DB:B4A1

Stock Analysis Report

Executive Summary

Meier Tobler Group AG manufactures and sells heating and air conditioning systems worldwide.

Rewards

Earnings are forecast to grow 74.6% per year

Became profitable this year

Risk Analysis

Interest payments are not well covered by earnings

Large one-off items impacting financial results

Shareholders have been diluted in the past year



Snowflake Analysis

Moderate growth potential with imperfect balance sheet.

Share Price & News

How has Meier Tobler Group's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: B4A1 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

B4A1

0.4%

DE Machinery

1.7%

DE Market


1 Year Return

-17.8%

B4A1

-8.6%

DE Machinery

15.0%

DE Market

Return vs Industry: B4A1 underperformed the German Machinery industry which returned -2.6% over the past year.

Return vs Market: B4A1 underperformed the German Market which returned 17.1% over the past year.


Shareholder returns

B4A1IndustryMarket
7 Day0%0.4%1.7%
30 Day0%-2.1%0.8%
90 Day0.4%-0.03%3.7%
1 Year-17.8%-17.8%-5.7%-8.6%18.5%15.0%
3 Year-50.8%-55.5%-16.6%-22.6%17.1%6.9%
5 Year-47.0%-57.3%2.0%-9.5%24.3%7.3%

Price Volatility Vs. Market

How volatile is Meier Tobler Group's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Meier Tobler Group undervalued compared to its fair value and its price relative to the market?

243.15x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: B4A1 (€14.22) is trading above our estimate of fair value (€7.5)

Significantly Below Fair Value: B4A1 is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: B4A1 is poor value based on its PE Ratio (243.2x) compared to the Machinery industry average (16.7x).

PE vs Market: B4A1 is poor value based on its PE Ratio (243.2x) compared to the German market (20.6x).


Price to Earnings Growth Ratio

PEG Ratio: B4A1 is poor value based on its PEG Ratio (3.3x)


Price to Book Ratio

PB vs Industry: B4A1 is overvalued based on its PB Ratio (1.6x) compared to the DE Machinery industry average (1.5x).


Next Steps

Future Growth

How is Meier Tobler Group forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

74.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: B4A1's forecast earnings growth (74.6% per year) is above the savings rate (0.2%).

Earnings vs Market: B4A1's earnings (74.6% per year) are forecast to grow faster than the German market (13.2% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: B4A1's revenue (1.2% per year) is forecast to grow slower than the German market (4.8% per year).

High Growth Revenue: B4A1's revenue (1.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: B4A1's Return on Equity is forecast to be low in 3 years time (8.6%).


Next Steps

Past Performance

How has Meier Tobler Group performed over the past 5 years?

-48.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: B4A1 has a large one-off loss of CHF4.6M impacting its June 30 2019 financial results.

Growing Profit Margin: B4A1 became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: B4A1's earnings have declined by -48.6% per year over the past 5 years.

Accelerating Growth: B4A1 has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: B4A1 has become profitable in the last year, making it difficult to compare its past year earnings growth to the Machinery industry (-13.7%).


Return on Equity

High ROE: B4A1's Return on Equity (0.6%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Meier Tobler Group's financial position?


Financial Position Analysis

Short Term Liabilities: B4A1's short term assets (CHF168.1M) exceed its short term liabilities (CHF140.0M).

Long Term Liabilities: B4A1's short term assets (CHF168.1M) exceed its long term liabilities (CHF112.2M).


Debt to Equity History and Analysis

Debt Level: B4A1's debt to equity ratio (79.5%) is considered high.

Reducing Debt: B4A1's debt to equity ratio has increased from 37% to 79.5% over the past 5 years.

Debt Coverage: B4A1's debt is not well covered by operating cash flow (8%).

Interest Coverage: B4A1's interest payments on its debt are not well covered by EBIT (1.8x coverage).


Balance Sheet

Inventory Level: B4A1 has a high level of physical assets or inventory.

Debt Coverage by Assets: B4A1's debt is covered by short term assets (assets are 1.5x debt).


Next Steps

Dividend

What is Meier Tobler Group's current dividend yield, its reliability and sustainability?

2.50%

Forecast Dividend Yield


Dividend Yield vs Market

company0%marketbottom25%1.3%markettop25%3.6%industryaverage2.2%forecastin3Years2.5%

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate B4A1's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate B4A1's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if B4A1's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if B4A1's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: B4A1 is not paying a notable dividend for the German market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of B4A1's dividend in 3 years as they are not forecast to pay a notable one for the German market.


Next Steps

Management

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

7.7yrs

Average board tenure


CEO

Martin Kaufmann 0

CHF614,000

Compensation

Mr. Martin Kaufmann serves as Chief Executive Officer of Meier Tobler Group AG. Mr. Kaufmann has been Member of the Management Board at Walter Meier AG since April 01, 2014 and serves as its Head of the Cl ...


CEO Compensation Analysis

Compensation vs Market: Martin's total compensation ($USD0.00) is below average for companies of similar size in the German market ($USD638.09K).

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


Board Members

NamePositionTenureCompensationOwnership
Heinz Roth
Director14.3yrsCHF120.00k0.13% CHF214.5k
Silvan Meier
President of the Board7.7yrsCHF362.00k43.56% CHF72.4m
Alexander Zschokke
Director0.7yrsno datano data
Heinz Wiedmer
Vice Chairman0yrsCHF67.00kno data

7.7yrs

Average Tenure

54yo

Average Age

Experienced Board: B4A1's board of directors are considered experienced (7.7 years average tenure).


Ownership

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

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 24.8%.


Top Shareholders

Company Information

Meier Tobler Group AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Meier Tobler Group AG
  • Ticker: B4A1
  • Exchange: DB
  • Founded: 1937
  • Industry: Industrial Machinery
  • Sector: Capital Goods
  • Market Cap: CHF180.240m
  • Listing Market Cap: CHF166.203m
  • Shares outstanding: 12.00m
  • Website: https://www.meiertobler.ch/de

Number of Employees


Location

  • Meier Tobler Group AG
  • Bahnstrasse 24
  • Schwerzenbach
  • Zurich
  • 8603
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MTGSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFJan 1992
0QQKLSE (London Stock Exchange)YesRegistered SharesGBCHFJan 1992
B4A1DB (Deutsche Boerse AG)YesRegistered SharesDEEURJan 1992

Biography

Meier Tobler Group AG manufactures and sells heating and air conditioning systems worldwide. Its products include heat pumps, gas condensing boilers, exhaust systems, oil condensing boilers, solar systems, burner gas and oil, storage and water heaters, and district heating stations; and chillers, dry coolers, cooling towers, roof air-conditioning units, absorption chillers, precision air cabinets, and comfort air products. The company also provides small room fans, air heaters, and air curtains, as well as comfort ventilation and central vacuum products; and sanitary systems, such as fittings, installation systems, water heaters, fittings and pipe couplings, pumps, hoses and ventilation materials, sewage systems, and apparatus and fittings. In addition, it offers transmission line and heating cables, keller installations, control and measuring technology, heating circulation pumps, installation systems, floor and underfloor convectors, and installation materials, as well as compressor pressure maintenance services; underfloor heating radiators; chilled beams and fan coils; and labels and fixtures, insulation, and occupational safety consumables and tools. Further, Meier Tobler Group AG provides consulting, planning, construction, ventilation, and maintenance services for building services planners, installers, architects, and building owners. The company was formerly known as Walter Meier AG. The company was founded in 1937 and is based in Schwerzenbach, Switzerland. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/09/25 21:45
End of Day Share Price2019/06/28 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.