervalued with solid track record.

Share Price & News

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

Latest Share Price and Events

Stable Share Price: 094124352 has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




BE Building


BE Market

1 Year Return




BE Building


BE Market

Return vs Industry: 094124352 underperformed the Belgian Building industry which returned 34.5% over the past year.

Return vs Market: 094124352 underperformed the Belgian Market which returned 14.3% over the past year.

Shareholder returns

7 Day0%1.1%-0.7%
30 Day1.2%0.4%-0.6%
90 Day-0.6%7.9%-2.9%
1 Year2.8%0.6%33.4%30.2%14.4%12.2%
3 Year-15.0%-19.5%27.0%18.2%-0.5%-7.1%
5 Yearn/a72.6%52.5%5.1%-7.1%

Price Volatility Vs. Market

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

Simply Wall St News


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


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: 094124352 (€16.9) is trading below our estimate of fair value (€22.48)

Significantly Below Fair Value: 094124352 is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: 094124352 is good value based on its PE Ratio (8.1x) compared to the Building industry average (19.9x).

PE vs Market: 094124352 is good value based on its PE Ratio (8.1x) compared to the Belgian market (17.1x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate 094124352's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: 094124352 is good value based on its PB Ratio (0.9x) compared to the XE Building industry average (1.7x).

Next Steps

Future Growth

How is Aliaxis forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?


Forecasted Capital Goods industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Aliaxis has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Next Steps

Past Performance

How has Aliaxis performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 094124352 has high quality earnings.

Growing Profit Margin: 094124352's current net profit margins (5.3%) are higher than last year (4.5%).

Past Earnings Growth Analysis

Earnings Trend: 094124352's earnings have grown by 5.5% per year over the past 5 years.

Accelerating Growth: 094124352's earnings growth over the past year (17.8%) exceeds its 5-year average (5.5% per year).

Earnings vs Industry: 094124352 earnings growth over the past year (17.8%) exceeded the Building industry 3%.

Return on Equity

High ROE: 094124352's Return on Equity (11.6%) is considered low.

Return on Assets

Return on Capital Employed

Next Steps

Financial Health

How is Aliaxis's financial position?

Financial Position Analysis

Short Term Liabilities: 094124352's short term assets (€624.0M) exceed its short term liabilities (€569.9M).

Long Term Liabilities: 094124352's short term assets (€624.0M) exceed its long term liabilities (€508.9M).

Debt to Equity History and Analysis

Debt Level: 094124352's debt to equity ratio (60.3%) is considered high.

Reducing Debt: 094124352's debt to equity ratio has increased from 34% to 60.3% over the past 5 years.

Debt Coverage: 094124352's debt is well covered by operating cash flow (29.7%).

Interest Coverage: 094124352's interest payments on its debt are well covered by EBIT (27x coverage).

Balance Sheet

Inventory Level: 094124352 has a high level of physical assets or inventory.

Debt Coverage by Assets: 094124352's debt is not covered by short term assets (assets are 0.7x debt).

Next Steps


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


Current Dividend Yield

Dividend Yield vs Market


Current dividend yield vs market & industry

Notable Dividend: 094124352's dividend (3.47%) is higher than the bottom 25% of dividend payers in the Belgian market (2.03%).

High Dividend: 094124352's dividend (3.47%) is low compared to the top 25% of dividend payers in the Belgian market (4.39%).

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, 094124352 has been paying a dividend for less than 10 years.

Growing Dividend: 094124352's dividend payments have increased, but the company has only paid a dividend for 4 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (28.2%), 094124352's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.

Next Steps


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


Average board tenure


Laurent Lenoir (53yo)




Mr. Laurent Lenoir has been the Chief Executive Officer of Aliaxis S.A./N.V. since June 1, 2015. Mr. Lenoir served as the Chief Executive Officer of Taminco BVBA since January 1, 2010 and Taminco Corporati ...

Board Age and Tenure


Average Tenure

Experienced Board: 094124352's board of directors are considered experienced (5.7 years average tenure).

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

  • Ursula Saint-Léger (55yo)

    Chief HR & Communications Officer

    • Laurent Lenoir (53yo)

      CEO & Director

      • Tenure: 4.6yrs
    • Koen Sticker

      Chief Financial Officer

      • Lars Boetje

        Chief Strategy

        • Tom Van Gyseghem

          Chief Growth Officer

          • Manuel Monard

            Chief Legal & Insurance Officer

            • Patricia De Lanlay

              Chief Information Officer

              • André Jordens

                Head of Global Strategic Procurement

                • Juha Raïsänen

                  Chief Operations & Supply Chain Officer

                  • Howard Oakes

                    Global Head of Health & Safety

                    Board Members

                    • Kieran Murphy (60yo)


                      • Tenure: 16.6yrs
                    • Jean-Louis Piérard

                      Honorary Chairman

                      • Andréa Hatschek


                        • Tenure: 16.6yrs
                      • Olivier van der Rest


                        • Tenure: 9.7yrs
                      • Marc de Brauwere


                        • Tenure: 4.7yrs
                      • Laurent Lenoir (53yo)

                        CEO & Director

                        • Tenure: 4.6yrs
                      • Hélène van Zeebroeck


                        • Amaury de Bigard


                          • Tenure: 4.7yrs
                        • George Esquivel


                          • Tenure: 5.7yrs
                        • Olivier Hamoir


                          Company Information

                          Aliaxis SA's company bio, employee growth, exchange listings and data sources

                          Key Information

                          • Name: Aliaxis SA
                          • Ticker: 94124352
                          • Exchange: ENXTBR
                          • Founded: 1980
                          • Industry: Building Products
                          • Sector: Capital Goods
                          • Market Cap: €1.331b
                          • Shares outstanding: 78.74m
                          • Website: https://www.aliaxis.com

                          Number of Employees


                          • Aliaxis SA
                          • Avenue Arnaud Fraiteur, 15/23
                          • Brussels
                          • Brussels
                          • 1050
                          • Belgium


                          TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
                          94124352ENXTBR (Euronext Brussels)YesOrdinary SharesBEEURJun 2015


                          Aliaxis SA, together with its subsidiaries, manufactures and sells plastic pipe systems and related building and sanitary products for use in residential and commercial construction and renovation, and industrial and public utility applications. The company offers water transmission pipes and piping systems for underground water transmission, distribution networks, irrigation solutions, etc.; and sanitary solutions primarily for hot and cold water systems, waste traps and outlets, showers, and floor drainage systems. It also provides heavy-duty channel drains, infiltration, and attenuation units, as well as other storm water management systems for the collection, transport, and management of wastewater and rainwater; and surface drainage channels, pipes, fittings, and manholes; and fascia and soffits for residential buildings and siphonic roof drainage solutions. In addition, the company offers polyethylene fittings, pipes, valves, and connectors for inert gas handling and natural gas distribution, and flue gas venting; and management systems that protect buried, encased, concealed, or exposed power and data wiring, as well as conduits for electrical and telecommunication networks. Further, it provides industrial pipes, valves, and fittings to handle acids and bases in their environments; and piping and pressure systems for handling fluids and compressed air distribution. The company operates in the Americas, the Asia-Pacific, Europe, the Middle-East, and Africa. Aliaxis SA was founded in 1980 and is headquartered in Brussels, Belgium. 

                          Company Analysis and Financial Data Status

                          All financial data provided by Standard & Poor's Capital IQ.
                          DataLast Updated (UTC time)
                          Company Analysis2020/01/19 20:32
                          End of Day Share Price2020/01/14 00:00
                          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.