ENXTPA:FGA

Stock Analysis Report

Figeac Aero Société Anonyme

Executive Summary

Figeac Aero Société Anonyme manufactures and sells aeronautical parts and sub-assemblies.

Rewards

Trading at 27.8% below its fair value

Earnings are forecast to grow 60.85% per year

Risk Analysis

Has a high level of debt

Highly volatile share price over past 3 months

Large one-off items impacting financial results

Profit margins (0.2%) are lower than last year (4.5%)



Snowflake Analysis

Reasonable growth potential with adequate balance sheet.


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Share Price & News

How has Figeac Aero Société Anonyme's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FGA's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-1.9%

FGA

-2.1%

FR Aerospace & Defense

-3.6%

FR Market


1 Year Return

-32.9%

FGA

27.0%

FR Aerospace & Defense

18.9%

FR Market

Return vs Industry: FGA underperformed the French Aerospace & Defense industry which returned 29.2% over the past year.

Return vs Market: FGA underperformed the French Market which returned 24.9% over the past year.


Shareholder returns

FGAIndustryMarket
7 Day-1.9%-2.1%-3.6%
30 Day-8.0%0.8%-2.2%
90 Day-24.7%3.8%2.9%
1 Year-32.9%-32.9%29.0%27.0%23.1%18.9%
3 Year-61.6%-61.6%92.7%83.8%41.0%27.6%
5 Year-37.0%-37.0%159.4%136.7%58.4%35.8%

Price Volatility Vs. Market

How volatile is Figeac Aero Société Anonyme's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Figeac Aero Société Anonyme undervalued compared to its fair value and its price relative to the market?

31.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FGA (€8.81) is trading below our estimate of fair value (€12.19)

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


Price To Earnings Ratio

PE vs Industry: FGA is poor value based on its PE Ratio (257.2x) compared to the Aerospace & Defense industry average (20.9x).

PE vs Market: FGA is poor value based on its PE Ratio (257.2x) compared to the French market (18.1x).


Price to Earnings Growth Ratio

PEG Ratio: FGA is poor value based on its PEG Ratio (4.2x)


Price to Book Ratio

PB vs Industry: FGA is good value based on its PB Ratio (1.4x) compared to the FR Aerospace & Defense industry average (1.9x).


Next Steps

Future Growth

How is Figeac Aero Société Anonyme forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

62.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FGA's forecast earnings growth (60.8% per year) is above the savings rate (-0.1%).

Earnings vs Market: FGA's earnings (60.8% per year) are forecast to grow faster than the French market (11.7% per year).

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

Revenue vs Market: FGA's revenue (7.7% per year) is forecast to grow faster than the French market (4.7% per year).

High Growth Revenue: FGA's revenue (7.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FGA's Return on Equity is forecast to be low in 3 years time (8.7%).


Next Steps

Past Performance

How has Figeac Aero Société Anonyme performed over the past 5 years?

15.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FGA has a large one-off loss of €4.4M impacting its September 30 2019 financial results.

Growing Profit Margin: FGA's current net profit margins (0.2%) are lower than last year (4.5%).


Past Earnings Growth Analysis

Earnings Trend: FGA's earnings have grown by 15.8% per year over the past 5 years.

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

Earnings vs Industry: FGA had negative earnings growth (-94.1%) over the past year, making it difficult to compare to the Aerospace & Defense industry average (20.7%).


Return on Equity

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


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Figeac Aero Société Anonyme's financial position?


Financial Position Analysis

Short Term Liabilities: FGA's short term assets (€419.6M) exceed its short term liabilities (€232.9M).

Long Term Liabilities: FGA's short term assets (€419.6M) exceed its long term liabilities (€401.2M).


Debt to Equity History and Analysis

Debt Level: FGA's debt to equity ratio (185.8%) is considered high.

Reducing Debt: FGA's debt to equity ratio has increased from 122% to 185.8% over the past 5 years.

Debt Coverage: FGA's debt is well covered by operating cash flow (22%).

Interest Coverage: FGA's interest payments on its debt are well covered by EBIT (4.9x coverage).


Balance Sheet

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

Debt Coverage by Assets: FGA's debt is covered by short term assets (assets are 1.2x debt).


Next Steps

Dividend

What is Figeac Aero Société Anonyme's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%1.5%markettop25%4.6%industryaverage1.4%forecastin3Years0%

Current dividend yield vs market & industry

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

High Dividend: Unable to evaluate FGA'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 FGA's dividends per share have been stable in the past.

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


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

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


Next Steps

Management

What is the CEO of Figeac Aero Société Anonyme's salary, the management and board of directors tenure and is there insider trading?

4.3yrs

Average board tenure


CEO

Jean-Claude Maillard 0

0yrs

Tenure

€134,146

Compensation

Mr. Jean-Claude Maillard serves as the President at FGA Picardie, Figeac Hers, MTI and SAS Mecabrive Industri. Mr. Maillard serves as Chairman and Chief Executive Officer at Figeac-Aero Société Anonyme and ...


CEO Compensation Analysis

Compensation vs Market: Jean-Claude 's total compensation ($USD149.48K) is below average for companies of similar size in the French market ($USD467.33K).

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


Board Age and Tenure

4.3yrs

Average Tenure

Experienced Board: FGA's board of directors are considered experienced (4.3 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.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Jean-Claude Maillard

    Chairman & CEO

    • Compensation: €134.15k
  • Thomas Girard

    Group Sales & Marketing Director

    • Joel Malleviale

      Group Finance Director

      • Didier Roux

        Group Operations Director


        Board Members

        • Jean-Claude Maillard

          Chairman & CEO

          • Compensation: €134.15k
        • Rémi Maillard

          Director

          • Tenure: 4.3yrs
        • Simon Maillard

          Director

          • Tenure: 4.3yrs
        • Marie-Line Malaterre

          Independent Director

          • Tenure: 3.5yrs

        Company Information

        Figeac Aero Société Anonyme's company bio, employee growth, exchange listings and data sources


        Key Information

        • Name: Figeac Aero Société Anonyme
        • Ticker: FGA
        • Exchange: ENXTPA
        • Founded: 1989
        • Industry: Aerospace and Defense
        • Sector: Capital Goods
        • Market Cap: €271.864m
        • Shares outstanding: 31.43m
        • Website: https://www.figeac-aero.com

        Number of Employees


        Location

        • Figeac Aero Société Anonyme
        • Zone industrielle de l'Aiguille
        • Figeac
        • Midi-Pyrénées
        • 46100
        • France

        Listings

        TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
        FGAENXTPA (Euronext Paris)YesShare CapitalFREURDec 2013
        1F1DB (Deutsche Boerse AG)YesShare CapitalDEEURDec 2013
        0RFMLSE (London Stock Exchange)YesShare CapitalGBEURDec 2013
        FGAPBATS-CHIXE (BATS 'Chi-X Europe')YesShare CapitalGBEURDec 2013

        Biography

        Figeac Aero Société Anonyme manufactures and sells aeronautical parts and sub-assemblies. The company offers aluminum structural parts, hard metal structural parts, landing gears, and engine and precision parts. Its products include beams, cockpit parts, door parts, bulkhead parts, de-icing panels, door parts, floor beams, fittings, frames, profiles, ribs, rupture discs, fuselage parts, flaptracks, seat fasteners, spars, stretch splices, seat rails, tail unit parts and panels, window frames, wing parts and panels, and winglets. The company also provides surface treatment services, non-destructive testing services, and aerospace and military coating solutions. It operates in France, the United States, Morocco, Mexico, and Tunisia. Figeac-Aero Société Anonyme was founded in 1989 and is based in Figeac, France. 


        Company Analysis and Financial Data Status

        All financial data provided by Standard & Poor's Capital IQ.
        DataLast Updated (UTC time)
        Company Analysis2020/01/28 22:51
        End of Day Share Price2020/01/28 00:00
        Earnings2019/09/30
        Annual Earnings2019/03/31


        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.