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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 104 industry peers in the Machinery industry. MAREL may be in some trouble as it scores bad on both profitability and health. MAREL does not seem to be growing, but still is valued expensively.


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.
Each year in the past 5 years MAREL has been profitable.
Each year in the past 5 years MAREL had a positive operating cash flow.
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.
With a Return On Equity value of 1.10%, MAREL is not doing good in the industry: 61.39% of the companies in the same industry are doing better.
With a Return On Invested Capital value of 3.55%, MAREL is not doing good in the industry: 63.37% of the companies in the same industry are doing better.
MAREL had an Average Return On Invested Capital over the past 3 years of 5.23%. This is below the industry average of 8.40%.
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

With a Profit Margin value of 0.69%, MAREL is not doing good in the industry: 62.38% of the companies in the same industry are doing better.
MAREL's Profit Margin has declined in the last couple of years.
MAREL has a Operating Margin of 5.21%. This is comparable 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.
MAREL has a Gross Margin of 36.06%. This is comparable to the rest of the industry: MAREL outperforms 41.58% of its industry peers.
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

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so MAREL is destroying value.
MAREL has about the same amout of shares outstanding than it did 1 year ago.
MAREL has more shares outstanding than it did 5 years ago.
The debt/assets ratio for MAREL has remained at the same level compared to a year ago.
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's Altman-Z score of 2.59 is fine compared to the rest of the industry. MAREL outperforms 64.36% of its industry peers.
MAREL has a debt to FCF ratio of 17.03. This is a negative value and a sign of low solvency as MAREL would need 17.03 years to pay back of all of its debts.
MAREL has a worse Debt to FCF ratio (17.03) than 63.37% of its industry peers.
A Debt/Equity ratio of 0.84 indicates that MAREL is somewhat dependend on debt financing.
With a Debt to Equity ratio value of 0.84, MAREL is not doing good in the industry: 70.30% of the companies in the same industry are doing better.
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

The earnings per share for MAREL have decreased strongly by -72.06% in the last year.
The earnings per share for MAREL have been decreasing by -25.45% on average. This is quite bad
MAREL shows a decrease in Revenue. In the last year, the revenue decreased by -5.67%.
Measured over the past years, MAREL shows a small growth in Revenue. The Revenue has been growing by 7.52% on average per year.
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.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 1 2 3 4 5

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1

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 227.50, the valuation of MAREL can be described as expensive.
MAREL's Price/Earnings ratio is a bit more expensive when compared to the industry. MAREL is 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 (29.35), 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.
MAREL's Price/Forward Earnings ratio is a bit more expensive when compared to the industry. MAREL is more expensive than 78.22% of the companies in the same industry.
MAREL is valuated rather expensively when we compare the Price/Forward Earnings ratio to 22.10, 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

Based on the Enterprise Value to EBITDA ratio, MAREL is valued a bit more expensive than the industry average as 75.25% of the companies are valued more cheaply.
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.
A more expensive valuation may be justified as MAREL's earnings are expected to grow with 39.00% in the coming years.
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 2.63.
With a Dividend Yield of 0.19, MAREL pays less dividend than the S&P500 average, which is at 2.33.
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%