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Industrial Holding Bulgaria AD BUL:IHB Stock Report

Last Price


Market Cap







27 Sep, 2022


Company Financials
IHB fundamental analysis
Snowflake Score
Future Growth0/6
Past Performance3/6
Financial Health6/6

IHB Stock Overview

Industrial Holding Bulgaria AD, through its subsidiaries, engages in maritime transport, ship repair, port operations, and machine building businesses in Bulgaria.

Industrial Holding Bulgaria AD Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Industrial Holding Bulgaria AD
Historical stock prices
Current Share Priceлв1.80
52 Week Highлв2.40
52 Week Lowлв1.80
1 Month Change-11.77%
3 Month Change-7.22%
1 Year Change-8.63%
3 Year Change80.00%
5 Year Change78.22%
Change since IPO-75.44%

Recent News & Updates

May 18
Does Industrial Holding Bulgaria AD (BUL:IHB) Have A Healthy Balance Sheet?

Does Industrial Holding Bulgaria AD (BUL:IHB) Have A Healthy Balance Sheet?

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

Mar 04
Should You Be Impressed By Industrial Holding Bulgaria AD's (BUL:IHB) Returns on Capital?

Should You Be Impressed By Industrial Holding Bulgaria AD's (BUL:IHB) Returns on Capital?

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Typically, we'll want to notice a...

Shareholder Returns

IHBBG MachineryBG Market

Return vs Industry: IHB underperformed the BG Machinery industry which returned -5.1% over the past year.

Return vs Market: IHB underperformed the BG Market which returned 5.3% over the past year.

Price Volatility

Is IHB's price volatile compared to industry and market?
IHB volatility
IHB Average Weekly Movement8.5%
Machinery Industry Average Movement5.4%
Market Average Movement4.9%
10% most volatile stocks in BG Market9.4%
10% least volatile stocks in BG Market2.5%

Stable Share Price: IHB is more volatile than 75% of BG stocks over the past 3 months, typically moving +/- 9% a week.

Volatility Over Time: IHB's weekly volatility (9%) has been stable over the past year, but is still higher than 75% of BG stocks.

About the Company

19961,063Daneta Zheleva

Industrial Holding Bulgaria AD, through its subsidiaries, engages in maritime transport, ship repair, port operations, and machine building businesses in Bulgaria. It is involved in the ship conversion and manufacturing of steel constructions; ship repair and reconstruction of vessels. The company also provides ports services, such as loading, unloading, and warehousing services; transport and forwarding services, as well as issues related documents; and ancillary services, including electricity, water, acceptance of household and hazardous waste, sweeping, washing of cargo spaces, strengthening of cargo, etc. In addition, it repairs and storage of small vessels and rental of storage space; and production of universal lathes and CNC lathes.

Industrial Holding Bulgaria AD Fundamentals Summary

How do Industrial Holding Bulgaria AD's earnings and revenue compare to its market cap?
IHB fundamental statistics
Market Capлв174.26m
Earnings (TTM)лв25.97m
Revenue (TTM)лв115.24m


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
IHB income statement (TTM)
Cost of Revenueлв29.41m
Gross Profitлв85.83m
Other Expensesлв59.86m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date


Earnings per share (EPS)0.27
Gross Margin74.48%
Net Profit Margin22.53%
Debt/Equity Ratio6.2%

How did IHB perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.


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

Valuation Score


Valuation Score 4/6

  • 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 IHB?

Other financial metrics that can be useful for relative valuation.

IHB 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/Revenue1.6x
Enterprise Value/EBITDA5x
PEG Ration/a

Price to Earnings Ratio vs Peers

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

IHB PE Ratio vs Peers
The above table shows the PE ratio for IHB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average10.7x
SPH Stara Planina Hold
HES Hydraulic Elements and Systems AD
CHIM Chimimport AD
MSH M+S Hydraulic AD
IHB Industrial Holding Bulgaria AD

Price-To-Earnings vs Peers: IHB is good value based on its Price-To-Earnings Ratio (6.7x) compared to the peer average (10.7x).

Price to Earnings Ratio vs Industry

How does IHB's PE Ratio compare vs other companies in the European Machinery Industry?

Price-To-Earnings vs Industry: IHB is good value based on its Price-To-Earnings Ratio (6.7x) compared to the European Machinery industry average (13.9x)

Price to Earnings Ratio vs Fair Ratio

What is IHB'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.

IHB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio6.7x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate IHB's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

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

Below Fair Value: IHB (BGN1.8) is trading below our estimate of fair value (BGN6.99)

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

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 Industrial Holding Bulgaria AD forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score


Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


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 Industrial Holding Bulgaria AD 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.

Discover growth companies

  • Examine whether Industrial Holding Bulgaria AD is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.

Past Performance

How has Industrial Holding Bulgaria AD performed over the past 5 years?

Past Performance Score


Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: IHB has high quality earnings.

Growing Profit Margin: IHB became profitable in the past.

Past Earnings Growth Analysis

Earnings Trend: IHB has become profitable over the past 5 years, growing earnings by 22.9% per year.

Accelerating Growth: IHB has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: IHB has become profitable in the last year, making it difficult to compare its past year earnings growth to the Machinery industry (22.7%).

Return on Equity

High ROE: IHB's Return on Equity (7.9%) is considered low.

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Financial Health

How is Industrial Holding Bulgaria AD's financial position?

Financial Health Score


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: IHB's short term assets (BGN43.7M) exceed its short term liabilities (BGN25.4M).

Long Term Liabilities: IHB's short term assets (BGN43.7M) exceed its long term liabilities (BGN22.6M).

Debt to Equity History and Analysis

Debt Level: IHB's net debt to equity ratio (1.9%) is considered satisfactory.

Reducing Debt: IHB's debt to equity ratio has reduced from 43.8% to 6.2% over the past 5 years.

Debt Coverage: IHB's debt is well covered by operating cash flow (179.3%).

Interest Coverage: IHB's interest payments on its debt are well covered by EBIT (23.4x coverage).

Balance Sheet

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What is Industrial Holding Bulgaria AD current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Industrial Holding Bulgaria AD Dividend Yield vs Market
How does Industrial Holding Bulgaria AD dividend yield compare to the market?
SegmentDividend Yield
Company (Industrial Holding Bulgaria AD)n/a
Market Bottom 25% (BG)1.5%
Market Top 25% (BG)6.5%
Industry Average (Machinery)3.1%
Analyst forecast in 3 Years (Industrial Holding Bulgaria AD)n/a

Notable Dividend: Unable to evaluate IHB's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate IHB's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if IHB's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if IHB's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as IHB has not reported any payouts.

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


Average management tenure


Daneta Zheleva (54 yo)





Mrs. Daneta Anguelova Zheleva serves as Chairperson of the Board of Directors of ZMM Bulgaria Holding LTD and has been its Director since 2003. Mrs. Zheleva had been the Chief Executive Officer and Member...

Leadership Team

Experienced Management: IHB's management team is seasoned and experienced (19.2 years average tenure).

Board Members

Experienced Board: IHB's board of directors are seasoned and experienced ( 19.2 years average tenure).


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

What is the ownership structure of IHB?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders9,699,56410.0%
General Public16,760,63017.3%
Private Companies65,173,55467.3%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 10 shareholders own 82.69% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
Bulls AD
65,173,554BGN117.3m0%no data
Elena Kirtcheva
9,657,874BGN17.4m0%no data
CCB Asset Management UD EAD
KBC Asset Management NV
951,964BGN1.7m0%no data
Eaton Vance Management
576,865BGN1.0m0%no data
Expat Asset Management Ead
Karoll Capital Management EAD
SKY Asset Management
Daneta Zheleva
41,044BGN73.9k0%no data
Dimitar Zhelev
646BGN1.2k0%no data

Company Information

Industrial Holding Bulgaria AD's employee growth, exchange listings and data sources

Key Information

  • Name: Industrial Holding Bulgaria AD
  • Ticker: IHB
  • Exchange: BUL
  • Founded: 1996
  • Industry: Construction Machinery and Heavy Trucks
  • Sector: Capital Goods
  • Implied Market Cap: лв174.255m
  • Shares outstanding: 96.81m
  • Website:

Number of Employees


  • Industrial Holding Bulgaria AD
  • No 42 Damyan Gruev Street
  • Sofia
  • 1606
  • Bulgaria


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
IHBBUL (Bulgaria Stock Exchange)YesOrdinary SharesBGBGNApr 2008

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/27 00:00
End of Day Share Price2022/09/26 00:00
Annual Earnings2020/12/31

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.