EXEL Industries (ENXTPA:EXE) - Share price, News & Analysis

Q: What is the Fair Price of EXE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

EXE (€45.1) is trading below our estimate of [[fair value]] (€101.28)

EXE fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	3/6
Past Performance	1/6
Financial Health	5/6
Dividends	3/6

EXE Stock Overview

EXEL Industries SA designs, manufactures, and markets agricultural spraying equipment worldwide.

Rewards

Trading at 55.5% below our estimate of its fair value

Earnings are forecast to grow 26.77% per year

Risk Analysis

Dividend of 3.55% is not well covered by earnings

EXEL Industries Competitors

Groupe Gorgé

ENXTPA:GOE

€328.8m

Precia

ENXTPA:PREC

€175.6m

Gévelot

ENXTPA:ALGEV

€138.5m

Gérard Perrier Industrie

ENXTPA:PERR

€356.2m

Price History & Performance

Summary of all time highs, changes and price drops for EXEL Industries
Historical stock prices
Current Share Price	€45.10
52 Week High	€84.80
52 Week Low	€42.30
Beta	1.13
1 Month Change	0.44%
3 Month Change	-23.04%
1 Year Change	-45.00%
3 Year Change	2.27%
5 Year Change	-55.72%
Change since IPO	57.17%

Shareholder Returns

	EXE	FR Machinery	FR Market
7D	-3.4%	0.7%	1.7%
1Y	-45.0%	-31.2%	-4.8%

Return vs Industry: EXE underperformed the French Machinery industry which returned -30% over the past year.

Return vs Market: EXE underperformed the French Market which returned -5.2% over the past year.

Price Volatility

Is EXE's price volatile compared to industry and market?
EXE volatility
EXE Average Weekly Movement	4.5%
Machinery Industry Average Movement	5.6%
Market Average Movement	4.9%
10% most volatile stocks in FR Market	9.3%
10% least volatile stocks in FR Market	2.8%

Stable Share Price: EXE is not significantly more volatile than the rest of French stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: EXE's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1952	3,715	Yves Belegaud	https://www.exel-industries.com

EXEL Industries SA designs, manufactures, and markets agricultural spraying equipment worldwide. The company offers garden watering and spraying equipment; industrial spraying equipment; and leisure and garden equipment. In addition, it provides sugar beet harvesters; technical hoses; ocean-going yachts, prestigious day-sailers, and neo-classic fishing and open powerboats.

EXEL Industries Fundamentals Summary

How do EXEL Industries's earnings and revenue compare to its market cap?
EXE fundamental statistics
Market Cap	€306.08m
Earnings (TTM)	€31.10m
Revenue (TTM)	€898.39m

9.8x

P/E Ratio

0.3x

P/S Ratio

Is EXE overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
EXE income statement (TTM)
Revenue	€898.39m
Cost of Revenue	€594.48m
Gross Profit	€303.92m
Other Expenses	€272.81m
Earnings	€31.10m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Dec 20, 2022

Earnings per share (EPS)	4.58
Gross Margin	33.83%
Net Profit Margin	3.46%
Debt/Equity Ratio	52.1%

How did EXE perform over the long term?

See historical performance and comparison

Dividends

3.5%

Current Dividend Yield

34%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is EXE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for EXE?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for EXE. This is calculated by dividing EXE's market cap by their current preferred multiple.
What is EXE's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€306.08m

EXE key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.5x
Enterprise Value/EBITDA	8.4x
PEG Ratio	0.4x

Price to Earnings Ratio vs Peers

How does EXE's PE Ratio compare to its peers?

EXE PE Ratio vs Peers

The above table shows the PE ratio for EXE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	25.8x
GOE Groupe Gorgé	41.5x	26.9%	€328.8m
PREC Precia	19x	n/a	€175.6m
ALGEV Gévelot	19.1x	n/a	€138.5m
PERR Gérard Perrier Industrie	23.7x	16.3%	€356.2m
EXE EXEL Industries	9.8x	26.8%	€306.1m

Price-To-Earnings vs Peers: EXE is good value based on its Price-To-Earnings Ratio (9.8x) compared to the peer average (25.8x).

Price to Earnings Ratio vs Industry

How does EXE's PE Ratio compare vs other companies in the European Machinery Industry?

Price-To-Earnings vs Industry: EXE is good value based on its Price-To-Earnings Ratio (9.8x) compared to the French Machinery industry average (23.6x)

Price to Earnings Ratio vs Fair Ratio

What is EXE's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

EXE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	9.8x
Fair PE Ratio	19.4x

Price-To-Earnings vs Fair Ratio: EXE is good value based on its Price-To-Earnings Ratio (9.8x) compared to the estimated Fair Price-To-Earnings Ratio (19.4x).

Share Price vs Fair Value

What is the Fair Price of EXE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: EXE (€45.1) is trading below our estimate of fair value (€101.28)

Significantly Below Fair Value: EXE is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Future Growth

How is EXEL Industries forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

26.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: EXE's forecast earnings growth (26.8% per year) is above the savings rate (0.3%).

Earnings vs Market: EXE's earnings (26.8% per year) are forecast to grow faster than the French market (11.7% per year).

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

Revenue vs Market: EXE's revenue (4.8% per year) is forecast to grow slower than the French market (5.4% per year).

High Growth Revenue: EXE's revenue (4.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: EXE's Return on Equity is forecast to be low in 3 years time (9.4%).

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Past Performance

How has EXEL Industries performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-11.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: EXE has high quality earnings.

Growing Profit Margin: EXE's current net profit margins (3.5%) are lower than last year (4.8%).

Past Earnings Growth Analysis

Earnings Trend: EXE's earnings have declined by 11.2% per year over the past 5 years.

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

Earnings vs Industry: EXE had negative earnings growth (-22.3%) over the past year, making it difficult to compare to the Machinery industry average (18.1%).

Return on Equity

High ROE: EXE's Return on Equity (8.1%) is considered low.

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Financial Health

How is EXEL Industries's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: EXE's short term assets (€620.4M) exceed its short term liabilities (€402.0M).

Long Term Liabilities: EXE's short term assets (€620.4M) exceed its long term liabilities (€132.4M).

Debt to Equity History and Analysis

Debt Level: EXE's net debt to equity ratio (35.6%) is considered satisfactory.

Reducing Debt: EXE's debt to equity ratio has reduced from 67.8% to 52.1% over the past 5 years.

Debt Coverage: EXE's debt is not well covered by operating cash flow (8.4%).

Interest Coverage: EXE's interest payments on its debt are well covered by EBIT (12.1x coverage).

Balance Sheet

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Dividend

What is EXEL Industries's current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

3.55%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: EXE's dividend (3.55%) is higher than the bottom 25% of dividend payers in the French market (1.68%).

High Dividend: EXE's dividend (3.55%) is low compared to the top 25% of dividend payers in the French market (5.22%).

Stability and Growth of Payments

Stable Dividend: EXE's dividend payments have been volatile in the past 10 years.

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

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (33.7%), EXE's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (11676%), EXE's dividend payments are not well covered by cash flows.

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Management

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

16.8yrs

Average management tenure

CEO

Yves Belegaud

2.67yrs

Tenure

€499,474

Compensation

Mr. Yves Belegaud has been the Chief Executive Officer of Exel Industries Société Anonyme since December 17, 2019. Mr. Belegaud has a strong background as an Executive Officer, both in France and internati...

CEO Compensation Analysis

Compensation vs Market: Yves's total compensation ($USD508.27K) is about average for companies of similar size in the French market ($USD501.54K).

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

Leadership Team

Experienced Management: EXE's management team is seasoned and experienced (16.8 years average tenure).

Board Members

Experienced Board: EXE's board of directors are considered experienced (4.5 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 not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/16 00:00
End of Day Share Price	2022/08/16 00:00
Earnings	2022/03/31
Annual Earnings	2021/09/30