326967_OFFROAD KEY VISUAL 2020_323540_Sam Sunderland 3019-11-07 KTM DAKAR RALLY STAGE_(c)ktm ag

PIERER Mobility

SW: PMAG

€1167.5m market cap

€51.8 last close

PIERER Mobility (previously KTM Industries) is a leading manufacturer of powered two wheelers, focusing on premium motorcycles and two-wheeled electric vehicles. With its well-known brands – KTM, HUSQVARNA and GASGAS – it is the largest sports motorcycle manufacturer in Europe.

Investment summary

PIERER Mobility is a leading manufacturer of powered two wheelers (PTWs) focused on premium markets through the KTM, HUSQVARNA and GASGAS motorcycle brands. It looks set to add a new organic growth stream to its established track record as e-mobility markets continue to develop. The acquisition of the outstanding majority of PEXCO e-bikes and the development of new products focused on premium urban e-mobility markets addresses a new segment for the group, alongside continued expansion of the traditional core.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2018A 1462.0 211.0 112.0 182.3 28.4 13.7
2019A 1520.0 241.0 118.0 241.8 21.4 4.5
2020E 1658.0 245.0 100.0 175.3 29.5 5.9
2021E 1757.0 279.0 128.0 224.8 23.0 4.9
Sector
Industrials
Share price graph
Balance sheet
Forecast net debt (€m) 378
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (5.1) (0.6) (17.3)
Relative* (8.7) (8.5) (32.0)
52-week high/low €65.2/€49.6
*% relative to local index
Key management
Stefan Pierer CEO
Friedrich Roithner Vorstand CFO
Josef Blazicek Chairman of the Supervisory Board
Michaela Friepess Investor Relations