Description
For those of you who can dabble in European small/mid-caps, I believe Stabilus S.A. offers a very interesting entry point. The pitch is short – it’s a relatively simple and unsexy idea.
Stabilus is the leading manufacturer of gas springs, dampers, vibration isolation products as well as electromechanical tailgate opening systems, which are primarily used in automotive, and to a lesser extent industrial application. Typically, the products are used to aid the lifting, lowering or dampening of movements (such as tailgates, doors, etc.). Stabilus manufactures for all key vehicle producers.
The company is the leading producer of gas springs with very high market share. Depending on the exact product, the share of the global market ranges from 20% to 80% for its key products. The company has a global presence, however, the majority of its sales are focused in Europe and North America as below.
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)
The stock is down 54% since July 2018, primarily due to three factors:
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Reduced sales growth
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Concern of recession and impact to auto sector
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Concern re: impact of slowing Asian economy, which was previously perceived as the region with the highest growth opportunity.
While some or all of these may be true, my perspective is that these are largely priced into the stock at this point and offers a compelling value opportunity.
One may ask, where is the moat? It appears to be a fairly simple business. The key elements of the company’s competitive advantage are as follows:
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Cost structure: Stabilus has the lowest unit production costs in the industry, driven by technology and an engineering team that is constantly pushing for efficiency. This may seem like a simple point but their production is almost completely automated with manufacturing equipment that has been designed by in-house engineers, specifically for gas spring production. Perhaps this can be replicated with time but unlikely at a meaningfully lower per-unit production cost.
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Quality: Stabilus’ products are seen as the highest quality and most reliable in the market. When considering the very small incremental cost of gas springs in automobile manufacturing, OEM’s choose the best product rather than choose to save a few pennies.
Why does the stock represent value now? LTM levered free cash flow generation was approximately EUR 100m, which accounts for the weakening of revenue in the last 2 quarters (EUR 110m free cash flow as of fiscal year-end Sept 2018). Given the current market cap of EUR 950m, this is a FCF yield of approx. 10.5%. On an earnings basis, the company trades at approx. 10x LTM earnings. Since 2015 the company has generated a ROE of 22-28%.
Leverage is moderate with net debt totaling EUR 185m (EUR 320m debt and 135m cash), resulting in net debt /EBITDA (LTM) of 1.1x. This is very reasonable and poses little risk to the company.
I believe there is little risk that one sees meaningful further downside given the competitive advantages and market share of the business, combined with the attractive cash generation and valuation levels. In the case that the Asian market improves and concern of an immediate recession subside, I think there is a high probability Stabilus will recover quickly.
I do not hold a position with the issuer such as employment, directorship, or consultancy.
I and/or others I advise hold a material investment in the issuer's securities.
Catalyst
- Revenue stabilization
- Recovery in Asian market