ENXTPA:MTU

Stock Analysis Report

Executive Summary

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.

Snowflake

Fundamentals

Undervalued with solid track record and pays a dividend.


Similar Companies

Share Price & News

How has Manitou BF's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-4.4%

MTU

2.1%

FR Machinery

-0.4%

FR Market


1 Year Return

-39.7%

MTU

-8.7%

FR Machinery

9.5%

FR Market

Return vs Industry: MTU underperformed the French Machinery industry which returned -8.7% over the past year.

Return vs Market: MTU underperformed the French Market which returned 9.5% over the past year.


Shareholder returns

MTUIndustryMarket
7 Day-4.4%2.1%-0.4%
30 Day-11.4%-0.1%0.06%
90 Day-36.0%-3.1%0.04%
1 Year-37.8%-39.7%1.6%-8.7%13.3%9.5%
3 Year14.3%7.3%54.4%36.7%42.5%28.7%
5 Year68.8%51.5%39.5%23.0%71.0%45.0%

Price Volatility Vs. Market

How volatile is Manitou BF's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Manitou BF undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: MTU (€16.5) is trading below our estimate of fair value (€98.65)

Significantly Undervalued: MTU is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: MTU is good value based on its PE Ratio (6.1x) compared to the Machinery industry average (11x).

PE vs Market: MTU is good value based on its PE Ratio (6.1x) compared to the French market (17.5x).


Price to Earnings Growth Ratio

Low PEG Ratio: MTU is poor value based on its PEG Ratio (1.7x)


Price to Book Ratio

PB vs Industry: MTU is good value based on its PB Ratio (1.1x) compared to the FR Machinery industry average (1.3x).


Next Steps

Future Growth

How is Manitou BF forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

3.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MTU's forecast earnings growth (3.6% per year) is above the savings rate (0.7%).

Earnings vs Market: MTU's earnings (3.6% per year) are forecast to grow slower than the French market (11.5% per year).

High Growth Earnings: MTU's earnings are forecast to grow, but not significantly.

Revenue vs Market: MTU's revenue (2.2% per year) is forecast to grow slower than the French market (4.4% per year).

High Growth Revenue: MTU's revenue (2.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: MTU's Return on Equity is forecast to be low in 3 years time (13.5%).


Next Steps

Past Performance

How has Manitou BF performed over the past 5 years?

29.6%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: MTU's earnings have grown significantly by 29.6% per year over the past 5 years.

Accelerating Growth: MTU's earnings growth over the past year (45.4%) exceeds its 5-year average (29.6% per year).

Earnings vs Industry: MTU earnings growth over the past year (45.4%) exceeded the Machinery industry -4.8%.


Return on Equity

High ROE: MTU's Return on Equity (16.5%) is considered low.


Return on Assets

ROA vs Industry: MTU has a higher Return on Assets than the Machinery industry average last year.


Return on Capital Employed

ROCE Improving: MTU has significantly improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is Manitou BF's financial position?


Financial Position Analysis

Short Term Liabilities: MTU's short term assets (€1.2B) exceeds its short term liabilities (€652.1M)

Long Term Liabilities: MTU's short term assets (1.2B) exceeds its long term liabilities (214.7M)


Debt to Equity History and Analysis

Debt Level: MTU's debt to equity ratio (45.3%) is considered high

Reducing Debt: MTU's debt to equity ratio has increased from 26.7% to 45.3% over the past 5 years.

Debt Coverage: MTU's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: MTU's interest payments on its debt are well covered by EBIT (72x coverage).


Balance Sheet

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

Debt Coverage by Assets: MTU's debt is covered by short term assets (assets are 4.205710x debt).


Next Steps

Dividend

What is Manitou BF's current dividend yield, its reliability and sustainability?

4.73%

Current Dividend Yield


Dividend Yield vs Market

company4.7%marketbottom25%1.6%markettop25%4.7%industryaverage12.5%forecastin3Years5.8%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: MTU's dividend (4.73%) is higher than the bottom 25% of dividend payers in the French market (1.56%).

High Dividend: MTU's dividend (4.73%) is in the top 25% of dividend payers in the French market (4.72%)

Stable Dividend: MTU has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: MTU's dividend payments have increased, but the company has only paid a dividend for 8 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (28.9%), MTU's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MTU's dividends in 3 years are forecast to be well covered by earnings (34.1% payout ratio).


Next Steps

Management

What is the CEO of Manitou BF's salary, the management and board of directors tenure and is there insider trading?

4.3yrs

Average management tenure


CEO

Michel Denis 0

5.8yrs

Tenure

€1,393,647

Compensation

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 beg ...


CEO Compensation Analysis

Compensation vs. Market: Michel's total compensation ($USD1.55M) is about average for companies of similar size in the French market ($USD673.45K).

Compensation vs Earnings: Michel's compensation has increased by more than 20% in the past year.


Management Age and Tenure

4.3yrs

Average Tenure

Experienced Management: MTU's management team is considered experienced (4.3 years average tenure).


Board Age and Tenure

5.9yrs

Average Tenure

62yo

Average Age

Experienced Board: MTU's board of directors are considered experienced (5.9 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


Management Team

  • Michel Denis

    President & CEO

    • Tenure: 5.8yrs
    • Compensation: €1.39m
  • Marcel Braud (87yo)

    Founder & Honorary Chairman

    • Tenure: 2.3yrs
    • Compensation: €95.83k
  • Hervé Rochet

    CFO & Corporate Secretary

    • Tenure: 14.8yrs
  • Laurent Bonnaure

    Executive Vice President of Sales & Marketing

    • Tenure: 2.8yrs
  • Fernand Mira

    President of Material Handling & Access Division

    • Tenure: 0yrs
  • Maxime Deroch

    President of Service & Solutions Division

    • Tenure: 0yrs
  • Guillaume Rabel-Suquet

    Executive Vice President of Human Resources

    • Tenure: 0yrs
  • Richard Alton

    President of Compact Equipment Products Division

    • Tenure: 2.5yrs

Board Members

  • Marcel Braud (87yo)

    Founder & Honorary Chairman

    • Tenure: 2.3yrs
    • Compensation: €95.83k
  • Pierre-Henri Ricaud (64yo)

    Independent Director

    • Tenure: 9.8yrs
    • Compensation: €63.00k
  • Jacqueline Himsworth (76yo)

    Chairman of the Board

    • Tenure: 2.3yrs
    • Compensation: €203.79k
  • Gordon Himsworth (81yo)

    Director

    • Tenure: 21.8yrs
    • Compensation: €54.00k
  • Sébastien Braud (50yo)

    Director

    • Tenure: 10.3yrs
    • Compensation: €54.00k
  • Dominique Bamas (60yo)

    Independent Director

    • Tenure: 5.5yrs
    • Compensation: €64.50k
  • Christopher Himsworth (48yo)

    Director

    • Tenure: 9.8yrs
    • Compensation: €51.00k
  • Emilie Fischel (38yo)

    Director

    • Tenure: 2.3yrs
    • Compensation: €45.00k
  • Marcel-Claude Braud (67yo)

    Director

    • Tenure: 6.3yrs
    • Compensation: €42.00k
  • Carole Lajous (55yo)

    Independent Director

    • Tenure: 2.3yrs
    • Compensation: €48.00k

Company Information

Manitou BF SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Manitou BF SA
  • Ticker: MTU
  • Exchange: ENXTPA
  • Founded: 1953
  • Industry: Construction Machinery and Heavy Trucks
  • Sector: Capital Goods
  • Market Cap: €654.529m
  • Shares outstanding: 39.67m
  • Website: https://www.manitou.com

Number of Employees


Location

  • Manitou BF SA
  • 430 rue de l’Aubinière
  • BP 10249
  • Ancenis
  • Pays de la Loire
  • 44158
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MTUENXTPA (Euronext Paris)YesCommon SharesFREURJul 1986
0NDALSE (London Stock Exchange)YesCommon SharesGBEURJul 1986
3MUDB (Deutsche Boerse AG)YesCommon SharesDEEURJul 1986
MTUPBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEURJul 1986

Biography

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  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/18 20:40
End of Day Share Price2019/10/18 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.