New Risk • Jun 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (8.4% average weekly change). Reported Earnings • Jun 09
First quarter 2027 earnings released: US$0.55 loss per share (vs US$0.58 loss in 1Q 2026) First quarter 2027 results: US$0.55 loss per share (improved from US$0.58 loss in 1Q 2026). Revenue: US$522.4m (down 12% from 1Q 2026). Net loss: US$12.6m (loss narrowed 4.5% from 1Q 2026). Revenue is forecast to stay flat during the next 3 years compared to a 4.9% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Announcement • May 19
Titan Machinery Inc. to Report Q1, 2027 Results on Jun 09, 2026 Titan Machinery Inc. announced that they will report Q1, 2027 results on Jun 09, 2026 Announcement • May 02
Titan Machinery Inc., Annual General Meeting, Jun 08, 2026 Titan Machinery Inc., Annual General Meeting, Jun 08, 2026. Announcement • Mar 19
Titan Machinery Inc. Reports Impairment of Intangible and Long-Lived Assets for the Fourth Quarter Ended January 31, 2026 Titan Machinery Inc. reported Impairment of Intangible and Long-Lived Assets for the fourth quarter ended January 31, 2026. For the quarter, the company reported Impairment of Intangible and Long-Lived Assets of $1,464,000 compared to $105,000 a year ago. Announcement • Mar 13
Titan Machinery Inc. Announces Board Changes Effective March 11, 2026 Titan Machinery Inc. announced that effective on March 11, 2026, Stan Erickson, a former Class II director and Lead Independent Director, resigned and retired from the Board of Directors of Titan Machinery Inc., consistent with the terms of the waiver of the Board's age-based retirement policy granted to Mr. Erickson in September 2025. In connection with Mr. Erickson's retirement, the Board elected Jody Horner to serve as the Board's new Lead Independent Director. Announcement • Mar 05
Titan Machinery Inc. to Report Q4, 2026 Results on Mar 19, 2026 Titan Machinery Inc. announced that they will report Q4, 2026 results at 12:30 PM, US Eastern Standard Time on Mar 19, 2026 Announcement • Nov 11
Titan Machinery Inc. to Report Q3, 2026 Results on Nov 25, 2025 Titan Machinery Inc. announced that they will report Q3, 2026 results Pre-Market on Nov 25, 2025 Announcement • Aug 14
Titan Machinery Inc. to Report Q2, 2026 Results on Aug 28, 2025 Titan Machinery Inc. announced that they will report Q2, 2026 results Pre-Market on Aug 28, 2025 Announcement • May 09
Titan Machinery Inc. to Report Q1, 2026 Results on May 22, 2025 Titan Machinery Inc. announced that they will report Q1, 2026 results on May 22, 2025 Announcement • Apr 24
Titan Machinery Inc., Annual General Meeting, Jun 02, 2025 Titan Machinery Inc., Annual General Meeting, Jun 02, 2025. Announcement • Mar 14
Titan Machinery Inc. to Report Q4, 2025 Results on Mar 20, 2025 Titan Machinery Inc. announced that they will report Q4, 2025 results on Mar 20, 2025 Announcement • Nov 27
Titan Machinery Inc. Reports Impairment of Intangible and Long-Lived Assets for the Third Quarter Ended October 31, 2024 Titan Machinery Inc. reported Impairment of Intangible and Long-Lived Assets for the third quarter ended October 31, 2024. For the quarter, the company reported Impairment of Intangible and Long-Lived Assets of $264,000. Announcement • Nov 26
Titan Machinery Inc. Revises Earnings Guidance for the Fiscal Year 2025 Titan Machinery Inc. revised earnings guidance for the fiscal year 2025. For the year, the company expects diluted loss per share to be in the range of $0.61 to $0.11 as compared to the previous guidance of Negative ($0.36) to $0.14. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €14.40, the stock trades at a trailing P/E ratio of 5.6x. Average forward P/E is 16x in the Trade Distributors industry in Europe. Total loss to shareholders of 51% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €19.97 per share. Announcement • Nov 13
Titan Machinery Inc. to Report Q3, 2025 Results on Nov 26, 2024 Titan Machinery Inc. announced that they will report Q3, 2025 results on Nov 26, 2024 New Risk • Aug 30
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: 2.1% Last year net profit margin: 4.7% 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: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings are forecast to decline by an average of 36% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (2.1% net profit margin). Reported Earnings • Aug 30
Second quarter 2025 earnings released: US$0.19 loss per share (vs US$1.38 profit in 2Q 2024) Second quarter 2025 results: US$0.19 loss per share (down from US$1.38 profit in 2Q 2024). Revenue: US$633.7m (down 1.4% from 2Q 2024). Net loss: US$4.30m (down 114% from profit in 2Q 2024). Revenue is expected to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Trade Distributors industry in Europe are expected to grow by 4.1%. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Announcement • Aug 29
Titan Machinery Inc. Reports Impairment Charges for the Second Quarter Ended July 31, 2024 Titan Machinery Inc. reported impairment charges for the second quarter ended July 31, 2024. For the quarter, the company reported impairment of goodwill of $531,000 and impairment of intangible and long-lived assets was $942,000. Buy Or Sell Opportunity • Aug 26
Now 20% overvalued Over the last 90 days, the stock has fallen 27% to €12.60. The fair value is estimated to be €10.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 34%. Revenue is forecast to decline by 5.5% in a year. Earnings are forecast to decline by 88% in the next year. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to €10.10, the stock trades at a trailing P/E ratio of 3.3x. Average forward P/E is 15x in the Trade Distributors industry in Europe. Total loss to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €19.01 per share. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €16.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 17x in the Trade Distributors industry in Europe. Total loss to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €21.61 per share. Recent Insider Transactions • May 30
Key Executive recently bought €916k worth of stock On the 28th of May, David Meyer bought around 55k shares on-market at roughly €16.66 per share. This transaction amounted to 3.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • May 30
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €16.80, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Trade Distributors industry in Europe. Total loss to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €16.61 per share. Reported Earnings • May 24
First quarter 2025 earnings released: EPS: US$0.42 (vs US$1.19 in 1Q 2024) First quarter 2025 results: EPS: US$0.42 (down from US$1.19 in 1Q 2024). Revenue: US$628.7m (up 10% from 1Q 2024). Net income: US$9.44m (down 65% from 1Q 2024). Profit margin: 1.5% (down from 4.7% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • May 24
Titan Machinery Inc. Revises Earnings Guidance for the Fiscal Year 2025 Titan Machinery Inc. revised earnings guidance for the fiscal year 2025. For the year, the company expects Diluted EPS of $2.25 to $2.75 against $3.00 to $3.50 expected previously. Announcement • May 11
Titan Machinery Inc. to Report Q1, 2025 Results on May 23, 2024 Titan Machinery Inc. announced that they will report Q1, 2025 results on May 23, 2024 Announcement • Apr 23
Titan Machinery Inc., Annual General Meeting, Jun 03, 2024 Titan Machinery Inc., Annual General Meeting, Jun 03, 2024, at 09:00 Central Standard Time. Agenda: To elect three directors each for a three-year term; to conduct an advisory vote on a non-binding resolution to approve the compensation of named executive officers; to ratify the appointment of Deloitte & Touche LLP as Independent Registered Public Accounting Firm for the fiscal year ending January 31, 2025; to approve the Second Amended and Restated Titan Machinery Inc. 2014 Equity Incentive Plan; and to transact such other business as may properly come before the Annual Meeting or any adjournment or postponement thereof. Announcement • Mar 23
Titan Machinery Inc. Provides Earnings Guidance for the Fiscal Year 2025 Titan Machinery Inc. provided earnings guidance for the fiscal year 2025. For the year, the company expects Diluted EPS to be in the range of $3.00 to $3.50. Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: US$5.00 (vs US$4.50 in FY 2023) Full year 2024 results: EPS: US$5.00 (up from US$4.50 in FY 2023). Revenue: US$2.76b (up 25% from FY 2023). Net income: US$112.4m (up 12% from FY 2023). Profit margin: 4.1% (down from 4.6% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Mar 14
Titan Machinery Inc. to Report Q4, 2024 Results on Mar 21, 2024 Titan Machinery Inc. announced that they will report Q4, 2024 results on Mar 21, 2024 Buy Or Sell Opportunity • Feb 17
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.0% to €25.20. The fair value is estimated to be €20.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 53%. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings are forecast to decline by 2.9% per annum over the same time period. Announcement • Jan 19
Titan Machinery Inc. Elects Richard E. Lewis to Its Board of Directors, Effective February 1, 2024 Titan Machinery Inc. announced that it has elected Richard E. Lewis to its Board of Directors. Mr. Lewis’ term on the Board of Directors will begin February 1, 2024. With the election of Mr. Lewis, the Board will consist of nine directors, including seven independent directors. Mr. Lewis currently serves as director and the principal executive of Iron Capital Group, a company founded by Mr. Lewis in 2015. Iron Capital Group offers equipment leasing solutions to earthmoving and mining customers in Australian and North America. From 2009 to 2015, Mr. Lewis was a director and self-employed finance broker for Tracfin Pty Ltd, which provided equipment finance solutions to the mining, earthmoving, and agricultural segments of the Australian market. While working for Tracfin, Mr. Lewis also served as the Executive Director of the Tractor and Machinery Association of Australia, providing strategic consulting services to the organization. From 2003 to 2009, Mr. Lewis was employed by William Adams Pty Ltd. (a Caterpillar dealer located in Victoria and Tasmania, Australia), where he held business and sales positions. From 2002-2003, Mr. Lewis held the position of Regional Manager Asia Pacific for Caterpillar Redistribution Services Inc. (a subsidiary of Caterpillar Inc.), responsible for the redistribution of used and new Caterpillar machinery throughout the Caterpillar dealer network. From 1993 through 2001, Mr. Lewis worked in the Australian equipment finance industry, including employment with Caterpillar Financial Australia and CNH Capital. Mr. Lewis has served as a director of the Australian Tractor and Machinery Association (2002-2008), holding the position of chairperson for his final two years. In 2011, Mr. Lewis became a director of O’Connor & Sons Pty. Ltd. and was serving as Board Chair at the time of Titan’s acquisition of the O’Connors’ business in October 2023. Mr. Lewis earned a Bachelor of Business in Banking and Finance from the Monash University, Melbourne, Australia (1992). Reported Earnings • Dec 01
Third quarter 2024 earnings released: EPS: US$1.34 (vs US$1.82 in 3Q 2023) Third quarter 2024 results: EPS: US$1.34 (down from US$1.82 in 3Q 2023). Revenue: US$694.1m (up 3.8% from 3Q 2023). Net income: US$30.2m (down 26% from 3Q 2023). Profit margin: 4.3% (down from 6.1% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Dec 01
Titan Machinery Inc. Provides Earnings Guidance for the Fiscal 2024 Titan Machinery Inc. provided earnings guidance for the Fiscal 2024. For the year, the company expects Diluted EPS to be $4.60 - $5.25. Announcement • Nov 17
Titan Machinery Inc. to Report Q3, 2024 Results on Nov 30, 2023 Titan Machinery Inc. announced that they will report Q3, 2024 results on Nov 30, 2023 New Risk • Sep 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 2.0% per year for the foreseeable future. High level of non-cash earnings (27% accrual ratio). Announcement • Sep 01
Titan Machinery Inc. Reiterates Earnings Guidance for Fiscal 2024 Titan Machinery Inc. reiterated earnings guidance for fiscal 2024. The Company is reiterating its previous expectations for Fiscal 2024. Diluted EPS to be $4.60 - $5.25. Reported Earnings • Sep 01
Second quarter 2024 earnings released: EPS: US$1.39 (vs US$1.10 in 2Q 2023) Second quarter 2024 results: EPS: US$1.39 (up from US$1.10 in 2Q 2023). Revenue: US$642.6m (up 29% from 2Q 2023). Net income: US$31.3m (up 27% from 2Q 2023). Profit margin: 4.9% (down from 5.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Announcement • Aug 31
Titan Machinery Inc. (NasdaqGS:TITN) entered into an agreement to acquire J.J. O'Connor & Sons Pty. Ltd. for $63 million. Titan Machinery Inc. (NasdaqGS:TITN) entered into an agreement to acquire J.J. O'Connor & Sons Pty. Ltd. for $63 million on August 30, 2023. The transaction will be funded with cash and Titan’s existing credit facility. J.J. O’Connor reported the revenue of $258 million and the EBITDA of $21.4 million for the period ended June 30, 2023. Titan Machinery will retain O’Connors’ management team following the integration. The Transaction is subject to customary closing conditions and is expected to close in the fourth quarter of calendar 2023. Announcement • Aug 11
Titan Machinery Inc. to Report Q2, 2024 Results on Aug 31, 2023 Titan Machinery Inc. announced that they will report Q2, 2024 results on Aug 31, 2023 Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to €23.80, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 15x in the Trade Distributors industry in Europe. Total returns to shareholders of 162% over the past three years. Reported Earnings • May 26
First quarter 2024 earnings released: EPS: US$1.20 (vs US$0.78 in 1Q 2023) First quarter 2024 results: EPS: US$1.20 (up from US$0.78 in 1Q 2023). Revenue: US$569.6m (up 24% from 1Q 2023). Net income: US$27.0m (up 56% from 1Q 2023). Profit margin: 4.7% (up from 3.8% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Announcement • May 12
Titan Machinery Inc. to Report Q1, 2024 Results on May 25, 2023 Titan Machinery Inc. announced that they will report Q1, 2024 results on May 25, 2023 Recent Insider Transactions • Mar 23
Independent Director recently bought €83k worth of stock On the 21st of March, Stan Erickson bought around 3k shares on-market at roughly €27.56 per share. This transaction amounted to 8.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: US$4.55 (vs US$2.93 in FY 2022) Full year 2023 results: EPS: US$4.55 (up from US$2.93 in FY 2022). Revenue: US$2.21b (up 29% from FY 2022). Net income: US$101.9m (up 57% from FY 2022). Profit margin: 4.6% (up from 3.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.4% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 69% per year whereas the company’s share price has increased by 67% per year. Buying Opportunity • Mar 17
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 8.9%. The fair value is estimated to be €44.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 75%. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €37.80, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Trade Distributors industry in Europe. Total returns to shareholders of 394% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €59.22 per share. Announcement • Dec 21
Titan Machinery Inc. (NasdaqGS:TITN) entered into a definitive agreement to acquire Idaho dealership assets of Pioneer Farm Equipment Co. Titan Machinery Inc. (NasdaqGS:TITN) entered into a definitive agreement to acquire Idaho dealership assets of Pioneer Farm Equipment Co. on December 19, 2022. The acquisition includes five full-line Case IH agriculture dealerships located in southeastern Idaho, two of which are also Case Construction equipment dealerships. For the period ended 2021, Pioneer generated revenue of approximately $60 million. The acquisition is expected to close in February 2023. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 18% share price gain to €40.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Trade Distributors industry in Europe. Total returns to shareholders of 223% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €72.05 per share. Reported Earnings • Dec 01
Third quarter 2023 earnings released: EPS: US$1.84 (vs US$0.97 in 3Q 2022) Third quarter 2023 results: EPS: US$1.84 (up from US$0.97 in 3Q 2022). Revenue: US$668.8m (up 47% from 3Q 2022). Net income: US$41.3m (up 92% from 3Q 2022). Profit margin: 6.2% (up from 4.7% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Announcement • Dec 01
Titan Machinery Inc. Revises Earnings Guidance for the Fiscal Year 2023 Titan Machinery Inc. revised earnings guidance for the fiscal year 2023. For the year, the company expected Diluted EPS in the range of $4.55 - $4.85 against pervious guidance of $3.70 - $4.00 . Announcement • Nov 17
Titan Machinery Inc. to Report Q3, 2023 Results on Nov 30, 2022 Titan Machinery Inc. announced that they will report Q3, 2023 results on Nov 30, 2022 Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Independent Director Frank Anglin was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 01
Titan Machinery Announces Appointment of Bo Larsen as Chief Financial Officer Titan Machinery Inc. announced the appointment of Robert (Bo) Larsen as the Company's Chief Financial Officer and Treasurer, effective December 1, 2022. Mr. Larsen intends to join the Company on November 1, 2022. Mr. Larsen will succeed Mark Kalvoda, who will continue as the Company's Chief Financial Officer and Treasurer until the effective date of Mr. Larsen's appointment. To ensure a smooth and orderly transition, Mr. Kalvoda will remain as an employee of the Company in an advisory capacity through January 15, 2023.Mr. Larsen joins Titan Machinery from CNH Industrial where he currently serves as the Head of Finance for CNH Industrial's team focused on precision technology, which includes the acquired agriculture business operations of Raven Industries. Prior to joining CNH Industrial in connection with the acquisition of Raven Industries, Mr. Larsen held various positions at Raven Industries beginning in 2016, including as Director of Finance -- Ag Division, Director of Investor Relations and Assistant Controller. Mr. Larsen began his career as an accountant with PricewaterhouseCoopers LLP, and is a Certified Public Accountant. Mr. Larsen earned a Bachelor of Business Administration and a Master of Professional Accountancy each from the University of South Dakota and an MBA from The University of Chicago Booth School of Business. Buying Opportunity • Aug 27
Now 21% undervalued Over the last 90 days, the stock is up 32%. The fair value is estimated to be €41.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 69%. Revenue is forecast to grow by 20% in a year. Earnings is forecast to grow by 2.9% in the next year. Reported Earnings • Aug 26
Second quarter 2023 earnings released: EPS: US$1.12 (vs US$0.50 in 2Q 2022) Second quarter 2023 results: EPS: US$1.12 (up from US$0.50 in 2Q 2022). Revenue: US$496.5m (up 32% from 2Q 2022). Net income: US$25.0m (up 125% from 2Q 2022). Profit margin: 5.0% (up from 2.9% in 2Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 22%, compared to a 8.1% growth forecast for the Trade Distributors industry in Germany. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Announcement • Aug 26
Titan Machinery Inc. Provides Earnings Guidance for the Fiscal Year 2023 Titan Machinery Inc. provided earnings guidance for the fiscal year 2023. For the period, the company expected diluted EPS to be in the range of $3.70 to $4.00 per share compared to previous guidance of $2.90 to $3.20. Announcement • Aug 12
Titan Machinery Inc. to Report Q2, 2023 Results on Aug 25, 2022 Titan Machinery Inc. announced that they will report Q2, 2023 results on Aug 25, 2022 Announcement • Aug 03
Titan Machinery Inc. (NasdaqGS:TITN) completed the acquisition of Heartland AG Systems, Inc. from a group of shareholders for $95.5 million. Titan Machinery Inc. (NasdaqGS:TITN) entered into a Securities Purchase Agreement to acquire Heartland AG Systems, Inc. from a group of shareholders for $74.3 million on July 8, 2022. Pursuant to the terms of the Heartland Purchase Agreement, the company will acquire all of the issued and outstanding membership units of Heartland Ag for a base purchase price payable in cash of $74.3 million. The company expects to fund the purchase price predominately using available cash on hand. In related transactions, Titan Machinery Inc. also entered into separate Securities Purchase Agreements to acquire Heartland Solutions, LLC and Heartland Leverage Lender, LLC.
In the full year period ended December 31, 2021, the Heartland companies generated revenue of $213.9 million and EBITDA of $15.3 million.
The transaction is subject to customary closing conditions including regulatory and third party approvals, antitrust regulations, consummation of the Heartland Solutions and Heartland Leverage Lender mergers, resignation of Heartland AG directors, and the execution of ancillary, escrow, non solicitation and non competition agreements. It is expected to close in August of 2022. The transaction is accretive of approximately $0.43 in run-rate earnings per share, including revenue synergies.
Brian L. Harr of Koley Jessen P.C., LLO acted as legal advisor to the sellers while D.A. Davidson Companies acted as financial advisor. John J. Zak and Craig M. Fischer of Hodgson Russ acted as legal advisor to Titan Machinery Inc. Forvis LLP acted as accountant to the sellers.
Titan Machinery Inc. (NasdaqGS:TITN) completed the acquisition of Heartland AG Systems, Inc. from a group of shareholders on August 1, 2022. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improved over the past week After last week's 17% share price gain to €25.20, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Trade Distributors industry in Europe. Total returns to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €31.09 per share. Announcement • Jul 12
Titan Machinery Inc. (NasdaqGS:TITN) entered into definitive agreement to acquire Heartland AG Systems, Inc. for approximately $110 million. Titan Machinery Inc. (NasdaqGS:TITN) entered into definitive agreement to acquire Heartland AG Systems, Inc. for approximately $110 million on July 11, 2022. The consideration shall be comprised primarily of cash from the Titan’s balance sheet and is subject to final working capital and other closing adjustments. The deal includes Heartland Solutions and related affiliates. In the full year period ended December 31, 2021, Heartland generated revenue of $213.9 million and EBITDA of $15.3 million. The Transaction is subject to customary closing conditions and is expected to close in August of 2022. The transaction is accretive of approximately $0.43 in run-rate earnings per share, including revenue synergies. Reported Earnings • May 27
First quarter 2023 earnings released: EPS: US$0.79 (vs US$0.47 in 1Q 2022) First quarter 2023 results: EPS: US$0.79 (up from US$0.47 in 1Q 2022). Revenue: US$461.0m (up 24% from 1Q 2022). Net income: US$17.5m (up 69% from 1Q 2022). Profit margin: 3.8% (up from 2.8% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 12%, compared to a 9.6% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • May 27
Titan Machinery Inc. Provides Earnings Guidance for the Fiscal Year 2023 Titan Machinery Inc. provided earnings guidance for the fiscal year 2023. For the year, the company expected Diluted EPS in range of $2.85-$3.15 against pervious guidance of $2.55 - $2.85. Announcement • May 17
Titan Machinery Inc. to Report Q1, 2023 Results on May 26, 2022 Titan Machinery Inc. announced that they will report Q1, 2023 results on May 26, 2022 Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Independent Director Frank Anglin was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 19% share price gain to €30.20, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Trade Distributors industry in Europe. Total returns to shareholders of 106% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €18.08 per share. Reported Earnings • Nov 24
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: US$0.97 (up from US$0.44 in 3Q 2021). Revenue: US$454.0m (up 26% from 3Q 2021). Net income: US$21.8m (up 124% from 3Q 2021). Profit margin: 4.8% (up from 2.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.6%. Over the next year, revenue is forecast to grow 13%, compared to a 7.0% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 40% per year whereas the company’s share price has increased by 36% per year. Announcement • Nov 24
Titan Machinery Inc. Revises Earnings Guidance for the Year 2021 Titan Machinery Inc. revised earnings guidance for the year 2021. For the year, the company expects revised diluted EPS to be in the range of $2.40 to $2.60 compared to previously expected diluted EPS to be in the range of $2.00 to $2.20. Announcement • Aug 27
Titan Machinery Inc. Revises Earnings Guidance for the Fiscal 2022 Titan Machinery Inc. revises earnings guidance for the fiscal 2022. The company now expects, Diluted EPS of $2.00 - $2.20 against previous assumption of $1.65 - $1.85. Reported Earnings • Aug 27
Second quarter 2022 earnings released: EPS US$0.51 (vs US$0.28 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: US$377.6m (up 24% from 2Q 2021). Net income: US$11.2m (up 79% from 2Q 2021). Profit margin: 3.0% (up from 2.1% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jun 13
Independent Director recently sold €1.3m worth of stock On the 10th of June, Anton Christianson sold around 50k shares on-market at roughly €26.02 per share. In the last 3 months, there was an even bigger sale from another insider worth €10m. Insiders have been net sellers, collectively disposing of €24m more than they bought in the last 12 months. Recent Insider Transactions • Jun 03
Co-Founder recently sold €10m worth of stock On the 1st of June, David Meyer sold around 400k shares on-market at roughly €25.85 per share. This was the largest sale by an insider in the last 3 months. David has been a seller over the last 12 months, reducing personal holdings by €23m. Reported Earnings • May 28
First quarter 2022 earnings released: EPS US$0.48 (vs US$0.10 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: US$372.7m (up 20% from 1Q 2021). Net income: US$10.5m (up 373% from 1Q 2021). Profit margin: 2.8% (up from 0.7% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • May 28
Titan Machinery Inc. Provides Earnings Guidance for the Fiscal 2022 Titan Machinery Inc. provides earnings guidance for the fiscal 2022. The company now expects Diluted EPS of $1.65 - $1.85 against previous forecast of $1.25 - $1.45. Recent Insider Transactions • Apr 16
Co-Founder recently sold €8.0m worth of stock On the 14th of April, David Meyer sold around 360k shares on-market at roughly €22.29 per share. This was the largest sale by an insider in the last 3 months. David has been a seller over the last 12 months, reducing personal holdings by €11m. Reported Earnings • Mar 19
Full year 2021 earnings released: EPS US$0.88 (vs US$0.63 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: US$1.41b (up 8.1% from FY 2020). Net income: US$19.4m (up 41% from FY 2020). Profit margin: 1.4% (up from 1.1% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Mar 05
Titan Machinery Inc. to Report Q4, 2021 Results on Mar 18, 2021 Titan Machinery Inc. announced that they will report Q4, 2021 results on Mar 18, 2021 Is New 90 Day High Low • Feb 24
New 90-day high: €20.40 The company is up 32% from its price of €15.50 on 26 November 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.74 per share. Is New 90 Day High Low • Feb 06
New 90-day high: €19.50 The company is up 49% from its price of €13.10 on 06 November 2020. The German market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €39.71 per share. Recent Insider Transactions • Jan 16
Chief Operating Officer recently sold €81k worth of stock On the 13th of January, Bryan Knutson sold around 5k shares on-market at roughly €18.11 per share. In the last 3 months, there was an even bigger sale from another insider worth €1.7m. This was Bryan's only on-market trade for the last 12 months. Recent Insider Transactions • Jan 11
Co-Founder recently sold €1.6m worth of stock On the 6th of January, David Meyer sold around 95k shares on-market at roughly €17.09 per share. In the last 3 months, they made an even bigger sale worth €1.7m. David has been a seller over the last 12 months, reducing personal holdings by €3.4m. Is New 90 Day High Low • Jan 08
New 90-day high: €18.00 The company is up 40% from its price of €12.90 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €38.10 per share. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 17% share price gain to US$18.00, the stock is trading at a trailing P/E ratio of 25.5x, up from the previous P/E ratio of 21.8x. This compares to an average P/E of 22x in the Trade Distributors industry in Germany. Total return to shareholders over the past three years is a loss of 8.2%. Recent Insider Transactions • Dec 19
Co-Founder recently sold €1.7m worth of stock On the 16th of December, David Meyer sold around 105k shares on-market at roughly €16.51 per share. This was the largest sale by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. 
