olivLaw · European equity research
PIERER Mobility AG BMAG.VI
Austria · Wiener Börse · ISIN AT0000KTMI02 · Vertical: Listed companies from Austria
PIERER Mobility AG, based in Austria, is the group behind the KTM, Husqvarna and GASGAS motorcycle brands. In fiscal 2025 the company went through restructuring proceedings at KTM AG, and total energy consumption fell to 54826.0 MWh, with a renewable share of 32.4%.
At the close of 05 Nov 2026, PIERER Mobility AG (BMAG.VI) stock was 32.25 EUR (−0.92% on the day), with market capitalisation 1.1 bn EUR, P/E 1.8 on diluted EPS of 17.60 EUR over the last 12 months, dividend yield 0.00%, beta 0.93, 52-week range 13.28–38.25 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 46.5
- neutral
- Bollinger (20, 2)
- 30.46 – 37.51
- in the lower half of the band · %B 0.25 · band width 20.8%
- SMA 50 / 200
- 31.86 / 22.49
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.66 / 1.07
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.6% | +0.4% | +0.2 pp | — |
| 3 months | +20.3% | −3.3% | +23.6 pp | — |
| 6 months | +76.4% | +4.0% | +72.5 pp | — |
| Year to date | +118.5% | +8.1% | +110.4 pp | — |
| 1 year | +140.7% | +10.7% | +130.0 pp | +5.3% |
| 3 years | −43.2% | +50.1% | −93.3 pp | +12.7% |
| 5 years | −60.7% | +43.6% | −104.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 0.8, median 0.8, max 0.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 1.9 bn | 1.0 bn |
| Revenue YoY | unavailable | −46.3% |
| Net income | -990.3 m | 595.0 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -29.30 | 17.60 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -52.7% | 58.9% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 137.3 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 385.2 m EUR
- Total assets
- 1.6 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 3.14x
- ROE
- unavailable
- ROA
- 29.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.9 bn | 1.0 bn | esef· 22 Apr 2026verified |
| Cost of revenue | 1.9 bn | 990.9 m | esef· 22 Apr 2026verified |
| Gross profit | -51.0 m | 18.5 m | esef· 22 Apr 2026verified |
| Research & development | 80.4 m | 79.0 m | esef· 22 Apr 2026verified |
| Operating income | -1.2 bn | 747.8 m | esef· 22 Apr 2026verified |
| Pre-tax income | -1.3 bn | 662.8 m | esef· 22 Apr 2026verified |
| Income tax | -196.7 m | 72.7 m | esef· 22 Apr 2026verified |
| Net income | -990.3 m | 595.0 m | esef· 22 Apr 2026verified |
| Diluted EPS | -29.30 | 17.60 | esef· 22 Apr 2026verified |
| Dividend per share | 0.52 | 0.00 | esef· 22 Apr 2026derived |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 163.4 m | 137.3 m | esef· 22 Apr 2026verified |
| Inventories | 617.9 m | 377.1 m | esef· 22 Apr 2026verified |
| Current assets | 1.2 bn | 805.1 m | esef· 22 Apr 2026verified |
| Property, plant & equipment, net | 369.3 m | 315.7 m | esef· 22 Apr 2026verified |
| Intangibles (excl. goodwill) | 476.7 m | 418.4 m | esef· 22 Apr 2026verified |
| Total assets | 2.4 bn | 1.6 bn | esef· 22 Apr 2026verified |
| Current liabilities | 2.3 bn | 256.4 m | esef· 22 Apr 2026verified |
| Equity | -193.7 m | 385.2 m | esef· 22 Apr 2026verified |
| Shares outstanding at year end | 33.8 m | 33.8 m | esef· 22 Apr 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn EUR
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 208.21 – 391.45 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E208.21 – 391.45 (Mid 300.65)24 companies used · median multiple 17.1x · quartiles 11.8x – 22.2x1AST.VI, ACAG.VI, AMAG.VI, ANDR.VI, CPI.VI, DOC.VI, ETS.VI, EVN.VI, FAA.VI, FACC.VI, FQT.VI, MMK.VI, OMV.VI, POS.VI, POST.VI, PYT.VI, ROS.VI, SBO.VI, STR.VI, SWUT.VI, TKA.VI, VER.VI, VOE.VI, WIE.VI
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 58.9% | 95 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 1.8x | 100 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial95/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PIERER Mobility AG (BMAG.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.0 bn EUR in 2025; YoY growth -46.3%; net margin 58.9%; ROE 638.9%.
The estimated value range is 208.21–391.45 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 300.65 EUR, the price of 32.25 EUR leaves a potential of 832.3% (value / price − 1) and a margin of safety of 89.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 58.9%
- Current ratio: 3.1x
- P/E (TTM): 1.8x
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for BMAG.VI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 17.24 Total return -47% · Per year -47% | 30.64 Total return -5% · Per year -5% | 46.36 Total return 44% · Per year 44% |
| 3 years | 13.69 Total return -58% · Per year -25% | 27.65 Total return -14% · Per year -5% | 46.36 Total return 44% · Per year 13% |
| 5 years | 10.87 Total return -66% · Per year -20% | 24.95 Total return -23% · Per year -5% | 46.36 Total return 44% · Per year 8% |
- Exit P/E± 6.91
- Net margin± 4.84
- Annual revenue growth± 4.37
- Annual dilution± 0.41
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
PIERER Mobility AG, based in Austria, is the group behind the KTM, Husqvarna and GASGAS motorcycle brands. In fiscal 2025 the company went through restructuring proceedings at KTM AG, and total energy consumption fell to 54826.0 MWh, with a renewable share of 32.4% 1.
SWOT
Strengths
- A portfolio of recognized sporting brands, such as KTM, Husqvarna and GASGAS, with racing experience and product development know-how 1.
- ISO 9001 and ISO 14001 certifications for production and environmental processes, which support quality control 1.
- Support from principal shareholder Bajaj Mobility AG, which can contribute to group stability 1.
Weaknesses
- The restructuring of KTM AG and the production interruption in the first half of 2025 weighed on operations 1.
- No unified process yet monitors the effectiveness of decarbonization measures, and quantified targets are still missing 1.
- The Supervisory Board had no female representation at the end of fiscal 2025 1.
Opportunities
- Developing electric battery-powered vehicles and launching new models could attract new customer groups 1.
- Participation in European projects on swappable battery standardization could open new partnerships 1.
- Energy management systems and photovoltaic installations could reduce costs and emissions 1.
Risks
- KTM AG restructuringhigh
The restructuring proceedings continue and could affect investment planning and operational stability 1.
- Climate transition riskshigh
Two transition risks identified could affect the business model if decarbonization requirements intensify 1.
- Delays in electric projectsmedium
Development of electric models and preparation for series production could face delays 1.
- Missing decarbonization planmedium
The absence of a transition plan and quantified targets could limit credibility with investors and authorities 1.
- Supplier dependencelow
Interruptions in the supply chain could affect production and deliveries 1.
Investment thesis
What would need to be true (bull case)
- If the restructuring concludes and production recovers, the group could benefit from its strong brands and shareholder support 1.
- The electric vehicle portfolio under development could open new customer segments if launches arrive on time 1.
- Energy efficiency and photovoltaic investments could lower operating costs 1.
What would break the thesis
What to watch
- Conclusion of the KTM AG restructuring and normal production resumption2026
- Launch of the KTM Freeride E and introduction of the GASGAS TXE into the range2026
- Publication of the climate transition plan and decarbonization targetsnext annual report
- Grid connection of the Mattighofen photovoltaic system2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group develops, manufactures and sells motorcycles under the KTM, Husqvarna and GASGAS brands, with production concentrated at its Mattighofen, Munderfing and Schalchen sites 1. The company is the holding of KTM AG, and its activity includes developing internal combustion and electric battery-powered vehicles 1. The Executive Board has three members, and the principal shareholder is Bajaj Mobility AG 1.
In fiscal 2025, KTM AG's restructuring proceedings, opened in November 2024, were concluded successfully, but the restructuring is still ongoing 1. Production was interrupted in the first half of 2025, which reduced energy consumption compared with the prior year 1.
The group researches electric battery-powered vehicles, including the KTM Freeride E and GASGAS TXE, and works on combustion engine efficiency, along with battery and quick-swap projects 1.
Segments
Combustion engine motorcycles
The KTM, Husqvarna and GASGAS brands form the core of the business, and research projects aim to raise combustion efficiency and cut fuel consumption 1.
Electric battery-powered vehicles
The group develops models such as the KTM Freeride E, GASGAS TXE and KTM E9, and introduction of some of them into the product range is announced for coming years 1.
Battery ecosystem and swap systems
The LiONESS and Stan4SWAP projects aim to optimize, recycle and standardize batteries for L-category vehicles 1.
Market context
The company operates in the motorcycle and L-category vehicle segment, where emissions and noise rules shape product design 1. The LENS project, completed in November 2025, supported authorities in developing measures to reduce emissions and noise from L-category vehicles 1.
The shift to electric mobility and the standardization of swappable battery systems are factors that could shape demand over the medium term 1.
Trends
- Shift to electrificationmixed
Developing electric motorcycles could open a new target group, but it requires investment in batteries and new regulation 1.
- Emissions and noise rulesmixed
Stricter legal requirements for L-category vehicles could raise development costs, but also offer opportunities for low-emission products 1.
- Energy efficiency in productiontailwind
Measures such as lighting optimization, compressor replacement and cold engine testing can lower energy use and costs 1.
- Group restructuringheadwind
The ongoing restructuring of KTM AG could limit investment capacity and focus on new projects in the period ahead 1.
Competitive position
Competition includes traditional motorcycle makers and new entrants in electric vehicles, and the analyzed sources do not detail the group's direct competitors 1. Differentiation rests on sporting performance and the KTM, Husqvarna and GASGAS brands 1.
Competitive pressure could rise in the electric segment, where several manufacturers are developing models for new audiences and for categories that do not require a driving licence 1.
- Traditional motorcycle makers
Manufacturers of combustion engine motorcycles, referred to generically in the market context 1.
- Light electric vehicle makers
Companies developing electric motorcycles and bikes for new audiences, relevant to the KTM E9 and Freeride E projects 1.
- Battery system suppliers
Partners and competitors in batteries and swap standardization, involved in the group's research projects 1.
- Asian motorcycle makers
Players competing in the volume segment and emerging markets, in the context of the relationship with shareholder Bajaj 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202522 Apr 2026
- Annual report 202522 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / PIERER Mobility AG · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.