ENXTPA:ALCAR

Stock Analysis Report

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Executive Summary

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


Snowflake Analysis

Adequate balance sheet with limited growth.

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

8.7%

ALCAR

-11.5%

FR Medical Equipment

8.7%

FR Market


1 Year Return

8.9%

ALCAR

42.8%

FR Medical Equipment

-2.4%

FR Market

Return vs Industry: ALCAR underperformed the French Medical Equipment industry which returned 47.4% over the past year.

Return vs Market: ALCAR exceeded the French Market which returned -3.8% over the past year.


Shareholder returns

ALCARIndustryMarket
7 Day8.7%-11.5%8.7%
30 Day21.3%-1.9%15.9%
90 Day23.3%35.6%1.3%
1 Year8.9%8.9%42.8%42.8%-0.7%-2.4%
3 Year-22.2%-22.2%43.9%42.1%11.2%2.2%
5 Year-64.3%-64.3%144.9%139.2%31.1%14.3%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

7.1x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate ALCAR's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate ALCAR's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: ALCAR is unprofitable, so we can't compare its PE Ratio to the 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 (7.1x) compared to the FR Medical Equipment industry average (2.6x).


Next Steps

Future Growth

How is Carmat forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

30.2%

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 (59.1% per year) is forecast to grow faster than the French market (3.9% per year).

High Growth Revenue: ALCAR's revenue (59.1% 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


Next Steps

Past Performance

How has Carmat performed over the past 5 years?

-23.0%

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 -23% 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 (-1.8%).


Return on Equity

High ROE: ALCAR has a negative Return on Equity (-109.43%), as it is currently unprofitable.


Next Steps

Financial Health

How is Carmat's financial position?


Financial Position Analysis

Short Term Liabilities: ALCAR's short term assets (€59.1M) exceed its short term liabilities (€8.9M).

Long Term Liabilities: ALCAR's short term assets (€59.1M) exceed its long term liabilities (€16.8M).


Debt to Equity History and Analysis

Debt Level: ALCAR's debt to equity ratio (42.1%) is considered high.

Reducing Debt: ALCAR's debt to equity ratio has increased from 17.4% to 42.1% 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 more than a year based on its current free cash flow.

Forecast Cash Runway: ALCAR has sufficient cash runway for 1.2 years if free cash flow continues to reduce at historical rates of 21% each year.


Next Steps

Dividend

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


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.


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 ALCAR's dividend in 3 years as they are not forecast to pay a notable one for the French market.


Next Steps

Management

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

3.2yrs

Average board tenure


CEO

Stéphane Piat

3.83yrs

Tenure

€1,705,148

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: Stéphane's total compensation ($USD1.93M) is above average for companies of similar size in the French market ($USD544.03K).

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


Board Members

NamePositionTenureCompensationOwnership
Stéphane Piat
CEO & Director3.83yrs€1.71mno data
Philippe Pouletty
Director10.08yrs€7.50kno data
Jean-Pierre Garnier
Chairman1.5yrs€100.00kno data
Henri Lachmann
Independent Director9.5yrs€7.50kno data
Friedrich-Wilhelm Mohr
Member of the Scientific Committeeno datano datano data
Alain Carpentier
Honorary President1.25yrs€1.50k4.35% 12.0m
Gunther Laufer
Member of the Scientific Committeeno datano datano data
Paul Mohacsi
Member of the Scientific Committeeno datano datano data
Edoardo Gronda
Member of the Scientific Committeeno datano datano data
Mark Slaughter
Member of the Scientific Committeeno datano datano data

3.2yrs

Average Tenure

72yo

Average Age

Experienced Board: ALCAR's board of directors are considered experienced (3.2 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 35%.


Top Shareholders

Company Information

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


Key Information

  • Name: Carmat SA
  • Ticker: ALCAR
  • Exchange: ENXTPA
  • Founded: 2008
  • Industry: Health Care Equipment
  • Sector: Healthcare
  • Market Cap: €276.690m
  • Shares outstanding: 12.61m
  • Website: https://www.carmatsa.com

Number of Employees


Location

  • Carmat SA
  • 36, avenue de l'Europe
  • Immeuble l'Etendard
  • Vélizy-Villacoublay
  • Ile-de-France
  • 78140
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ALCARENXTPA (Euronext Paris)YesCommon SharesFREURJul 2010
CXTDB (Deutsche Boerse AG)YesCommon SharesDEEURJul 2010

Biography

Carmat SA designs and develops total artificial heart for people suffering from end-stage biventricular heart failure in France and internationally. It also develops orthotopic, bioprosthetic, self-regulating, pulsatile, and implantable systems, as well as power supply systems. The company was founded in 2008 and is based in Vélizy-Villacoublay, France. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/05 22:49
End of Day Share Price2020/06/05 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.