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PIERER Mobility


€1284.7m market cap

€57 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. Disruption from COVID-19 led to pre-emptive production stoppages in March, but PIERER returned to full production in May. Strong demand for motorcycles and e-bikes as lockdowns were lifted in various markets was confirmed in the recent period closing trading update. H120 results are due at the end of August.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2018A 1462.0 211.0 112.0 182.0 31.3 15.1
2019A 1520.0 241.0 118.0 242.0 23.6 5.0
2020E 1441.0 200.0 57.0 101.0 56.4 7.0
2021E 1710.0 272.0 121.0 211.0 27.0 6.5
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 17/09/2020
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Share price graph
Balance sheet
Forecast net debt (€m) 385
Forecast gearing ratio (%) 112
Price performance
Actual 8.2 18.9 4.4
Relative* 4.2 13.0 (1.4)
52-week high/low €57.9/€25.0
*% relative to local index
Key management
Stefan Pierer CEO
Friedrich Roithner Vorstand CFO
Josef Blazicek Chairman of the Supervisory Board
Michaela Friepess Investor Relations