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MMB

Lagardere ENXTPA:MMB Stock Report

Last Price

€15.14

Market Cap

€2.1b

7D

5.9%

1Y

-34.1%

Updated

24 Sep, 2022

Data

Company Financials +
MMB fundamental analysis
Snowflake Score
Valuation6/6
Future Growth4/6
Past Performance2/6
Financial Health1/6
Dividends2/6

MMB Stock Overview

Lagardere SA engages in content publishing, production, broadcasting, and distribution businesses worldwide.

Lagardere Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Lagardere
Historical stock prices
Current Share Price€15.14
52 Week High€25.54
52 Week Low€13.43
Beta1.27
1 Month Change-3.07%
3 Month Change-10.94%
1 Year Change-34.12%
3 Year Change-24.98%
5 Year Change-46.55%
Change since IPO48.10%

Recent News & Updates

Shareholder Returns

MMBFR MediaFR Market
7D5.9%-3.0%-4.8%
1Y-34.1%-21.0%-14.1%

Return vs Industry: MMB underperformed the French Media industry which returned -21% over the past year.

Return vs Market: MMB underperformed the French Market which returned -14.1% over the past year.

Price Volatility

Is MMB's price volatile compared to industry and market?
MMB volatility
MMB Average Weekly Movement5.8%
Media Industry Average Movement4.8%
Market Average Movement4.8%
10% most volatile stocks in FR Market8.9%
10% least volatile stocks in FR Market2.7%

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

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

About the Company

FoundedEmployeesCEOWebsite
182627,000Arnaud Lagarderehttps://www.lagardere.com

Lagardere SA engages in content publishing, production, broadcasting, and distribution businesses worldwide. It operates through two divisions: Lagardère Publishing, and Lagardère Travel Retail. The Lagardère Publishing division includes book publishing and e-publishing businesses, which cover the areas of education, general literature, illustrated books, partworks, dictionaries, youth works, mobile games, board games, and distribution in English, French, and Spanish languages.

Lagardere Fundamentals Summary

How do Lagardere's earnings and revenue compare to its market cap?
MMB fundamental statistics
Market Cap€2.13b
Earnings (TTM)€10.00m
Revenue (TTM)€6.12b

212.9x

P/E Ratio

0.3x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
MMB income statement (TTM)
Revenue€6.12b
Cost of Revenue€3.40b
Gross Profit€2.72b
Other Expenses€2.71b
Earnings€10.00m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.071
Gross Margin44.39%
Net Profit Margin0.16%
Debt/Equity Ratio277.3%

How did MMB perform over the long term?

See historical performance and comparison

Dividends

3.3%

Current Dividend Yield

688%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is MMB 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-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

MMB 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/Revenue1x
Enterprise Value/EBITDA13.4x
PEG Ratio2.9x

Price to Sales Ratio vs Peers

How does MMB's PS Ratio compare to its peers?

MMB PS Ratio vs Peers
The above table shows the PS ratio for MMB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average1.2x
ETL Eutelsat Communications
1.8x0.7%€2.1b
DEC JCDecaux
0.9x8.5%€2.6b
MMT Métropole Télévision
1.3x1.0%€1.8b
IPS Ipsos
0.9x5.5%€2.0b
MMB Lagardere
0.3x9.6%€2.1b

Price-To-Sales vs Peers: MMB is good value based on its Price-To-Sales Ratio (0.3x) compared to the peer average (1.2x).


Price to Earnings Ratio vs Industry

How does MMB's PE Ratio compare vs other companies in the FR Media Industry?

Price-To-Sales vs Industry: MMB is good value based on its Price-To-Sales Ratio (0.3x) compared to the French Media industry average (0.8x)


Price to Sales Ratio vs Fair Ratio

What is MMB's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MMB PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.3x
Fair PS Ratio1.8x

Price-To-Sales vs Fair Ratio: MMB is good value based on its Price-To-Sales Ratio (0.3x) compared to the estimated Fair Price-To-Sales Ratio (1.8x).


Share Price vs Fair Value

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

Below Fair Value: MMB (€15.14) is trading below our estimate of fair value (€37.82)

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


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

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

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


72.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MMB's forecast earnings growth (72.5% per year) is above the savings rate (0.3%).

Earnings vs Market: MMB's earnings (72.5% per year) are forecast to grow faster than the French market (11.2% per year).

High Growth Earnings: MMB's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: MMB's revenue (9.6% per year) is forecast to grow faster than the French market (5.3% per year).

High Growth Revenue: MMB's revenue (9.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MMB's Return on Equity is forecast to be low in 3 years time (18.5%).


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Past Performance

How has Lagardere performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-52.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MMB has a large one-off loss of €63.0M impacting its June 30 2022 financial results.

Growing Profit Margin: MMB became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: MMB has become profitable over the past 5 years, growing earnings by -52.1% per year.

Accelerating Growth: MMB has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: MMB has become profitable in the last year, making it difficult to compare its past year earnings growth to the Media industry (34.7%).


Return on Equity

High ROE: MMB's Return on Equity (4%) is considered low.


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Financial Health

How is Lagardere's financial position?

Financial Health Score

1/6

Financial Health Score 1/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: MMB's short term assets (€3.0B) do not cover its short term liabilities (€3.8B).

Long Term Liabilities: MMB's short term assets (€3.0B) do not cover its long term liabilities (€3.9B).


Debt to Equity History and Analysis

Debt Level: MMB's net debt to equity ratio (213.4%) is considered high.

Reducing Debt: MMB's debt to equity ratio has increased from 132.6% to 277.3% over the past 5 years.

Debt Coverage: MMB's debt is well covered by operating cash flow (27.5%).

Interest Coverage: MMB's interest payments on its debt are not well covered by EBIT (1.4x coverage).


Balance Sheet


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Dividend

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

Dividend Score

2/6

Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


3.30%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: MMB's dividend (3.3%) is higher than the bottom 25% of dividend payers in the French market (1.99%).

High Dividend: MMB's dividend (3.3%) is low compared to the top 25% of dividend payers in the French market (5.93%).


Stability and Growth of Payments

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

Growing Dividend: MMB's dividend payments have fallen over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (687.5%), MMB's dividend payments are not well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (12.9%), MMB's dividend payments are thoroughly covered by cash flows.


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Management

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

3.1yrs

Average management tenure


CEO

Arnaud Lagardere (61 yo)

19.67yrs

Tenure

€2,891,506

Compensation

Mr. Lagardere serves as Chairman of Lagardere SA (Formerly, Lagardere SCA) since June 30, 2021 and also serves as its Chief Executive Officer since 2003. He had been General and Managing Partner at Lagarde...


CEO Compensation Analysis

Compensation vs Market: Arnaud's total compensation ($USD2.81M) is above average for companies of similar size in the French market ($USD1.31M).

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


Leadership Team

Experienced Management: MMB's management team is considered experienced (3.1 years average tenure).


Board Members

Experienced Board: MMB's board of directors are not considered experienced ( 1.3 years average tenure), which suggests a new board.


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.


Recent Insider Transactions

ENXTPA:MMB Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
22 Apr 22Buy€3,081,095Syquant Capital SASCompany121,270€25.41
02 Mar 22Buy€3,804Rene RicolIndividual150€25.36
16 Dec 21Buy€594,911,101Vivendi SECompany24,685,108€24.10
16 Dec 21Sell€594,911,101Amber Capital UK LLPCompany24,685,108€24.10

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 94.57% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
57.57%
Vivendi SE
80,943,768€1.2b27.08%no data
11.56%
Qatar Holding LLC
16,254,216€246.1m0%0.52%
8%
Financière Agache Société Anonyme
11,250,977€170.3m-20.06%0.59%
7.19%
Lagardère Capital & Management Co. Ltd.
10,105,664€153.0m0%no data
3.56%
Arjil Commanditée-Arco
5,000,000€75.7m0%no data
1.76%
Lagardere SCA - Employees and Group Savings Plan Investment Fund
2,479,430€37.5m0%no data
1.08%
Syquant Capital SAS
1,524,270€23.1m0%3.96%
0.9%
The Vanguard Group, Inc.
1,262,847€19.1m-0.06%no data
0.83%
Norges Bank Investment Management
1,171,385€17.7m0%no data
0.49%
Caisse des dépôts et consignations, Asset Management Arm
684,226€10.4m-81.52%0.13%
0.36%
Arnaud Lagardere
505,822€7.7m0%no data
0.25%
Amber Capital UK LLP
353,459€5.4m0%1.7%
0.23%
Dimensional Fund Advisors LP
328,818€5.0m-76.42%no data
0.14%
Thierry Funck-Brentano
202,089€3.1m0%no data
0.14%
DNCA Finance
201,840€3.1m-87.91%0.04%
0.12%
State Street Global Advisors, Inc.
169,404€2.6m2.68%no data
0.081%
Amundi Asset Management
113,858€1.7m2.24%no data
0.075%
Pierre Leroy
105,135€1.6m0%no data
0.056%
Etoile Gestion
79,257€1.2m0%0.08%
0.043%
Equigest
60,000€908.4k0%0.73%
0.04%
First Foundation Advisors
56,543€856.1k0%0.04%
0.027%
Mercer Global Investments Europe Limited
38,298€579.8k0%no data
0.018%
Deutsche Asset & Wealth Management
25,208€381.6k0%no data
0.016%
Ibercaja Gestión SGIIC S.A.
21,989€332.9k0%0.01%
0.015%
Handelsbanken Asset Management
20,442€309.5k0%no data

Company Information

Lagardere SA's employee growth, exchange listings and data sources


Key Information

  • Name: Lagardere SA
  • Ticker: MMB
  • Exchange: ENXTPA
  • Founded: 1826
  • Industry: Publishing
  • Sector: Media
  • Implied Market Cap: €2.129b
  • Shares outstanding: 140.59m
  • Website: https://www.lagardere.com

Number of Employees


Location

  • Lagardere SA
  • 4 rue de Presbourg
  • Cedex 16
  • Paris
  • Ile-de-France
  • 75116
  • France


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
LGDD.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
LAGDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
MMBENXTPA (Euronext Paris)YesOrdinary SharesFREURJan 1992
0HB2LSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1992
MMBPBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1992
MMBSWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFJan 1992

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/24 00:00
End of Day Share Price2022/09/23 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.