Announcement • Jul 03
Talgo, S.A. to Report First Half, 2026 Results on Jul 21, 2026 Talgo, S.A. announced that they will report first half, 2026 results on Jul 21, 2026 Announcement • May 07
Talgo, S.A. to Report Q1, 2026 Results on May 13, 2026 Talgo, S.A. announced that they will report Q1, 2026 results at 5:30 PM, Central European Standard Time on May 13, 2026 Announcement • Apr 29
Talgo, S.A., Annual General Meeting, Jun 02, 2026 Talgo, S.A., Annual General Meeting, Jun 02, 2026. Location: calle postas 13-15, centro cultural arkabia, vitoria-gasteiz, alava., Spain Board Change • Mar 12
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. Independent Director Antonio Oporto del Olmo is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Feb 27
Talgo, S.A. to Report Fiscal Year 2025 Results on Feb 27, 2026 Talgo, S.A. announced that they will report fiscal year 2025 results After-Market on Feb 27, 2026 Announcement • Nov 05
Talgo, S.A. to Report Q3, 2025 Results on Nov 13, 2025 Talgo, S.A. announced that they will report Q3, 2025 results at 5:30 PM, Central European Standard Time on Nov 13, 2025 Announcement • Jul 26
Talgo, S.A. announced that it expects to receive €150 million in funding Talgo, S.A announced a private placement of convertible bonds for gross proceeds €150,000,000 on July 24, 2025. The transaction includes participation from State-owned Industrial Holdings Company, Ekarpen, the BBK Foundation, the Vital Foundation, and Clerbil. The transaction is subject to approval by the extraordinary shareholders' meeting Announcement • Jul 08
Talgo, S.A. to Report First Half, 2025 Results on Aug 01, 2025 Talgo, S.A. announced that they will report first half, 2025 results on Aug 01, 2025 Announcement • Jul 02
Talgo, S.A., Annual General Meeting, Aug 01, 2025 Talgo, S.A., Annual General Meeting, Aug 01, 2025. Location: paseo del tren talgo 2, las matas., madrid Spain Buy Or Sell Opportunity • Jun 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.5% to €3.11. The fair value is estimated to be €3.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Jun 04
Full year 2024 earnings released: €0.86 loss per share (vs €0.11 profit in FY 2023) Full year 2024 results: €0.86 loss per share (down from €0.11 profit in FY 2023). Revenue: €672.2m (up 2.7% from FY 2023). Net loss: €106.1m (down €119.8m from profit in FY 2023). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Announcement • May 07
Talgo, S.A. to Report Q1, 2025 Results on May 26, 2025 Talgo, S.A. announced that they will report Q1, 2025 results at 5:30 PM, Central European Standard Time on May 26, 2025 Reported Earnings • Mar 02
Full year 2024 earnings released Full year 2024 results: Revenue: €687.8m (up 5.1% from FY 2023). Net loss: €107.9m (down €121.6m from profit in FY 2023). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Machinery industry in the United Kingdom. Announcement • Jan 31
Talgo, S.A. to Report Fiscal Year 2024 Results on Feb 25, 2025 Talgo, S.A. announced that they will report fiscal year 2024 results After-Market on Feb 25, 2025 Buy Or Sell Opportunity • Jan 07
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at €3.37. The fair value is estimated to be €4.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 1.7% per annum. Earnings are also forecast to grow by 27% per annum over the same time period. Board Change • Nov 30
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director Marisa Luisa Garcia was the last independent 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: Minority of independent directors. Insufficient board refreshment. Announcement • Oct 23
Talgo, S.A. to Report Q3, 2024 Results on Nov 19, 2024 Talgo, S.A. announced that they will report Q3, 2024 results at 5:30 PM, Central European Standard Time on Nov 19, 2024 Announcement • Aug 30
Ganz-mavag Europe Zartkoruen Mukodo Reszvenytarsasag cancelled the acquisition of Talgo, S.A. (BME:TLGO) from Pegaso Transport International S.c.a. and others. Ganz-mavag Europe Zartkoruen Mukodo Reszvenytarsasag made an offer to acquire Talgo, S.A. (BME:TLGO) from Pegaso Transport International S.c.a. and others for approximately €620 million on March 6, 2024. Ganz-mavag offered to the Talgo's shareholders is €5 per share and will be totally paid in cash. As a consequence, the maximum total amount to be disbursed by the Offeror will be €619.30 million. The Offeror has binding commitment letters from its shareholders (Ganz-Mavag Holding Kft. and Corvinus Zrt.), which in turn have both bank and equity binding financing commitments, to pay the total consideration of the offer. The Board of Directors of Talgo has unanimously confirmed that the Offer is friendly and that the consideration offered is attractive for Talgo 's shareholders, expressing a preliminary favorable view on such price offered. The transaction is subject to relevant anti-trust clearances and Foreign direct investment authorizations in other countries. After completion of the relevant competition law analysis, it is confirmed that, pursuant to the provisions of article 26.1 of Royal Decree 1066/2007, the Offer is conditional upon the economic concentration that will take place as a result of the settlement of the Offer obtaining the following mandatory antitrust authorisations imposing no conditions: The European Commission, The Competition Authority of Albania, The Competition Authority of Kosovo, The Competition Authority of Montenegro, The Competition Authority of Serbia, The Egyptian Competition Authority under the Egyptian Antitrust and The General Authority for Competition in Saudi Arabia. As of April 4, 2024, Ganz-Mavag Europe Requests For Authorisation Of Voluntary Takeover Bid For Shares Of Talgo and The decision to launch the Offer is not subject to the approval by the general shareholders' meeting of the Offeror. As of June 19, 2024, Government extends the deadlines to resolve the Talgo takeover bid. As announced on July 3, 2024, the Government can extend the deadline for the approval of the operation that is due on August 10. Ganz-Mavag have the support of the Hungarian banks to finance the €600 million that the operation costs and also that of the Spanish banks to continue financing Talgo's activity. AS of July 29, 2024, Government has given itself to make a final decision on the veto of the takeover bid that the Hungarian Magyar Vagon launched for Talgo. As of August 27, 2024, The Foreign Investment Board, an agency dependent on the Ministry of Economy, has rejected the purchase. The Government has cited reasons of "national security" to reject the takeover bid. Magyar Vagon is still waiting for an official response.
Lazard acted as financial advisor to Ganz-mavag Europe Zartkoruen Mukodo Reszvenytarsasag and J&A Garrigues acted as legal advisors to Offeror.
Ganz-mavag Europe Zartkoruen Mukodo Reszvenytarsasag cancelled the acquisition of Talgo, S.A. (BME:TLGO) from Pegaso Transport International S.c.a. and others on August 30, 2024. The deal got cancelled as the acquisition was blocked by the Spanish government. New Risk • Aug 05
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 137% Paying a dividend despite having no free cash flows. High level of non-cash earnings (6,179% accrual ratio). Announcement • Jul 09
Talgo, S.A. to Report First Half, 2024 Results on Jul 30, 2024 Talgo, S.A. announced that they will report first half, 2024 results on Jul 30, 2024 Reported Earnings • Mar 01
Full year 2023 earnings released Full year 2023 results: Revenue: €676.5m (up 44% from FY 2022). Net income: €12.2m (up €10.8m from FY 2022). Profit margin: 1.8% (up from 0.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Machinery industry in the United Kingdom. Announcement • Jan 30
Talgo, S.A. to Report Fiscal Year 2023 Results on Feb 28, 2024 Talgo, S.A. announced that they will report fiscal year 2023 results at 5:30 PM, Central European Standard Time on Feb 28, 2024 Reported Earnings • Jul 31
First half 2023 earnings released: EPS: €0.058 (vs €0.045 in 1H 2022) First half 2023 results: EPS: €0.058 (up from €0.045 in 1H 2022). Revenue: €289.8m (up 33% from 1H 2022). Net income: €7.10m (up 29% from 1H 2022). Profit margin: 2.4% (down from 2.5% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% 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 4% per year whereas the company’s share price has remained flat. Announcement • Jul 18
Talgo, S.A. to Report First Half, 2023 Results on Jul 27, 2023 Talgo, S.A. announced that they will report first half, 2023 results on Jul 27, 2023 Announcement • Jun 15
Talgo, S.A., Annual General Meeting, Jun 29, 2023 Talgo, S.A., Annual General Meeting, Jun 29, 2023. Buying Opportunity • May 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €4.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has declined by 14%. For the next 3 years, revenue is forecast to grow by 9.0% per annum. Earnings is also forecast to grow by 51% per annum over the same time period. Buying Opportunity • Apr 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.1%. The fair value is estimated to be €4.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has declined by 14%. For the next 3 years, revenue is forecast to grow by 9.0% per annum. Earnings is also forecast to grow by 53% per annum over the same time period. Reported Earnings • Mar 04
Full year 2022 earnings released: EPS: €0.01 (vs €0.22 in FY 2021) Full year 2022 results: EPS: €0.01 (down from €0.22 in FY 2021). Revenue: €469.1m (down 16% from FY 2021). Net income: €1.44m (down 95% from FY 2021). Profit margin: 0.3% (down from 5.0% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 12% 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 fallen by 17% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Feb 17
Talgo, S.A. to Report Fiscal Year 2022 Results on Feb 28, 2023 Talgo, S.A. announced that they will report fiscal year 2022 results at 5:30 PM, Central European Standard Time on Feb 28, 2023 Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Maria Luisa Garcia was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 30
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €10.2m from profit in 1H 2021). Profit margin: (down from 3.5% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 15%, compared to a 12% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Maria Luisa Garcia was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 26
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: €0.22 (up from €0.14 loss in FY 2020). Revenue: €555.4m (up 14% from FY 2020). Net income: €27.6m (up €45.0m from FY 2020). Profit margin: 5.0% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 6.0%, compared to a 9.1% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS €0.086 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €144.7m (up 11% from 3Q 2020). Net income: €10.5m (up €12.4m from 3Q 2020). Profit margin: 7.3% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Jul 29
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €142.7m (up 40% from 2Q 2020). Net income: €3.75m (up €14.4m from 2Q 2020). Profit margin: 2.6% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • May 19
First quarter 2021 earnings released: EPS €0.052 The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: €150.6m (up 30% from 1Q 2020). Net income: €6.40m (up 31% from 1Q 2020). Profit margin: 4.2% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 05
Full year 2020 earnings released: €1.40 loss per share (vs €0.30 profit in FY 2019) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: €489.0m (up 21% from FY 2019). Net loss: €17.4m (down 145% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 85% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Mar 05
Revenue beats expectations Revenue exceeded analyst estimates by 5.0%. Over the next year, revenue is forecast to grow 19% while theMachinery industry in the United Kingdom is not expected to grow. Is New 90 Day High Low • Jan 09
New 90-day high: €4.52 The company is up 26% from its price of €3.59 on 09 October 2020. The British market is up 15% 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 €6.23 per share. Is New 90 Day High Low • Dec 05
New 90-day high: €4.40 The company is up 18% from its price of €3.72 on 04 September 2020. The British market is up 12% 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 €5.18 per share. Is New 90 Day High Low • Nov 19
New 90-day high: €4.04 The company is up 6.0% from its price of €3.82 on 20 August 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Machinery industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.82 per share. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue beats expectations Revenue exceeded analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 17% compared to a 3.1% decline forecast for the Machinery industry in the United Kingdom. Reported Earnings • Nov 14
Third quarter 2020 earnings released: €0.014 loss per share The company reported a soft third quarter result with weaker earnings and control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: €129.9m (up 17% from 3Q 2019). Net loss: €1.90m (down 117% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 18% share price gain to €3.69, the stock is trading at a trailing P/E ratio of 25x, up from the previous P/E ratio of 21.2x. This compares to an average P/E of 24x in the Machinery industry in the United Kingdom. Total return to shareholders over the past three years is a loss of 6.4%. Is New 90 Day High Low • Oct 15
New 90-day low: €3.31 The company is down 20% from its price of €4.15 on 17 July 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €18.61 per share. Is New 90 Day High Low • Sep 24
New 90-day low: €3.52 The company is down 15% from its price of €4.13 on 26 June 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed 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 €24.08 per share. 
