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ITM

ITM Power AIM:ITM Stock Report

Last Price

UK£1.02

Market Cap

UK£623.3m

7D

-11.7%

1Y

-76.5%

Updated

24 Sep, 2022

Data

Company Financials +
ITM fundamental analysis
Snowflake Score
Valuation2/6
Future Growth2/6
Past Performance0/6
Financial Health5/6
Dividends0/6

ITM Stock Overview

ITM Power Plc designs, manufactures, and sells hydrogen energy systems for energy storage, transportation, and industrial sectors in the United Kingdom, Germany, rest of Europe, and the United States.

ITM Power Competitors

Price History & Performance

Summary of all time highs, changes and price drops for ITM Power
Historical stock prices
Current Share PriceUK£1.02
52 Week HighUK£5.28
52 Week LowUK£0.98
Beta1.84
1 Month Change-50.65%
3 Month Change-47.75%
1 Year Change-76.51%
3 Year Change125.89%
5 Year Change114.00%
Change since IPO93.62%

Recent News & Updates

Shareholder Returns

ITMGB ElectricalGB Market
7D-11.7%-10.2%-3.1%
1Y-76.5%-61.3%-13.8%

Return vs Industry: ITM underperformed the UK Electrical industry which returned -58% over the past year.

Return vs Market: ITM underperformed the UK Market which returned -12.9% over the past year.

Price Volatility

Is ITM's price volatile compared to industry and market?
ITM volatility
ITM Average Weekly Movement12.6%
Electrical Industry Average Movement9.5%
Market Average Movement5.2%
10% most volatile stocks in GB Market10.8%
10% least volatile stocks in GB Market2.7%

Stable Share Price: ITM is more volatile than 90% of UK stocks over the past 3 months, typically moving +/- 13% a week.

Volatility Over Time: ITM's weekly volatility (13%) has been stable over the past year, but is still higher than 75% of UK stocks.

About the Company

FoundedEmployeesCEOWebsite
2001350Graham Cooleyhttps://www.itm-power.com

ITM Power Plc designs, manufactures, and sells hydrogen energy systems for energy storage, transportation, and industrial sectors in the United Kingdom, Germany, rest of Europe, and the United States. It offers HGas for power-to-gas, clean fuel, and industrial hydrogen applications. The company is also involved in the development and manufacture of prototype products; and sale of electrolysis equipment and hydrogen storage solutions.

ITM Power Fundamentals Summary

How do ITM Power's earnings and revenue compare to its market cap?
ITM fundamental statistics
Market CapUK£623.28m
Earnings (TTM)-UK£46.69m
Revenue (TTM)UK£5.63m

110.9x

P/S Ratio

-13.3x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
ITM income statement (TTM)
RevenueUK£5.63m
Cost of RevenueUK£37.04m
Gross Profit-UK£31.41m
Other ExpensesUK£15.29m
Earnings-UK£46.69m

Last Reported Earnings

Apr 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)-0.076
Gross Margin-558.17%
Net Profit Margin-829.82%
Debt/Equity Ratio0%

How did ITM perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is ITM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book 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 ITM?

Other financial metrics that can be useful for relative valuation.

ITM 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/Revenue47x
Enterprise Value/EBITDA-6.4x
PEG Ration/a

Price to Book Ratio vs Peers

How does ITM's PB Ratio compare to its peers?

ITM PB Ratio vs Peers
The above table shows the PB ratio for ITM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPBEstimated GrowthMarket Cap
Peer Average2.4x
LOAD Crestchic
3.3x50.5%UK£78.0m
IES Invinity Energy Systems
0.7x43.2%UK£37.1m
DSCV discoverIE Group
2.3x20.2%UK£657.5m
TFW FW Thorpe
3.1xn/aUK£421.9m
ITM ITM Power
1.6x19.9%UK£623.3m

Price-To-Book vs Peers: ITM is good value based on its Price-To-Book Ratio (1.6x) compared to the peer average (2.4x).


Price to Earnings Ratio vs Industry

How does ITM's PE Ratio compare vs other companies in the GB Electrical Industry?

Price-To-Book vs Industry: ITM is good value based on its Price-To-Book Ratio (1.6x) compared to the UK Electrical industry average (2x)


Price to Book Ratio vs Fair Ratio

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

ITM PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio1.6x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate ITM's Price-To-Book Fair Ratio for valuation analysis.


Share Price vs Fair Value

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

Below Fair Value: ITM (£1.02) is trading above our estimate of fair value (£0)

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


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, but analysts are not within a statistically confident range of agreement.


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Future Growth

How is ITM Power forecast to perform in the next 1 to 3 years based on estimates from 18 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


18.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

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

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

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

Revenue vs Market: ITM's revenue (45.9% per year) is forecast to grow faster than the UK market (4.5% per year).

High Growth Revenue: ITM's revenue (45.9% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ITM is forecast to be unprofitable in 3 years.


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Past Performance

How has ITM Power 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


-42.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ITM is currently unprofitable.

Growing Profit Margin: ITM is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: ITM is unprofitable, and losses have increased over the past 5 years at a rate of 42.9% per year.

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

Earnings vs Industry: ITM is unprofitable, making it difficult to compare its past year earnings growth to the Electrical industry (14.2%).


Return on Equity

High ROE: ITM has a negative Return on Equity (-11.82%), as it is currently unprofitable.


Discover strong past performing companies

Financial Health

How is ITM Power's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: ITM's short term assets (£423.6M) exceed its short term liabilities (£50.1M).

Long Term Liabilities: ITM's short term assets (£423.6M) exceed its long term liabilities (£13.1M).


Debt to Equity History and Analysis

Debt Level: ITM is debt free.

Reducing Debt: ITM has not had any debt for 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: ITM has sufficient cash runway for more than 3 years based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if ITM has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.


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Dividend

What is ITM Power 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

  • Cash Flow Coverage


0.022%

Forecast Dividend Yield

Dividend Yield vs Market

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

High Dividend: Unable to evaluate ITM'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 ITM's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if ITM'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 ITM has not reported any payouts.


Discover strong dividend paying companies

Management

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

5.7yrs

Average management tenure


CEO

Graham Cooley (58 yo)

13.25yrs

Tenure

UK£500,000

Compensation

Dr. Graham Edward Cooley, B.Sc. (Hons), M.Phil, Ph. D has been the Chief Executive Officer of ITM Power Plc since June 29, 2009. Dr. Cooley served as the Chief Executive Officer of Universal Sensors Ltd an...


CEO Compensation Analysis

Compensation vs Market: Graham's total compensation ($USD546.63K) is below average for companies of similar size in the UK market ($USD1.30M).

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


Leadership Team

Experienced Management: ITM's management team is seasoned and experienced (5.7 years average tenure).


Board Members

Experienced Board: ITM's board of directors are considered experienced (3.7 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.


Recent Insider Transactions

AIM:ITM Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
16 Nov 21BuyUK£250,000Graham CooleyIndividual62,500UK£4.00
16 Nov 21BuyUK£25,000Roger BoneIndividual6,250UK£4.00
16 Nov 21BuyUK£50,000Simon BourneIndividual12,500UK£4.00
16 Nov 21BuyUK£50,000Rachel SmithIndividual12,500UK£4.00
16 Nov 21BuyUK£75,000Andrew AllenIndividual18,750UK£4.00
16 Nov 21BuyUK£36,000Martin GreenIndividual9,000UK£4.00
16 Nov 21BuyUK£20,000Katherine RoeIndividual5,000UK£4.00

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 11.4%.


Top Shareholders

Top 25 shareholders own 66.16% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
16.31%
Linde plc
100,000,000£101.7m0%no data
6.98%
J.C.B.Research
42,823,778£43.5m-11.68%no data
4.95%
DZ Bank AG, Asset Management Arm
30,332,086£30.8m11.81%0.53%
4.52%
Peter Hargreaves
27,686,070£28.1m0%no data
3.23%
FMR LLC
19,811,120£20.1m-7.36%no data
2.92%
Capital Research and Management Company
17,882,186£18.2m5.43%no data
2.58%
HSBC Global Asset Management (UK) Limited
15,809,370£16.1m5.89%0.02%
2.46%
Baillie Gifford & Co.
15,103,540£15.4m6.86%0.01%
2.27%
ING Groep NV, Insurance and Banking Investments
13,899,618£14.1m12.35%0.17%
2.08%
Snam S.p.A.
12,765,957£13.0m0%no data
2.05%
Commerzbank AG, Asset Management Arm
12,592,510£12.8m4.94%0.25%
1.75%
The Public Investment Fund of The Kingdom of Saudi Arabia
10,752,509£10.9m0%no data
1.44%
HBOS Investment Fund Managers Limited
8,854,385£9.0m0.29%0.11%
1.31%
BNP Paribas, Private & Investment Banking Investments
8,028,573£8.2m3.15%0.07%
1.26%
A J Bell Holdings Limited, Asset Management Arm
7,754,064£7.9m-2.33%0.12%
1.16%
Vermeer Investment Management Limited
7,111,128£7.2m0.57%1.68%
1.14%
Legal & General Investment Management Limited
7,011,709£7.1m64.67%no data
1.09%
UBS Asset Management
6,694,896£6.8m9.34%no data
1.06%
West Yorkshire Pension Fund
6,518,105£6.6m0%0.18%
1.05%
Investec Wealth & Investment Limited
6,455,906£6.6m-5.35%0.07%
0.98%
Amundi Asset Management
6,001,679£6.1m162.17%no data
0.91%
Herald Investment Management Limited
5,580,259£5.7m0%0.68%
0.91%
Aegon Asset Management UK Plc
5,580,169£5.7m-16.78%0.03%
0.89%
Barclays Bank PLC, Wealth and Investment Management Division
5,458,982£5.5m-4.84%0.07%
0.84%
Natixis Investment Managers International
5,161,873£5.2m4.39%0.03%

Company Information

ITM Power Plc's employee growth, exchange listings and data sources


Key Information

  • Name: ITM Power Plc
  • Ticker: ITM
  • Exchange: AIM
  • Founded: 2001
  • Industry: Heavy Electrical Equipment
  • Sector: Capital Goods
  • Implied Market Cap: UK£623.275m
  • Shares outstanding: 613.16m
  • Website: https://www.itm-power.com

Number of Employees


Location

  • ITM Power Plc
  • 2 Bessemer Park
  • Shepcote Lane
  • Sheffield
  • South Yorkshire
  • S9 1DZ
  • United Kingdom


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ITMP.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJun 2004
ITMAIM (London Stock Exchange AIM Market)YesOrdinary SharesGBGBPJun 2004
IJ8DB (Deutsche Boerse AG)YesOrdinary SharesDEEURJun 2004

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
Earnings2022/04/30
Annual Earnings2022/04/30


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.