Aebi Schmidt Holding AG (NASDAQ: AEBI)

Sector: Industrials Industry: Farm & Heavy Construction Machinery CIK: 0002048519
Market Cap 82.95 Mn
P/B 0.10
P/E 2.70
P/S 0.08
ROIC (Qtr) 0.00
Div Yield % 0.16
Rev 1y % (Qtr) 79.59
Total Debt (Qtr) 813.83 Mn
Debt/Equity (Qtr) 1.00
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About

Investment thesis

Bull case

  • Healthy cash reserves of 125.97M provide 2.84x coverage of short-term debt 44.41M, demonstrating strong liquidity position and minimal refinancing risk.
  • Tangible assets of 1.32B provide exceptional 56.53x coverage of deferred revenue 23.33M, showing strong service capability backing.
  • Tangible assets of 1.32B provide robust 8.09x coverage of other current liabilities 163.12M, indicating strong asset backing.
  • Cash reserves of 125.97M provide solid 3.88x coverage of other non-current liabilities 32.48M, indicating strong liquidity.
  • Cash position of 125.97M provides strong 5.40x coverage of deferred revenue 23.33M, ensuring service delivery capability.

Bear case

  • Operating cash flow of 0 provides insufficient coverage of deferred revenue obligations of 23.33M, which is 0x, raising concerns about future service delivery capabilities.
  • Tax assets of 7.70M provide limited offset against tax liabilities of 36.45M, which is 0.21x, indicating potential future cash flow pressure from tax obligations.
  • Retained earnings of 50.72M provide limited buffer against comprehensive income items of 33.28M, which is 1.52x, indicating elevated exposure to market risks.
  • Other non-current assets of 60.77M provide minimal coverage for long-term debt of 769.42M, which is 0.08x, indicating potential asset-liability mismatch.
  • Intangible assets of 756.49M represent a concerning 0.93x of shareholder equity 812.25M, indicating high exposure to potential impairment risks.

Peer comparison

Companies in the Farm & Heavy Construction Machinery
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 CAT Caterpillar Inc 483.60 Bn 124.96 8.76 43.33 Bn
2 DE Deere & Co 188.47 Bn 68.51 5.30 63.94 Bn
3 PCAR Paccar Inc 68.19 Bn 57.51 3.81 15.85 Bn
4 CNH CNH Industrial N.V. 16.63 Bn 27.85 0.93 27.17 Bn
5 AGCO Agco Corp /De 10.86 Bn 33.29 1.16 2.56 Bn
6 OSK Oshkosh Corp 10.81 Bn 16.71 1.04 1.10 Bn
7 TEX Terex Corp 4.57 Bn 20.69 0.84 2.58 Bn
8 ALG Alamo Group Inc 2.46 Bn 38.76 2.10 0.21 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.00 1.36
EV to Cash from Ops. EV to Cash from Ops. 0.00 2.52
EV to Debt EV to Debt 0.00 36.19
EV to EBIT EV to EBIT 0.00 19.84
EV to EBITDA EV to EBITDA 0.00 11.98
EV to Free Cash Flow [EV/FCF] EV to Free Cash Flow [EV/FCF] 0.00 10.22
EV to Market Cap EV to Market Cap 0.00 2.67
EV to Revenue EV to Revenue 0.00 2.22
Price to Book Value [P/B] P/B 0.10 2.56
Price to Earnings [P/E] P/E 2.70 19.56
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 116,909.42
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 51.44
Dividend per Basic Share Div per Share (Qtr) 0.03 1.01
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 11.55
Interest Coverage Int. cover (Qtr) 0.00 6.02
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 -4.60
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 0.00 27.84
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -2.90
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 0.00 22.54
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 2.73
EBIT Growth (1y) % EBIT 1y % (Qtr) 0.00 36.64
EBT Growth (1y) % EBT 1y % (Qtr) 0.00 2,839.65
EPS Growth (1y) % EPS 1y % (Qtr) 0.00 154.78
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 -12.49
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 0.00 -11.09
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.00 1.00
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.07
Cash Ratio Cash Ratio (Qtr) 0.29 0.46
Current Ratio Curr Ratio (Qtr) 2.10 2.51
Debt to Equity Ratio Debt/Equity (Qtr) 1.00 0.43
Interest Cover Ratio Int Coverage (Qtr) 0.00 6.02
Times Interest Earned Times Interest Earned (Qtr) 0.00 6.02
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.00 -7.57
EBIT Margin % EBIT Margin % (Qtr) 0.00 -11.88
EBT Margin % EBT Margin % (Qtr) 0.00 -14.87
Gross Margin % Gross Margin % (Qtr) 0.00 19.78
Net Profit Margin % Net Margin % (Qtr) 0.00 -16.22