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INDB

Indel B BIT:INDB Stock Report

Last Price

€23.40

Market Cap

€132.6m

7D

-2.5%

1Y

-13.7%

Updated

26 Sep, 2022

Data

Company Financials +

Indel B Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Indel B
Historical stock prices
Current Share Price€23.40
52 Week High€29.00
52 Week Low€20.70
Beta1.22
1 Month Change-1.27%
3 Month Change-0.43%
1 Year Change-13.65%
3 Year Change15.27%
5 Year Change-15.52%
Change since IPO-9.93%

Recent News & Updates

Apr 29
We Think That There Are Issues Underlying Indel B's (BIT:INDB) Earnings

We Think That There Are Issues Underlying Indel B's (BIT:INDB) Earnings

Unsurprisingly, Indel B S.p.A.'s ( BIT:INDB ) stock price was strong on the back of its healthy earnings report...

Shareholder Returns

INDBIT Consumer DurablesIT Market
7D-2.5%-1.5%-4.4%
1Y-13.7%-48.4%-22.0%

Return vs Industry: INDB exceeded the Italian Consumer Durables industry which returned -49.4% over the past year.

Return vs Market: INDB exceeded the Italian Market which returned -28.9% over the past year.

Price Volatility

Is INDB's price volatile compared to industry and market?
INDB volatility
INDB Average Weekly Movement1.8%
Consumer Durables Industry Average Movement4.5%
Market Average Movement4.6%
10% most volatile stocks in IT Market6.8%
10% least volatile stocks in IT Market2.9%

Stable Share Price: INDB is less volatile than 75% of Italian stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: INDB's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1967724Luca Borahttps://www.indelb.com

Indel B S.p.A. produces and sells mobile refrigerators worldwide. The company offers fridges and parking air coolers for cars, off road vehicles, motor homes/caravans, commercial vehicles, mini buses, luxury coaches, and ambulances; and hotel minibars, electronic safes, lock systems, hairdryers, LED lighting products, and LED televisions. It also provides wine cellars for the manufacturers of home appliances; small refrigerators under the FrigoLatte brand for use in milk preservation refrigerators for coffee machine manufacturers; refrigerators for use in the after-market and cruise applications; and built-in fridges for OEMs, as well as equipment for cabin cruiser yacht, including built in and portable fridges, water heaters, cooling units, ice makers, and freezers under the Indel Webasto Marine name.

Indel B Fundamentals Summary

How do Indel B's earnings and revenue compare to its market cap?
INDB fundamental statistics
Market Cap€132.58m
Earnings (TTM)€14.00m
Revenue (TTM)€208.24m

9.5x

P/E Ratio

0.6x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
INDB income statement (TTM)
Revenue€208.24m
Cost of Revenue€146.85m
Gross Profit€61.39m
Other Expenses€47.39m
Earnings€14.00m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)2.47
Gross Margin29.48%
Net Profit Margin6.72%
Debt/Equity Ratio47.1%

How did INDB perform over the long term?

See historical performance and comparison

Dividends

4.3%

Current Dividend Yield

40%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings 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 INDB?

Other financial metrics that can be useful for relative valuation.

INDB 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/Revenue0.8x
Enterprise Value/EBITDA7.1x
PEG Ratio0.6x

Price to Earnings Ratio vs Peers

How does INDB's PE Ratio compare to its peers?

INDB PE Ratio vs Peers
The above table shows the PE ratio for INDB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average8.3x
ELC Elica
8.4x20.0%€156.3m
EM Emak
4.8x4.5%€156.8m
SAB Sabaf
9.6x7.9%€193.0m
DLG De'Longhi
10.5x13.2%€2.2b
INDB Indel B
9.5x15.0%€132.6m

Price-To-Earnings vs Peers: INDB is expensive based on its Price-To-Earnings Ratio (9.5x) compared to the peer average (8.3x).


Price to Earnings Ratio vs Industry

How does INDB's PE Ratio compare vs other companies in the European Consumer Durables Industry?

Price-To-Earnings vs Industry: INDB is expensive based on its Price-To-Earnings Ratio (9.5x) compared to the European Consumer Durables industry average (8.7x)


Price to Earnings Ratio vs Fair Ratio

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

INDB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.5x
Fair PE Ratio14.4x

Price-To-Earnings vs Fair Ratio: INDB is good value based on its Price-To-Earnings Ratio (9.5x) compared to the estimated Fair Price-To-Earnings Ratio (14.4x).


Share Price vs Fair Value

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

Below Fair Value: INDB (€23.4) is trading below our estimate of fair value (€60.92)

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


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 there are not enough analysts covering the stock to determine statistical confidence in agreement.


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Future Growth

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

Future Growth Score

3/6

Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


15.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: INDB's forecast earnings growth (15% per year) is above the savings rate (1.7%).

Earnings vs Market: INDB's earnings (15% per year) are forecast to grow faster than the Italian market (12.1% per year).

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

Revenue vs Market: INDB's revenue (7.6% per year) is forecast to grow faster than the Italian market (-0.7% per year).

High Growth Revenue: INDB's revenue (7.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: INDB's Return on Equity is forecast to be low in 3 years time (13.6%).


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Past Performance

How has Indel B performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


9.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: INDB has a high level of non-cash earnings.

Growing Profit Margin: INDB's current net profit margins (6.7%) are lower than last year (12%).


Past Earnings Growth Analysis

Earnings Trend: INDB's earnings have grown by 9.1% per year over the past 5 years.

Accelerating Growth: INDB's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: INDB had negative earnings growth (-29.1%) over the past year, making it difficult to compare to the Consumer Durables industry average (-13%).


Return on Equity

High ROE: INDB's Return on Equity (12.1%) is considered low.


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Financial Health

How is Indel B's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: INDB's short term assets (€158.8M) exceed its short term liabilities (€80.3M).

Long Term Liabilities: INDB's short term assets (€158.8M) exceed its long term liabilities (€39.6M).


Debt to Equity History and Analysis

Debt Level: INDB's net debt to equity ratio (30.7%) is considered satisfactory.

Reducing Debt: INDB's debt to equity ratio has increased from 25.3% to 47.1% over the past 5 years.

Debt Coverage: INDB's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: INDB's interest payments on its debt are well covered by EBIT (13.5x coverage).


Balance Sheet


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Dividend

What is Indel B current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


4.27%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: INDB's dividend (4.27%) is higher than the bottom 25% of dividend payers in the Italian market (1.86%).

High Dividend: INDB's dividend (4.27%) is low compared to the top 25% of dividend payers in the Italian market (5.53%).


Stability and Growth of Payments

Stable Dividend: INDB has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: INDB's dividend payments have increased, but the company has only paid a dividend for 4 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (40.5%), INDB's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: INDB is paying a dividend but the company has no free cash flows.


Discover strong dividend paying companies

Management

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


CEO

Luca Bora (57 yo)

6.33yrs

Tenure

Mr. Luca Bora has been the Chief Executive Officer of Indel B S.p.A. since May 24, 2016 and has been its Managing Director since April 1998. Mr. Bora serves as General Manager and Director of Indel B S.p.A...


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

What is the ownership structure of INDB?
Owner TypeNumber of SharesOwnership Percentage
Institutions636,95911.2%
General Public1,166,91420.6%
Private Companies3,861,91268.2%

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


Top Shareholders

Top 17 shareholders own 79.4% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
68.16%
Amp.Fin S.R.L.
3,861,912€90.4m-0.01%no data
2.77%
Hargreave Hale Limited, Asset Management Arm
157,152€3.7m0%0.09%
1.32%
Discover Capital GmbH
75,000€1.8m-40%1.32%
1.14%
Amundi Asset Management
64,472€1.5m0%no data
0.95%
Azimut Capital Management Sgr SpA
54,000€1.3m0%0.02%
0.94%
Fondbolaget Fondita AB
53,114€1.2m0%0.2%
0.91%
IndÉPendance Et Expansion Am S.à R.L.
51,755€1.2m23.95%0.56%
0.8%
Norges Bank Investment Management
45,240€1.1m0%no data
0.77%
Compagnie de Gestion Privee Monegasque SAM
43,625€1.0m-9.87%0.98%
0.52%
Symphonia SGR
29,491€690.1k0%0.3%
0.44%
Deutsche Asset & Wealth Management
25,000€585.0k0%no data
0.43%
Mediolanum Asset Management Limited
24,565€574.8k0%no data
0.15%
Generali Investments Europe S.p.A. SGR
8,612€201.5k1.12%0.01%
0.037%
Tocqueville Finance S.A.
2,118€49.6k0%no data
0.024%
BlackRock, Inc.
1,346€31.5k-7.17%no data
0.013%
Anima SGR S.p.A.
757€17.7k0%no data
0.013%
Dimensional Fund Advisors LP
712€16.7k0.14%no data

Company Information

Indel B S.p.A.'s employee growth, exchange listings and data sources


Key Information

  • Name: Indel B S.p.A.
  • Ticker: INDB
  • Exchange: BIT
  • Founded: 1967
  • Industry: Household Appliances
  • Sector: Consumer Durables
  • Implied Market Cap: €132.579m
  • Shares outstanding: 5.67m
  • Website: https://www.indelb.com

Number of Employees


Location

  • Indel B S.p.A.
  • Via Sarsinate, 27
  • Sant'agata Feltria
  • Rimini
  • 47866
  • Italy


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
INDBBIT (Borsa Italiana)YesCommon StockITEURMay 2017
2I6DB (Deutsche Boerse AG)YesCommon StockDEEURMay 2017
INDBMBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURMay 2017

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/26 00:00
End of Day Share Price2022/09/26 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.