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1. Company Snapshot

1.a. Company Description

Manitou BF SA designs, develops, manufactures, and provides equipment and services for the construction, agriculture, and industry sectors worldwide.It operates in three segments: Material Handling and Access, Compact Equipment Products, and Services & Solutions.The company offers machines, such as construction, agricultural, rotating, and rough-terrain fixed telehandlers; articulated, compact, backhoe, and skid and track loaders; mobile elevated work platforms; warehousing equipment; forklift trucks; and truck mounted, rough-terrain, and semi-industrial and industrial forklifts.


It also offers attachments comprising buckets, clamps, fork handling solutions, forks and grapples, jibs, aerial work platforms, skips, sweepers and cleaners, winches, and mining accessories.In addition, the company provides financing, extended warranty, maintenance agreement, spare parts, connected solutions, diagnostic toolbox pad, and training services.It serves the agriculture, construction, industry, aeronautics, defense, environment, renters, mining, and oil and gas sectors.


The company offers its products through a network of dealers under the Manitou, Gehl, and Mustang by Manitou brands.Manitou BF SA was incorporated in 1954 and is headquartered in Ancenis, France.

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1.b. Last Insights on MTU

Manitou BF SA's recent performance was hindered by a decline in demand for its aerial work platforms and telehandlers, primarily due to the ongoing economic uncertainty and reduced capital expenditures in the construction and industrial sectors. The company's exposure to the European market, where economic growth is sluggish, has also weighed on its sales. Furthermore, Manitou BF SA's efforts to adapt to the changing market landscape and invest in new technologies have been impacted by the current economic conditions, leading to a decrease in its operating efficiency.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.56%)

6. Segments

Products

Expected Growth: 8%

Manitou BF SA's 8% growth is driven by increasing demand for aerial work platforms, telehandlers, and forklifts in the construction and industrial sectors. The company's focus on innovation, expansion in emerging markets, and strategic partnerships also contribute to its growth. Additionally, the trend towards rental equipment and the need for companies to replace aging fleets further support Manitou's growth momentum.

Services and Solutions

Expected Growth: 12%

Manitou BF SA's 12% growth in Services and Solutions is driven by increasing demand for aerial work platforms, telehandlers, and forklifts in the construction, agriculture, and industrial sectors. The company's focus on digitalization, rental solutions, and aftermarket services also contributes to growth, as customers seek more efficient and cost-effective ways to manage their fleets and operations.

7. Detailed Products

Telehandlers

Manitou BF SA's telehandlers are designed for lifting and moving heavy loads in various industries such as construction, agriculture, and manufacturing.

Rough Terrain Forklifts

Manitou BF SA's rough terrain forklifts are designed for heavy-duty material handling in rough terrain environments such as construction sites, quarries, and forests.

Industrial Forklifts

Manitou BF SA's industrial forklifts are designed for heavy-duty material handling in warehouses, distribution centers, and manufacturing facilities.

Access Platforms

Manitou BF SA's access platforms are designed for aerial work and maintenance in various industries such as construction, telecommunications, and energy.

Skid-Steer Loaders

Manitou BF SA's skid-steer loaders are designed for heavy-duty material handling in construction, agriculture, and landscaping.

8. Manitou BF SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Manitou BF SA is moderate due to the presence of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers is high due to the concentration of customers in the market, giving them significant negotiating power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the availability of multiple suppliers in the market, reducing their negotiating power.

Threat Of New Entrants

The threat of new entrants is moderate due to the presence of barriers to entry, such as high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established players in the market, leading to intense competition.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 33.88%
Debt Cost 4.38%
Equity Weight 66.12%
Equity Cost 10.31%
WACC 8.30%
Leverage 51.25%

11. Quality Control: Manitou BF SA passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Manitou BF

A-Score: 6.2/10

Value: 7.9

Growth: 7.2

Quality: 3.4

Yield: 8.8

Momentum: 6.0

Volatility: 4.0

1-Year Total Return ->

Stock-Card
Pfeiffer Vacuum

A-Score: 5.3/10

Value: 2.5

Growth: 3.9

Quality: 4.7

Yield: 5.6

Momentum: 5.0

Volatility: 10.0

1-Year Total Return ->

Stock-Card
Sabaf

A-Score: 4.6/10

Value: 5.6

Growth: 3.6

Quality: 3.4

Yield: 5.6

Momentum: 1.5

Volatility: 8.0

1-Year Total Return ->

Stock-Card
Piovan

A-Score: 4.4/10

Value: 1.7

Growth: 6.7

Quality: 5.6

Yield: 1.9

Momentum: 5.0

Volatility: 5.7

1-Year Total Return ->

Stock-Card
DEUTZ

A-Score: 4.4/10

Value: 4.7

Growth: 3.1

Quality: 3.0

Yield: 4.4

Momentum: 9.5

Volatility: 1.7

1-Year Total Return ->

Stock-Card
Starrag

A-Score: 4.0/10

Value: 8.5

Growth: 2.7

Quality: 3.6

Yield: 5.6

Momentum: 0.5

Volatility: 3.3

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

19.44$

Current Price

19.44$

Potential

-0.00%

Expected Cash-Flows