ENXTPA:ALMIC

Stock Analysis Report

Microwave Vision

Executive Summary

Microwave Vision S.A., together with its subsidiaries, manufactures and sells antenna measurement systems in North America, Europe, and Asia.

Rewards

Trading at 39.2% below its fair value

Earnings are forecast to grow 22.24% per year

Earnings grew by 59.9% over the past year

Risk Analysis

Shareholders have been diluted in the past year



Snowflake Analysis

Flawless balance sheet with solid track record.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: ALMIC has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

ALMIC

-1.9%

FR Communications

0.5%

FR Market


1 Year Return

69.5%

ALMIC

14.3%

FR Communications

21.9%

FR Market

Return vs Industry: ALMIC exceeded the French Communications industry which returned 14.3% over the past year.

Return vs Market: ALMIC exceeded the French Market which returned 21.9% over the past year.


Shareholder returns

ALMICIndustryMarket
7 Day0%-1.9%0.5%
30 Day12.1%3.0%-0.7%
90 Day9.0%4.9%4.0%
1 Year69.5%69.5%14.4%14.3%26.2%21.9%
3 Year146.5%146.5%-27.5%-32.5%41.8%28.1%
5 Year68.8%68.8%-23.0%-42.8%78.7%52.2%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

39.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ALMIC (€15.7) is trading below our estimate of fair value (€25.8)

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


Price To Earnings Ratio

PE vs Industry: ALMIC is poor value based on its PE Ratio (26x) compared to the Communications industry average (16.8x).

PE vs Market: ALMIC is poor value based on its PE Ratio (26x) compared to the French market (17.6x).


Price to Earnings Growth Ratio

PEG Ratio: ALMIC is poor value based on its PEG Ratio (1.2x)


Price to Book Ratio

PB vs Industry: ALMIC is overvalued based on its PB Ratio (1.5x) compared to the FR Communications industry average (1.4x).


Next Steps

Future Growth

How is Microwave Vision forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

22.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ALMIC's forecast earnings growth (22.2% per year) is above the savings rate (-0.1%).

Earnings vs Market: ALMIC's earnings (22.2% per year) are forecast to grow faster than the French market (11.4% per year).

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

Revenue vs Market: ALMIC's revenue (10% per year) is forecast to grow faster than the French market (4.6% per year).

High Growth Revenue: ALMIC's revenue (10% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ALMIC's Return on Equity is forecast to be low in 3 years time (8.1%).


Next Steps

Past Performance

How has Microwave Vision performed over the past 5 years?

16.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ALMIC has high quality earnings.

Growing Profit Margin: ALMIC's current net profit margins (5%) are higher than last year (3.4%).


Past Earnings Growth Analysis

Earnings Trend: ALMIC's earnings have grown by 16.8% per year over the past 5 years.

Accelerating Growth: ALMIC's earnings growth over the past year (59.9%) exceeds its 5-year average (16.8% per year).

Earnings vs Industry: ALMIC earnings growth over the past year (59.9%) exceeded the Communications industry 49.1%.


Return on Equity

High ROE: ALMIC's Return on Equity (5.6%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Microwave Vision's financial position?


Financial Position Analysis

Short Term Liabilities: ALMIC's short term assets (€74.2M) exceed its short term liabilities (€34.1M).

Long Term Liabilities: ALMIC's short term assets (€74.2M) exceed its long term liabilities (€9.0M).


Debt to Equity History and Analysis

Debt Level: ALMIC's debt to equity ratio (6.9%) is considered satisfactory.

Reducing Debt: ALMIC's debt to equity ratio has reduced from 23.4% to 6.9% over the past 5 years.

Debt Coverage: ALMIC's debt is well covered by operating cash flow (108.8%).

Interest Coverage: ALMIC's interest payments on its debt are well covered by EBIT (10.9x coverage).


Balance Sheet

Inventory Level: ALMIC has a high level of physical assets or inventory.

Debt Coverage by Assets: ALMIC's debt is covered by short term assets (assets are 15.6x debt).


Next Steps

Dividend

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


Dividend Yield vs Market

company0%marketbottom25%1.5%markettop25%4.6%industryaverage3.2%forecastin3Years0%

Current dividend yield vs market & industry

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

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


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: ALMIC is not paying a notable dividend for the French market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of ALMIC's dividend in 3 years as they are not forecast to pay a notable one for the French market.


Next Steps

Management

What is the CEO of Microwave Vision's salary, the management and board of directors tenure and is there insider trading?

11.9yrs

Average management tenure


CEO

Philippe Garreau (57yo)

11.9yrs

Tenure

€212,119

Compensation

Dr. Philippe Garreau has been the Chief Executive Officer of Microwave Vision SA (Alternatively, Satimo S.A.) since 2008 and serves as its President and Chairman. Prior to joining Satimo, Dr. Garreau start ...


CEO Compensation Analysis

Compensation vs Market: Philippe's total compensation ($USD0.00) is below average for companies of similar size in the French market ($USD175.58K).

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


Management Age and Tenure

11.9yrs

Average Tenure

52yo

Average Age

Experienced Management: ALMIC's management team is seasoned and experienced (11.9 years average tenure).


Insider Trading

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 3.3%.


Management Team

  • Philippe Garreau (57yo)

    Chairman & CEO

    • Tenure: 11.9yrs
    • Compensation: €212.12k
  • Eric Beaumont

    Strategy Director

    • Tenure: 12.9yrs
  • Gianni Barone (52yo)

    Sales Director & Director

    • Tenure: 0yrs
    • Compensation: €131.75k
  • Arnaud Gandois (46yo)

    Deputy Chief Executive officer

    • Tenure: 0yrs
    • Compensation: €138.81k
  • Luc Duchesne (49yo)

    Deputy Chief Executive Officer

    • Tenure: 0yrs
    • Compensation: €128.52k
  • John Estrada (54yo)

    Managing Director of MVG USA

    • Tenure: 0yrs
  • Lars Foged (52yo)

    Scientific Director

    • Tenure: 0yrs
  • Olivier Gurs

    CFO & Director

    • Tenure: 0yrs

Board Members

  • Bruno Rivet (48yo)

    Director

    • Tenure: 0yrs
  • Philippe Garreau (57yo)

    Chairman & CEO

    • Tenure: 11.9yrs
    • Compensation: €212.12k
  • Gianni Barone (52yo)

    Sales Director & Director

    • Tenure: 0yrs
    • Compensation: €131.75k
  • Sylvain Dekens

    Board Observer

    • Tenure: 0yrs
  • Agnès Mestreau-Garreau

    Director

    • Tenure: 0yrs
  • Olivier Gurs

    CFO & Director

    • Tenure: 0yrs
  • Sophie De Roux

    Director

    • Tenure: 0yrs

Company Information

Microwave Vision S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Microwave Vision S.A.
  • Ticker: ALMIC
  • Exchange: ENXTPA
  • Founded: 1986
  • Industry: Communications Equipment
  • Sector: Tech
  • Market Cap: €97.499m
  • Shares outstanding: 6.21m
  • Website: https://www.mvg-world.com

Number of Employees


Location

  • Microwave Vision S.A.
  • 47, Boulevard Saint Michel
  • Paris
  • Ile-de-France
  • 75005
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ALMICENXTPA (Euronext Paris)YesCommon SharesFREURJun 2005

Biography

Microwave Vision S.A., together with its subsidiaries, manufactures and sells antenna measurement systems in North America, Europe, and Asia. The company operates through Antenna Measurement Systems, Elect ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/09 20:59
End of Day Share Price2019/12/09 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.