General information about PIERER Mobility AG share

The shares of PIERER Mobility AG have had a primary listing in the International Reporting Standard of the SIX Swiss Exchange since November 14, 2016. The shares of PIERER Mobility AG were accepted into the Swiss Performance Index (SPI) of the SIX Swiss Exchange on March 29, 2017. Since September 19, 2022, PMAG shares have also been listed in the Sustainability Index of the SIX Swiss Exchange (SPI ESG / SPI ESG Weighted Indices).  Since March 1, 2022, the shares of PIERER Mobility AG have also been listed on the prime market, the top segment of the Vienna Stock Exchange. From March 3, 2020 to October 18, 2022, PIERER Mobility AG shares were also listed on the regulated market of the Frankfurt Stock Exchange (General Standard).

Capital increase by contribution in kind 2021
Exclusion of subscription rights – Report of the Management Board pursuant to section 171 (1) in conjunction with section 153 (4) AktG of September 29, 2021

Share Broker

The support provided by investment banks is an important element of the comprehensive investor relations activities of PIERER Mobility AG and is of particular importance for the perception of PIERER Mobility shares with investors.

PIERER Mobility has selected MainFirst Bank and Bank Vontobel as preferred brokers for PIERER Mobility shares (Ticker symbol: PMAG). For any inquiries related to the purchase or sale of PIERER Mobility shares please contact:

Shareholder structure

Ownership: Around 73.8 percent of PIERER Mobility AG is owned by Pierer Bajaj AG, Austria. Pierer Konzerngesellschaft mbH, Austria, holds around 2.5 percent. The free float is around 23.7 percent.

Pierer Bajaj AG, Austria

Free Float

Pierer Konzergesellschaft mbH, Austria

Share Analysis

Christian Arnold, CFA
STIFEL SCHWEIZ AG
Director, Equity Research, Swiss Industrials
Gartenstrasse 32, CH-8002 Zürich
T: +41 43 888 6153 I E-Mail

Mark Diethelm
Bank Vontobel AG I Investment Banking
Analyst, Executive Director
Gotthardstrasse 43, CH-8022 Zürich
T: +41 58 283 71 50 I E-Mail

Constantin Hesse
Jefferies International Limited
Equity Analyst
100 Bishopsgate, London EC2N 4JL
T: +44 20 7029 8543 I E-Mail

Coverage

BrokerRecommendationPrice targetLast updateResearch*
JefferiesBuyCHF 90 01/31/2023Equity Research
StifelBuyCHF 9201/31/2023Company Note -
Earnings update
VontobelBuyCHF 9501/31/2023Download Comment
(PDF, 132 KB)

* Legal Disclaimer:
This announcement is provided for information purposes only. This announcement does neither constitute an offer to sell nor an intimation to submit a proposal for the acquisition of securities of PIERER Mobility AG. This announcement is not intended for release, publication or distribution, directly or indirectly, in whole or in part, into or within the United States, Australia, Canada, Japan or South Africa or any other jurisdiction where it is unlawful to distribute this announcement.

Hidden Item
Coverage Archive 2023

Vontobel
Comment, January 4, 2023 (PDF, 140 KB)
Comment, January 10, 2023 (PDF, 144 KB)
Comment, January 12, 2023 (PDF, 110 KB)

* Legal Disclaimer:
This announcement is provided for information purposes only. This announcement does neither constitute an offer to sell nor an intimation to submit a proposal for the acquisition of securities of PIERER Mobility AG. This announcement is not intended for release, publication or distribution, directly or indirectly, in whole or in part, into or within the United States, Australia, Canada, Japan or South Africa or any other jurisdiction where it is unlawful to distribute this announcement.

Coverage Archive 2022

Vontobel
Comment, January 12, 2022 (PDF, 340 KB)
Comment, February 1, 2022 (PDF, 311 KB)
Comment, February 2, 2022 (PDF, 312 KB)
Comment, March 29, 2022 (PDF, 113 KB)
Comment, August 29, 2022 (PDF, 137 KB)
Comment, August 31, 2022 (PDF, 139 KB)
Comment, December 28, 2022 (PDF, 110 KB)

Edison
Comment, January 19, 2022 (PDF, 480 KB)

* Legal Disclaimer:
This announcement is provided for information purposes only. This announcement does neither constitute an offer to sell nor an intimation to submit a proposal for the acquisition of securities of PIERER Mobility AG. This announcement is not intended for release, publication or distribution, directly or indirectly, in whole or in part, into or within the United States, Australia, Canada, Japan or South Africa or any other jurisdiction where it is unlawful to distribute this announcement.

Coverage Archive 2021

Edison
Comment, 15 February 2021 (PDF, 594 KB)

M.M.Warburg
Comment, 4 February 2021
Comment, 13 April 2021 (PDF, 1.1 MB)

Vontobel
Comment, 14 January 2021
Comment, 1 February 2021
Comment, 2 February 2021
Comment, 25 February 2021
Comment, 13 April 2021
Comment, 6 July 2021
Comment, 22 July 2021
Comment, 27 July 2021
Comment, 27 August 2021
Comment, 31 August 2021
Comment, 1 September 2021
Comment, 30 September 2021
Comment, 24 November 2021 (PDF, 160 KB)

* Legal Disclaimer:
This announcement is provided for information purposes only. This announcement does neither constitute an offer to sell nor an intimation to submit a proposal for the acquisition of securities of PIERER Mobility AG. This announcement is not intended for release, publication or distribution, directly or indirectly, in whole or in part, into or within the United States, Australia, Canada, Japan or South Africa or any other jurisdiction where it is unlawful to distribute this announcement.

Coverage Archive 2019 - 2020

Edison
Initial Coverage, 4 February 2020
Comment, 20 March 2020
Comment, 29 May 2020
Comment, 23 July 2020
Comment, 1 October 2020
Comment, 28 October 2020
Comment, 15 December 2020

M.M.Warburg
Initial Coverage, 20 June 2019
Comment, 31 January 2020
Comment, 5 February 2020
Comment, 3 April 2020
Comment, 8 July 2020
Comment, 23 July 23 2020

Vontobel
Comment, 31 January 2020
Comment, 30 March 2020
Comment, 5 May 2020
Comment, 23 July 2020
Comment, 31 August 2020
Comment, 1 September 2020
Comment, 14 December 2020

* Legal Disclaimer:
This announcement is provided for information purposes only. This announcement does neither constitute an offer to sell nor an intimation to submit a proposal for the acquisition of securities of PIERER Mobility AG. This announcement is not intended for release, publication or distribution, directly or indirectly, in whole or in part, into or within the United States, Australia, Canada, Japan or South Africa or any other jurisdiction where it is unlawful to distribute this announcement.

Guidance

 Outlook 2023Preliminary Key figures 2022Key figures 2021Key figures 2020
Revenue growth in %
/ Revenues in EURm
6 - 10%between 2,420 and 2,4352,041.71,530.4
EBIT margin8 - 10%9 - 10%9.5%7.0%
EBITDA margin16.3%15.3%

Group Figures

Key financial performance indicators:

Earnings ratios1) 201720182019
20202021
Revenuein m€
1,533.0
1,559.6
1,520.1
1,530.42,041.7
EBITDA in m€
218.9
252.2
240.8233.5332.2
EBIT in m€
132.5
161.2
131.7
107.2193.5
EBITDA marginin per cent
14.3%
16.2%
15.8%15.3%16.3%
EBIT marginin per cent
8.6%
10.3%
8.7%7.0%9.5%

Other financial figures:

Earnings ratios 1) 20172018201920202021
Earnings after taxesin m€83.9114.295.769.5142.9
Earnings after minoritiesin m€44.767.554.534.982.5
Balance sheet ratios 12/31/201712/31/201812/31/201912/31/202012/31/2021
Balance sheet totalin m€1,465.21,353.91,613.91,686.02,033.7
Equityin m€528.6550.8618.6654.1765.6
Equity ratioin per cent36.1%40.7%38.3%38.8%37.6%
Working capital employed 2)in m€238.4245.3274.2181.5160.5
Net debt 3)
in m€375.0323.3395.8312.4189.9
Gearing 4)
in per cent70.9%58.7%64.0%47.8%24.8%
Cash-Flow and capex 20172018201920202021
Cash-Flow from operating activitiesin m€
161.3
85.5
257.4312.8367.4
Cash-Flow from investing activitiesin m€-154.0-102.1-165.7-147.0-195.1
Free cash flow 5)in m€7.3-16.791.6165.8172.2
Cash-Flow from financing activitiesin m€-118.0-63.3-20.6-104.7-27.6
Capital expenditure 1) 6)in m€176.3165.1148.9150.2178.5
Value creation 12/31/2017
12/31/2018
12/31/201912/31/202012/31/2021
ROCE (Return on capital employed 7)in per cent13.9%16.6%12.7%9.7%17.4%
ROE (Return on equity) 8)
in per cent17.1%21.2%16.4%10.9%20.1%
ROIC (Return on Invested Capital) 9)
in per cent10.4%13.6%10.6%7.7%13.0%
Stock exchange ratios 10) 12/31/2017
12/31/2018
12/31/2019
12/31/202012/31/2021
Share price as of Dec. 31; SIX Swiss Exchange11)in CHF
7.39
60.60
54.00
71.1094.0
Number of shares11)in m shares
225.39
22.54
22.5422.5433.80
Market capitalization12)in m CHF
1,665.61
1,365.84
1,217.091,602.503,176.87
Earnings per share 13)in €
1.98
2.99
2.42
1.563.34
Book value per share 13) 14)in €
23.45
24.44
27.4529.0222.65

Non-financials key performance indicators:

  20172018201920202021
Employees 15)Headcount5,8874,3034,3684,5865,249
Unit sales motorcycles 16)Number of units238,334261,454280,099270,407332,881
Unit sales e-bikesNumber of units---56,06476,916
Unit sales Powered Two-Wheelers (PTWs) 17)Number of units238,334261,454280,099326,471409,797
Unit sales bicycles (without electric drive)Number of units---17,21325,837
Unit sales total: motorcycles and (e)-bicyclesStückzahl238,334261,454280,099343,684435,634

Other non-financial figures:

  20172018201920202021
Production motorcycles worldwide 18)Number of units243,442259,051260,564265,321323,931
Production motorcycles in Mattighofen 19)Number of units151,645171,297160,098140,252178,992
t CO2-e per vehicle sold (Scope 1-3)in t CO2-e-3.843.833.672.92
Fleet emissions motorcycles 20)Ø in g/km-81.8279.0978.6779.36
Fleet emissions incl. e-bicycles Ø in g/km----61.14
Fleet consumptionØ in l/100 km-3.523.413.393.41
Employees in R&D as % of total employeesin per cent14.5015.8018.1017.6018.60
R&D expenses from revenuein per cent8.308.709.109.008.00
Proportion of female employeesin per cent-22.9622.5922.3724.16

 

1) Previous years 2017 to 2018 also include the discontinued operation (Pankl-Group).
2) Working capital employed = inventories + trade receivables – trade payables
3) Net debt = financial liabilities (current, non-current) – cash
4) Gearing = net debt / equity
5) Free cash flow = cash flow from operating activities + cash flow from investing activities
6) Additions to property, plant and equipment and intangible assets according to the schedule of investments, excluding lease additions (IFRS 16)
7) ROCE = EBIT / average capital employed Capital employed = Property, plant and equipment + goodwill + intangible assets + working capital employed
8) ROE = earnings after taxes / average equity
9) ROIC = NOPAT / average capital employed; NOPAT = EBIT – taxes
10) Since November 14th, 2016 listing on SIX Swiss Exchange
11) Reverse stock split in a ratio 10:1 in April 2018
12) Calculation includes no treasury shares as of December 31st, 2021 (previous year 12/31/2020: 193,340 numbers)
13) Calculation in 2017 adjusted to the new number of shares after reverse stock split in a ratio 10:1
14) Equity / number of shares
15) Number of employees on the reporting day (including temporary staff); Previous years 2017 and 2018 also include the discontinued operation (Pankl-Group)
16) Including motorcycles sold by partner Bajaj
17) Including motorcycles sold by partner Bajaj; excluding bicycles without electric drive
18) Including small-engine KTM and Husqvarna models produced by partner Bajaj in India; since 2020 including the number of units produced in Spain (2021: 2,532; 2020: 3,092)
19) Annual production units at the headquarter in Austria
20) CO2 fleet emissions increased by 0.69 g/km in the reporting year, due to the strong growth in sales of ICE models with medium and large displacements (> 500cc).

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