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Marel hf (MAREL.AS) Stock Fundamental Analysis

AMS:MAREL - Euronext Amsterdam - IS0000000388 - Common Stock - Currency: EUR

4.55  +0.12 (+2.71%)

Fundamental Rating

2

We assign a fundamental rating of 2 out of 10 to MAREL. MAREL was compared to 104 industry peers in the Machinery industry. MAREL has a bad profitability rating. Also its financial health evaluation is rather negative. MAREL has a expensive valuation and it also scores bad on growth.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

MAREL had positive earnings in the past year.
In the past year MAREL had a positive cash flow from operations.
Each year in the past 5 years MAREL has been profitable.
In the past 5 years MAREL always reported a positive cash flow from operatings.
MAREL.AS Yearly Net Income VS EBIT VS OCF VS FCFMAREL.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50M 100M 150M

1.2 Ratios

With a Return On Assets value of 0.44%, MAREL is not doing good in the industry: 63.37% of the companies in the same industry are doing better.
Looking at the Return On Equity, with a value of 1.10%, MAREL is doing worse than 61.39% of the companies in the same industry.
The Return On Invested Capital of MAREL (3.55%) is worse than 63.37% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for MAREL is below the industry average of 9.34%.
Industry RankSector Rank
ROA 0.44%
ROE 1.1%
ROIC 3.55%
ROA(3y)2.73%
ROA(5y)3.95%
ROE(3y)6.07%
ROE(5y)8.09%
ROIC(3y)5.23%
ROIC(5y)6.94%
MAREL.AS Yearly ROA, ROE, ROICMAREL.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 5 10 15 20

1.3 Margins

MAREL's Profit Margin of 0.69% is on the low side compared to the rest of the industry. MAREL is outperformed by 62.38% of its industry peers.
MAREL's Profit Margin has declined in the last couple of years.
MAREL's Operating Margin of 5.21% is in line compared to the rest of the industry. MAREL outperforms 49.51% of its industry peers.
In the last couple of years the Operating Margin of MAREL has declined.
Looking at the Gross Margin, with a value of 36.06%, MAREL is in line with its industry, outperforming 41.58% of the companies in the same industry.
In the last couple of years the Gross Margin of MAREL has declined.
Industry RankSector Rank
OM 5.21%
PM (TTM) 0.69%
GM 36.06%
OM growth 3Y-23.73%
OM growth 5Y-17.24%
PM growth 3Y-39.86%
PM growth 5Y-29.33%
GM growth 3Y-2.31%
GM growth 5Y-2.35%
MAREL.AS Yearly Profit, Operating, Gross MarginsMAREL.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 10 20 30 40

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2

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), MAREL is destroying value.
Compared to 1 year ago, MAREL has about the same amount of shares outstanding.
Compared to 5 years ago, MAREL has more shares outstanding
Compared to 1 year ago, MAREL has about the same debt to assets ratio.
MAREL.AS Yearly Shares OutstandingMAREL.AS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M
MAREL.AS Yearly Total Debt VS Total AssetsMAREL.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B 1.5B 2B 2.5B

2.2 Solvency

MAREL has an Altman-Z score of 2.59. This is not the best score and indicates that MAREL is in the grey zone with still only limited risk for bankruptcy at the moment.
MAREL has a better Altman-Z score (2.59) than 64.36% of its industry peers.
The Debt to FCF ratio of MAREL is 17.03, which is on the high side as it means it would take MAREL, 17.03 years of fcf income to pay off all of its debts.
MAREL's Debt to FCF ratio of 17.03 is on the low side compared to the rest of the industry. MAREL is outperformed by 63.37% of its industry peers.
MAREL has a Debt/Equity ratio of 0.84. This is a neutral value indicating MAREL is somewhat dependend on debt financing.
MAREL has a worse Debt to Equity ratio (0.84) than 70.30% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.84
Debt/FCF 17.03
Altman-Z 2.59
ROIC/WACC0.64
WACC5.55%
MAREL.AS Yearly LT Debt VS Equity VS FCFMAREL.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 200M 400M 600M 800M 1B

2.3 Liquidity

A Current Ratio of 1.36 indicates that MAREL should not have too much problems paying its short term obligations.
MAREL's Current ratio of 1.36 is on the low side compared to the rest of the industry. MAREL is outperformed by 65.35% of its industry peers.
A Quick Ratio of 0.77 indicates that MAREL may have some problems paying its short term obligations.
MAREL has a Quick ratio of 0.77. This is in the lower half of the industry: MAREL underperforms 69.31% of its industry peers.
Industry RankSector Rank
Current Ratio 1.36
Quick Ratio 0.77
MAREL.AS Yearly Current Assets VS Current LiabilitesMAREL.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M

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3

3. Growth

3.1 Past

The earnings per share for MAREL have decreased strongly by -72.06% in the last year.
Measured over the past years, MAREL shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -25.45% on average per year.
Looking at the last year, MAREL shows a decrease in Revenue. The Revenue has decreased by -5.67% in the last year.
The Revenue has been growing slightly by 7.52% on average over the past years.
EPS 1Y (TTM)-72.06%
EPS 3Y-32.75%
EPS 5Y-25.45%
EPS Q2Q%-62.39%
Revenue 1Y (TTM)-5.67%
Revenue growth 3Y11.62%
Revenue growth 5Y7.52%
Sales Q2Q%-4.14%

3.2 Future

The Earnings Per Share is expected to grow by 39.00% on average over the next years. This is a very strong growth
Based on estimates for the next years, MAREL will show a small growth in Revenue. The Revenue will grow by 4.44% on average per year.
EPS Next Y45.24%
EPS Next 2Y45.57%
EPS Next 3Y39%
EPS Next 5YN/A
Revenue Next Year-0.68%
Revenue Next 2Y2.53%
Revenue Next 3Y3.66%
Revenue Next 5Y4.44%

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
MAREL.AS Yearly Revenue VS EstimatesMAREL.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 500M 1B 1.5B 2B 2.5B
MAREL.AS Yearly EPS VS EstimatesMAREL.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 1 2 3 4 5

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1

4. Valuation

4.1 Price/Earnings Ratio

MAREL is valuated quite expensively with a Price/Earnings ratio of 227.50.
Based on the Price/Earnings ratio, MAREL is valued a bit more expensive than 66.34% of the companies in the same industry.
When comparing the Price/Earnings ratio of MAREL to the average of the S&P500 Index (27.03), we can say MAREL is valued expensively.
With a Price/Forward Earnings ratio of 29.78, MAREL can be considered very expensive at the moment.
Compared to the rest of the industry, the Price/Forward Earnings ratio of MAREL indicates a slightly more expensive valuation: MAREL is more expensive than 78.22% of the companies listed in the same industry.
MAREL is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 36.28, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 227.5
Fwd PE 29.78
MAREL.AS Price Earnings VS Forward Price EarningsMAREL.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 50 100 150 200

4.2 Price Multiples

75.25% of the companies in the same industry are cheaper than MAREL, based on the Enterprise Value to EBITDA ratio.
67.33% of the companies in the same industry are cheaper than MAREL, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 67.72
EV/EBITDA 23.03
MAREL.AS Per share dataMAREL.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 0.5 1 1.5 2

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates MAREL does not grow enough to justify the current Price/Earnings ratio.
MAREL's earnings are expected to grow with 39.00% in the coming years. This may justify a more expensive valuation.
PEG (NY)5.03
PEG (5Y)N/A
EPS Next 2Y45.57%
EPS Next 3Y39%

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2

5. Dividend

5.1 Amount

With a yearly dividend of 0.19%, MAREL is not a good candidate for dividend investing.
MAREL's Dividend Yield is comparable with the industry average which is at 2.45.
Compared to an average S&P500 Dividend Yield of 2.40, MAREL's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 0.19%

5.2 History

The dividend of MAREL decreases each year by -18.19%.
Dividend Growth(5Y)-18.19%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

MAREL pays out 54.39% of its income as dividend. This is a bit on the high side, but may be sustainable.
DP54.39%
EPS Next 2Y45.57%
EPS Next 3Y39%
MAREL.AS Yearly Income VS Free CF VS DividendMAREL.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50M 100M
MAREL.AS Dividend Payout.MAREL.AS Dividend Payout, showing the Payout Ratio.MAREL.AS Dividend Payout.PayoutRetained Earnings

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Marel hf

AMS:MAREL (1/3/2025, 7:00:00 PM)

4.55

+0.12 (+2.71%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCapital Goods
GICS IndustryMachinery
Earnings (Last)10-30 2024-10-30
Earnings (Next)02-12 2025-02-12/amc
Inst Owners39.57%
Inst Owner ChangeN/A
Ins Owners0.52%
Ins Owner ChangeN/A
Market Cap3.51B
Analysts84
Price Target0.03 (-99.34%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0.19%
Yearly Dividend0.02
Dividend Growth(5Y)-18.19%
DP54.39%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)9.24%
PT rev (3m)14.29%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)12.97%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-1.19%
Revenue NY rev (3m)-1.19%
Valuation
Industry RankSector Rank
PE 227.5
Fwd PE 29.78
P/S 2.11
P/FCF 67.72
P/OCF 34.36
P/B 3.39
P/tB N/A
EV/EBITDA 23.03
EPS(TTM)0.02
EY0.44%
EPS(NY)0.15
Fwd EY3.36%
FCF(TTM)0.07
FCFY1.48%
OCF(TTM)0.13
OCFY2.91%
SpS2.16
BVpS1.34
TBVpS-0.44
PEG (NY)5.03
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 0.44%
ROE 1.1%
ROCE 4.33%
ROIC 3.55%
ROICexc 3.67%
ROICexgc 12.7%
OM 5.21%
PM (TTM) 0.69%
GM 36.06%
FCFM 3.12%
ROA(3y)2.73%
ROA(5y)3.95%
ROE(3y)6.07%
ROE(5y)8.09%
ROIC(3y)5.23%
ROIC(5y)6.94%
ROICexc(3y)5.48%
ROICexc(5y)7.75%
ROICexgc(3y)24.97%
ROICexgc(5y)39.54%
ROCE(3y)6.38%
ROCE(5y)8.46%
ROICexcg growth 3Y-34.3%
ROICexcg growth 5Y-33.18%
ROICexc growth 3Y-26.23%
ROICexc growth 5Y-21.39%
OM growth 3Y-23.73%
OM growth 5Y-17.24%
PM growth 3Y-39.86%
PM growth 5Y-29.33%
GM growth 3Y-2.31%
GM growth 5Y-2.35%
F-Score5
Asset Turnover0.65
Health
Industry RankSector Rank
Debt/Equity 0.84
Debt/FCF 17.03
Debt/EBITDA 4.63
Cap/Depr 49.7%
Cap/Sales 3.03%
Interest Coverage 1.43
Cash Conversion 54.34%
Profit Quality 454.39%
Current Ratio 1.36
Quick Ratio 0.77
Altman-Z 2.59
F-Score5
WACC5.55%
ROIC/WACC0.64
Cap/Depr(3y)100.26%
Cap/Depr(5y)91.26%
Cap/Sales(3y)5.13%
Cap/Sales(5y)4.55%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-72.06%
EPS 3Y-32.75%
EPS 5Y-25.45%
EPS Q2Q%-62.39%
EPS Next Y45.24%
EPS Next 2Y45.57%
EPS Next 3Y39%
EPS Next 5YN/A
Revenue 1Y (TTM)-5.67%
Revenue growth 3Y11.62%
Revenue growth 5Y7.52%
Sales Q2Q%-4.14%
Revenue Next Year-0.68%
Revenue Next 2Y2.53%
Revenue Next 3Y3.66%
Revenue Next 5Y4.44%
EBIT growth 1Y-18.13%
EBIT growth 3Y-14.87%
EBIT growth 5Y-11.02%
EBIT Next Year83.77%
EBIT Next 3Y32.66%
EBIT Next 5Y29.2%
FCF growth 1Y333.33%
FCF growth 3Y-25.94%
FCF growth 5Y-13.88%
OCF growth 1Y47.33%
OCF growth 3Y-8.89%
OCF growth 5Y-3.71%