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Palfinger AG is an Austria-based manufacturer of cranes, hydraulic lifting, loading and handling systems. Its core product is the truck-mounted knuckle boom crane, which is available in approximately 150 models. The Company's product portfolio includes telescopic cranes, timber and recycling cranes, container handling systems, transportable forklifts, tail lifts, high-tech railway applications and access platforms, as well as related services. The history of Palfinger dates back to 1932, with the founding of a reparation and metalworking shop for agricultural trailers, tippers and vehicle bodies by Richard Palfinger. In 1999, the Company went public, and in 2004 acquired German crane company BISON. As of 2012, Palfinger had 30 manufacturing and assembly sites, and around 4,500 outlets in over 130 countries. In 2012, the group started to implement production in China.

Finance

Palfinger has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 20.4% a year during that time to total of EUR 145 mil in 2015, or 11.8% of sales. That’s compared to 10.3% average margin seen in last five years.

The company netted EUR 64.4 mil in 2015 implying ROE of 13.3% and ROCE of 6.88%. Again, the average figures were 11.5% and 5.95%, respectively when looking at the previous 5 years.

Palfinger’s net debt amounted to EUR 384 mil at the end of 2015, or 0.752 of equity. When compared to EBITDA, net debt was 2.64x, up when compared to average of 2.62x seen in the last 5 years.

Valuation

Palfinger stock traded at EUR 26.5 per share at the end of 2015 resulting in a market capitalization of USD 1,204 mil. Over the previous five years, stock price fell by 7.98% or -1.65% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 8.91x and price to earnings (PE) of 15.4x as of 2015.