Inversión en PKTM (PIERER MOBILITY)
ForoCoches: Miembro
24-ago-2025 15:57
#1
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He estado analizando esta empresa durante muchos meses y me parece una inversión bastante interesante. Se trata de la empresa que tiene la marca de motos KTM y algunas más y que hace poco entró en preconcurao de acreedores por una mala gestión y problemas en la cadena de suministro. La empresa debería volver a la normalidad relativamente pronto. Que os parece? He hecho una especie de plantilla básica para calcular la rentabilidad que podría dar en dos años. Solo hay que meterle cantidad y precio medio y te sale lo que podría generar. https://docs.google.com/spreadsheets...f=true&sd=true |
ForoCoches: Miembro
24-ago-2025 17:25
#3
| Como piensan pagar la deuda? En tres meses se quedan sin efectivo.. |
ForoCoches: Miembro
25-ago-2025 09:30
#4
| Pero estos estaban en concurso de acreedores no? En que ha acabado? Les han comprado, han hecho ampliación de capital...? |
ForoCoches: Usuario
25-ago-2025 09:38
#5
| Los compró Bajaj (india). Yo tengo esperanzas de que refloten, pero creo que necesitaban los beneficios de 10 años para pagar las deudas. |
ForoCoches: Miembro
25-ago-2025 09:47
#6
| Entonces habrá que ver como evoluciona el nuevo grupo y si hay sinergias internamente con la reestructuración, entiendo que ahora debe esta en mínimos históricos así que bueno podría ser interesante invertir una pequeña cantidad para tenerlo en el radar. Aunque me falta bastante info de que han reestructurado y cual es el roadmap/guidance de la empresa. |
ForoCoches: Usuario
25-ago-2025 10:01
#7
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Entonces habrá que ver como evoluciona el nuevo grupo y si hay sinergias internamente con la reestructuración, entiendo que ahora debe esta en mínimos históricos así que bueno podría ser interesante invertir una pequeña cantidad para tenerlo en el radar. Aunque me falta bastante info de que han reestructurado y cual es el roadmap/guidance de la empresa.
Considero que un buen punto de entrada es alrededor de los 16€. |
ForoCoches: Miembro
25-ago-2025 18:13
#8
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Entonces habrá que ver como evoluciona el nuevo grupo y si hay sinergias internamente con la reestructuración, entiendo que ahora debe esta en mínimos históricos así que bueno podría ser interesante invertir una pequeña cantidad para tenerlo en el radar. Aunque me falta bastante info de que han reestructurado y cual es el roadmap/guidance de la empresa.
BAJAI ha infectado el dinero necesario para continuar con normalidad. No han realizado ampliación al final. En teoría, ya tienen lo que necesitan. Han batido record de ventas de motos al cliente final en 2024. La quiebra se debe a problemas en la cadena de suministro (saturación) y por eso no compraron los concesionarios. No tienen que quitarse toda la deuda, con la reestructuración le han perdonado el 70%. Solo tienen que reducirla un poco más para que tengan mas beneficio, paguen menos de intereses y sea una inversión más atractiva. En mi plantilla ya tengo en cuenta la deuda neta. |
ForoCoches: Miembro
25-ago-2025 18:16
#9
| Sí. Las ebikes perdían sobre 100M. Solo con eso, la empresa debería ir bastante mejor. Mi precio medio es ese que dices. |
ForoCoches: Usuario
28-ago-2025 09:51
#10
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Resultados presentados hoy de H1: Wels, August 28, 2025 PIERER Mobility AG: Results for the first half of 2025
H1 2025 was marked by the restructuring proceedings within the KTM Group, which have now been successfully completed. These proceedings had a significant impact on all aspects of the Group. Restructuring proceedings successfully completed As previously reported on several occasions, KTM AG and two of its subsidiaries successfully completed the insolvency restructuring proceedings in June 2025. The affected KTM companies deposited the agreed-upon quota of 30% of the recognized claims with the restructuring administrators on time. The majority of the payments had already been made by the restructuring administrators as of the balance sheet date of June 30, 2025. The successful completion of the restructuring proceedings generated a restructuring profit of 70% of the registered creditor claims, or €1,187 million, in H1 2025. Journey of turnaround commences Although the restructuring process has been successfully completed from a legal perspective, it will continue within the Group. To put the Group on a sustainable path to success, it is focusing on its motorcycle business; the bicycle business is being wound down. The sale of the majority stake in MV Agusta was completed on July 9, 2025 (closing). Consequently, the shares in the company are still classified as "held for sale" at the end of the first half of the year. In early June, a term sheet was signed to sell the KTM X-BOW business to an international investor group. In the meantime, a corresponding binding sales agreement has also been signed. Production resumed at the end of July 2025 Production in Austria had been suspended for most of the first half of the year due to limited liquidity during the restructuring proceedings. Temporary reductions in working hours and compensation allowed for the retention of valuable employees while personnel expenses were reduced as much as possible. However, halting production was also a central component of the restructuring plan to reduce global inventories. At the end of July 2025, KTM AG resumed production on all four lines in Austria. Results for H1 2025 H1 2024 H1 2025 ∆ Revenue in €m 1,007 425 -57.8% EBITDA in €m -102 1,003 > +100% EBIT in €m -195 930 > +100% Net income in €m -172 739 > +100% Employees as of June 30 headcount 6,024 4,303 -28.6% Dec. 31, 2024 June 30, 2025 ∆ Total assets in €m 2,396 1,968 -17.9% Equity in €m -194 532 > +100% Equity ratio -8.1% 27.0% +35.1pp Working capital employed in €m 525 403 -23.3% Net debt in €m 1,643 756 -54.0% Gearing -847.9% 142.2% +990.1pp The PIERER Mobility Group's revenue decreased by 57.8% year-over-year, reaching € 425 million. Of this revenue, 46.5% was generated in Europe, 32.4% in North America and 21.1% in other markets. The restructuring profit led to positive earnings figures. EBITDA reached € 1,003 million, EBIT € 930 million, and the profit for the period amounted to € 739 million. Due to the restructuring profit, equity amounted to € 532 million as of June 30, 2025, and is positive again with an equity ratio of 27%. Compared to the previous year, net debt more than halved after the restructuring quota was fulfilled and now stands at €756 million (December 31, 2024: € 1,643 million). The primary sources of financing in H1 2025 were a € 450 million restructuring loan granted by Bajaj Auto International Holdings BV and a € 350 million shareholder loan from Pierer Bajaj AG. In connection with the restructuring and reorganization activities, the Group's headcount decreased by 1,721 in the last twelve months. With the sale of MV Agusta at the beginning of July, the headcount decreased by an additional 220. The Group is now looking to recruit qualified specialists and managers, particularly at its headquarters in Upper Austria. Motorcycle segment The Motorcycle segment generated 87% of the PIERER Mobility Group's external revenue. H1 2024 H1 2025 ∆ External revenue in €m 936 372 -60.3% EBITDA in €m 11 1,038 > +100% EBIT in €m -78 966 > +100% Sales units 147,496 85,284 -42.2% of which via Bajaj Auto units 32,351 34,950 +8.0% The PIERER Mobility Group sold 50,334 motorcycles in H1 2025 (previous year: 115,145). Additionally, 34,950 motorcycles were sold through the Group’s strategic partner Bajaj Auto (previous year: 32,351). Sales in India were particularly encouraging, rising by more than 8% compared to the previous year. This is the result of the excellent partnership with Bajaj Auto and proof of customer confidence in the KTM brand. Overall, the Group sold 85,284 motorcycles (previous year: 147,496 units). The 42.2% decline in total sales was mainly due to the restructuring proceeding at KTM AG and the production stoppage. Additionally, the company deliberately held back on delivering and selling new models to allow time for the market to reduce global inventories. The reduced inventory level and the resulting lower capital commitment positively impacted the Group's liquidity. The sales figures reported by dealers to end customers were encouraging, exceeding the company's own expectations with more than 100,000 motorcycles sold. Together with reduced production output, the Company's own inventories and those of dealers and importers were significantly reduced in H1 2025, and efficiency was increased along the entire supply chain. PIERER Mobility thus confirms its strong position in the global motorcycle market. External revenue in the motorcycle segment declined by 60.3% year-on-year to € 372 million. Due to the restructuring profit, EBITDA was positive at € 1,038 million, and EBIT was positive at € 966 million. Bicycle segment The bicycle segment generated 12% of the PIERER Mobility Group's external sales. H1 2024 H1 2025 ∆ External revenue in €m 69 52 -24.4% EBITDA in €m -115 -11 n.m. EBIT in €m -117 -11 n.m. Sales units 53,820 50,107 -6.9% of which electric bicycles units 28,771 44,860 +55.9% In the bicycle segment, the Group sold 50,107 bicycles (electric bicycles and bicycles) in H1 2025. This means that the wind-down of the electric bicycle business proceeded much faster and more successfully than planned. The sale-off also positively impacted the Group's liquidity. The Husqvarna and GASGAS bicycle brands will be sold out by the end of 2025. External revenue in the bicycle segment declined by 24.4% to € 52 million. Operating losses were significantly reduced, with EBITDA and EBIT at € -11 million in H1 2025. Outlook Based on the results of the first half of the year 2025, the lack of operating performance for six months, the conscious decision to sell fewer motorcycles to dealers, and the ongoing challenging economic environment, the Executive Board expects revenue for the 2025 financial year to be significantly below the level of the previous financial year. In order to give the market the opportunity to further reduce dealer inventories in financial year 2026, fewer motorcycles will be produced and sold in 2026 than in 2024. At the same time, some of the cost-cutting measures that have been introduced will require more time to implement and take effect. Therefore, EBITDA for financial year 2026 is expected to be positive; a positive EBIT will be feasible in the 2027 financial year. The EBIT of the financial year 2025 will be significantly positive due to the restructuring profit realized. Rebuilding and maintaining strong supplier relationships is crucial for the successful continuation of production and remains challenging. The untimely availability of individual components can disrupt the production ramp-up process at any time. The investments made in recent years have secured the necessary production capacities for the coming years. It is expected that this will enable significantly reduced investments until operational profitability is achieved, without impairing the Group’s substance or future viability. |
ForoCoches: Miembro
28-ago-2025 09:56
#11
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Esto es un no touch de libro... https://www.pierermobility.com/api/a...ype=attachment |
ForoCoches: Miembro
28-ago-2025 10:28
#13
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Que ahi hay que entrar solo si quieres palmar pasta. Un vistazo rápido sin entrar en un análisis currado. En el primer semestre de 2025 han caido las ventas un 40% aprox. Por lo que el problema de la compañia no es de deuda, sino de negocio. Los costes de ventas superan a los ingresos, por lo que palman pasta por cada moto que venden, y ya solo el G&A se acerca prácticamente a la cifra total de ingresos. Van a tener que afeitar la empresa hasta la epidermis. Si no han dado pérdidas salvajes ha sido por un impairment de 1.000 millones que se han anotado. (Bien sea una desinversion con plusvalia, o un ajuste contable), sinó habrían palmado 300 millones. Los indios le han inyectado un préstamo de 200 millones, que vete tu a saber las condiciones, y que probablemente sea convertible y cuando no puedan pagar se hagan con el 99% de la empresa por 4 duros. No se. Yo no entraría ni con el dinero de mi peor enemígo. |
Editado: 28-ago-2025 10:31 -
ForoCoches: Usuario
28-ago-2025 11:33
#14
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Que ahi hay que entrar solo si quieres palmar pasta.
Un vistazo rápido sin entrar en un análisis currado. En el primer semestre de 2025 han caido las ventas un 40% aprox. Por lo que el problema de la compañia no es de deuda, sino de negocio. Los costes de ventas superan a los ingresos, por lo que palman pasta por cada moto que venden, y ya solo el G&A se acerca prácticamente a la cifra total de ingresos. Van a tener que afeitar la empresa hasta la epidermis. Si no han dado pérdidas salvajes ha sido por un impairment de 1.000 millones que se han anotado. (Bien sea una desinversion con plusvalia, o un ajuste contable), sinó habrían palmado 300 millones. Los indios le han inyectado un préstamo de 200 millones, que vete tu a saber las condiciones, y que probablemente sea convertible y cuando no puedan pagar se hagan con el 99% de la empresa por 4 duros. No se. Yo no entraría ni con el dinero de mi peor enemígo. A partir de 2027 vuelta a beneficios reales con menor coste fijo y negocio más enfocado a solo motos. Yo creo que hasta 2030 no veremos números como los de antes. |
ForoCoches: Miembro
28-ago-2025 11:35
#15
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Van a tener que diluir mucho hasta 2027. Dicho lo cual, vuelvo a avisar que no me la he analizado en profundidad, doy mi opinión con un vistazo rápido |
ForoCoches: Usuario
28-ago-2025 13:10
#16
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Tengo desde hace un año acciones a 16, que salvo el bajón de hace unos meses apenas se ha movido. Considerando ver qué hacer con ellas. |