olivLaw · European equity research
Manitou BF MTU.PA
France · Euronext Paris · ISIN FR0000038606 · Vertical: Listed companies from France
Manitou BF, also known as Manitou Group, is a long-established maker of handling, personnel lifting and earthmoving equipment whose global dealer network and decarbonisation strategy place it at the center of the transition in construction, industry and agriculture. The group sets emission reduction targets for 2030 validated by SBTi, and its LIFT 2026-2030 plan defines its direction for the period ahead.
At the close of 05 Nov 2026, Manitou BF (MTU.PA) stock was 20.25 EUR (−1.70% on the day), with market capitalisation 774.0 m EUR, P/E 11.3 on diluted EPS of 1.79 EUR over the last 12 months, dividend yield 6.17%, beta 1.01, 52-week range 17.34–24.10 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)
- 50.5
- neutral
- Bollinger (20, 2)
- 19.40 – 20.52
- in the upper half of the band · %B 0.76 · band width 5.6%
- SMA 50 / 200
- 20.77 / 20.85
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.11 / -0.24
- MACD above 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 | +0.5% | −0.6% | +1.1 pp | — |
| 3 months | −15.6% | −4.2% | −11.5 pp | — |
| 6 months | −6.3% | +4.3% | −10.6 pp | — |
| Year to date | +4.9% | +7.5% | −2.6 pp | — |
| 1 year | +14.4% | +9.9% | +4.5 pp | −6.8% |
| 3 years | +0.5% | +49.8% | −49.3 pp | −15.9% |
| 5 years | −32.0% | +42.8% | −74.9 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 3-quarter history (min 5.3, median 6.2, max 10.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.9 bn | 2.7 bn | 2.6 bn |
| Revenue YoY | unavailable | −7.5% | −3.4% |
| Net income | 143.4 m | 121.9 m | 68.4 m |
| Net income YoY | unavailable | −15.0% | −43.9% |
| Diluted EPS | 3.75 | 3.18 | 1.79 |
| Diluted EPS YoY | unavailable | −15.2% | −43.7% |
| net % | 5.0% | 4.6% | 2.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 99.7 m EUR
- Financial debt
- 111.4 m EUR
- Net debt
- 11.8 m EUR
- Equity
- 970.8 m EUR
- Total assets
- 2.1 bn EUR
- Debt / equity
- 0.11x
- Current ratio
- 1.63x
- ROE
- 7.0%
- ROA
- 3.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.9 bn | 2.7 bn | 2.6 bn | esef· 29 Apr 2026verified |
| Cost of revenue | 2.4 bn | 2.2 bn | 2.1 bn | esef· 29 Apr 2026verified |
| Gross profit | 487.7 m ≈ | 500.1 m ≈ | 452.1 m ≈ | esef· 29 Apr 2026derived |
| Research & development | 40.4 m | 43.5 m | 48.5 m | esef· 29 Apr 2026verified |
| Operating income | 207.7 m | 195.0 m | 125.8 m | esef· 29 Apr 2026verified |
| Interest expense | 71.2 m | 90.4 m | 131.0 m | esef· 29 Apr 2026verified |
| Pre-tax income | 194.1 m | 172.7 m | 106.9 m | esef· 29 Apr 2026verified |
| Income tax | 50.6 m | 50.8 m | 38.4 m | esef· 29 Apr 2026verified |
| Net income | 143.4 m | 121.9 m | 68.4 m | esef· 29 Apr 2026verified |
| Diluted EPS | 3.75 | 3.18 | 1.79 | esef· 29 Apr 2026verified |
| Dividend per share | — | 1.35 | 1.25 | esef· 29 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 54.2 m | 42.6 m | 99.7 m | esef· 29 Apr 2026verified |
| Receivables | 644.9 m | 493.0 m | — | esef· 23 Apr 2025verified |
| Inventories | 881.6 m | 871.6 m | 741.5 m | esef· 29 Apr 2026verified |
| Current assets | 1.7 bn | 1.5 bn | 1.4 bn | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 302.2 m | 374.7 m | 407.4 m | esef· 29 Apr 2026verified |
| Goodwill | 5.9 m | 10.3 m | 10.1 m | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 88.5 m | 104.1 m | 109.4 m | esef· 29 Apr 2026verified |
| Total assets | 2.2 bn | 2.1 bn | 2.1 bn | esef· 29 Apr 2026verified |
| Accounts payable | 467.6 m | 318.9 m | — | esef· 23 Apr 2025verified |
| Long-term debt | 150.9 m | 145.3 m | 111.4 m | esef· 29 Apr 2026verified |
| Current liabilities | 1.0 bn | 884.5 m | 876.7 m | esef· 29 Apr 2026verified |
| Equity | 895.2 m | 975.8 m | 970.8 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 38.2 m | 38.3 m | 38.2 m | esef· 29 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: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 774.0 m EUR
Key indicators
Coverage and freshness
Score by group
38% · 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: 17.00 – 53.34 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 · input data missing
- Peers: P/E19.85 – 53.34 (Mid 30.66)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)17.00 – 23.18 (Mid 19.62)
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: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.8% | 48 (vs peers) | 28% |
| Net margin · Quality | 2.7% | 72 (vs peers) | 17% |
| 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 | 1.0x | 0 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 1.6x | 69 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 11.3x | 78 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet28/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality57/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial78/100 · 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
MANITOU BF (MTU.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.6 bn EUR in 2025; YoY growth -3.4%; net margin 2.7%; ROE 7.0%.
The estimated value range is 18.43–38.26 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 25.14 EUR, the price of 20.25 EUR leaves a potential of 24.1% (value / price − 1) and a margin of safety of 19.4% (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: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 2.7%
- P/E (TTM): 11.3x
What contradicts it
- Interest coverage: 1.0x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · 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 | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| MTU.PAManitou Bf | 774.0 m | 11.3 | 7.0% | 2.7% | −3.4% | +9% / −4% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for MTU.PA 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 | 11.01 Total return -41% · Per year -41% | 19.55 Total return 3% · Per year 3% | 29.56 Total return 53% · Per year 53% |
| 3 years | 9.05 Total return -43% · Per year -17% | 18.23 Total return 7% · Per year 2% | 30.49 Total return 73% · Per year 20% |
| 5 years | 7.44 Total return -45% · Per year -11% | 16.99 Total return 12% · Per year 2% | 31.44 Total return 92% · Per year 14% |
- Exit P/E± 4.56
- Net margin± 3.19
- Annual revenue growth± 2.83
- Annual dilution± 0.27
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
Manitou BF, also known as Manitou Group, is a long-established maker of handling, personnel lifting and earthmoving equipment whose global dealer network and decarbonisation strategy place it at the center of the transition in construction, industry and agriculture. The group sets emission reduction targets for 2030 validated by SBTi, and its LIFT 2026-2030 plan defines its direction for the period ahead 1.
SWOT
Strengths
- Long-established leader in handling and lifting markets, with a global dealer network and presence across many countries 1.
- Well-structured sustainability strategy, with decarbonisation targets validated by SBTi and measurable progress under the previous roadmap 1.
- Integrated value chain, from design and production to distribution and service, giving control over quality and customer relationships 1.
Weaknesses
- The effective tax rate rose in 2025, showing how sensitive results are to exceptional tax effects and to unrecognised losses in some subsidiaries 1.
- Demand for low-emission machines did not accelerate in 2025 to the level anticipated, showing dependence on the pace of regulation 1.
- The group identifies negative impacts linked to greenhouse gas emissions and resource depletion across its supply chain 1.
Opportunities
- Rising demand for sustainable solutions could support market share gains through low-emission products and refurbished machines 1.
- Retrofitting thermal equipment and the used-machine offer could extend product life and open new revenue streams 1.
- Digitalisation and automation of construction and agricultural equipment could raise customer yields and strengthen customer relationships 1.
Threats
- Rising production costs and emission reduction requirements across the value chain could affect margins 1.
- Competitors with more innovative products or better environmental performance could reduce the appeal of the group's range 1.
- Geopolitical, climate and regulatory changes could disrupt supply chains and customer demand 1.
Risks
- Corporate tax and fiscal effectsmedium
The French exceptional corporate tax contribution and adjustments on tax losses could keep influencing the effective tax rate in future periods 1.
- Rising production costshigh
Higher production costs and price pressure across the value chain could reduce margins if they cannot be fully passed on to customers 1.
- Loss of product attractivenesshigh
If competitors launch more innovative or better environmentally performing products, the appeal of the group's range could decline 1.
- Climate risks and production disruptionmedium
Greater frequency of extreme climate events could disrupt production, supply and employee safety across the value chain 1.
- Litigation and provisionslow
Commercial, social and tax disputes, including an counterfeiting claim and a supplier insolvency, could generate additional costs in coming periods 1.
Investment thesis
What would need to be true (bull case)
- If demand for low-emission equipment and retrofit solutions grows, the group's long-established leadership and global dealer network could support its growth 1.
- SBTi-validated decarbonisation targets and partnerships for decarbonised steel could reduce regulatory risk and strengthen appeal to sustainability-minded customers 1.
- Expanding the used-equipment offer and rental services could generate recurring revenue and extend product life 1.
What would break the thesis
- If demand for low-emission machines stays limited by the pace of regulation, decarbonisation plans could deliver financial effects more slowly than expected 1.
- Rising production costs and tax burdens could compress margins, especially if competition forces price reductions 1.
- If climate and geopolitical risks intensify, supply chains and production could be affected, with consequences for results 1.
What to watch
- Progress toward scope 1, 2 and 3 emission reduction targets under the new LIFT plan2027
- Trend in the effective corporate tax rate after the exceptional contribution and activation of US lossesNext annual report
- Adoption of electric, hybrid and hydrogen products across the handling and earthmoving range2027
- Implementation of the CSR Lens 2026-2030 roadmap and delivery of its targetsNext sustainability report
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's activities are organised around the design, production, distribution and after-sales service of handling, personnel lifting and earthmoving solutions. Manitou-brand products are assembled in the group's plants, and the value chain includes international suppliers of metal raw materials and key technological components 1. Downstream, the group sells directly and through rental and used-equipment channels, via a network of dealers active across many countries, complemented by direct relationships with large accounts 1.
The business model is guided by innovation, quality and proximity to stakeholders. The group works with a large dealer network, all encouraged to adopt sustainable practices, which gives it a direct understanding of markets and customer needs 1. Its sustainability strategy is anchored in the New Horizons 2025 plan and the Elevation 2021-2025 roadmap, with the LIFT 2026-2030 plan and the CSR Lens roadmap taking over from 2026 1.
The group has formal compliance and management systems, including ISO standards for quality, environment, safety, energy and anti-corruption, which reinforce its relationships with customers and partners worldwide 1. This combination of products, service and sales financing makes Manitou an integrated supplier for users of heavy equipment 1.
Segments
Handling and personnel lifting
The group designs and sells handling and personnel lifting solutions, with a focus on low-emission, electric or hybrid products that answer the decarbonisation requirements of customers in construction and industry 1.
Earthmoving and agriculture
The earthmoving range and agricultural equipment are oriented toward automation and digitalisation to optimise yields and reduce environmental impact, a response to demand from responsible agriculture 1.
Market context
Demand for better built and renovated housing, population growth and ecological pressure support the construction and industrial markets. Emission regulations and restrictions in urban centres create demand for compact, low-emission equipment, although in 2025 the acceleration in demand for low-emission machines remained limited 1.
In agriculture, the shift toward responsible practices creates demand for low-emission machines adapted to field operations, and equipment digitalisation could support the group's competitive position if this trend strengthens 1.
Trends
- Decarbonisation and environmental regulationmixed
Regulatory pressure and demand for clean construction sites support low-emission machines, but slower market acceptance could delay the rapid adoption of electric or hydrogen technologies 1.
- Electrification and equipment retrofittailwind
Converting thermal machines to electric or refurbishing them creates commercial opportunities, notably through the retrofit partnership to electrify used telescopic handlers 1.
- Production and supply chain costsheadwind
Rising production costs and prices imposed by emission reduction requirements across the value chain could compress margins, particularly if carbon pricing tools expand 1.
- Digitalisation and machine connectivitytailwind
Using connectivity to optimise operations on site and in agriculture is part of market expectations and may open new services, although it requires continuous investment 1.
Competitive position
The group is a long-established leader in its markets, but its appeal could weaken if competitors offer products with better environmental performance or greater innovation. Geopolitical and climate changes may reshape competitive dynamics 1.
Competition rests on innovation, robustness, ergonomics and the ability to offer low-carbon solutions. The group aims to maintain its position through electric, hybrid and hydrogen products, but the advantage depends on customer adoption 1.
- Low-emission handling and lifting equipment makers
Competitors offering products with better environmental performance or greater innovation are the main attractiveness risk for the range, according to the group's own analysis 1.
- Earthmoving equipment makers
In earthmoving, competition plays out on automation, digitalisation and total cost of use, factors that shape the group's position 1.
- Agricultural machinery makers
In the agricultural market, competitors that meet automation and low-emission requirements first could gain share from the group 1.
- Rental operators and the used-equipment market
Rental and used-machine sales compete with other operators; the group uses them to extend product life 1.
News & filings
In the press
- HD Construction Equipment, Manitou team up to expand compact equipment salesKorea Times — Business · 22 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202423 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Manitou BF · 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.