New Risk • Jun 04
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.3% Last year net profit margin: 5.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (57% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.3% net profit margin). Announcement • May 15
Vossloh AG (XTRA:VOS) reached an agreement to acquire Cordel Group Plc (AIM:CRDL) for £26.9 million. Vossloh AG (XTRA:VOS) reached an agreement to acquire Cordel Group Plc (AIM:CRDL) for £26.9 million on May 13, 2026. A cash consideration valued at £0.124 per share will be paid by Vossloh AG. As part of consideration, £26.9 million is paid towards common equity of Cordel Group Plc. The cash consideration payable by Vossloh under the terms of the acquisition will be funded from existing cash resources.
The transaction is subject to subject to court approval, approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by target shareholders and third party approval needed. The Cordel directors intend unanimously to recommend that Cordel shareholders vote in favour of the scheme at the court meeting and the resolutions to be proposed at the general Meeting. The expected completion of the transaction is July 1, 2026 to September 30, 2026.
James Dance and Richard Johnson of Strand Hanson Limited acted as financial advisor for Cordel Group Plc. Sam Cann and Lara Ashmore of Peel Hunt LLP acted as financial advisor for Vossloh AG. Freshfields LLP acted as legal advisor for Vossloh AG. Bird & Bird LLP acted as legal advisor for Cordel Group Plc. Lazard & Co. GmbH acted as financial advisor to Vossloh AG. Upcoming Dividend • Apr 30
Upcoming dividend of €1.15 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 11 May 2026. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (3.0%). New Risk • Apr 26
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.4% Last year net profit margin: 5.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (58% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.4% net profit margin). Major Estimate Revision • Mar 30
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from €3.60 to €3.20 per share. Revenue forecast steady at €1.62b. Net income forecast to shrink 1.3% next year vs 26% growth forecast for Machinery industry in Germany . Consensus price target broadly unchanged at €85.50. Share price fell 4.6% to €67.10 over the past week. Declared Dividend • Mar 27
Dividend increased to €1.15 Dividend of €1.15 is 4.5% higher than last year. Ex-date: 7th May 2026 Payment date: 11th May 2026 Dividend yield will be 1.7%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 1.8% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 53% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 26
Vossloh AG, Annual General Meeting, May 06, 2026 Vossloh AG, Annual General Meeting, May 06, 2026, at 10:00 W. Europe Standard Time. New Risk • Mar 24
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 65% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 24
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: €3.24. Revenue: €1.34b (up 11% from FY 2024). Net income: €68.7m (up 8.7% from FY 2024). Profit margin: 5.1% (down from 5.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.8%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Machinery industry in Germany. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €68.50, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 15x in the Machinery industry in Germany. Total returns to shareholders of 88% over the past three years. Price Target Changed • Jan 12
Price target increased by 7.7% to €90.83 Up from €84.31, the current price target is an average from 6 analysts. New target price is 12% above last closing price of €81.20. Stock is up 100% over the past year. The company is forecast to post earnings per share of €3.17 for next year compared to €3.56 last year. Announcement • Nov 26
Vossloh AG to Report Q1, 2026 Results on Apr 23, 2026 Vossloh AG announced that they will report Q1, 2026 results on Apr 23, 2026 Announcement • Nov 20
Vossloh AG to Report Fiscal Year 2025 Results on Mar 19, 2026 Vossloh AG announced that they will report fiscal year 2025 results on Mar 19, 2026 Buy Or Sell Opportunity • Nov 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.0% to €78.60. The fair value is estimated to be €98.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.4% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 34% in 2 years. Earnings are forecast to grow by 63% in the next 2 years. Reported Earnings • Nov 02
Third quarter 2025 earnings released: EPS: €0.65 (vs €0.78 in 3Q 2024) Third quarter 2025 results: EPS: €0.65 (down from €0.78 in 3Q 2024). Revenue: €325.9m (up 9.1% from 3Q 2024). Net income: €16.6m (down 5.1% from 3Q 2024). Profit margin: 5.1% (down from 5.9% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Oct 15
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.3% to €78.20. The fair value is estimated to be €100, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 31% in 2 years. Earnings are forecast to grow by 52% in the next 2 years. Price Target Changed • Jul 25
Price target increased by 9.6% to €87.79 Up from €80.07, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of €87.60. Stock is up 73% over the past year. The company is forecast to post earnings per share of €3.69 for next year compared to €3.56 last year. Buy Or Sell Opportunity • Jul 25
Now 21% undervalued Over the last 90 days, the stock has risen 29% to €87.60. The fair value is estimated to be €111, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 59% in the next 2 years. Price Target Changed • Jul 08
Price target increased by 11% to €80.07 Up from €72.25, the current price target is an average from 7 analysts. New target price is 7.2% below last closing price of €86.30. Stock is up 87% over the past year. The company is forecast to post earnings per share of €3.74 for next year compared to €3.56 last year. Price Target Changed • Jun 20
Price target increased by 8.8% to €76.42 Up from €70.25, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of €73.50. Stock is up 56% over the past year. The company is forecast to post earnings per share of €3.76 for next year compared to €3.56 last year. Upcoming Dividend • May 01
Upcoming dividend of €1.10 per share Eligible shareholders must have bought the stock before 08 May 2025. Payment date: 12 May 2025. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (3.6%). Major Estimate Revision • Apr 01
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from €1.28b to €1.39b. EPS estimate increased from €3.35 to €3.85 per share. Net income forecast to grow 14% next year vs 12% growth forecast for Machinery industry in Germany. Consensus price target up from €56.60 to €62.85. Share price rose 3.2% to €64.70 over the past week. Price Target Changed • Mar 31
Price target increased by 9.1% to €61.73 Up from €56.60, the current price target is an average from 8 analysts. New target price is 5.6% below last closing price of €65.40. Stock is up 43% over the past year. The company is forecast to post earnings per share of €3.75 for next year compared to €3.56 last year. Declared Dividend • Mar 30
Dividend increased to €1.10 Dividend of €1.10 is 4.8% higher than last year. Ex-date: 8th May 2025 Payment date: 12th May 2025 Dividend yield will be 1.7%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 28
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: €3.56 (up from €2.15 in FY 2023). Revenue: €1.21b (flat on FY 2023). Net income: €69.2m (up 84% from FY 2023). Profit margin: 5.7% (up from 3.1% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 18%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €57.40, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 14x in the Machinery industry in Germany. Total returns to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €97.70 per share. New Risk • Nov 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (10.0% increase in shares outstanding). Reported Earnings • Nov 03
Third quarter 2024 earnings released: EPS: €0.78 (vs €0.53 in 3Q 2023) Third quarter 2024 results: EPS: €0.78 (up from €0.53 in 3Q 2023). Revenue: €298.7m (down 8.2% from 3Q 2023). Net income: €17.5m (up 90% from 3Q 2023). Profit margin: 5.9% (up from 2.8% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 26
Second quarter 2024 earnings released: EPS: €1.57 (vs €1.02 in 2Q 2023) Second quarter 2024 results: EPS: €1.57 (up from €1.02 in 2Q 2023). Revenue: €292.0m (down 15% from 2Q 2023). Net income: €29.0m (up 62% from 2Q 2023). Profit margin: 9.9% (up from 5.2% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Jul 20
Vossloh AG (XTRA:VOS) acquired France Aiguillages Services. Vossloh AG (XTRA:VOS) acquired France Aiguillages Services on July 19, 2024. The transaction also includes the licensed training center LUNEFCF, where employees of the French national network operator are trained and further educated for maintenance work on SNCF railroad infrastructure facilities in addition to the FAS employees. The employees of FAS will join the Vossloh family.
Vossloh AG (XTRA:VOS) completed the acquisition of France Aiguillages Services on July 19, 2024. Announcement • May 22
Vossloh AG (XTRA:VOS) signed an agreement to acquire Scandinavian Track Group AB. Vossloh AG (XTRA:VOS) signed an agreement to acquire Scandinavian Track Group AB on May 21, 2024. As of 2023, Scandinavian Track Group reported a sales revenue of €22.3 million. The transaction is subject to the approval of Swedish Competition Authority and the Swedish Ministry of Economic Affairs and is expected to be completed in mid-2024. Upcoming Dividend • May 10
Upcoming dividend of €1.05 per share Eligible shareholders must have bought the stock before 16 May 2024. Payment date: 20 May 2024. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (3.3%). Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: €0.39 (vs €0.07 in 1Q 2023) First quarter 2024 results: EPS: €0.39 (up from €0.07 in 1Q 2023). Revenue: €268.8m (up 4.9% from 1Q 2023). Net income: €8.40m (up €7.10m from 1Q 2023). Profit margin: 3.1% (up from 0.5% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Machinery industry in Germany. 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 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: €2.16 (vs €2.32 in FY 2022) Full year 2023 results: EPS: €2.16. Revenue: €1.21b (up 16% from FY 2022). Net income: €43.7m (up 7.4% from FY 2022). Profit margin: 3.6% (down from 3.9% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Machinery industry in Germany. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: €0.54 (vs €1.00 in 3Q 2022) Third quarter 2023 results: EPS: €0.54 (down from €1.00 in 3Q 2022). Revenue: €325.3m (up 16% from 3Q 2022). Net income: €13.7m (down 21% from 3Q 2022). Profit margin: 4.2% (down from 6.2% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Machinery industry in Germany. 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. Announcement • Oct 10
Vossloh Introduces Platform Vossloh Connect with Innovative Digital Solutions Transforming the Railway Industry Vossloh is living up to its role as a pioneer in the rail infrastructure business once again by introducing the cloud-based platform ‘Vossloh connect’, whose applications will drive the digitalization and the transformation of the rail industry. The platform offers an array of cutting-edge solutions designed to optimize rail infrastructure management and maintenance as well as contributing to increased safety, reduced costs and improved overall performance. Vossloh has created a one-stop-shop-platform for railway customers across the rail network. It offers a comprehensive suite of digital solutions, seamlessly integrated into one single, user-friendly system. It comfortably provides a holistic view on rail infrastructure and operations. The platform offers customers not only access to Vossloh’s self-developed solutions for various areas of rail infrastructure but is also open to selected third-party partners offering complementary products and solutions. The tools enable real-time monitoring capabilities providing instant insights into rail network performance and asset health as well as relevant information for predictive maintenance. Furthermore, the platform comprises advanced analytics and alert systems in order to significantly reduce the risk of accidents and disruptions. This not only crucial for the paramount of the railway industry – safety – but also helps to reduce costs for emergency repairs and extends the lifespan of the rail assets and therefore contributes to sustainability. Last but not least to mention is the range of sophisticated predictive maintenance algorithms, forming the core of ‘Vossloh connect’. They enable rail operators to schedule maintenance tasks more efficiently while reducing downtime and costs whereas the central customer request – the availability of the track – can be increased by these means. Customers have access to their condition data via ‘Vossloh connect’. The visualization in the Vossloh applications makes this data intuitively usable and translates it into recommendations for tailormade action. Certain Vossloh inhouse developed solutions offered on the new platform are focusing on switches as one of the technically most complex and fault-prone elements of the rail track. ‘Smart Turnout’ e.g. provides advanced monitoring of switches including information on vertical displacement, train speed and train recognition. ‘Smart Point Machine’ enables quick asset assessments and adjustable alarms and can be adapted to any specific customer needs. Advanced monitoring prevents failures of point machines and specific algorithms aim at failure prognosis and forecasting. With a set of laser-equipped sensors the solution ‘SMV’ measures displacement and vibration to provide insights on tamping needs of the ballast bed in the switch area, but also to assess maintenance effectiveness. The concept of ‘mapl-e’ offers a seamless solution combining measurement, analysis, and maintenance, in order to reduce and control costs through combined grinding-activities and train-based measurement. It allows for continuous data collection even during high-traffic periods, providing rapid access to valuable information and increasing operations efficiency. Besides, Vossloh’s ‘Datalab’ can be considered a real Jack-of-all-trades in statistics offering rail-infrastructure data visualization for insights, statistical KPIs and alarms for monitoring, topped with a flexible dashboard for asset oversight. In addition, the platform serves as a marketplace for selected third-party providers or partners and their solutions. Among them are the Swedish company ‘Strainlabs’ for example, which brings expertise in connected bolts to the platform. Strainlabs’ sensor-equipped bolts allow the platform-user to gather real-time data on the stress and strain, enabling proactive maintenance and enhancing the overall safety and reliability of rail systems. Another esteemed partner of ‘Vossloh connect’ is ‘Cervello’. Headquartered in Israel and deployed worldwide, the company specializes in cybersecurity solutions tailored for the railway industry. With the rise of digitalization, ensuring the security of rail networks is of growing importance. Cervello’s expertise in protecting rail critical infrastructure against cyber threats adds a layer of security that is essential in today’s interconnected world. German Railwatch is another example for joint forces with ‘Vossloh connect’. Their innovative system for monitoring wagon and train conditions enables rail operators to gain comprehensive insights into the health and performance of their rolling stock. Applications are covering a range of solutions including i.a. wheel and brake condition, weight and train- resp. wagon-identification Considering that the rail-wheel contact is of utmost relevance for any preventive maintenance model on rail infrastructure, these insights perfectly complete Vossloh’s wholistic understanding of the rail track as a system. Since recently the comprehensive technology and most employees of former Railwatch have been integrated into Vossloh Group. Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: €1.03 (vs €0.54 in 2Q 2022) Second quarter 2023 results: EPS: €1.03 (up from €0.54 in 2Q 2022). Revenue: €344.2m (up 35% from 2Q 2022). Net income: €19.4m (up 102% from 2Q 2022). Profit margin: 5.6% (up from 3.8% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Jun 16
Vossloh AG Raises Earnings Guidance for the Full Year 2023 Vossloh AG raised earnings guidance for the full year 2023. For the period, the company Sales expectation raised from EUR 1.05 billion to EUR 1.15 billion to between EUR 1.125 billion and EUR 1.2 billion . EBIT forecast raised from EUR 79 million to EUR 88 million to between EUR 87 million and EUR 94 million. Upcoming Dividend • May 18
Upcoming dividend of €1.00 per share at 2.4% yield Eligible shareholders must have bought the stock before 25 May 2023. Payment date: 30 May 2023. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.9%). Reported Earnings • Mar 18
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: €2.32 (up from €1.33 in FY 2021). Revenue: €1.05b (up 11% from FY 2021). Net income: €40.7m (up 74% from FY 2021). Profit margin: 3.9% (up from 2.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: €0.85 (vs €0.59 in 3Q 2021) Third quarter 2022 results: EPS: €0.85 (up from €0.59 in 3Q 2021). Revenue: €279.8m (up 19% from 3Q 2021). Net income: €21.9m (up 111% from 3Q 2021). Profit margin: 7.8% (up from 4.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 04
Second quarter 2022 earnings: Revenues exceed analyst expectations Second quarter 2022 results: Revenue: €254.2m (flat on 2Q 2021). Net income: €11.1m (up 12% from 2Q 2021). Profit margin: 4.4% (up from 3.9% in 2Q 2021). Revenue exceeded analyst estimates by 2.7%. Over the next year, revenue is forecast to grow 6.4%, compared to a 9.8% growth forecast for the industry in Germany. Price Target Changed • Jul 19
Price target decreased to €46.07 Down from €50.00, the current price target is an average from 7 analysts. New target price is 32% above last closing price of €34.80. Stock is down 15% over the past year. The company is forecast to post earnings per share of €1.96 for next year compared to €1.33 last year. Upcoming Dividend • May 12
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 19 May 2022. Payment date: 23 May 2022. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (4.2%). In line with average of industry peers (2.6%). Reported Earnings • May 01
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: €0.02 (down from €0.16 in 1Q 2021). Revenue: €222.2m (up 7.3% from 1Q 2021). Net income: €400.0k (down 86% from 1Q 2021). Profit margin: 0.2% (down from 1.4% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.6%. Earnings per share (EPS) missed analyst estimates by 78%. Over the next year, revenue is forecast to grow 3.5%, compared to a 9.9% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 30
Price target decreased to €51.17 Down from €55.58, the current price target is an average from 6 analysts. New target price is 40% above last closing price of €36.45. Stock is down 18% over the past year. The company is forecast to post earnings per share of €2.25 for next year compared to €1.33 last year. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS €0.54 (vs €0.92 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: €235.8m (up 5.0% from 3Q 2020). Net income: €14.0m (down 14% from 3Q 2020). Profit margin: 5.9% (down from 7.2% in 3Q 2020). The decrease in margin was driven by higher expenses. 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 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 29
Second quarter 2021 earnings released: EPS €0.57 (vs €0.029 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €255.5m (up 22% from 2Q 2020). Net income: €9.90m (up €9.40m from 2Q 2020). Profit margin: 3.9% (up from 0.2% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 1% per year. Upcoming Dividend • May 13
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 20 May 2021. Payment date: 24 May 2021. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.0%). Reported Earnings • May 02
First quarter 2021 earnings released: EPS €0.16 (vs €0.95 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: €207.1m (up 13% from 1Q 2020). Net income: €3.40m (down 80% from 1Q 2020). Profit margin: 1.6% (down from 9.3% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Price Target Changed • Apr 24
Price target increased to €50.33 Up from €45.00, the current price target is an average from 3 analysts. New target price is 16% above last closing price of €43.45. Stock is up 32% over the past year. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS €2.47 (vs €4.13 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €869.7m (down 5.1% from FY 2019). Net income: €43.4m (up €112.7m from FY 2019). Profit margin: 5.0% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 12
New 90-day high: €45.50 The company is up 24% from its price of €36.60 on 13 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €23.77 per share.