Results: Manitou BF SA Beat Earnings Expectations And Analysts Now Have New Forecasts

It's been a good week for Manitou BF SA (EPA:MTU) shareholders, because the company has just released its latest annual results, and the shares gained 3.4% to €22.95. The result was positive overall - although revenues of €2.9b were in line with what the analysts predicted, Manitou BF surprised by delivering a statutory profit of €3.75 per share, modestly greater than expected. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.

View our latest analysis for Manitou BF

Following last week's earnings report, Manitou BF's five analysts are forecasting 2024 revenues to be €2.90b, approximately in line with the last 12 months. Statutory earnings per share are forecast to decrease 8.6% to €3.42 in the same period. Before this earnings report, the analysts had been forecasting revenues of €2.91b and earnings per share (EPS) of €3.38 in 2024. The consensus analysts don't seem to have seen anything in these results that would have changed their view on the business, given there's been no major change to their estimates.

There were no changes to revenue or earnings estimates or the price target of €29.75, suggesting that the company has met expectations in its recent result. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. There are some variant perceptions on Manitou BF, with the most bullish analyst valuing it at €35.20 and the most bearish at €26.00 per share. As you can see, analysts are not all in agreement on the stock's future, but the range of estimates is still reasonably narrow, which could suggest that the outcome is not totally unpredictable.

These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Manitou BF's past performance and to peers in the same industry. It's pretty clear that there is an expectation that Manitou BF's revenue growth will slow down substantially, with revenues to the end of 2024 expected to display 1.0% growth on an annualised basis. This is compared to a historical growth rate of 7.6% over the past five years. By way of comparison, the other companies in this industry with analyst coverage are forecast to grow their revenue at 6.3% per year. So it's pretty clear that, while revenue growth is expected to slow down, the wider industry is also expected to grow faster than Manitou BF.

The Bottom Line

The most obvious conclusion is that there's been no major change in the business' prospects in recent times, with the analysts holding their earnings forecasts steady, in line with previous estimates. On the plus side, there were no major changes to revenue estimates; although forecasts imply they will perform worse than the wider industry. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates.

Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. We have forecasts for Manitou BF going out to 2026, and you can see them free on our platform here.

You still need to take note of risks, for example - Manitou BF has 3 warning signs (and 2 which shouldn't be ignored) we think you should know about.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.