Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €23.70, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Machinery industry in Germany. Total returns to shareholders of 6.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €17.54 per share. Reported Earnings • Aug 04
First half 2026 earnings released: EPS: €1.34 (vs €0.85 in 1H 2025) First half 2026 results: EPS: €1.34 (up from €0.85 in 1H 2025). Revenue: €1.43b (up 12% from 1H 2025). Net income: €51.3m (up 57% from 1H 2025). Profit margin: 3.6% (up from 2.6% in 1H 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has fallen by 20% 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. Upcoming Dividend • Jun 25
Upcoming dividend of €0.75 per share Eligible shareholders must have bought the stock before 29 June 2026. Payment date: 01 July 2026. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.0%). Declared Dividend • Jun 01
Dividend reduced to €0.75 Dividend of €0.75 is 40% lower than last year. Ex-date: 29th June 2026 Payment date: 1st July 2026 Dividend yield will be 3.5%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (42% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has increased by an average of 7.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 62% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • May 21
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Director Alexandra Matzneff 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. Duyuru • May 20
Manitou BF SA, Annual General Meeting, Jun 25, 2026 Manitou BF SA, Annual General Meeting, Jun 25, 2026. Location: 430 rue de l aubiniere, ancenis cedex France Duyuru • Jan 30
Manitou BF SA to Report Fiscal Year 2025 Results on Mar 11, 2026 Manitou BF SA announced that they will report fiscal year 2025 results After-Market on Mar 11, 2026 Duyuru • Jun 14
Manitou BF SA Approves Distribution of Dividend, Payable on June 18, 2025 Manitou BF SA at its Combined General Meeting, held on June 12, 2025 approved the distribution of a dividend of EUR 1.25 per share to be paid on June 18, 2025. Duyuru • May 13
Manitou BF SA (ENXTPA:MTU) acquired Robotics division from SITIA. Manitou BF SA (ENXTPA:MTU) acquired Robotics division from SITIA on May 12, 2025.
Manitou BF SA (ENXTPA:MTU) completed the acquisition of Robotics division from SITIA on May 12, 2025. Duyuru • May 06
Manitou BF SA, Annual General Meeting, Jun 12, 2025 Manitou BF SA, Annual General Meeting, Jun 12, 2025. Location: 430 rue de l aubiniere, ancenis France Duyuru • Apr 29
Manitou BF SA to Report First Half, 2025 Results on Jul 30, 2025 Manitou BF SA announced that they will report first half, 2025 results on Jul 30, 2025 Reported Earnings • Aug 05
First half 2024 earnings released: EPS: €2.14 (vs €1.63 in 1H 2023) First half 2024 results: EPS: €2.14 (up from €1.63 in 1H 2023). Revenue: €1.41b (flat on 1H 2023). Net income: €81.8m (up 31% from 1H 2023). Profit margin: 5.8% (up from 4.5% in 1H 2023). Revenue is forecast to stay flat during the next 3 years compared to a 4.7% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. New Risk • Aug 01
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 43% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 6.6% per year for the foreseeable future. Minor Risks High level of debt (43% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Jul 23
Now 22% overvalued Over the last 90 days, the stock has fallen 9.2% to €23.25. The fair value is estimated to be €19.01, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 1.5% per annum. Earnings are forecast to decline by 1.1% per annum over the same time period. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €24.10, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Machinery industry in Germany. Negligible returns to shareholders over past three years. Simply Wall St's valuation model estimates the intrinsic value at €18.94 per share. Buy Or Sell Opportunity • Jul 02
Now 26% overvalued Over the last 90 days, the stock has fallen 7.8% to €22.90. The fair value is estimated to be €18.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 1.4% per annum. Earnings are forecast to decline by 1.1% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €22.90, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 13x in the Machinery industry in Germany. Total loss to shareholders of 3.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €20.79 per share. Upcoming Dividend • Jun 10
Upcoming dividend of €1.35 per share Eligible shareholders must have bought the stock before 17 June 2024. Payment date: 19 June 2024. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 4.7%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.5%). Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €26.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 14x in the Machinery industry in Germany. Total returns to shareholders of 2.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €18.99 per share. Buy Or Sell Opportunity • Apr 30
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to €22.85. The fair value is estimated to be €18.85, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 1.4% per annum. Earnings are forecast to decline by 4.2% per annum over the same time period. New Risk • Mar 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Buy Or Sell Opportunity • Mar 13
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to €24.00. The fair value is estimated to be €19.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 3.4% per annum. Earnings are also forecast to grow by 1.6% per annum over the same time period. Reported Earnings • Mar 07
Full year 2023 earnings released: EPS: €3.75 (vs €1.43 in FY 2022) Full year 2023 results: EPS: €3.75 (up from €1.43 in FY 2022). Revenue: €2.87b (up 22% from FY 2022). Net income: €143.4m (up 162% from FY 2022). Profit margin: 5.0% (up from 2.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Duyuru • Mar 07
Manitou BF SA, Annual General Meeting, Jun 13, 2024 Manitou BF SA, Annual General Meeting, Jun 13, 2024. Duyuru • Nov 10
Manitou BF SA (ENXTPA:MTU) announced an agreement to acquire 75% stake in Come Srl and Metal Work s.r.l. Manitou BF SA (ENXTPA:MTU) announced an agreement to acquire 75% stake in Come Srl and Metal Work s.r.l. on November 8, 2023. Buying Opportunity • Sep 21
Now 20% undervalued Over the last 90 days, the stock is up 1.7%. The fair value is estimated to be €29.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 10.0%. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to grow by 47% in the next 2 years. New Risk • Jul 31
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (24% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Jul 29
First half 2023 earnings released: EPS: €1.63 (vs €0.76 in 1H 2022) First half 2023 results: EPS: €1.63 (up from €0.76 in 1H 2022). Revenue: €1.40b (up 33% from 1H 2022). Net income: €62.5m (up 115% from 1H 2022). Profit margin: 4.5% (up from 2.8% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Machinery industry in Germany. 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. Reported Earnings • Jun 02
Full year 2022 earnings released: EPS: €1.43 (vs €2.27 in FY 2021) Full year 2022 results: EPS: €1.43 (down from €2.27 in FY 2021). Revenue: €2.36b (up 26% from FY 2021). Net income: €54.7m (down 37% from FY 2021). Profit margin: 2.3% (down from 4.6% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Upcoming Dividend • May 23
Upcoming dividend of €0.63 per share at 2.8% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 01 June 2023. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (4.7%). In line with average of industry peers (2.9%). Reported Earnings • Mar 04
Full year 2022 earnings released: EPS: €1.43 (vs €2.27 in FY 2021) Full year 2022 results: EPS: €1.43 (down from €2.27 in FY 2021). Revenue: €2.36b (up 26% from FY 2021). Net income: €54.7m (down 37% from FY 2021). Profit margin: 2.3% (down from 4.6% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. 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. 8 non-independent directors. Independent Director Alexandra Matzneff 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. Duyuru • Nov 05
Manitou BF SA (ENXTPA:MTU) acquired Gi.Erre S.R.L. Manitou BF SA (ENXTPA:MTU) acquired Gi.Erre S.R.L. on November 4, 2022.Manitou BF SA (ENXTPA:MTU) completed the acquisition of Gi.Erre S.R.L. on November 4, 2022. Reported Earnings • Aug 02
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €63.8m from profit in 1H 2021). Profit margin: (down from 6.6% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 18%, compared to a 9.6% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 10% 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. Duyuru • Jul 30
Manitou BF SA to Report First Half, 2022 Results on Oct 27, 2022 Manitou BF SA announced that they will report first half, 2022 results on Oct 27, 2022 Upcoming Dividend • Jun 13
Upcoming dividend of €0.80 per share Eligible shareholders must have bought the stock before 20 June 2022. Payment date: 22 June 2022. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of German dividend payers (4.4%). Higher than average of industry peers (2.6%). Duyuru • Apr 28
Manitou BF SA (ENXTPA:MTU) acquired unknown majority stake in Mn-Lifttek Oy. Manitou BF SA (ENXTPA:MTU) acquired unknown majority stake in Mn-Lifttek Oy on April 27, 2022. The three owners will remain on board to ensure continuity and protect their minority stake in the company. The management and operational teams will stay in company.
Manitou BF SA (ENXTPA:MTU) completed the acquisition of unknown majority stake in Mn-Lifttek Oy on April 27, 2022. 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. 8 non-independent directors. Independent Director Alexandra Matzneff 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. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorated over the past week After last week's 19% share price decline to €24.65, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Machinery industry in Germany. Negligible returns to shareholders over past three years. Simply Wall St's valuation model estimates the intrinsic value at €19.27 per share. Reported Earnings • Mar 05
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €2.27 (up from €1.03 in FY 2020). Revenue: €1.87b (up 18% from FY 2020). Net income: €86.8m (up 119% from FY 2020). Profit margin: 4.6% (up from 2.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 22%, compared to a 10% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 18% share price gain to €30.85, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 20x in the Machinery industry in Germany. Total loss to shareholders of 4.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €47.99 per share. Reported Earnings • Aug 02
First half 2021 earnings released: EPS €1.67 (vs €0.35 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €969.6m (up 27% from 1H 2020). Net income: €63.8m (up 374% from 1H 2020). Profit margin: 6.6% (up from 1.8% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% 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. Upcoming Dividend • Jun 15
Upcoming dividend of €0.60 per share Eligible shareholders must have bought the stock before 21 June 2021. Payment date: 23 June 2021. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.0%). Duyuru • Mar 17
Manitou BF SA to Report First Half, 2021 Results on Jul 29, 2021 Manitou BF SA announced that they will report first half, 2021 results on Jul 29, 2021 Analyst Estimate Surprise Post Earnings • Mar 07
Revenue beats expectations Revenue exceeded analyst estimates by 0.4%. Over the next year, revenue is forecast to grow 14%, compared to a 6.0% growth forecast for the Machinery industry in Germany. Reported Earnings • Mar 07
Full year 2020 earnings released: EPS €1.03 (vs €2.50 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €1.59b (down 24% from FY 2019). Net income: €39.6m (down 59% from FY 2019). Profit margin: 2.5% (down from 4.6% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 5% per year. Duyuru • Jan 30
Manitou BF SA to Report Q4, 2020 Results on Mar 04, 2021 Manitou BF SA announced that they will report Q4, 2020 results After-Market on Mar 04, 2021 Is New 90 Day High Low • Jan 08
New 90-day high: €25.80 The company is up 53% from its price of €16.84 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed 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 €10.09 per share. Is New 90 Day High Low • Dec 15
New 90-day high: €22.15 The company is up 30% from its price of €17.00 on 16 September 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €13.73 per share. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 16% share price gain to €20.50, the stock is trading at a trailing P/E ratio of 15.7x, up from the previous P/E ratio of 13.6x. This compares to an average P/E of 31x in the Machinery industry in Germany. Total return to shareholders over the past three years is a loss of 30%. Is New 90 Day High Low • Nov 05
New 90-day high: €17.70 The company is up 20% from its price of €14.78 on 07 August 2020. The German 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 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €12.29 per share. Duyuru • Oct 02
Manitou Group Names Ilmars Nartish as Vice President of Sales and Marketing for Manitou North America Manitou Group announced the appointment of Ilmars Nartish to the position of vice president of sales and marketing for Manitou North America effective immediately. Ilmars joined Manitou in 2007 as a regional sales manager. He then moved into the role of managing director of Manitou Nordics in June 2012. Prior to Manitou Group, Ilmars held various sales management roles including material handling equipment sales manager at Intrac Latvia SIA. Duyuru • Jul 31
Manitou BF SA Provides Update on Production Shutdown and Resumption in France, Italy and India Manitou BF SA announced that as early as March, the Group put in place emergency health measures and decided to close production sites in France, Italy and India.
In the United States, production activities were maintained throughout the period. Spare parts and service activities were maintained and distribution activities continued at a slower rate. These production shutdowns were followed, as soon as possible, by the setting up of partial activity, particularly in France and Italy. The Group has also generalized home office. Since mid-April, after reorganizing processes in line with health constraints, production has gradually restarted in France and Italy. Since May, all sites have resumed production. For support functions, partial activity was maintained in France to adapt to the market downturn. Despite productivity problems linked to health measures, current production capacities are in line with the Group's order book and, given seasonality, respond to a particularly strong demand from the agricultural market. 
