Manitou BF (ENXTPA:MTU) - Share price, News & Analysis

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

MTU (€17.88) is trading below our estimate of [[fair value]] (€57.94)

MTU fundamental analysis
Snowflake Score
Valuation	6/6
Future Growth	3/6
Past Performance	5/6
Financial Health	5/6
Dividends	4/6

MTU Stock Overview

Manitou BF SA designs, develops, manufactures, and provides equipment and services for the construction, agriculture, and industry sectors worldwide.

Rewards

Trading at 69.1% below our estimate of its fair value

Earnings are forecast to grow 14.52% per year

Earnings grew by 119.2% over the past year

Risk Analysis

Unstable dividend track record

Manitou BF Competitors

Haulotte Group

ENXTPA:PIG

€114.9m

Compagnie de Chemins de Fer Départementaux Société Anonyme

ENXTPA:MLCFD

€20.1m

Groupe Gorgé

ENXTPA:GOE

€288.1m

EXEL Industries

ENXTPA:EXE

€310.8m

Price History & Performance

Summary of all time highs, changes and price drops for Manitou BF
Historical stock prices
Current Share Price	€17.88
52 Week High	€33.65
52 Week Low	€17.22
Beta	1.49
1 Month Change	-20.18%
3 Month Change	-30.16%
1 Year Change	-37.04%
3 Year Change	-33.66%
5 Year Change	-36.60%
Change since IPO	-94.87%

Recent News & Updates

May 28

Manitou BF (EPA:MTU) Will Pay A Larger Dividend Than Last Year At €0.80

Manitou BF SA ( EPA:MTU ) will increase its dividend on the 22nd of June to €0.80. This takes the dividend yield from...

May 12

Manitou BF's (EPA:MTU) Upcoming Dividend Will Be Larger Than Last Year's

Manitou BF SA ( EPA:MTU ) has announced that it will be increasing its dividend on the 22nd of June to €0.80. This will...

Shareholder Returns

	MTU	FR Machinery	FR Market
7D	-3.5%	-5.5%	-2.0%
1Y	-37.0%	-45.2%	-12.3%

Return vs Industry: MTU exceeded the French Machinery industry which returned -45.2% over the past year.

Return vs Market: MTU underperformed the French Market which returned -12.3% over the past year.

Price Volatility

Is MTU's price volatile compared to industry and market?
MTU volatility
MTU Average Weekly Movement	5.9%
Machinery Industry Average Movement	5.7%
Market Average Movement	5.1%
10% most volatile stocks in FR Market	9.2%
10% least volatile stocks in FR Market	2.9%

Stable Share Price: MTU is not significantly more volatile than the rest of French stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: MTU's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1954	4,322	Michel Denis	https://www.manitou.com

Manitou BF SA designs, develops, manufactures, and provides equipment and services for the construction, agriculture, and industry sectors worldwide. It operates through three segments: Material Handling and Access, Compact Equipment Products, and Services & Solutions. The company offers machines, such as construction, agricultural, rotating, and rough-terrain fixed telehandlers; articulated, compact, backhoe, and skid and track loaders; mobile elevated work platforms; warehousing equipment; forklift trucks; and truck mounted, rough-terrain, and semi-industrial and industrial forklifts.

Manitou BF Fundamentals Summary

How do Manitou BF's earnings and revenue compare to its market cap?
MTU fundamental statistics
Market Cap	€684.22m
Earnings (TTM)	€86.76m
Revenue (TTM)	€1.87b

7.9x

P/E Ratio

0.4x

P/S Ratio

Is MTU overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
MTU income statement (TTM)
Revenue	€1.87b
Cost of Revenue	€1.56b
Gross Profit	€316.35m
Other Expenses	€229.59m
Earnings	€86.76m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

Jul 28, 2022

Earnings per share (EPS)	2.27
Gross Margin	16.88%
Net Profit Margin	4.63%
Debt/Equity Ratio	22.7%

How did MTU perform over the long term?

See historical performance and comparison

Dividends

4.5%

Current Dividend Yield

35%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

6/6

Valuation Score 6/6

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

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for MTU. This is calculated by dividing MTU's market cap by their current preferred multiple.
What is MTU's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€684.22m

MTU 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	0.4x
Enterprise Value/EBITDA	4.4x
PEG Ratio	0.5x

Price to Earnings Ratio vs Peers

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

MTU PE Ratio vs Peers

The above table shows the PE ratio for MTU vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	23.1x
PIG Haulotte Group	14.5x	24.8%	€114.9m
MLCFD Compagnie de Chemins de Fer Départementaux Société Anonyme	31.5x	n/a	€20.1m
GOE Groupe Gorgé	36.4x	27.2%	€288.1m
EXE EXEL Industries	10x	20.2%	€310.8m
MTU Manitou BF	7.9x	14.5%	€684.2m

Forward PE

Price-To-Earnings vs Peers: MTU is good value based on its Price-To-Earnings Ratio (7.9x) compared to the peer average (23.1x).

Price to Earnings Ratio vs Industry

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

Price-To-Earnings vs Industry: MTU is good value based on its Price-To-Earnings Ratio (7.9x) compared to the French Machinery industry average (20.9x)

Price to Earnings Ratio vs Fair Ratio

What is MTU'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.

MTU PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	7.9x
Fair PE Ratio	17x

Price-To-Earnings vs Fair Ratio: MTU is good value based on its Price-To-Earnings Ratio (7.9x) compared to the estimated Fair Price-To-Earnings Ratio (17x).

Share Price vs Fair Value

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

Below Fair Value: MTU (€17.88) is trading below our estimate of fair value (€57.94)

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

Price to Earnings Growth Ratio

PEG Ratio: MTU is good value based on its PEG Ratio (0.5x)

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Future Growth

How is Manitou BF 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

14.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: MTU's forecast earnings growth (14.5% per year) is above the savings rate (0.3%).

Earnings vs Market: MTU's earnings (14.5% per year) are forecast to grow faster 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 (10.6% per year) is forecast to grow faster than the French market (5.8% per year).

High Growth Revenue: MTU's revenue (10.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: MTU's Return on Equity is forecast to be low in 3 years time (13.7%).

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Past Performance

How has Manitou BF performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

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

6.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MTU has high quality earnings.

Growing Profit Margin: MTU's current net profit margins (4.6%) are higher than last year (2.5%).

Past Earnings Growth Analysis

Earnings Trend: MTU's earnings have grown by 6.7% per year over the past 5 years.

Accelerating Growth: MTU's earnings growth over the past year (119.2%) exceeds its 5-year average (6.7% per year).

Earnings vs Industry: MTU earnings growth over the past year (119.2%) exceeded the Machinery industry 31%.

Return on Equity

High ROE: MTU's Return on Equity (11.6%) is considered low.

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Financial Health

How is Manitou BF'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: MTU's short term assets (€1.1B) exceed its short term liabilities (€555.0M).

Long Term Liabilities: MTU's short term assets (€1.1B) exceed its long term liabilities (€199.3M).

Debt to Equity History and Analysis

Debt Level: MTU has more cash than its total debt.

Reducing Debt: MTU's debt to equity ratio has increased from 21.8% to 22.7% over the past 5 years.

Debt Coverage: MTU's debt is well covered by operating cash flow (76.1%).

Interest Coverage: MTU's interest payments on its debt are well covered by EBIT (22.8x coverage).

Balance Sheet

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Dividend

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

Dividend Score

4/6

Dividend Score 4/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

4.47%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: MTU's dividend (4.47%) is higher than the bottom 25% of dividend payers in the French market (1.78%).

High Dividend: MTU's dividend (4.47%) is low compared to the top 25% of dividend payers in the French market (5.6%).

Stability and Growth of Payments

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

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

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (35.3%), MTU's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (39.2%), MTU's dividend payments are well covered by cash flows.

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Management

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

5.6yrs

Average management tenure

CEO

Michel Denis (57 yo)

8.5yrs

Tenure

€1,230,078

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: Insufficient data to establish whether Michel's total compensation is reasonable compared to companies of similar size in the French market.

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

Leadership Team

Experienced Management: MTU's management team is seasoned and experienced (5.6 years average tenure).

Board Members

Experienced Board: MTU's board of directors are considered experienced (7.1 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	2022/07/03 00:00
End of Day Share Price	2022/07/01 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31