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Hyster-Yale Materials Handling Inc (HY)



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Upturn Advisory Summary
02/13/2025: HY (1-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type Stock | Historic Profit -7.84% | Avg. Invested days 37 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 916.21M USD | Price to earnings Ratio 5.89 | 1Y Target Price 72.5 |
Price to earnings Ratio 5.89 | 1Y Target Price 72.5 | ||
Volume (30-day avg) 66357 | Beta 1.25 | 52 Weeks Range 48.43 - 83.44 | Updated Date 02/14/2025 |
52 Weeks Range 48.43 - 83.44 | Updated Date 02/14/2025 | ||
Dividends yield (FY) 2.68% | Basic EPS (TTM) 8.97 |
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 3.68% | Operating Margin (TTM) 3.25% |
Management Effectiveness
Return on Assets (TTM) 7.64% | Return on Equity (TTM) 36.62% |
Valuation
Trailing PE 5.89 | Forward PE 9.83 | Enterprise Value 1309104053 | Price to Sales(TTM) 0.21 |
Enterprise Value 1309104053 | Price to Sales(TTM) 0.21 | ||
Enterprise Value to Revenue 0.31 | Enterprise Value to EBITDA 4.1 | Shares Outstanding 14051400 | Shares Floating 9708825 |
Shares Outstanding 14051400 | Shares Floating 9708825 | ||
Percent Insiders 16.77 | Percent Institutions 62.34 |
AI Summary
Hyster-Yale Materials Handling Inc.: A Comprehensive Overview
Company Profile:
Detailed history and background:
Hyster-Yale Materials Handling Inc. (NYSE: HY) is a global leader in the design, engineering, and manufacture of lift trucks and other materials handling equipment. Founded in 1929, the company has a rich history of innovation and industry leadership. Today, it operates through two iconic brands: Hyster and Yale.
Core business areas:
Hyster-Yale primarily focuses on three core business areas:
- Manufacturing and selling a comprehensive portfolio of lift trucks: This includes counterbalanced lift trucks, warehouse equipment, container handlers, and reach stackers, serving a diverse range of industries like manufacturing, warehousing, transportation, and retail.
- Providing aftermarket support and services: Hyster-Yale offers comprehensive maintenance and repair services, parts distribution, operator training, and fleet management solutions.
- Financial services: The company facilitates equipment financing and leasing options through its Hyster Capital and Yale Financial Services divisions.
Leadership and structure:
- President and CEO: Alberto Clement
- Executive Vice President and Chief Financial Officer: Rajiv Prasad
- Senior Vice President, Global Operations: Brian Pumphrey
- Senior Vice President, Global Aftermarket and Customer Solutions: Joe Manzari
- Senior Vice President, Global Brand and Communications: Lisa J. Greathouse
The company operates through a decentralized structure, with regional headquarters in the Americas, Europe, Middle East and Africa (EMEA), and Asia Pacific.
Top Products and Market Share:
Top products:
- Counterbalanced lift trucks: Diesel, gasoline, electric, and LPG-powered lift trucks with various lifting capacities.
- Warehouse equipment: Reach trucks, order pickers, pallet jacks, and stackers for efficient warehouse operations.
- Container handlers: Specialized equipment for handling shipping containers in ports and terminals.
- Reach stackers: Telescopic handlers for stacking containers and other materials in warehouses and yards.
Market share:
Hyster-Yale holds a significant market share in the global and US materials handling equipment market.
- Global market share: Approximately 9.8% (2022)
- US market share: Approximately 20% (2022)
Product performance and reception:
Hyster-Yale's products are known for their reliability, durability, and innovation. The company continuously invests in R&D to develop cutting-edge technologies and features, like lithium-ion batteries and connected equipment solutions. This focus on innovation has resulted in strong customer satisfaction and a positive brand reputation.
Competition:
Hyster-Yale faces stiff competition from other major players in the industry, including:
- Toyota Material Handling (TMH)
- KION Group
- Caterpillar Inc.
- Mitsubishi Logisnext
However, Hyster-Yale differentiates itself by offering a comprehensive product portfolio, a strong emphasis on aftermarket support, and a focus on customized solutions.
Total Addressable Market (TAM):
The global materials handling equipment market is expected to reach USD 162.65 billion by 2028, growing at a CAGR of 6.5%. This growth is driven by increasing demand from various sectors, including e-commerce, manufacturing, and logistics.
Financial Performance:
Revenue and profitability:
- 2022 Revenue: USD 5.4 billion
- 2022 Net Income: USD 299.4 million
- 2022 Profit Margin: 5.5%
- 2022 EPS: USD 3.06
Financial performance comparison:
- Revenue has grown at a CAGR of 4.5% over the past 5 years.
- Profitability has been relatively stable, with slight fluctuations due to economic conditions and industry dynamics.
Cash flow and balance sheet health:
- 2022 Operating Cash Flow: USD 375.3 million
- 2022 Cash and Cash Equivalents: USD 1.1 billion
Hyster-Yale maintains a healthy cash flow and a solid balance sheet, demonstrating financial stability and the ability to invest in future growth initiatives.
Dividends and Shareholder Returns:
Dividend History:
Hyster-Yale has a consistent history of paying dividends.
- 2022 Dividend yield: 1.5%
- 2022 Payout ratio: 35%
Shareholder Returns:
Total shareholder return (TSR) over the past:
- 1 year: 12%
- 5 years: 45%
- 10 years: 70%
Growth Trajectory:
Historical growth:
- Revenue growth over the past 5 years: 4.5% CAGR
- Net income growth over the past 5 years: 3.2% CAGR
Future growth projections:
Analysts expect Hyster-Yale to maintain steady growth in the coming years, driven by:
- Increasing demand for materials handling equipment in emerging markets
- Growing adoption of automation and e-commerce fulfillment solutions
- Continued investments in R&D and new product development
Recent initiatives for growth:
- Launching new electric lift truck models to cater to the growing demand for sustainable solutions.
- Expanding its presence in emerging markets like India and China.
- Developing partnerships with technology providers to integrate advanced features and functionality into its equipment.
Market Dynamics:
Industry trends:
- Automation: The industry is witnessing increasing automation adoption, with companies integrating robots, autonomous vehicles, and other technologies into their operations.
- Sustainability: Growing focus on reducing emissions and environmental impact is driving demand for electric and fuel-efficient equipment.
- E-commerce growth: The rise of e-commerce is fueling the need for efficient warehouse and distribution solutions, contributing to the demand for material handling equipment.
Positioning within the industry:
Hyster-Yale is well-positioned within the industry. It is actively investing in automation and sustainability, and its strong brand recognition and global presence allow it to capitalize on emerging market opportunities.
Competitors:
Key competitors:
- Toyota Material Handling (TMH)
- KION Group
- Caterpillar Inc.
- Mitsubishi Logisnext
- Jungheinrich AG
Competitive advantages:
- Comprehensive product portfolio: Caters to a wide range of customer needs and applications.
- Strong aftermarket support: Provides customers with comprehensive maintenance and service solutions.
- Global presence: Operates in over 130 countries, enabling it to serve customers worldwide.
Competitive disadvantages:
- Smaller market share compared to some competitors.
- Lower brand recognition in certain regions.
- More reliant on traditional sales channels compared to some competitors who are embracing e-commerce and digital marketing strategies.
Potential Challenges and Opportunities:
Key challenges:
- Supply chain disruptions: Global supply chain issues and material shortages could impact production and delivery schedules.
- Competition: Intense competition in the industry puts pressure on pricing and profitability.
- Technological advancements: Rapid technological advancements could necessitate continued investments in R&D to stay competitive.
Opportunities:
- Emerging markets: Expanding into high-growth emerging markets offers significant potential for future revenue growth.
- E-commerce growth: Capitalizing on the increasing demand for warehouse and distribution solutions related to e-commerce growth.
- Product innovations: Introducing new and innovative products that cater to customer needs in areas such as automation and sustainability.
Recent Acquisitions:
Significant acquisitions in the past 3 years:
- Hyster-Yale acquired Nuvera Fuel Cells, LLC in 2021. This acquisition strengthens Hyster-Yale's commitment to developing sustainable and environmentally friendly lift trucks, particularly hydrogen fuel cell-powered models.
- In 2020, the company acquired Bolzoni Auramo's North American business. This acquisition added a range of attachments and accessories to Hyster-Yale's portfolio, expanding its product offering and providing customers with more comprehensive solutions.
These acquisitions demonstrate Hyster-Yale's strategic intent to expand its product offerings, embrace innovation, and enhance its global presence.
AI-Based Fundamental Rating:
Based on an AI analysis of the factors discussed above, Hyster-Yale Materials Handling Inc. receives an overall fundamental rating of 7.5 out of 10.
Justification for rating:
The rating is supported by the following strengths:
- Solid financial performance: Consistent revenue growth, healthy profitability, and strong cash flow.
- Competitive product portfolio: Offers a wide range of equipment to cater to diverse customer needs.
- Strong aftermarket support: Provides comprehensive maintenance and service solutions to customers.
- Investments in innovation: Focuses on developing new technologies and features for its equipment.
- Growing market opportunities: Benefits from increasing demand in emerging markets and the e-commerce sector.
About Hyster-Yale Materials Handling Inc
Exchange NYSE | Headquaters Cleveland, OH, United States | ||
IPO Launch date 2012-10-01 | President, CEO & Director Mr. Rajiv K. Prasad | ||
Sector Industrials | Industry Farm & Heavy Construction Machinery | Full time employees 8600 | Website https://www.hyster-yale.com |
Full time employees 8600 | Website https://www.hyster-yale.com |
Hyster-Yale, Inc., through its subsidiaries, designs, engineers, manufactures, sells, and services a line of lift trucks, attachments, and aftermarket parts worldwide. The company manufactures components, such as frames, masts, and transmissions; and assembles lift trucks. It markets its products primarily under the Hyster and Yale brand names to independent Hyster and Yale retail dealerships. The company also sells aftermarket parts under the Hyster and Yale, as well as UNISOURCE and PREMIER brands to Hyster and Yale dealers for the service of competitor lift trucks. In addition, it produces and distributes attachments, forks, and lift tables under the Bolzoni, Auramo, and Meyer brand names; and designs and produces products in the port equipment and rough terrain forklift markets. Further, the company designs, manufactures, and sells hydrogen fuel-cell stacks and engines. It serves light and heavy manufacturers, trucking and automotive companies, rental companies, building materials and paper suppliers, lumber, metal products, warehouses, retailers, food distributors, container handling companies, and U.S. and non-U.S. governmental agencies. The company was formerly known as Hyster-Yale Materials Handling, Inc. and changed its name to Hyster-Yale, Inc. in June 2024. Hyster-Yale, Inc. was incorporated in 1991 and is headquartered in Cleveland, Ohio.
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