Manitou BF S.A. (MTU.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-40.0%

€11.89

vs €19.80 price

Levered DCF

€66.48

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.17

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.78×	5.28×	6.09×	17.34×	12.14×	23.2×	8.58×	10.18×
P/B	0.76×	0.66×	0.98×	1.2×	1.41×	1.38×	1.25×	1.45×
P/S	0.29×	0.24×	0.3×	0.4×	0.56×	0.58×	0.39×	0.45×
EV / EBITDA	4.45×	3.76×	4.79×	8.33×	6.03×	7.84×	5.29×	6.17×
Gross margin	17.6%	18.8%	17.0%	12.8%	16.5%	15.1%	16.5%	16.7%
Operating margin	5.5%	7.3%	7.2%	3.5%	6.6%	5.5%	7.0%	6.9%
Net margin	2.7%	4.6%	5.0%	2.3%	4.6%	2.5%	4.6%	4.5%
Current ratio	1.63×	1.7×	1.63×	1.77×	2.06×	2.36×	2.08×	1.68×
Debt / equity	0.36×	0.46×	0.53×	0.38×	0.27×	0.27×	0.35×	0.3×
Interest coverage	1.08×	7.01×	10.56×	8.28×	14.36×	8.67×	14.14×	19.29×
Dividend yield	6.5%	8.1%	2.8%	3.2%	2.2%	2.1%	3.7%	2.8%
Payout ratio	70.0%	42.5%	16.8%	55.9%	26.5%	49.1%	31.4%	28.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.0%	12.5%	16.0%	6.9%	11.6%	6.0%	14.5%	14.2%
Return on invested capital	6.5%	9.2%	10.7%	5.0%	9.2%	6.0%	11.4%	11.6%
Return on assets	3.3%	5.8%	6.6%	3.1%	5.8%	3.1%	6.9%	6.5%
Free cash flow yield	29.3%	21.3%	-18.0%	-20.9%	7.4%	18.7%	2.0%	-6.0%
Earnings yield	9.3%	19.0%	16.4%	5.8%	8.2%	4.3%	11.6%	9.8%
Enterprise value	€988.1M	€1B	€1.3B	€1.2B	€1.1B	€973.4M	€1B	€1B
Net debt / EBITDA	1.13×	1.45×	1.56×	1.69×	0.03×	0.47×	1.08×	0.91×
Cash conversion cycle (days)	134	161	146	138	129	144	137	136