ENXTAM:ACCEL

Stock Analysis Report

Executive Summary

Accell Group N.V. designs, develops, produces, markets, and sells bicycles, and bicycle parts and accessories.


Snowflake Analysis

Fair value with acceptable track record.


Similar Companies

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

-8.4%

ACCEL

1.2%

NL Leisure

3.0%

NL Market


1 Year Return

-46.9%

ACCEL

-25.4%

NL Leisure

-21.6%

NL Market

Return vs Industry: ACCEL underperformed the Dutch Leisure industry which returned -25.7% over the past year.

Return vs Market: ACCEL underperformed the Dutch Market which returned -22.7% over the past year.


Shareholder returns

ACCELIndustryMarket
7 Day-8.4%1.2%3.0%
30 Day-49.2%-30.4%-12.9%
90 Day-51.0%-36.0%-22.8%
1 Year-45.8%-46.9%-23.3%-25.4%-18.3%-21.6%
3 Year-47.4%-50.9%2.6%-6.5%-1.7%-12.4%
5 Year-16.1%-27.4%36.9%18.5%11.9%-9.7%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

5.7x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ACCEL (€12.64) is trading above our estimate of fair value (€7.72)

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


Price To Earnings Ratio

PE vs Industry: ACCEL is good value based on its PE Ratio (5.7x) compared to the Leisure industry average (10.4x).

PE vs Market: ACCEL is good value based on its PE Ratio (5.7x) compared to the Dutch market (14.7x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate ACCEL's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: ACCEL is good value based on its PB Ratio (1x) compared to the XE Leisure industry average (1.4x).


Next Steps

Future Growth

How is Accell Group forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

10.7%

Forecasted Consumer Durables industry annual growth in earnings


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if ACCEL's forecast earnings growth is above the savings rate (-0.2%).

Earnings vs Market: Insufficient data to determine if ACCEL's earnings are forecast to grow faster than the Dutch market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: Insufficient data to determine if ACCEL's revenue is forecast to grow faster than the Dutch market.

High Growth Revenue: Insufficient data to determine if ACCEL's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if ACCEL's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Accell Group performed over the past 5 years?

-1.6%

Historical annual earnings growth


Earnings and Revenue History

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

Growing Profit Margin: ACCEL's current net profit margins (5.3%) are higher than last year (3.8%).


Past Earnings Growth Analysis

Earnings Trend: ACCEL's earnings have declined by -1.6% per year over the past 5 years.

Accelerating Growth: ACCEL's earnings growth over the past year (51.9%) exceeds its 5-year average (-1.6% per year).

Earnings vs Industry: ACCEL earnings growth over the past year (51.9%) exceeded the Leisure industry -6.9%.


Return on Equity

High ROE: ACCEL's Return on Equity (18.3%) is considered low.


Next Steps

Financial Health

How is Accell Group's financial position?


Financial Position Analysis

Short Term Liabilities: ACCEL's short term assets (€574.2M) exceed its short term liabilities (€406.9M).

Long Term Liabilities: ACCEL's short term assets (€574.2M) exceed its long term liabilities (€129.1M).


Debt to Equity History and Analysis

Debt Level: ACCEL's debt to equity ratio (76.9%) is considered high.

Reducing Debt: ACCEL's debt to equity ratio has increased from 60.5% to 76.9% over the past 5 years.

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

Interest Coverage: ACCEL's interest payments on its debt are well covered by EBIT (6.4x coverage).


Balance Sheet

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

Debt Coverage by Assets: ACCEL's debt is covered by short term assets (assets are 2.3x debt).


Next Steps

Dividend

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

2.37%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: ACCEL's dividend (2.37%) isn’t notable compared to the bottom 25% of dividend payers in the Dutch market (3.03%).

High Dividend: ACCEL's dividend (2.37%) is low compared to the top 25% of dividend payers in the Dutch market (7.87%).


Stability and Growth of Payments

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

Growing Dividend: ACCEL's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (13.5%), ACCEL's dividend payments are thoroughly covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

2.1yrs

Average management tenure


CEO

Ton Anbeek (57yo)

2.25s

Tenure

€772,419

Compensation

Mr. A. H. Anbeek, also known as Ton, has been the Chairman and Chief Executive Officer of Accell Group N.V. since November 1, 2017. Mr. Anbeek served as Chief Executive Officer of Beter Bed Holding NV sinc ...


CEO Compensation Analysis

Compensation vs Market: Ton's total compensation ($USD848.81K) is about average for companies of similar size in the Dutch market ($USD856.20K).

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


Leadership Team

NamePositionTenureCompensationOwnership
A. Anbeek
Chairman & CEO2.25yrs€772.42k0.13% 432.4k
Ruben Baldew
CFO & Director1.25yrs€639.58kno data
Jeroen Both
Chief Supply Chain Officer & Director5yrs€536.27k0.11% 371.5k
Jeroen Hubert
Chief Commercial Officer2yrsno datano data

2.1yrs

Average Tenure

55yo

Average Age

Experienced Management: ACCEL's management team is considered experienced (2.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Peter Ernsting
Member of Supervisory Board8.83yrs€55.96kno data
Danielle Heijtmajer
Member of Supervisory Board1.83yrs€52.79kno data
Gert van de Weerdhof
Vice-Chairman of Supervisory Boardno data€53.17kno data
Rob Haar
Chairman of Supervisory Board0.83yr€64.21kno data

1.8yrs

Average Tenure

60yo

Average Age

Experienced Board: ACCEL'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

Accell Group N.V.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Accell Group N.V.
  • Ticker: ACCEL
  • Exchange: ENXTAM
  • Founded:
  • Industry: Leisure Products
  • Sector: Consumer Durables
  • Market Cap: €338.816m
  • Shares outstanding: 26.81m
  • Website: https://www.accell-group.com

Number of Employees


Location

  • Accell Group N.V.
  • Industrieweg 4
  • Heerenveen
  • Friesland
  • 8444 AR
  • Netherlands

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ACCELENXTAM (Euronext Amsterdam)YesOrdinary SharesNLEURDec 2004
AO1BDB (Deutsche Boerse AG)YesOrdinary SharesDEEURDec 2004
0P4CLSE (London Stock Exchange)YesOrdinary SharesGBEURDec 2004
ACGP.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDDec 2004
ACCELABATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURDec 2004

Biography

Accell Group N.V. designs, develops, produces, markets, and sells bicycles, and bicycle parts and accessories. The company primarily offers electric, city, recreational, transport, children’s, mama, mountain, racing, and folding bikes, as well as speed pedelec; and accessories, such as helmets, clothing, bicycle racks, child trailers, and bags. It sells its products under the Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Raleigh, Sparta, Babboe, Carqon, Tunturi, Atala, Loekie, Nishiki, Van Nicholas, Carraro Cicli, and XLC brands in the Netherlands, Germany, other European countries, and internationally. The company serves dealers and consumers. Accell Group N.V. is headquartered in Heerenveen, the Netherlands. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/31 20:45
End of Day Share Price2020/03/31 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.