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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

Overall MAREL gets a fundamental rating of 2 out of 10. We evaluated MAREL against 106 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.
MAREL had a positive operating cash flow in the past year.
In the past 5 years MAREL has always 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

Looking at the Return On Assets, with a value of 0.44%, MAREL is doing worse than 63.37% of the companies in the same industry.
MAREL has a Return On Equity of 1.10%. This is in the lower half of the industry: MAREL underperforms 61.39% of its industry peers.
MAREL has a Return On Invested Capital of 3.55%. This is in the lower half of the industry: MAREL underperforms 63.37% of its industry peers.
The Average Return On Invested Capital over the past 3 years for MAREL is below the industry average of 8.60%.
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 has a worse Profit Margin (0.69%) than 62.38% of its industry peers.
In the last couple of years the Profit Margin of MAREL has declined.
MAREL has a Operating Margin (5.21%) which is comparable to the rest of the industry.
In the last couple of years the Operating Margin of MAREL has declined.
MAREL has a Gross Margin (36.06%) which is comparable to the rest of the industry.
MAREL's Gross Margin has declined in the last couple of years.
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

MAREL has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
The number of shares outstanding for MAREL remains at a similar level compared to 1 year ago.
Compared to 5 years ago, MAREL has more shares outstanding
MAREL has about the same debt/assets ratio as last year.
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

An Altman-Z score of 2.59 indicates that MAREL is not a great score, but indicates only limited risk for bankruptcy at the moment.
MAREL's Altman-Z score of 2.59 is fine compared to the rest of the industry. MAREL outperforms 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.
The Debt to FCF ratio of MAREL (17.03) is worse than 63.37% of its industry peers.
A Debt/Equity ratio of 0.84 indicates that MAREL is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.84, MAREL is doing worse than 70.30% of the companies in the same industry.
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

MAREL has a Current Ratio of 1.36. This is a normal value and indicates that MAREL is financially healthy and should not expect problems in meeting its short term obligations.
MAREL has a Current ratio of 1.36. This is in the lower half of the industry: MAREL underperforms 65.35% of its industry peers.
MAREL has a Quick Ratio of 1.36. This is a bad value and indicates that MAREL is not financially healthy enough and could expect problems in meeting its short term obligations.
Looking at the Quick ratio, with a value of 0.77, MAREL is doing worse than 69.31% of the companies in the same industry.
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

MAREL shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -72.06%.
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.
The Revenue has decreased by -5.67% in the past year.
MAREL shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 7.52% yearly.
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

Based on estimates for the next years, MAREL will show a very strong growth in Earnings Per Share. The EPS will grow by 39.00% on average per year.
The Revenue is expected to grow by 4.44% on average over the next years.
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

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
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 the industry average as 66.34% of the companies are valued more cheaply.
MAREL's Price/Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 28.98.
With a Price/Forward Earnings ratio of 29.78, MAREL can be considered very expensive at the moment.
Based on the Price/Forward Earnings ratio, MAREL is valued a bit more expensive than 78.22% of the companies in the same industry.
MAREL's Price/Forward Earnings ratio indicates a valuation a bit more expensive than the S&P500 average which is at 21.38.
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

Based on the Enterprise Value to EBITDA ratio, MAREL is valued a bit more expensive than 75.25% of the companies in the same industry.
MAREL's Price/Free Cash Flow ratio is a bit more expensive when compared to the industry. MAREL is more expensive than 67.33% of the companies in the same industry.
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.
Compared to an average industry Dividend Yield of 3.07, MAREL has a dividend in line with its industry peers.
With a Dividend Yield of 0.19, MAREL pays less dividend than the S&P500 average, which is at 2.46.
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%