Muhlbauer Holding AG & Co. KGaA (MUB) AI Stock Analysis

• Market Cap: €563.74M
• Dividend Yield: 3.89%
• Average Volume (3M): 222.00
• Price to Earnings (P/E): 42.1
• Beta (1Y): 0.33
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: DE
• Employees: 4,198
• Sector: Technology
• Sector Strength: 88
• Industry: Computer Hardware
• EPS (TTM): 0.45
• Shares Outstanding: 14,696,075
• 10 Day Avg. Volume: 380
• 30 Day Avg. Volume: 222
• PEG Ratio: -0.63
• Price to Book (P/B): 2.17
• Price to Sales (P/S): 1.05
• P/FCF Ratio: 19.22
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: €39.00 ▼(-6.25% Downside)

The score is supported by a conservatively financed, debt-free balance sheet, but is held back by sharp 2024 margin compression and volatile free cash flow. Technicals remain weak (below 100/200-day averages with negative MACD), and valuation appears demanding with a high P/E despite a reasonable dividend yield.

Muhlbauer Holding AG & Co. KGaA Business Overview & Revenue Model

Company Description

Mühlbauer Holding AG engages in the production and personalization of smart cards, passports, and RFID solutions worldwide. The company develops and assembles customized production systems, as well as provides matching software solutions for the production process of document and solution related products. It also provides semiconductor related products, such as die sorting, carrier tapes, flip chips for LED, RFID/SMART labels, flexible solar technology, and multicomponent flexible electronic; vision inspection products, such as TEMA security inspection and TEMA industrial inspection equipment; and accessories, such as card measuring stations, UV-lamps, thread counters, color fans, tool trollies, and cardboard cartons for cards. In addition, the company offers emobility, flexible solar, and flexible electronics solutions; and government solutions, which include ID card, e-passport, driver's license and vehicle registration, document verification, border management, e-government, and production facility solutions. Further, it offers automation, marking, and traceability systems, as well as government and industry specific software solutions; and operates in the solar back-end industry. The company was founded in 1981 and is based in Roding, Germany.

How the Company Makes Money

Muhlbauer Holding AG & Co. KGaA Financial Statement Overview

Summary

Strong balance sheet strength (debt-free, sizable equity base) is offset by weaker and volatile profitability: 2024 revenue rebounded (+15.1% YoY) but net margin fell sharply (~2.2% vs ~10.4% in 2023) and cash flow conversion has been uneven (negative FCF in 2023).

Income Statement

Revenue growth rebounded strongly in 2024 (+15.1% YoY), but profitability weakened materially versus 2023: net margin fell to ~2.2% (from ~10.4%) and EBITDA margin to ~9.0% (from ~20.7%). Over 2020–2024, results show meaningful volatility (including a loss in 2022), suggesting earnings quality is less consistent despite solid gross margins.

Balance Sheet

The balance sheet is conservatively positioned with zero reported debt across all years shown and a sizable equity base (~€257m in 2024). This low leverage reduces financial risk and supports resilience, although returns on equity have become more subdued in 2024 (~4.5%) versus very strong levels in 2021–2023, reflecting the recent profitability step-down.

Cash Flow

Operating cash flow was positive in each year and improved in 2024 (~€55.7m), with positive free cash flow (~€28.9m). However, cash conversion is uneven: free cash flow was negative in 2023 and free cash flow as a share of net income varies widely (negative in 2023; ~52% in 2024), pointing to volatility in working capital and/or investment needs.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	518.42M	532.09M	464.41M	324.47M	343.10M	283.06M
Gross Profit	282.50M	290.36M	324.59M	249.03M	264.29M	210.79M
EBITDA	45.06M	48.06M	96.25M	25.24M	92.47M	56.97M
Net Income	13.29M	11.54M	48.41M	-3.02M	58.93M	34.66M
Balance Sheet
Total Assets	574.28M	588.68M	621.01M	542.43M	452.23M	380.35M
Cash, Cash Equivalents and Short-Term Investments	83.71M	70.20M	48.45M	78.22M	107.30M	105.67M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	315.43M	332.03M	365.83M	318.36M	202.24M	169.48M
Stockholders Equity	258.85M	256.65M	255.18M	224.06M	249.99M	210.88M
Cash Flow
Free Cash Flow	0.00	28.94M	-17.54M	5.37M	13.10M	44.84M
Operating Cash Flow	0.00	55.69M	38.76M	39.68M	59.18M	67.94M
Investing Cash Flow	0.00	-19.42M	-53.45M	-36.38M	-45.63M	-21.77M
Financing Cash Flow	0.00	-14.45M	-14.39M	-23.60M	-22.12M	-22.13M

Muhlbauer Holding AG & Co. KGaA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
MUB	54 Neutral	€563.74M	42.08	5.11%	3.89%	―	―