ENXTPA:LACR

Stock Analysis Report

Executive Summary

Lacroix SA develops, industrializes, produces, and integrates electronic assemblies and subassemblies for the automobile, aeronautics, home automation, industrial, and health sectors in France, Germany, Poland, Italy, Spain, and Tunisia.

Rewards

PE ratio (6.3x) is below the French market (13.2x)

Earnings are forecast to grow 18.62% per year

Earnings have grown 28.3% per year over the past 5 years

Risk Analysis

Debt is not well covered by operating cash flow

Unstable dividend track record

Highly volatile share price over past 3 months

Does not have a meaningful market cap (€67M)



Snowflake Analysis

Good value with proven track record and pays a dividend.


Similar Companies

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

-4.4%

LACR

-10.4%

FR Electronic

-4.5%

FR Market


1 Year Return

-19.3%

LACR

18.8%

FR Electronic

-21.8%

FR Market

Return vs Industry: LACR underperformed the French Electronic industry which returned 29.4% over the past year.

Return vs Market: LACR matched the French Market which returned -18.6% over the past year.


Shareholder returns

LACRIndustryMarket
7 Day-4.4%-10.4%-4.5%
30 Day-22.3%-29.9%-20.0%
90 Day-33.6%-12.3%-28.2%
1 Year-16.8%-19.3%20.5%18.8%-19.0%-21.8%
3 Year2.5%-4.3%0.8%-4.2%-2.5%-11.6%
5 Year-21.5%-30.2%-7.1%-13.9%7.0%-10.1%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

6.28x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: LACR (€18.65) is trading above our estimate of fair value (€9.37)

Significantly Below Fair Value: LACR is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: LACR is good value based on its PE Ratio (6.3x) compared to the Electronic industry average (10.5x).

PE vs Market: LACR is good value based on its PE Ratio (6.3x) compared to the French market (13.2x).


Price to Earnings Growth Ratio

PEG Ratio: LACR is good value based on its PEG Ratio (0.3x)


Price to Book Ratio

PB vs Industry: LACR is good value based on its PB Ratio (0.7x) compared to the FR Electronic industry average (1.2x).


Next Steps

Future Growth

How is Lacroix forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

18.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: LACR's forecast earnings growth (18.6% per year) is above the savings rate (-0.1%).

Earnings vs Market: LACR's earnings (18.6% per year) are forecast to grow faster than the French market (12.1% per year).

High Growth Earnings: LACR's earnings are forecast to grow, but not significantly.

Revenue vs Market: LACR's revenue (4.6% per year) is forecast to grow faster than the French market (3.5% per year).

High Growth Revenue: LACR's revenue (4.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: LACR's Return on Equity is forecast to be low in 3 years time (12.1%).


Next Steps

Past Performance

How has Lacroix performed over the past 5 years?

28.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: LACR has high quality earnings.

Growing Profit Margin: LACR's current net profit margins (2.2%) are higher than last year (1.8%).


Past Earnings Growth Analysis

Earnings Trend: LACR's earnings have grown significantly by 28.3% per year over the past 5 years.

Accelerating Growth: LACR's earnings growth over the past year (29%) exceeds its 5-year average (28.3% per year).

Earnings vs Industry: LACR earnings growth over the past year (29%) underperformed the Electronic industry 45.5%.


Return on Equity

High ROE: LACR's Return on Equity (10.8%) is considered low.


Next Steps

Financial Health

How is Lacroix's financial position?


Financial Position Analysis

Short Term Liabilities: LACR's short term assets (€219.0M) exceed its short term liabilities (€149.1M).

Long Term Liabilities: LACR's short term assets (€219.0M) exceed its long term liabilities (€74.9M).


Debt to Equity History and Analysis

Debt Level: LACR's debt to equity ratio (67.9%) is considered high.

Reducing Debt: LACR's debt to equity ratio has increased from 42.8% to 67.9% over the past 5 years.

Debt Coverage: LACR's debt is not well covered by operating cash flow (9%).

Interest Coverage: LACR's interest payments on its debt are well covered by EBIT (28.4x coverage).


Balance Sheet

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

Debt Coverage by Assets: LACR's debt is covered by short term assets (assets are 3.1x debt).


Next Steps

Dividend

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

4.83%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: LACR's dividend (4.83%) is higher than the bottom 25% of dividend payers in the French market (2.07%).

High Dividend: LACR's dividend (4.83%) is low compared to the top 25% of dividend payers in the French market (6.43%).


Stability and Growth of Payments

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

Growing Dividend: LACR's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (30.3%), LACR's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: LACR's dividends in 3 years are forecast to be well covered by earnings (28.2% payout ratio).


Next Steps

Management

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

1.8yrs

Average board tenure


CEO

Vincent Bedouin (44yo)

no data

Tenure

€340,585

Compensation

Mr. Vincent Bedouin serves as President, Chief Executive Officer and Director of Lacroix SA since July 26, 2018. He served as Chairman of Executive Board of Lacroix SA since October 1, 2015 and served as i ...


CEO Compensation Analysis

Compensation vs Market: Vincent's total compensation ($USD372.43K) is about average for companies of similar size in the French market ($USD319.20K).

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


Board Members

NamePositionTenureCompensationOwnership
Vincent Bedouin
Presidentno data€340.59k2.81% 1.9m
Nicolas Bedouin
COO, Executive VP of Finance & Director1.75yrs€211.45k2.82% 1.9m
Pierre Tiers
Director1.75yrs€13.75kno data
Jean-Paul Bedouin
Honorary Chairman1.75yrs€120.13k5.03% 3.4m
Hubert de Boisredon
Director1.75yrs€8.50kno data
Hugues Meili
Director1.75yrs€10.50kno data
Muriel Barnéoud
Directorno data€8.50kno data
Ariane Malbat
Directorno data€8.50kno data

1.8yrs

Average Tenure

50yo

Average Age

Experienced Board: LACR's board of directors are not considered experienced ( 1.8 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.


Ownership Breakdown

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


Top Shareholders

Company Information

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


Key Information

  • Name: Lacroix SA
  • Ticker: LACR
  • Exchange: ENXTPA
  • Founded: 1936
  • Industry: Electronic Equipment and Instruments
  • Sector: Tech
  • Market Cap: €66.730m
  • Shares outstanding: 3.58m
  • Website: https://www.lacroix-group.com

Number of Employees


Location

  • Lacroix SA
  • 8, Impasse du Bourrelier
  • PO Box 30004
  • Saint-Herblain
  • Pays de la Loire
  • 44801
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
LACRENXTPA (Euronext Paris)YesCommon SharesFREURDec 1992
0F1ULSE (London Stock Exchange)YesCommon SharesGBEURDec 1992
LACRPBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEURDec 1992

Biography

Lacroix SA develops, industrializes, produces, and integrates electronic assemblies and subassemblies for the automobile, aeronautics, home automation, industrial, and health sectors in France, Germany, Poland, Italy, Spain, and Tunisia. It also designs and produces equipment to guide, optimize, and secure the flow of vehicles and people in the areas of road signage, traffic management and regulation, public lighting, and V2X; and equipment to remotely control, automate, and manage water and energy infrastructure. The company was founded in 1936 and is headquartered in Saint-Herblain, France. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/01 20:51
End of Day Share Price2020/04/01 00:00
Earnings2019/09/30
Annual Earnings2019/09/30


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.