Buy Or Sell Opportunity • May 18
Now 23% overvalued Over the last 90 days, the stock has fallen 9.7% to €35.36. The fair value is estimated to be €28.81, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has declined by 13%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Reported Earnings • May 17
First quarter 2026 earnings released: EPS: €0.54 (vs €0.53 in 1Q 2025) First quarter 2026 results: EPS: €0.54 (up from €0.53 in 1Q 2025). Revenue: €524.8m (flat on 1Q 2025). Net income: €57.1m (flat on 1Q 2025). Profit margin: 11% (in line with 1Q 2025). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 15% per year. Upcoming Dividend • May 11
Upcoming dividend of €0.35 per share Eligible shareholders must have bought the stock before 18 May 2026. Payment date: 20 May 2026. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (2.1%). Buy Or Sell Opportunity • Apr 08
Now 23% overvalued Over the last 90 days, the stock has fallen 23% to €36.71. The fair value is estimated to be €29.86, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 12%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Reported Earnings • Apr 06
Full year 2025 earnings released: EPS: €1.96 (vs €2.12 in FY 2024) Full year 2025 results: EPS: €1.96 (down from €2.12 in FY 2024). Revenue: €2.07b (flat on FY 2024). Net income: €208.1m (down 8.3% from FY 2024). Profit margin: 10% (in line with FY 2024). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 10% per year. Declared Dividend • Mar 25
Dividend increased to €0.35 Dividend of €0.35 is 6.1% higher than last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 1.1%, which is lower than the industry average of 2.7%. Payout Ratios Payout ratio: 18%. Cash payout ratio: 16%. Announcement • Mar 24
Interpump Group S.p.A. announces Annual dividend, payable on May 20, 2026 Interpump Group S.p.A. announced Annual dividend of EUR 0.3500 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026. Buy Or Sell Opportunity • Mar 04
Now 20% overvalued Over the last 90 days, the stock has fallen 19% to €36.73. The fair value is estimated to be €30.55, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 12%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • Feb 16
Full year 2025 earnings released: EPS: €1.96 (vs €2.12 in FY 2024) Full year 2025 results: EPS: €1.96 (down from €2.12 in FY 2024). Revenue: €2.07b (flat on FY 2024). Net income: €208.1m (down 8.3% from FY 2024). Profit margin: 10% (in line with FY 2024). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 7% per year. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €41.98, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 21x in the Machinery industry in the United Kingdom. Total loss to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €33.74 per share. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 4 highly experienced directors. Independent Director Anna Svelto was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: €0.52 (vs €0.47 in 3Q 2024) Third quarter 2025 results: EPS: €0.52 (up from €0.47 in 3Q 2024). Revenue: €499.2m (up 1.3% from 3Q 2024). Net income: €54.7m (up 9.5% from 3Q 2024). Profit margin: 11% (in line with 3Q 2024). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: €0.56 (vs €0.58 in 2Q 2024) Second quarter 2025 results: EPS: €0.56 (down from €0.58 in 2Q 2024). Revenue: €555.3m (up 1.0% from 2Q 2024). Net income: €59.9m (down 3.6% from 2Q 2024). Profit margin: 11% (in line with 2Q 2024). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has remained flat. Buy Or Sell Opportunity • Jul 17
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to €34.62. The fair value is estimated to be €28.66, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 5.1% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Buy Or Sell Opportunity • Jun 27
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 4.4% to €35.42. The fair value is estimated to be €29.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 6.2% in 2 years. Earnings are forecast to grow by 15% in the next 2 years. Buy Or Sell Opportunity • Jun 07
Now 21% overvalued Over the last 90 days, the stock has fallen 4.4% to €35.36. The fair value is estimated to be €29.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 6.2% in 2 years. Earnings are forecast to grow by 15% in the next 2 years. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: €0.53 (vs €0.63 in 1Q 2024) First quarter 2025 results: EPS: €0.53 (down from €0.63 in 1Q 2024). Revenue: €521.6m (down 4.5% from 1Q 2024). Net income: €56.7m (down 16% from 1Q 2024). Profit margin: 11% (down from 12% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 4% per year. Upcoming Dividend • May 12
Upcoming dividend of €0.33 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (2.4%). Reported Earnings • Apr 08
Full year 2024 earnings released: EPS: €2.12 (vs €2.57 in FY 2023) Full year 2024 results: EPS: €2.12 (down from €2.57 in FY 2023). Revenue: €2.08b (down 7.2% from FY 2023). Net income: €227.1m (down 17% from FY 2023). Profit margin: 11% (down from 12% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €27.24, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Machinery industry in the United Kingdom. Total loss to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €31.12 per share. Declared Dividend • Mar 26
Dividend increased to €0.33 Dividend of €0.33 is 3.1% higher than last year. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 0.9%, which is lower than the industry average of 2.7%. Payout Ratios Payout ratio: 16%. Cash payout ratio: 16%. Announcement • Mar 25
Interpump Group S.p.A. announces Annual dividend, payable on May 21, 2025 Interpump Group S.p.A. announced Annual dividend of EUR 0.3300 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025. Buy Or Sell Opportunity • Mar 07
Now 21% overvalued Over the last 90 days, the stock has fallen 18% to €37.21. The fair value is estimated to be €30.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 3.6%. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings are also forecast to grow by 6.6% per annum over the same time period. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €38.48, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 17x in the Machinery industry in the United Kingdom. Total loss to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €29.74 per share. Reported Earnings • Feb 17
Full year 2024 earnings released: EPS: €2.12 (vs €2.57 in FY 2023) Full year 2024 results: EPS: €2.12 (down from €2.57 in FY 2023). Revenue: €2.08b (down 7.2% from FY 2023). Net income: €227.1m (down 17% from FY 2023). Profit margin: 11% (down from 12% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Jan 24
Interpump Group S.p.A. to Report Fiscal Year 2024 Final Results on Mar 21, 2025 Interpump Group S.p.A. announced that they will report fiscal year 2024 final results on Mar 21, 2025 Buy Or Sell Opportunity • Dec 24
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 7.4% to €42.64. The fair value is estimated to be €35.39, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 4.8%. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: €0.47 (vs €0.67 in 3Q 2023) Third quarter 2024 results: EPS: €0.47 (down from €0.67 in 3Q 2023). Revenue: €492.8m (down 8.0% from 3Q 2023). Net income: €50.0m (down 30% from 3Q 2023). Profit margin: 10% (down from 13% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Nov 14
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to €43.91. The fair value is estimated to be €36.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 7.5%. Revenue is forecast to grow by 5.1% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: €0.58 (vs €0.76 in 2Q 2023) Second quarter 2024 results: EPS: €0.58 (down from €0.76 in 2Q 2023). Revenue: €549.8m (down 7.2% from 2Q 2023). Net income: €62.1m (down 24% from 2Q 2023). Profit margin: 11% (down from 14% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jun 12
Now 22% overvalued Over the last 90 days, the stock has fallen 2.6% to €42.86. The fair value is estimated to be €35.24, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 5.7% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. Announcement • Jun 05
Interpump Group S.p.A. (BIT:IP) acquired Alfa Valvole Srl from IDEX Corporation (NYSE:IEX) for €55.2 million. Interpump Group S.p.A. (BIT:IP) acquired Alfa Valvole Srl from IDEX Corporation (NYSE:IEX) for €55.2 million on June 3, 2024. In 2023, the Company generated revenues of approximately €28 million, with an EBITDA margin of approximately 26% and cash of €11 million. The total price of the transaction was set at €55.2 million.Interpump Group S.p.A. (BIT:IP) completed the acquisition of Alfa Valvole Srl from IDEX Corporation (NYSE:IEX) on June 3, 2024. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: €0.63 (vs €0.80 in 1Q 2023) First quarter 2024 results: EPS: €0.63 (down from €0.80 in 1Q 2023). Revenue: €545.9m (down 7.8% from 1Q 2023). Net income: €67.2m (down 21% from 1Q 2023). Profit margin: 12% (down from 14% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • May 13
Upcoming dividend of €0.32 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (2.1%). Declared Dividend • Mar 22
Dividend increased to €0.32 Dividend of €0.32 is 6.7% higher than last year. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 0.7%, which is lower than the industry average of 2.7%. Payout Ratios Payout ratio: 11%. Cash payout ratio: 20%. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: €2.57 (vs €2.52 in FY 2022) Full year 2023 results: EPS: €2.57 (up from €2.52 in FY 2022). Revenue: €2.24b (up 7.8% from FY 2022). Net income: €274.3m (up 2.9% from FY 2022). Profit margin: 12% (in line with FY 2022). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jan 17
CEO & Executive Director recently sold €555k worth of stock On the 10th of January, Fabio Marasi sold around 12k shares on-market at roughly €46.21 per share. This transaction amounted to 69% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Fabio has been a net seller over the last 12 months, reducing personal holdings by €1.1m. Announcement • Jan 02
Interpump Group S.p.A. to Report Fiscal Year 2023 Final Results on Mar 18, 2024 Interpump Group S.p.A. announced that they will report fiscal year 2023 final results on Mar 18, 2024 Announcement • Dec 30
Interpump Group S.p.A., Annual General Meeting, Apr 26, 2024 Interpump Group S.p.A., Annual General Meeting, Apr 26, 2024. Recent Insider Transactions • Dec 13
CEO & Executive Director recently sold €550k worth of stock On the 7th of December, Fabio Marasi sold around 13k shares on-market at roughly €44.03 per share. This transaction amounted to 42% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Fabio's only on-market trade for the last 12 months. Board Change • Nov 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Anna Svelto was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: €0.76 (vs €0.69 in 2Q 2022) Second quarter 2023 results: EPS: €0.76 (up from €0.69 in 2Q 2022). Revenue: €592.2m (up 10% from 2Q 2022). Net income: €81.5m (up 12% from 2Q 2022). Profit margin: 14% (in line with 2Q 2022). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 20% per year and the company’s share price has also increased by 20% per year. Announcement • May 19
Interpump Group S.p.A. (BIT:IP) acquired Waikato Milking Systems NZ LP and WMS GP LIMITED for enterprise value of NZD 51.9 million. Interpump Group S.p.A. (BIT:IP) acquired Waikato Milking Systems NZ LP and WMS GP LIMITED for enterprise value of NZD 51.9 million on May 18, 2023. For period ended March 2023, Waikato Group reported turnover of NZD 80 million.Interpump Group S.p.A. (BIT:IP) completed the acquisition of Waikato Milking Systems NZ LP and WMS GP LIMITED on May 18, 2023. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: €0.80 (vs €0.62 in 1Q 2022) First quarter 2023 results: EPS: €0.80 (up from €0.62 in 1Q 2022). Revenue: €592.3m (up 21% from 1Q 2022). Net income: €85.1m (up 30% from 1Q 2022). Profit margin: 14% (in line with 1Q 2022). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 24% per year. Upcoming Dividend • May 15
Upcoming dividend of €0.30 per share at 0.6% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of British dividend payers (5.9%). Lower than average of industry peers (2.6%). Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: €2.52 (vs €1.84 in FY 2021) Full year 2022 results: EPS: €2.52 (up from €1.84 in FY 2021). Revenue: €2.08b (up 30% from FY 2021). Net income: €266.3m (up 36% from FY 2021). Profit margin: 13% (in line with FY 2021). Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 18% per year. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 3 highly experienced directors. Independent Director Federica Menichetti was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jan 18
Interpump Group S.p.A., Annual General Meeting, Apr 28, 2023 Interpump Group S.p.A., Annual General Meeting, Apr 28, 2023. Agenda: To consider approval of 2022 financial statement. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: €0.71 (vs €0.46 in 3Q 2021) Third quarter 2022 results: EPS: €0.71 (up from €0.46 in 3Q 2021). Revenue: €518.6m (up 39% from 3Q 2021). Net income: €74.4m (up 50% from 3Q 2021). Profit margin: 14% (up from 13% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: €0.71 (vs €0.46 in 3Q 2021) Third quarter 2022 results: EPS: €0.71 (up from €0.46 in 3Q 2021). Revenue: €518.6m (up 39% from 3Q 2021). Net income: €74.4m (up 50% from 3Q 2021). Profit margin: 14% (up from 13% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 15% share price gain to €45.64, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 15x in the Machinery industry in the United Kingdom. Total returns to shareholders of 73% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €27.49 per share. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: €0.69 (vs €0.69 in 2Q 2021) Second quarter 2022 results: EPS: €0.69 (down from €0.69 in 2Q 2021). Revenue: €537.6m (up 33% from 2Q 2021). Net income: €72.7m (down 1.5% from 2Q 2021). Profit margin: 14% (down from 18% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 9.8%, compared to a 10% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: €0.62 (vs €0.50 in 1Q 2021) First quarter 2022 results: EPS: €0.62 (up from €0.50 in 1Q 2021). Revenue: €488.7m (up 30% from 1Q 2021). Net income: €65.4m (up 23% from 1Q 2021). Profit margin: 13% (in line with 1Q 2021). Over the next year, revenue is forecast to grow 16%, compared to a 9.8% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 15% per year. Upcoming Dividend • May 16
Upcoming dividend of €0.28 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of British dividend payers (4.9%). Lower than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €39.46, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Machinery industry in the United Kingdom. Total returns to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €33.20 per share. Reported Earnings • Feb 17
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €1.84 (up from €1.60 in FY 2020). Revenue: €1.60b (up 24% from FY 2020). Net income: €196.0m (up 15% from FY 2020). Profit margin: 12% (down from 13% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 19%, compared to a 9.4% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS €0.46 (vs €0.36 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: €373.5m (up 19% from 3Q 2020). Net income: €49.5m (up 27% from 3Q 2020). Profit margin: 13% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS €0.69 (vs €0.27 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €405.5m (up 37% from 2Q 2020). Net income: €73.9m (up 151% from 2Q 2020). Profit margin: 18% (up from 9.9% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 17
Upcoming dividend of €0.26 per share Eligible shareholders must have bought the stock before 24 May 2021. Payment date: 26 May 2021. Trailing yield: 0.6%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (1.8%). Is New 90 Day High Low • Mar 10
New 90-day high: €43.54 The company is up 16% from its price of €37.40 on 10 December 2020. The British market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €18.28 per share. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS €1.41 (vs €1.70 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €1.29b (down 5.4% from FY 2019). Net income: €150.4m (down 16% from FY 2019). Profit margin: 12% (down from 13% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 14
Revenue beats expectations Revenue exceeded analyst estimates by 0.8%. Over the next year, revenue is forecast to grow 10% compared to a 4.0% decline forecast for the Machinery industry in the United Kingdom. Is New 90 Day High Low • Jan 07
New 90-day high: €41.88 The company is up 27% from its price of €32.90 on 09 October 2020. The British market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €13.86 per share. Is New 90 Day High Low • Dec 23
New 90-day high: €39.56 The company is up 28% from its price of €30.96 on 24 September 2020. The British market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €13.83 per share. Is New 90 Day High Low • Dec 04
New 90-day high: €37.64 The company is up 21% from its price of €31.22 on 04 September 2020. The British market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.81 per share. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS €0.36 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €314.7m (down 2.5% from 3Q 2019). Net income: €38.9m (down 9.6% from 3Q 2019). Profit margin: 12% (down from 13% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 9% per year. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue beats expectations Revenue exceeded analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 6.4% compared to a 3.0% decline forecast for the Machinery industry in the United Kingdom. Is New 90 Day High Low • Nov 07
New 90-day high: €35.34 The company is up 26% from its price of €28.04 on 07 August 2020. The British market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.99 per share. Is New 90 Day High Low • Oct 05
New 90-day high: €32.20 The company is up 20% from its price of €26.82 on 07 July 2020. The British market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.76 per share. Is New 90 Day High Low • Sep 19
New 90-day high: €31.74 The company is up 25% from its price of €25.30 on 19 June 2020. The British market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.70 per share.