KTM

KTM's Cash & Cash Equivalents fell 39.9% yoy to EUR 142 mil in 2017

By Helgi Analytics - April 2, 2020

KTM's total assets reached EUR 1,092 mil at the end of 2017, up 3.35% compared to the previous year. Current asset...

Profit Statement 2015 2016 2017
Sales EUR mil 1,022 1,142 1,332
Gross Profit EUR mil 357 432 463
EBITDA EUR mil 141 160 179
EBIT EUR mil 95.1 103 113
Financing Cost EUR mil 9.82 7.73 4.60
Pre-Tax Profit EUR mil 85.4 94.4 107
Net Profit EUR mil 63.9 72.1 78.8
Dividends EUR mil 16.3 21.7 21.7
Balance Sheet 2015 2016 2017
Total Assets EUR mil 849 1,057 1,092
Non-Current Assets EUR mil 449 516 590
Current Assets EUR mil 400 541 502
Working Capital EUR mil 122 104 92.5
Shareholders' Equity EUR mil 380 428 488
Liabilities EUR mil 469 629 604
Total Debt EUR mil 216 318 215
Net Debt EUR mil 98.0 81.6 73.0
Ratios 2015 2016 2017
ROE % 18.1 17.9 17.2
ROCE % 12.0 12.1 12.1
Gross Margin % 34.9 37.9 34.8
EBITDA Margin % 13.8 14.0 13.4
EBIT Margin % 9.30 9.00 8.49
Net Margin % 6.25 6.32 5.92
Net Debt/EBITDA 0.695 0.509 0.408
Net Debt/Equity % 25.8 19.1 15.0
Cost of Financing % 5.25 2.89 1.73
Valuation 2015 2016 2017
Market Capitalisation USD mil 612 727 876
Enterprise Value (EV) USD mil 718 813 964
Number Of Shares mil 10.8 10.8 10.8
Share Price EUR 51.8 63.5 67.4
EV/EBITDA 4.44 4.73 4.80
EV/Sales 0.613 0.664 0.645
Price/Earnings (P/E) 8.80 9.55 9.27
Price/Book Value (P/BV) 1.48 1.61 1.50
Dividend Yield % 2.90 3.15 2.96

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summary Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                              
Sales EUR mil                 527 612 716 865 1,022    
Gross Profit EUR mil                 184 207 257 295 357    
EBIT EUR mil                 31.0 36.8 54.9 75.4 95.1    
Net Profit EUR mil                 20.7 25.3 36.4 57.0 63.9    
ROE %                 10.4 10.6 13.6 18.7 18.1    
EBIT Margin %                 5.89 6.02 7.66 8.72 9.30    
Net Margin %                 3.93 4.13 5.09 6.60 6.25    
Employees                 1,632 1,647 1,808 2,056 2,380    
balance sheet                              
Total Assets EUR mil                 486 521 571 695 849    
Non-Current Assets EUR mil                 292 313 337 384 449    
Current Assets EUR mil                 194 208 234 311 400    
Shareholders' Equity EUR mil                 220 255 283 328 380    
Liabilities EUR mil                 266 267 289 367 469    
Non-Current Liabilities EUR mil                 156 139 142 189 270    
Current Liabilities EUR mil                 109 128 146 105 127    
Net Debt/EBITDA                 1.91 1.50 0.951 0.789 0.695    
Net Debt/Equity %                 56.0 40.1 29.4 27.0 25.8    
Cost of Financing % ...               8.45 8.67 6.90 3.94 5.25    
cash flow                              
Total Cash From Operations EUR mil                 70.3 71.7 83.2 79.6 118    
Total Cash From Investing EUR mil                 -37.3 -56.1 -58.1 -69.7 -94.3    
Total Cash From Financing EUR mil                 -27.1 -1.11 -23.0 23.8 27.4    
Net Change In Cash EUR mil                 6.02 14.5 2.22 33.7 51.2    
valuation                              
Market Capitalisation USD mil ...               506 664 940 788 612    
Number Of Shares mil                 10.7 10.8 10.8 10.8 10.8    
Share Price EUR ...               37.7 47.0 62.9 60.0 51.8    
Earnings Per Share (EPS) EUR                 1.94 2.33 3.36 5.26 5.89    
Book Value Per Share EUR                 20.6 23.5 26.1 30.2 35.0    
Dividend Per Share EUR ... ... ... ... ... ... ... ... ... ... 0.700 1.00 1.50    
Price/Earnings (P/E) ...               19.4 20.2 18.7 11.4 8.80    
Price/Book Value (P/BV) ...               1.83 2.00 2.41 1.99 1.48    
Dividend Yield % ... ... ... ... ... ... ... ... ... ... 1.11 1.67 2.90    
Earnings Per Share Growth % ...               41.0 20.1 44.2 56.5 12.0    
Book Value Per Share Growth % ...               17.9 13.9 11.1 15.8 15.9    
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                              
Sales EUR mil                 527 612 716 865 1,022    
Cost of Goods & Services EUR mil                 343 405 460 570 665    
Gross Profit EUR mil                 184 207 257 295 357    
Staff Cost EUR mil                 58.9 59.5 69.5 97.4 119    
Other Cost EUR mil                 60.4 79.3 99.6 85.5 97.1    
EBITDA EUR mil                 64.5 68.2 87.6 112 141    
Depreciation EUR mil                 33.5 31.4 32.7 36.8 46.0    
EBIT EUR mil                 31.0 36.8 54.9 75.4 95.1    
Financing Cost EUR mil                 11.9 11.7 8.50 5.37 9.82    
Extraordinary Cost EUR mil                 0 0 -0.539 -0.628 -0.134    
Pre-Tax Profit EUR mil                 19.1 25.1 46.9 70.6 85.4    
Tax EUR mil                 -1.71 -0.172 10.4 13.5 21.5    
Minorities EUR mil                 0.099 0.049 0.067 0.125 0.068    
Net Profit EUR mil                 20.7 25.3 36.4 57.0 63.9    
Dividends EUR mil ... ... ... ... ... ... ... ... ... ... 7.59 10.8 16.3    
growth rates                              
Total Revenue Growth % ...               -10.9 16.2 17.1 20.7 18.3    
Operating Cost Growth % ...               -25.7 16.4 21.8 8.22 18.2    
EBITDA Growth % ...               11.7 5.70 28.4 28.1 25.8    
EBIT Growth % ...               3.60 18.7 49.0 37.3 26.2    
Pre-Tax Profit Growth % ...               39.2 31.6 86.6 50.5 20.9    
Net Profit Growth % ...               49.0 22.0 44.2 56.5 12.0    
ratios                              
ROE %                 10.4 10.6 13.6 18.7 18.1    
ROCE % ...               5.36 6.46 8.94 12.5 12.0    
Gross Margin %                 34.9 33.8 35.8 34.1 34.9    
EBITDA Margin %                 12.2 11.1 12.2 13.0 13.8    
EBIT Margin %                 5.89 6.02 7.66 8.72 9.30    
Net Margin %                 3.93 4.13 5.09 6.60 6.25    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... 20.8 19.0 25.5    
Cost of Financing % ...               8.45 8.67 6.90 3.94 5.25    
Net Debt/EBITDA                 1.91 1.50 0.951 0.789 0.695    
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                              
Non-Current Assets EUR mil                 292 313 337 384 449    
Property, Plant & Equipment EUR mil                 84.3 92.5 99.1 124 161    
Intangible Assets EUR mil                 315 208 232 253 280    
Goodwill EUR mil ... ... ... ... ... ... ... ... ... ... 78.7 78.7 ... ... ...
Current Assets EUR mil                 194 208 234 311 400    
Inventories EUR mil                 114 110 121 142 161    
Receivables EUR mil                 49.9 48.2 58.9 70.3 88.2    
Cash & Cash Equivalents EUR mil                 15.0 29.4 31.6 68.8 118    
Total Assets EUR mil                 486 521 571 695 849    
Shareholders' Equity EUR mil                 220 255 283 328 380    
Of Which Minority Interest EUR mil                 0.279 0.326 0.393 0.517 0.281    
Liabilities EUR mil                 266 267 289 367 469    
Non-Current Liabilities EUR mil                 156 139 142 189 270    
Long-Term Debt EUR mil                 133 115 109 149 210    
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ... ... ... 18.8 20.5 37.7    
Current Liabilities EUR mil                 109 128 146 105 127    
Short-Term Debt EUR mil                 5.42 16.1 5.47 8.61 6.11    
Trade Payables EUR mil                 65.6 79.1 93.4 105 127    
Provisions EUR mil ... ... ... ... ... ... ... ... ... ... 5.27 6.76 8.86    
Equity And Liabilities EUR mil                 486 521 571 695 849    
growth rates                              
Total Asset Growth % ...               9.08 7.32 9.61 21.6 22.2    
Shareholders' Equity Growth % ...               24.5 15.7 11.1 15.8 15.9    
Net Debt Growth % ...               -8.68 -17.3 -18.4 6.25 10.8    
Total Debt Growth % ...               -3.96 -4.98 -12.6 36.9 37.6    
ratios                              
Total Debt EUR mil                 138 131 115 157 216    
Net Debt EUR mil                 123 102 83.3 88.5 98.0    
Working Capital EUR mil                 98.3 79.2 86.1 107 122    
Capital Employed EUR mil                 390 392 423 491 571    
Net Debt/Equity %                 56.0 40.1 29.4 27.0 25.8    
Cost of Financing % ...               8.45 8.67 6.90 3.94 5.25    
cash flow Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                              
Net Profit EUR mil                 20.7 25.3 36.4 57.0 63.9    
Depreciation EUR mil                 33.5 31.4 32.7 36.8 46.0    
Non-Cash Items EUR mil ...               -6.06 -3.99 20.9 6.58 23.4    
Change in Working Capital EUR mil ...               22.2 19.0 -6.84 -20.8 -15.2    
Total Cash From Operations EUR mil                 70.3 71.7 83.2 79.6 118    
Capital Expenditures EUR mil                 -37.7 -56.2 -58.1 -69.6 -94.8    
Other Investments EUR mil                 0.434 0.089 0.063 -0.167 0.459    
Total Cash From Investing EUR mil                 -37.3 -56.1 -58.1 -69.7 -94.3    
Dividends Paid EUR mil ... ... ... ... ... ... ... ... ... ... -7.59 -10.8 -16.3    
Issuance Of Shares EUR mil                 1.10 -0.149 ... ... ... ... ...
Issuance Of Debt EUR mil ...               -5.71 -6.89 -16.5 42.4 59.1    
Total Cash From Financing EUR mil                 -27.1 -1.11 -23.0 23.8 27.4    
Net Change In Cash EUR mil                 6.02 14.5 2.22 33.7 51.2    
ratios                              
Days Sales Outstanding days                 34.6 28.7 30.0 29.7 31.5    
Days Sales Of Inventory days                 121 99.3 95.7 90.7 88.5    
Days Payable Outstanding days                 69.8 71.3 74.1 67.3 69.9    
Cash Conversion Cycle days                 86.0 56.7 51.6 53.1 50.1    
Cash Earnings EUR mil                 54.2 56.6 69.2 93.8 110    
Cash Earnings Per Share EUR                 5.08 5.22 6.38 8.65 10.1    
Price/Cash Earnings (P/CE) ...               7.43 9.00 9.86 6.93 5.11    
Free Cash Flow EUR mil                 33.1 15.6 25.2 9.91 23.8    
Free Cash Flow Yield % ...               9.09 3.01 3.56 1.62 4.46    
other data Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                              
ROA %                 4.45 5.02 6.67 9.01 8.27    
Gross Margin %                 34.9 33.8 35.8 34.1 34.9    
Employees                 1,632 1,647 1,808 2,056 2,380    
Cost Per Employee USD per month                 4,180 3,863 4,251 5,090 4,783    
Cost Per Employee (Local Currency) EUR per month                 3,007 3,009 3,203 3,949 4,172    
Staff Cost (As % Of Total Cost) %                 11.9 10.3 10.5 12.3 12.8    
Effective Tax Rate %                 -8.94 -0.684 22.2 19.1 25.2    
Enterprise Value (EV) USD mil ...               666 799 1,054 895 718    
EV/EBITDA ...               7.42 9.12 9.07 6.19 4.44    
EV/Capital Employed ...               1.32 1.54 1.81 1.51 1.15    
EV/Sales ...               0.909 1.02 1.11 0.803 0.613    
EV/EBIT ...               15.4 16.9 14.5 9.21 6.59    
Domestic Sales EUR mil ... ... ... ... ... ... ... ... ... ... 34.8 39.4 44.0 ... ...
Capital Expenditures (As % of Sales) %                 7.16 9.18 8.11 8.05 9.27    
Revenues From Abroad EUR mil ... ... ... ... ... ... ... ... ... ... 682 825 979 ... ...
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... 95.1 95.4 95.7 ... ...
Sales in Europe EUR mil                 329 349 391 462 512    
Sales in the North America EUR mil                 107 139 159 202 302    
Sales in Other Countries EUR mil                 91.2 124 166 201 209    
Sales of Offroad Sportmotorcycles (EUR) EUR mil                 268 303 309 347 425    
Sales of Street Sportmotorcycles (EUR) EUR mil                 131 165 249 329 391    
Sales of Sportminicycles (EUR) EUR mil                 19.8 26.5 30.8 34.5 38.0    
Sales of ATVS/Sportquads (EUR) EUR mil ... ... ...           4.28 2.32 0.494 0.014 0    
Sales of X-Bows (EUR) EUR mil ... ... ... ... ...       2.49 3.36 2.62 2.67 3.21    
Sales of Other Products (EUR) EUR mil                 101 112 124 151 165    
Sales of Motorcycles vehicles ... ...             81,200 98,740 114,250 140,574 152,181    
Sales of Offroad Sportmotorcycles vehicles ... ...             51,146 55,913 57,688 63,061 71,854    
Sales of Street Sportmotorcycles vehicles ... ...             21,918 33,073 45,681 65,737 67,917    
Sales of Sportminicycles vehicles ... ...             7,340 9,265 10,741 11,724 12,343    
Sales of ATVS/Sportquads vehicles ... ... ...           742 411 90.0 4.00 0    
Sales of X-Bows vehicles ... ... ... ... ...       54.0 78.0 50.0 52.0 67.0    
EBIT from Europe EUR mil ... ... ... ... ... ...     27.8 32.7 ... ... ... ... ...
EBIT from North America EUR mil ... ... ... ... ... ...     2.88 3.67 ... ... ... ... ...
EBIT from Other Countries EUR mil ... ... ... ... ... ...     0.354 0.807 ... ... ... ... ...
Price Per Vehicle Sold EUR ... ...             6,488 6,198 6,270 6,151 6,719    
EBIT Per Vehicle Sold EUR ... ...             382 373 480 536 625    
Net Profit Per Vehicle Sold EUR ... ...             255 256 319 406 420    
Price Per Vehicle Sold (USD) USD ... ...             9,020 7,958 8,324 7,928 7,702    
EBIT Per Vehicle Sold (USD) USD ... ...             532 479 638 691 716    
Net Profit Per Vehicle Sold (USD) USD ... ...             355 329 423 523 481    
Price of an Offroad Sportmotorcycle EUR ... ...             5,231 5,421 5,364 5,508 5,920    
Price of a Street Sportmotorcycle EUR ... ...             5,996 4,979 5,448 5,009 5,751    
Price of a Sportminicycle EUR ... ...             2,702 2,859 2,872 2,940 3,075    
Price of an ATVS/Sportquad EUR ... ... ...           5,764 5,655 5,489 3,500 ... ... ...
Price of an X-Bow EUR ... ... ... ... ...       46,019 43,013 52,320 51,250 47,970    

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Oct 2018
Statistical Dossier
Apr 2016
Statistical Dossier
Mar 2014
Statistical Dossier
Mar 2014
Company Report

KTM AG is an Austria-based holding company producing motorcycles. The Company develops and manufactures vehicles and motorcycles under KTM and HUSABREG brands. KTM-Sportmotorcycle AG based in Mattighofen is the operative company of the Group and manufactures and develops race-ready offroad and street motorcycles. KTM products are distributed globally via 23 sales companies and two joint ventures in Dubai and New Zealand to more than 1,100 independent dealers and importers. In 2007 KTM entered a partnership with the Indian Bajaj Group, the second biggest motorcycles and three wheeler manufacturer in India

Finance

KTM has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 21.3% a year during that time to total of EUR 179 mil in 2017, or 13.4% of sales. That’s compared to 13.3% average margin seen in last five years.

The company netted EUR 78.8 mil in 2017 implying ROE of 17.2% and ROCE of 12.1%. Again, the average figures were 17.1% and 11.5%, respectively when looking at the previous 5 years.

KTM’s net debt amounted to EUR 73.0 mil at the end of 2017, or 15.0% of equity. When compared to EBITDA, net debt was 0.408x, down when compared to average of 0.670x seen in the last 5 years.

Valuation

KTM stock traded at EUR 67.4 per share at the end of 2017 resulting in a market capitalization of USD 876 mil. Over the previous five years, stock price grew by 43.4% or 7.48% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 4.80x and price to earnings (PE) of 9.27x as of 2017.