OTCPK:ACGP.F

Stock Analysis Report

Executive Summary

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

Rewards

Earnings are forecast to grow 61.19% per year

Earnings grew by 151.7% over the past year

Risk Analysis

Debt is not well covered by operating cash flow

Unstable dividend track record

Latest financial reports are more than 6 months old



Snowflake Analysis

Proven track record with moderate growth potential.


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: ACGP.F has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

ACGP.F

2.0%

US Leisure

1.5%

US Market


1 Year Return

34.3%

ACGP.F

11.6%

US Leisure

20.1%

US Market

Return vs Industry: ACGP.F exceeded the US Leisure industry which returned 11.6% over the past year.

Return vs Market: ACGP.F exceeded the US Market which returned 20.1% over the past year.


Shareholder returns

ACGP.FIndustryMarket
7 Day0%2.0%1.5%
30 Day0%-0.02%1.4%
90 Dayn/a3.2%8.7%
1 Year34.3%34.3%13.5%11.6%22.7%20.1%
3 Year26.8%26.8%-0.3%-5.2%50.1%40.5%
5 Year79.4%79.4%3.2%-6.5%73.1%54.1%

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

No news available

Valuation

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

30.77x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ACGP.F ($28.35) is trading above our estimate of fair value ($26.18)

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


Price To Earnings Ratio

PE vs Industry: ACGP.F is poor value based on its PE Ratio (30.8x) compared to the Leisure industry average (20.2x).

PE vs Market: ACGP.F is poor value based on its PE Ratio (30.8x) compared to the US market (18.4x).


Price to Earnings Growth Ratio

PEG Ratio: ACGP.F is good value based on its PEG Ratio (0.5x)


Price to Book Ratio

PB vs Industry: ACGP.F is good value based on its PB Ratio (2.2x) compared to the US Leisure industry average (3x).


Next Steps

Future Growth

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

61.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ACGP.F's forecast earnings growth (61.2% per year) is above the savings rate (1.7%).

Earnings vs Market: ACGP.F's earnings (61.2% per year) are forecast to grow faster than the US market (14.5% per year).

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

Revenue vs Market: ACGP.F's revenue (5.1% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: ACGP.F's revenue (5.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ACGP.F's Return on Equity is forecast to be low in 3 years time (12.3%).


Next Steps

Past Performance

How has Accell Group performed over the past 5 years?

-11.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ACGP.F has high quality earnings.

Growing Profit Margin: ACGP.F's current net profit margins (2.1%) are higher than last year (0.9%).


Past Earnings Growth Analysis

Earnings Trend: ACGP.F's earnings have declined by -11.3% per year over the past 5 years.

Accelerating Growth: ACGP.F's earnings growth over the past year (151.7%) exceeds its 5-year average (-11.3% per year).

Earnings vs Industry: ACGP.F earnings growth over the past year (151.7%) exceeded the Leisure industry -3.4%.


Return on Equity

High ROE: ACGP.F's Return on Equity (7.2%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Accell Group's financial position?


Financial Position Analysis

Short Term Liabilities: ACGP.F's short term assets (€623.8M) exceed its short term liabilities (€426.9M).

Long Term Liabilities: ACGP.F's short term assets (€623.8M) exceed its long term liabilities (€126.3M).


Debt to Equity History and Analysis

Debt Level: ACGP.F's debt to equity ratio (69.9%) is considered high.

Reducing Debt: ACGP.F's debt to equity ratio has increased from 56.4% to 69.9% over the past 5 years.

Debt Coverage: ACGP.F's debt is not well covered by operating cash flow (9.7%).

Interest Coverage: ACGP.F's interest payments on its debt are well covered by EBIT (6.1x coverage).


Balance Sheet

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

Debt Coverage by Assets: ACGP.F's debt is covered by short term assets (assets are 2.6x debt).


Next Steps

Dividend

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

1.77%

Current Dividend Yield


Dividend Yield vs Market

company1.8%marketbottom25%1.4%markettop25%3.7%industryaverage2.3%forecastin3Years2.6%

Current dividend yield vs market & industry

Notable Dividend: ACGP.F's dividend (1.77%) is higher than the bottom 25% of dividend payers in the US market (1.44%).

High Dividend: ACGP.F's dividend (1.77%) is low compared to the top 25% of dividend payers in the US market (3.69%).


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (54.4%), ACGP.F's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ACGP.F's dividends in 3 years are forecast to be well covered by earnings (38.3% payout ratio).


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)

2.3yrs

Tenure

€816,806

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 ($USD885.62K) is below average for companies of similar size in the US market ($USD2.47M).

Compensation vs Earnings: Ton's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
A. Anbeek
Chairman & CEO2.3yrs€816.81k0.019% 153.4k
Ruben Baldew
CFO & Director1.3yrs€422.08kno data
Jeroen Both
Chief Supply Chain Officer & Director5yrs€491.98k0.028% 227.1k
Jeroen Hubert
Chief Commercial Officer1.9yrsno datano data

2.1yrs

Average Tenure

55yo

Average Age

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


Board Members

NamePositionTenureCompensationOwnership
Peter Ernsting
Member of Supervisory Board8.8yrsno datano data
Danielle Heijtmajer
Member of Supervisory Board1.8yrsno datano data
Gert van de Weerdhof
Vice-Chairman of Supervisory Board0yrsno datano data
Rob Haar
Chairman of Supervisory Board0.8yrsno datano data

1.8yrs

Average Tenure

60yo

Average Age

Experienced Board: ACGP.F'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: ACGP.F
  • Exchange: OTCPK
  • Founded:
  • Industry: Leisure Products
  • Sector: Consumer Durables
  • Market Cap: €758.518m
  • Listing Market Cap: €822.420m
  • Shares outstanding: 26.80m
  • 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., together with its subsidiaries, 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 childers's seats, bike locks, luggage racks, navigation systems, and cycling computers. It sells its products under the Haibike, Winora, Batavus, Babboe, Sparta, Koga, Lapierre, Ghost, Raleigh and Diamondback, Tunturi, Atala, Redline, Loekie, and XLC brands in the Netherlands, Germany, and other European countries, as well as North America 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 Analysis2020/02/17 00:27
End of Day Share Price2019/12/20 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.