DB:12M

Stock Analysis Report

I.M.A. Industria Macchine Automatiche

Executive Summary

I.M.A. Industria Macchine Automatiche S.p.A.

Snowflake

Fundamentals

Excellent balance sheet established dividend payer.

Share Price & News

How has I.M.A. Industria Macchine Automatiche's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-0.2%

12M

1.1%

DE Machinery

1.7%

DE Market


1 Year Return

4.8%

12M

-12.6%

DE Machinery

7.2%

DE Market

Return vs Industry: 12M exceeded the German Machinery industry which returned -12.6% over the past year.

Return vs Market: 12M matched the German Market which returned 7.2% over the past year.


Shareholder returns

12MIndustryMarket
7 Day-0.2%1.1%1.7%
30 Day-3.5%-3.8%2.4%
90 Day-12.7%-4.6%2.3%
1 Year7.9%4.8%-9.8%-12.6%10.6%7.2%
3 Year16.8%8.8%-16.0%-22.1%18.4%8.1%
5 Yearn/a19.9%5.8%42.3%22.9%

Price Volatility Vs. Market

How volatile is I.M.A. Industria Macchine Automatiche's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is I.M.A. Industria Macchine Automatiche undervalued compared to its fair value and its price relative to the market?

22.7x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: 12M (€60.8) is trading above our estimate of fair value (€47.53)

Significantly Below Fair Value: 12M is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: 12M is poor value based on its PE Ratio (22.7x) compared to the Machinery industry average (13.5x).

PE vs Market: 12M is poor value based on its PE Ratio (22.7x) compared to the German market (19x).


Price to Earnings Growth Ratio

PEG Ratio: 12M is poor value based on its PEG Ratio (5.5x)


Price to Book Ratio

PB vs Industry: 12M is overvalued based on its PB Ratio (6.9x) compared to the DE Machinery industry average (1.4x).


Next Steps

Future Growth

How is I.M.A. Industria Macchine Automatiche forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

4.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 12M's forecast earnings growth (4.1% per year) is above the savings rate (0.2%).

Earnings vs Market: 12M's earnings (4.1% per year) are forecast to grow slower than the German market (12.7% per year).

High Growth Earnings: 12M's earnings are forecast to grow, but not significantly.

Revenue vs Market: 12M's revenue (6.2% per year) is forecast to grow faster than the German market (5% per year).

High Growth Revenue: 12M's revenue (6.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 12M's Return on Equity is forecast to be high in 3 years time (29%)


Next Steps

Past Performance

How has I.M.A. Industria Macchine Automatiche performed over the past 5 years?

21.3%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: 12M's earnings have grown significantly by 21.3% per year over the past 5 years.

Accelerating Growth: 12M's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 12M had negative earnings growth (-16.1%) over the past year, making it difficult to compare to the Machinery industry average (-11.2%).


Return on Equity

High ROE: Whilst 12M's Return on Equity (33.19%) is high, this metric is skewed due to their high level of debt.


Return on Assets

ROA vs Industry: 12M has a higher Return on Assets than the Machinery industry average last year.


Return on Capital Employed

ROCE Improving: 12M's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is I.M.A. Industria Macchine Automatiche's financial position?


Financial Position Analysis

Short Term Liabilities: 12M's short term assets (€1.0B) exceeds its short term liabilities (€856.0M)

Long Term Liabilities: 12M's short term assets (1.0B) exceeds its long term liabilities (698.2M)


Debt to Equity History and Analysis

Debt Level: 12M's debt to equity ratio (138.6%) is considered high

Reducing Debt: 12M's debt to equity ratio has reduced from 384.9% to 138.6% over the past 5 years.

Debt Coverage: 12M's debt is well covered by operating cash flow (34.6%).

Interest Coverage: 12M's interest payments on its debt are well covered by EBIT (20.5x coverage).


Balance Sheet

Inventory Level: 12M has a high level of physical assets or inventory.

Debt Coverage by Assets: 12M's debt is covered by short term assets (assets are 2.007810x debt).


Next Steps

Dividend

What is I.M.A. Industria Macchine Automatiche's current dividend yield, its reliability and sustainability?

3.23%

Current Dividend Yield


Dividend Yield vs Market

company3.2%marketbottom25%1.5%markettop25%3.8%industryaverage2.4%forecastin3Years3.9%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: 12M's dividend (3.23%) is higher than the bottom 25% of dividend payers in the German market (1.48%).

High Dividend: 12M's dividend (3.23%) is low compared to the top 25% of dividend payers in the German market (3.83%).

Stable Dividend: 12M's dividends per share have been stable in the past 10 years.

Growing Dividend: 12M's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (73.2%), 12M's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 12M's dividends in 3 years are forecast to be covered by earnings (66.3% payout ratio).


Next Steps

Management

What is the CEO of I.M.A. Industria Macchine Automatiche's salary, the management and board of directors tenure and is there insider trading?

9.8yrs

Average board tenure


CEO

Alberto Vacchi (55yo)

0yrs

Tenure

€2,076,830

Compensation

Mr. Alberto Vacchi serves as Chief Executive Officer at I.M.A. Industria Macchine Automatiche S.p.A. and has been its Managing Director since 1996. Mr. Vacchi Delegated powers at Ima - Industria Macchine A ...


CEO Compensation Analysis

Compensation vs. Market: Alberto's total compensation ($USD0.00) is too low to compare against companies of similar size in the German market ($USD2.95M).

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


Board Age and Tenure

9.8yrs

Average Tenure

58yo

Average Age

Experienced Board: 12M's board of directors are considered experienced (9.8 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.


Recent Insider Transactions

Buy€1,093,05523 Sep 19
Hydra SpA
EntityCompany
Shares17,000
Max Price€64.53
Buy€2,091,11217 Sep 19
Hydra SpA
EntityCompany
Shares33,000
Max Price€65.35

Ownership Breakdown


Management Team

  • Andrea Malagoli (54yo)

    Non-executive Director

    • Tenure: 0yrs
    • Compensation: €1.67m
  • Visentini Stefano (73yo)

    General Manager

    • Tenure: 0yrs
  • Alberto Vacchi (55yo)

    Chairman

    • Tenure: 0yrs
    • Compensation: €2.08m
  • Giovanni Pecchioli (63yo)

    COO & Director

    • Tenure: 4.8yrs
  • Claudio Rizzi

    Head of the Group Internal Audit & Member of Supervisory Board

    • Tenure: 0yrs

Board Members

  • Andrea Malagoli (54yo)

    Non-executive Director

    • Tenure: 0yrs
    • Compensation: €1.67m
  • Luca Poggi (58yo)

    Non-Executive Director

    • Tenure: 9.8yrs
    • Compensation: €1.40m
  • Marco Vacchi (82yo)

    Honorary Chairman

    • Tenure: 12.3yrs
    • Compensation: €20.00k
  • Maria Schiavina (54yo)

    Non-Executive Director

    • Tenure: 9.8yrs
    • Compensation: €35.00k
  • Alberto Vacchi (55yo)

    Chairman

    • Tenure: 0yrs
    • Compensation: €2.08m
  • Giovanni Pecchioli (63yo)

    COO & Director

    • Tenure: 4.8yrs
  • Paolo Frugoni (72yo)

    Lead Independent Director

    • Tenure: 0yrs
    • Compensation: €20.00k
  • Rita Rolli (50yo)

    Independent Director

    • Tenure: 0yrs
  • Francesco Panni (65yo)

    Chairman of Board of Auditors

    • Tenure: 3.4yrs
  • Cesare Conti

    Independent Director

    • Tenure: 1.8yrs

Company Information

I.M.A. Industria Macchine Automatiche S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: I.M.A. Industria Macchine Automatiche S.p.A.
  • Ticker: 12M
  • Exchange: DB
  • Founded: 1961
  • Industry: Industrial Machinery
  • Sector: Capital Goods
  • Market Cap: €2.427b
  • Shares outstanding: 39.15m
  • Website: https://www.ima.it

Number of Employees


Location

  • I.M.A. Industria Macchine Automatiche S.p.A.
  • Via Emilia, 428/442
  • Ozzano dell'Emilia
  • Bologna
  • 40064
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
IMABIT (Borsa Italiana)YesCommon StockITEURJun 1995
0LD1LSE (London Stock Exchange)YesCommon StockGBEURJun 1995
IMAMBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURJun 1995
12MDB (Deutsche Boerse AG)YesCommon StockDEEURJun 1995

Biography

I.M.A. Industria Macchine Automatiche S.p.A. designs, manufactures, and sells automatic machines for the processing and packaging of pharmaceuticals, cosmetics, tea, coffee, tobacco, and other food product ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/22 21:50
End of Day Share Price2019/10/22 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.