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

PIERER Mobility

AV: PMAG

Market Cap€1781m

Last Close €79

PIERER Mobility is a leading manufacturer of powered two wheelers, focusing on premium motorcycles and two-wheeled electric vehicles (e-motorcycles, e-bicycles and e-scooters). The group focus is on organic growth in global markets with the existing two-wheel brands KTM, HUSQVARNA, GASGAS and R Raymon.

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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. With e-bikes it adds a new organic growth stream as urban e-mobility markets develop rapidly. Global demand for motorcycles and e-bikes remained high in H121, driving an 80% increases in sales to €1.08bn and a 9.5% EBIT margin. Guidance for FY21 sales was increased again by c 3% to €1.9bn to €2.0bn, with unchanged EBIT margins of 8–9% and EBITDA margin of over 15%. The simplification of the Bajaj shareholding structure is confirmed and should complete in late October significantly enhancing earnings.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2019A 1520.0 241.0 118.0 241.8 32.7 6.9
2020A 1530.0 239.0 91.0 155.1 50.9 5.7
2021E 1829.0 306.0 143.0 262.1 30.1 9.0
2022E 2014.0 335.0 168.0 312.9 25.2 6.4
Industry outlook

PIERER Mobility’s historic target PTW market has been for motorcycles greater than 120cc that retail for over €2,500. The segment represents 6m units or c 11% of the global PTW market. PIERER had a market share of around 9.5% of this market in 2019 with a record 280.9k registrations, up 10% on 2018; 66.2k were through the Indian jv partner, Bajaj. The market for e-bikes and scooters has grown strongly in Europe, supported by structural long-term trends especially cleaner transport solutions.

Last updated on 20/10/2021
Content on PIERER Mobility
PIERER Mobility – Market dynamics remain favourable
Industrials | Update | 15 February 2021
326967_OFFROAD KEY VISUAL 2020_323540_Sam Sunderland 3019-11-07 KTM DAKAR RALLY STAGE_(c)ktm ag
PIERER Mobility – Happy biking holidays
Industrials | Update | 15 December 2020
326967_OFFROAD KEY VISUAL 2020_323540_Sam Sunderland 3019-11-07 KTM DAKAR RALLY STAGE_(c)ktm ag
PIERER Mobility – Surging demand for powered two wheelers
Industrials | QuickView | 28 October 2020
326967_OFFROAD KEY VISUAL 2020_323540_Sam Sunderland 3019-11-07 KTM DAKAR RALLY STAGE_(c)ktm ag
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Share price graph
Balance sheet
Forecast net debt (€m) 302
Forecast gearing ratio (%) 76
Price performance
%
1m
3m
12m
Actual 2.5 8.8 54.9
Relative* (3.6) (2.4) (5.3)
52-week high/low €79.9/€49.8
*% relative to local index
Key management
Stefan Pierer CEO
Friedrich Roithner Vorstand CFO
Josef Blazicek Chairman of the Supervisory Board
Michaela Friepess Investor Relations