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

PIERER Mobility

AV: PMAG

€1593.5m market cap

€70.7 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 has added e-bikes as a new organic growth stream as urban e-mobility markets continue to develop. Strong global demand for motorcycles and e-bikes continued in H220. Production increases recovered most of the volume lost in H120. FY20 sales of €1.53bn beat expectations with FY20 EBIT of €107.2m, a margin of 7% despite the pandemic. Management has proposed a FY20 dividend of €0.5 a share, It is guiding for sales in FY21 between €1.8bn to €1.9bn, EBIT margins of 8–9% and EBITDA margin of over 15%.

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 29.2 6.2
2020A 1530.0 239.0 91.0 155.1 45.6 5.1
2021E 1829.0 306.0 143.0 262.1 27.0 8.1
2022E 2014.0 335.0 168.0 312.9 22.6 5.8
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 around 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 13/04/2021
Register to receive research on PIERER Mobility as it is published
Sector
Industrials
Share price graph
Balance sheet
Forecast net debt (€m) 302
Forecast gearing ratio (%) 76
Price performance
%
1m
3m
12m
Actual 6.3 1.0 138.9
Relative* 4.8 (5.3) 71.3
52-week high/low €71.0/€28.4
*% relative to local index
Key management
Stefan Pierer CEO
Friedrich Roithner Vorstand CFO
Josef Blazicek Chairman of the Supervisory Board
Michaela Friepess Investor Relations