Manitou BF SA operates as a rough-terrain material handling company that engages in the design, production, distribution, and servicing of equipment for the construction, agriculture, and industry sectors worldwide.
The last earnings update was 15 days ago.
Discounted Cash Flow Calculation for DB:3MU using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for
is arrived at by discounting future cash flows to their present value using the 2 stage method.
We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
DB:3MU DCF 1st Stage: Next 10 year cash flow forecast
Amount off the current price
is available for.
Share price is
vs Future cash flow value of
Current Discount Checks
to be considered undervalued it must be available for at least 20% below the
current price. Less than 40% is even better.
Manitou BF's share price is below the future cash flow value, and at a moderate discount (> 20%).
Manitou BF's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.
The amount the stock market is willing to pay for
is considered below, and whether this is a fair price.
Price based on past earnings
Manitou BF's earnings available for a low price, and how does
this compare to other companies in the same industry?
Manitou BF's earnings are expected to grow by 8.9% yearly, however this is not considered high growth (20% yearly).
Manitou BF's revenue is expected to grow by 4.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can
be gauged below. We look back 3 years and see if they were any good at
predicting what actually occurred. We also show the highest and lowest estimates
looking forward to see if there is a wide range.
Manitou BF's performance over the past 5 years by checking for:
Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the
industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the
past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent
earnings report. Some checks require at least 3 or 5 years worth of data.
has a total score of
5/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Management is one of the most important areas of a company. We look at
unreasonable CEO compensation, how long the team and board of directors have
been around for and insider trading.
TENURE AS CEO
Mr. Michel Denis has been the Chief Executive Officer and President of Manitou BF SA since January 13, 2014. Mr. Denis served as Development Director of Johnson Controls MC International S.A. Mr. Denis began his career as a strategy consultant. He joined Dalkia in 1994 to develop cogeneration. He managed the French businesses of MC International (now Johnson Controls). In 2003, he joined the Fraikin Group and served as its Chief Executive Officer until August of 2013. For 10 years, he accompanied the strong international development of the Fraikin group which imposed its approach to the design of industrial vehicles, the associated services and the European financing of its fleet of 60,000 vehicles as a model. He is a graduate of ESSEC and Ecole Centrale de Lyon.
Michel's compensation has been consistent with company performance over the past year.
Michel's remuneration is about average for companies of similar size in Germany.
Management Team Tenure
Average tenure of the
management team in years:
The tenure for the Manitou BF management team is about average.
President & CEO
Founder & Honorary Chairman
CFO & Corporate Secretary
Executive Vice President of Sales & Marketing
Executive Vice President of Human Resources
President of Material Handling & Access Division
President of Service & Solutions Division
President of Compact Equipment Products Division
Board of Directors Tenure
Average tenure and age of the
board of directors in years:
The tenure for the Manitou BF board of directors is about average.
Manitou BF SA operates as a rough-terrain material handling company that engages in the design, production, distribution, and servicing of equipment for the construction, agriculture, and industry sectors worldwide. It operates through three divisions: Material Handling and Access (MHA); Compact Equipment Products (CEP); and Services & Solutions (S&S). The MHA division designs, assembles, and distributes fixed, rotating, truck-mounted, and heavy-load telehandlers; rough terrain, semi-industrial, industrial, and truck mounted masted forklift trucks; and aerial work platforms and warehousing equipment. This division offers its products under the Manitou brand name for use in the environmental and mining sectors; and for institutional customers, such as the armed forces, as well as organizations, such as the UN, civil protection bodies, etc. The CEP division develops and produces compact handling equipment, including skidsteer loaders, track and articulated loaders, backhoe loaders, and telehandlers, as well as compact excavators under the Gehl and Mustang brands. The S&S division provides financing, warranty contracts, maintenance and full service contracts, fleet management contracts, etc.; and technical training, warranty contract management, used equipment sales, etc., as well as end-user services consisting of geo-localization, user training, advice, etc. This division also distributes spare parts and attachments. The company also offers its products under the Edge and Loc brands through a network of dealers. Manitou BF SA was founded in 1953 and is headquartered in Ancenis, France.
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