Carmat (ENXTPA:ALCAR) - Share price, News & Analysis

ALCAR fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	2/6
Past Performance	0/6
Financial Health	4/6
Dividends	0/6

ALCAR Stock Overview

Carmat SA designs and develops total artificial heart for people suffering from end-stage biventricular heart failure in France and internationally.

Rewards

Revenue is forecast to grow 50.6% per year

Risk Analysis

Highly volatile share price over the past 3 months

Currently unprofitable and not forecast to become profitable over the next 3 years

Shareholders have been diluted in the past year

Does not have meaningful revenue (€2M)

Carmat Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Carmat
Historical stock prices
Current Share Price	€11.61
52 Week High	€31.70
52 Week Low	€8.14
Beta	0.88
1 Month Change	13.27%
3 Month Change	12.72%
1 Year Change	-51.73%
3 Year Change	-45.24%
5 Year Change	-60.13%
Change since IPO	-47.47%

Shareholder Returns

	ALCAR	FR Medical Equipment	FR Market
7D	0.09%	2.8%	-1.3%
1Y	-51.7%	-5.9%	-5.4%

Return vs Industry: ALCAR underperformed the French Medical Equipment industry which returned -5.9% over the past year.

Return vs Market: ALCAR underperformed the French Market which returned -5.4% over the past year.

Price Volatility

Is ALCAR's price volatile compared to industry and market?
ALCAR volatility
ALCAR Average Weekly Movement	15.2%
Medical Equipment Industry Average Movement	7.1%
Market Average Movement	6.1%
10% most volatile stocks in FR Market	10.5%
10% least volatile stocks in FR Market	3.6%

Stable Share Price: ALCAR is more volatile than 90% of French stocks over the past 3 months, typically moving +/- 15% a week.

Volatility Over Time: ALCAR's weekly volatility has increased from 9% to 15% over the past year.

About the Company

Founded	Employees	CEO	Website
2008	160	Stephane Piat	https://www.carmatsa.com

Carmat SA designs and develops total artificial heart for people suffering from end-stage biventricular heart failure in France and internationally. It The company was founded in 2008 and is headquartered in Vélizy-Villacoublay, France.

Carmat Fundamentals Summary

How do Carmat's earnings and revenue compare to its market cap?
ALCAR fundamental statistics
Market Cap	€227.73m
Earnings (TTM)	-€61.87m
Revenue (TTM)	€2.24m

101.8x

P/S Ratio

-3.7x

P/E Ratio

Is ALCAR overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
ALCAR income statement (TTM)
Revenue	€2.24m
Cost of Revenue	€47.79m
Gross Profit	-€45.55m
Other Expenses	€16.32m
Earnings	-€61.87m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

Sep 15, 2022

Earnings per share (EPS)	-3.15
Gross Margin	-2,036.21%
Net Profit Margin	-2,765.89%
Debt/Equity Ratio	5,430.0%

How did ALCAR perform over the long term?

See historical performance and comparison

Valuation

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

Valuation Score

0/6

Valuation Score 0/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

237.76x

Price to Book (PB) ratio

Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate ALCAR's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate ALCAR's fair value for valuation analysis.

Price To Earnings Ratio

PE vs Industry: ALCAR is unprofitable, so we can't compare its PE Ratio to the French Medical Equipment industry average.

PE vs Market: ALCAR is unprofitable, so we can't compare its PE Ratio to the French market.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate ALCAR's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: ALCAR is overvalued based on its PB Ratio (237.8x) compared to the FR Medical Equipment industry average (2.2x).

Future Growth

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

Future Growth Score

2/6

Future Growth Score 2/6

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

44.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ALCAR is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: ALCAR is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: ALCAR is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: ALCAR's revenue (50.6% per year) is forecast to grow faster than the French market (5.8% per year).

High Growth Revenue: ALCAR's revenue (50.6% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if ALCAR's Return on Equity is forecast to be high in 3 years time

Past Performance

How has Carmat performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

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

-12.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ALCAR is currently unprofitable.

Growing Profit Margin: ALCAR is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: ALCAR is unprofitable, and losses have increased over the past 5 years at a rate of 12.9% per year.

Accelerating Growth: Unable to compare ALCAR's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: ALCAR is unprofitable, making it difficult to compare its past year earnings growth to the Medical Equipment industry (22.5%).

Return on Equity

High ROE: ALCAR has a negative Return on Equity (-6458.56%), as it is currently unprofitable.

Financial Health

How is Carmat's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: ALCAR's short term assets (€61.7M) exceed its short term liabilities (€13.9M).

Long Term Liabilities: ALCAR's short term assets (€61.7M) exceed its long term liabilities (€54.2M).

Debt to Equity History and Analysis

Debt Level: ALCAR's net debt to equity ratio (1338.9%) is considered high.

Reducing Debt: ALCAR's debt to equity ratio has increased from 11.2% to 5430% over the past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: ALCAR has sufficient cash runway for 8 months based on last reported free cash flow, but has since raised additional capital.

Forecast Cash Runway: ALCAR is forecast to have sufficient cash runway for 10 months based on free cash flow estimates, but has since raised additional capital.

Dividend

What is Carmat current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

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

Dividend Yield vs Market

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

High Dividend: Unable to evaluate ALCAR's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if ALCAR's dividends per share have been stable in the past.

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

Earnings Payout to Shareholders

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

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as ALCAR has not reported any payouts.

Discover strong dividend paying companies

Management

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

5.3yrs

Average board tenure

CEO

Stephane Piat (50 yo)

5.75yrs

Tenure

€2,911,278

Compensation

Mr. Stéphane Piat has been Chief Executive Officer of Carmat SA since August 29, 2016 and has been its Director since April 27, 2017. Mr. Piat is an acknowledged specialist in the medical device business,...

CEO Compensation Analysis

Compensation vs Market: Stephane's total compensation ($USD3.07M) is above average for companies of similar size in the French market ($USD385.78K).

Compensation vs Earnings: Stephane's compensation has increased whilst the company is unprofitable.

Board Members

Experienced Board: ALCAR's board of directors are considered experienced (5.3 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 been diluted in the past year, with total shares outstanding growing by 28.1%.

Data	Last Updated (UTC time)
Company Analysis	2022/05/22 00:00
End of Day Share Price	2022/05/20 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31