Marel hf
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Quick analysis of Marel (30 sec.)

1. Valuation of Marel (5 min.)

Current price per share

€3.00

Book Value per Share

€1.37

2. Growth of Marel (5 min.)

Is Marel growing?

	Current year	Previous year	Grow	Grow %
How rich?	$1.1b	$1b	$50.9m	4.6%

How much money is Marel making?

	Current year	Previous year	Grow	Grow %
Making money	$15.7m	$25.9m	-$10.1m	-64.9%
Net Profit Margin	3.5%	7.1%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Marel (5 min.)

4. Comparing to competitors in the Specialty Industrial Machinery industry (5 min.)

Industry Rankings (Specialty Industrial Machinery)

Richest
#138 / 782

Most Revenue
#168 / 782

Most Profit
#208 / 782

Most Efficient
#460 / 782

Fundamentals of Marel

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a profit.
Using its assets, the company is inefficient in making profit.
Using its investors money, the company is inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating less efficient.
The company is inefficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is just able to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is able to pay all its debts by selling its assets.
The company is just able to pay all its debts with equity.

1.1. Profitability of Marel hf.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Marel earns for each €1 of revenue.

Above 10% is considered healthy but always compare Marel to the Specialty Industrial Machinery industry mean.
A Net Profit Margin of 3.8% means that €0.04 for each €1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Marel hf:

The MRQ is 3.8%. The company is making a profit. +1
The TTM is 3.5%. The company is making a profit. +1

Trends

Current period		Compared to		+/-
MRQ	3.8%	TTM	3.5%	+0.3%
TTM	3.5%	YOY	7.1%	-3.6%
TTM	3.5%	5Y	6.1%	-2.6%
5Y	6.1%	10Y	6.1%	0.0%

Compared to industry (Specialty Industrial Machinery)

Period	Company	Industry (mean)	+/-
MRQ	3.8%	4.4%	-0.6%
TTM	3.5%	5.0%	-1.5%
YOY	7.1%	4.8%	+2.3%
5Y	6.1%	4.3%	+1.8%
10Y	6.1%	4.4%	+1.7%

Measures how much net profit Marel earns for each €1 of revenue.

Revenue is the amount of profit Marel generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you €3. The company does not earn €3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is €1.5.

The €3 you pay for a cup of coffee is called revenue.
The €1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Marel earns for each €1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Marel to the Specialty Industrial Machinery industry mean.
Can be used to compare companies within the Specialty Industrial Machinery industry.

You typically want a high profit margin. This means that for each €1 in sales, Marel makes more profit. This shows the investor how efficiently Marel is operating in general and compared to other companies in the same industry. Marel operates in the Specialty Industrial Machinery industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Marel. If profit margins remain low (compared to the Specialty Industrial Machinery industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Marel is 0.04. This means that Marel earned €0.04 for each €1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Specialty Industrial Machinery industry is 4.4%.
What is the trend?
The trend is important because it shows you how Marel is performing over time. The most recent quarter might be important if Marel released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Marel up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Marel with other companies in the same industry (Specialty Industrial Machinery).
Net profit margin should rise over the years.
Can be influenced when Marel sells assets (profit will increase while costs remain the same).
It won’t show what part of Marel is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Marel

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Marel = 18,500
Total revenue MRQ Marel = 489,200
€18,500 / €489,200 = 0.04 or 3.8%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Marel is using its assets to generate profit.

Above 5% is considered healthy but always compare Marel to the Specialty Industrial Machinery industry mean.
0.7% Return on Assets means that Marel generated €0.01 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Marel hf:

The MRQ is 0.7%. Using its assets, the company is inefficient in making profit. -1
The TTM is 0.6%. Using its assets, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	0.7%	TTM	0.6%	+0.1%
TTM	0.6%	YOY	1.3%	-0.7%
TTM	0.6%	5Y	1.1%	-0.5%
5Y	1.1%	10Y	1.1%	0.0%

Compared to industry (Specialty Industrial Machinery)

Period	Company	Industry (mean)	+/-
MRQ	0.7%	0.9%	-0.2%
TTM	0.6%	1.1%	-0.5%
YOY	1.3%	1.1%	+0.2%
5Y	1.1%	1.1%	0.0%
10Y	1.1%	1.1%	0.0%

Shows how efficient Marel is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Marel to the Specialty Industrial Machinery industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Marel is using its resources to generate profit. If the return on assets (0.7%) from Marel are higher than the Specialty Industrial Machinery mean (0.9%) that means Marel is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Marel is 0.7%. This means the company generated €0.01 for each €1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Specialty Industrial Machinery industry is 0.9%.
What is the trend?
The trend is important because it shows you how Marel is performing over time. The most recent quarter might be important if Marel released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Marel up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Marel

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Marel = 18,500
Total assets MRQ (balance sheet) from Marel = 2,696,400
18,500 / 2,696,400 = 0.01 or 0.7%

ROA is an important ratio as it will tell you how effectively Marel is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Marel is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Marel to the Specialty Industrial Machinery industry mean.
1.8% Return on Equity means Marel generated €0.02 for each €1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Marel hf:

The MRQ is 1.8%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 1.4%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	1.8%	TTM	1.4%	+0.4%
TTM	1.4%	YOY	2.5%	-1.1%
TTM	1.4%	5Y	2.1%	-0.7%
5Y	2.1%	10Y	2.1%	0.0%

Compared to industry (Specialty Industrial Machinery)

Period	Company	Industry (mean)	+/-
MRQ	1.8%	2.1%	-0.3%
TTM	1.4%	2.3%	-0.9%
YOY	2.5%	2.3%	+0.2%
5Y	2.1%	2.1%	+0.0%
10Y	2.1%	2.3%	-0.2%

Shows how efficient Marel is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Marel to the Specialty Industrial Machinery industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Specialty Industrial Machinery industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Marel is 1.8%. This means Marel generated €0.02 for each €1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Specialty Industrial Machinery industry is 2.1%.
What is the trend?
The trend is important because it shows you how Marel is performing over time. The most recent quarter might be important if Marel released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Marel up to 10 years back (depending if Marel existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Marel

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Marel = 18,500
Shareholders equity (balance sheet) MRQ Marel = 1,028,100
18,500 / 1,028,100 = 0.02 or 1.8%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Marel hf.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Marel is operating .

Measures how much profit Marel makes for each €1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Marel to the Specialty Industrial Machinery industry mean.
An Operating Margin of 0.0% means the company generated €0.00 for each €1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Marel hf:

The MRQ is 0.0%. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	3.7%	-3.7%
TTM	3.7%	YOY	9.6%	-5.9%
TTM	3.7%	5Y	9.3%	-5.6%
5Y	9.3%	10Y	9.3%	0.0%

Compared to industry (Specialty Industrial Machinery)

Period	Company	Industry (mean)	+/-
MRQ	-	7.4%	-7.4%
TTM	3.7%	4.9%	-1.2%
YOY	9.6%	6.6%	+3.0%
5Y	9.3%	5.8%	+3.5%
10Y	9.3%	4.6%	+4.7%

Measures how efficient Marel is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Marel to the Specialty Industrial Machinery industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Marel is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Marel is 0.0%. This means that Marel earned €0.00 for each €1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Specialty Industrial Machinery industry is 7.4%.
What is the trend?
The trend is important because it shows you how Marel is performing over time. The most recent quarter might be important if Marel released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Marel up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Marel

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Marel = 38,100
Total revenue MRQ Marel = 489,200
€38,100 / €489,200 = 0.00 or 0.0%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Marel is keeping operating costs low.

Below 1 is considered healthy (always compare to Specialty Industrial Machinery industry mean).
An Operation Ratio of 1.59 means that the operating costs are €1.59 for each €1 in net sales.

Let's take a look of the Operating Ratio trends of Marel hf:

The MRQ is 1.587. The company is inefficient in keeping operating costs low. -1
The TTM is 1.605. The company is inefficient in keeping operating costs low. -1

Trends

Current period		Compared to		+/-
MRQ	1.587	TTM	1.605	-0.018
TTM	1.605	YOY	1.541	+0.063
TTM	1.605	5Y	1.551	+0.054
5Y	1.551	10Y	1.551	0.000

Compared to industry (Specialty Industrial Machinery)

Period	Company	Industry (mean)	+/-
MRQ	1.587	1.556	+0.031
TTM	1.605	1.567	+0.038
YOY	1.541	1.540	+0.001
5Y	1.551	1.509	+0.042
10Y	1.551	1.221	+0.330

Measures how efficient Marel is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Marel to the Specialty Industrial Machinery industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Marel is 158.7%. This means that Marel earned €1.59 for each €1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Specialty Industrial Machinery industry is 1.56.
What is the trend?
The trend is important because it shows you how Marel is performing over time. The most recent quarter might be important if Marel released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Marel up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Marel

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(325,100 +451,100) \ 489,200 = 1.59

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Marel hf.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Marel is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Specialty Industrial Machinery industry mean).
A Current Ratio of 1.08 means the company has €1.08 in assets for each €1 in short-term debts.

Let's take a look of the Current Ratio trends of Marel hf:

The MRQ is 1.080. The company is just able to pay all its short-term debts.
The TTM is 1.141. The company is just able to pay all its short-term debts.

Trends

Current period		Compared to		+/-
MRQ	1.080	TTM	1.141	-0.061
TTM	1.141	YOY	1.050	+0.092
TTM	1.141	5Y	1.218	-0.077
5Y	1.218	10Y	1.218	0.000

Compared to industry (Specialty Industrial Machinery)

Period	Company	Industry (mean)	+/-
MRQ	1.080	1.689	-0.609
TTM	1.141	1.666	-0.525
YOY	1.050	1.662	-0.612
5Y	1.218	1.724	-0.506
10Y	1.218	1.552	-0.334

Measures if Marel is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Specialty Industrial Machinery industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Marel if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Marel is 1.08. This means Marel has €1.08 in assets for each €1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Specialty Industrial Machinery industry is 1.69.
What is the trend?
The trend is important because it shows you how Marel is performing over time. The most recent quarter might be important if Marel released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Marel up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Marel

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
867,200 \ 803,100) = 1.08

The current ratio measures if Marel is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Marel is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Marel does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Marel is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Marel is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Marel to the Specialty Industrial Machinery industry mean.
A Quick Ratio of 0.27 means the company can pay off €0.27 for each €1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Marel hf:

The MRQ is 0.272. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.454. The company is just not able to pay all its short-term debts with the most liquid assets. -1

Trends

Current period		Compared to		+/-
MRQ	0.272	TTM	0.454	-0.183
TTM	0.454	YOY	0.452	+0.002
TTM	0.454	5Y	0.462	-0.008
5Y	0.462	10Y	0.462	0.000

Compared to industry (Specialty Industrial Machinery)

Period	Company	Industry (mean)	+/-
MRQ	0.272	0.657	-0.385
TTM	0.454	0.742	-0.288
YOY	0.452	0.840	-0.388
5Y	0.462	0.846	-0.384
10Y	0.462	0.841	-0.379

1.4. Solvency of Marel hf.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Marel assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Marel to Specialty Industrial Machinery industry mean.
A Debt to Asset Ratio of 0.62 means that Marel assets are financed with 61.9% credit (debt) and the remaining percentage (100% - 61.9%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Marel hf:

The MRQ is 0.619. The company is able to pay all its debts by selling its assets. +1
The TTM is 0.597. The company is able to pay all its debts by selling its assets. +1

Trends

Current period		Compared to		+/-
MRQ	0.619	TTM	0.597	+0.021
TTM	0.597	YOY	0.489	+0.109
TTM	0.597	5Y	0.524	+0.073
5Y	0.524	10Y	0.524	0.000

Compared to industry (Specialty Industrial Machinery)

Period	Company	Industry (mean)	+/-
MRQ	0.619	0.508	+0.111
TTM	0.597	0.509	+0.088
YOY	0.489	0.497	-0.008
5Y	0.524	0.503	+0.021
10Y	0.524	0.493	+0.031

Measures how much % of Marel assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Marel than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Marel to Specialty Industrial Machinery industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Marel is 0.62. This means means that Marel is financed with 61.9% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Specialty Industrial Machinery industry is 168.9%.
What is the trend?
The trend is important because it shows you how Marel is performing over time. The most recent quarter might be important if Marel released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Marel up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Marel has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Marel

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
1,668,300 \ 2,696,400 = 61.9% or 0.62.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Marel is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Marel to the Specialty Industrial Machinery industry mean.
A Debt to Equity ratio of 162.3% means that company has €1.62 debt for each €1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Marel hf:

The MRQ is 1.623. The company is just able to pay all its debts with equity.
The TTM is 1.520. The company is just able to pay all its debts with equity.

Trends

Current period		Compared to		+/-
MRQ	1.623	TTM	1.520	+0.103
TTM	1.520	YOY	0.964	+0.555
TTM	1.520	5Y	1.149	+0.370
5Y	1.149	10Y	1.149	0.000

Compared to industry (Specialty Industrial Machinery)

Period	Company	Industry (mean)	+/-
MRQ	1.623	1.047	+0.576
TTM	1.520	1.074	+0.446
YOY	0.964	1.003	-0.039
5Y	1.149	1.067	+0.082
10Y	1.149	1.052	+0.097

Measures if Marel is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Marel is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Marel is 1.62. This means that Marel can pay off €1.62 for each €1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Specialty Industrial Machinery industry is 1.05.
What is the trend?
The trend is important because it shows you how Marel is performing over time. The most recent quarter might be important if Marel released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Marel up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Marel

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
1,668,300 \ 1,028,100 = 1.62 or 162.3%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Marel hf

2. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every €1 in earnings Marel generates.

Above 15 is considered overpriced but always compare Marel to the Specialty Industrial Machinery industry mean.
A PE ratio of 131.01 means the investor is paying €131.01 for every €1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Marel hf:

The EOD is 122.062. Seems overpriced? -1
The MRQ is 131.013. Seems overpriced? -1
The TTM is 228.244. Seems overpriced? -1

Trends

Current period		Compared to		+/-
EOD	122.062	MRQ	131.013	-8.951
MRQ	131.013	TTM	228.244	-97.231
TTM	228.244	YOY	185.331	+42.913
TTM	228.244	5Y	195.479	+32.765
5Y	195.479	10Y	195.479	0.000

Compared to industry (Specialty Industrial Machinery)

Period	Company	Industry (mean)	+/-
EOD	122.062	46.810	+75.252
MRQ	131.013	44.127	+86.886
TTM	228.244	36.577	+191.667
YOY	185.331	58.534	+126.797
5Y	195.479	52.196	+143.283
10Y	195.479	76.105	+119.374

Measures how much money you pay for each share for every €1 in earnings Marel generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Marel to the Specialty Industrial Machinery industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Marel is 131.01. This means the investor is paying €131.01 for every €1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Specialty Industrial Machinery industry is 44.13.
What is the trend?
The trend is important because it shows you how Marel is performing over time. The most recent quarter might be important if Marel released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Marel up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Marel

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
\ 752,715 = EPS
PE ratio MRQ = 131.01

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of Marel.

Lower is better.
A PEG ratio of 1 means the market price of the stock and the expected future earnings are on par.

Let's take a look of the Price Earnings to Growth Ratio trends of Marel hf:

The MRQ is 62.986. Seems overpriced? -1
The TTM is 336.004. Seems overpriced? -1

Trends

Current period		Compared to		+/-
MRQ	62.986	TTM	336.004	-273.018
TTM	336.004	YOY	193.324	+142.680
TTM	336.004	5Y	213.225	+122.779
5Y	213.225	10Y	213.225	0.000

Compared to industry (Specialty Industrial Machinery)

Period	Company	Industry (mean)	+/-
MRQ	62.986	40.591	+22.395
TTM	336.004	70.357	+265.647
YOY	193.324	92.687	+100.637
5Y	213.225	194.576	+18.649
10Y	213.225	299.607	-86.382

PEG Ratio	Meaning
0.5	You can buy the stock cheap based on future growth
1	You pay a fair price based on future growth
2	The stock is overpriced based on future growth

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Marel is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Specialty Industrial Machinery industry mean).
A PB ratio of 2.36 means the investor is paying €2.36 for each €1 in book value.

Let's take a look of the Price to Book Ratio trends of Marel hf:

The EOD is 2.196. Good. +1
The MRQ is 2.357. Good. +1
The TTM is 2.929. Good. +1

Trends

Current period		Compared to		+/-
EOD	2.196	MRQ	2.357	-0.161
MRQ	2.357	TTM	2.929	-0.571
TTM	2.929	YOY	4.546	-1.618
TTM	2.929	5Y	3.669	-0.740
5Y	3.669	10Y	3.669	0.000

Compared to industry (Specialty Industrial Machinery)

Period	Company	Industry (mean)	+/-
EOD	2.196	2.293	-0.097
MRQ	2.357	2.217	+0.140
TTM	2.929	2.200	+0.729
YOY	4.546	2.488	+2.058
5Y	3.669	2.419	+1.250
10Y	3.669	2.861	+0.808

2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

The key performance indicators of Marel hf compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	-0.008	0.003	-355%	0.020	-139%	0.105	-107%	0.105	-107%
Book Value Growth	-	-	0.994	1.001	-1%	1.017	-2%	1.006	-1%	1.006	-1%
Book Value Per Share	-	-	1.366	1.359	+1%	1.295	+5%	1.288	+6%	1.288	+6%
Book Value Per Share Growth	-	-	0.994	1.002	-1%	1.016	-2%	1.007	-1%	1.007	-1%
Current Ratio	-	-	1.080	1.141	-5%	1.050	+3%	1.218	-11%	1.218	-11%
Debt To Asset Ratio	-	-	0.619	0.597	+4%	0.489	+27%	0.524	+18%	0.524	+18%
Debt To Equity Ratio	-	-	1.623	1.520	+7%	0.964	+68%	1.149	+41%	1.149	+41%
Dividend Per Share	-	-	-	0.013	-100%	0.027	-100%	0.025	-100%	0.025	-100%
Eps	-	-	0.025	0.019	+26%	0.032	-23%	0.027	-10%	0.027	-10%
Eps Growth	-	-	2.080	1.052	+98%	1.013	+105%	1.152	+81%	1.152	+81%
Free Cash Flow Per Share	-	-	-0.003	-0.012	+341%	0.035	-108%	0.024	-111%	0.024	-111%
Free Cash Flow Per Share Growth	-	-	1.946	0.203	+858%	2.451	-21%	1.163	+67%	1.163	+67%
Free Cash Flow To Equity Per Share	-	-	-0.003	0.161	-102%	0.014	-121%	0.047	-106%	0.047	-106%
Free Cash Flow To Equity Per Share Growth	-	-	1.914	68.613	-97%	0.932	+105%	24.287	-92%	24.287	-92%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Intrinsic Value_10Y_max	-	-	16.973	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-3.128	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	0.321	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	-0.095	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	2.016	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	-0.476	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	4.979	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	-1.063	-	-	-	-	-	-	-	-
Net Profit Margin	-	-	0.038	0.035	+8%	0.071	-47%	0.061	-38%	0.061	-38%
Operating Margin	-	-	-	0.037	-100%	0.096	-100%	0.093	-100%	0.093	-100%
Operating Ratio	-	-	1.587	1.605	-1%	1.541	+3%	1.551	+2%	1.551	+2%
Pb Ratio	2.196	-7%	2.357	2.929	-20%	4.546	-48%	3.669	-36%	3.669	-36%
Pe Ratio	122.062	-7%	131.013	228.244	-43%	185.331	-29%	195.479	-33%	195.479	-33%
Peg Ratio	-	-	62.986	336.004	-81%	193.324	-67%	213.225	-70%	213.225	-70%
Price Per Share	3.000	-7%	3.220	3.973	-19%	5.885	-45%	4.713	-32%	4.713	-32%
Price To Total Gains Ratio	-388.678	+7%	-417.181	-721.124	+73%	151.360	-376%	-176.508	-58%	-176.508	-58%
Profit Growth	-	-	2.079	1.052	+98%	1.014	+105%	1.151	+81%	1.151	+81%
Quick Ratio	-	-	0.272	0.454	-40%	0.452	-40%	0.462	-41%	0.462	-41%
Return On Assets	-	-	0.007	0.006	+14%	0.013	-46%	0.011	-35%	0.011	-35%
Return On Equity	-	-	0.018	0.014	+25%	0.025	-28%	0.021	-16%	0.021	-16%
Revenue Growth	-	-	1.086	1.075	+1%	1.018	+7%	1.039	+5%	1.039	+5%
Total Gains Per Share	-	-	-0.008	0.016	-149%	0.047	-116%	0.130	-106%	0.130	-106%
Total Gains Per Share Growth	-	-	-0.288	4.875	-106%	1.317	-122%	2.817	-110%	2.817	-110%
Usd Book Value	-	-	1100889480.000	1096525970.000	+0%	1045555890.000	+5%	1040068040.000	+6%	1040068040.000	+6%
Usd Book Value Change Per Share	-	-	-0.008	0.003	-355%	0.021	-139%	0.113	-107%	0.113	-107%
Usd Book Value Per Share	-	-	1.463	1.455	+1%	1.387	+5%	1.379	+6%	1.379	+6%
Usd Dividend Per Share	-	-	-	0.014	-100%	0.029	-100%	0.027	-100%	0.027	-100%
Usd Eps	-	-	0.026	0.021	+26%	0.034	-23%	0.029	-10%	0.029	-10%
Usd Free Cash Flow	-	-	-2248680.000	-9904900.000	+340%	28188810.000	-108%	19702720.000	-111%	19702720.000	-111%
Usd Free Cash Flow Per Share	-	-	-0.003	-0.013	+341%	0.037	-108%	0.026	-111%	0.026	-111%
Usd Free Cash Flow To Equity Per Share	-	-	-0.003	0.172	-102%	0.015	-121%	0.050	-106%	0.050	-106%
Usd Price Per Share	3.212	-7%	3.448	4.254	-19%	6.302	-45%	5.047	-32%	5.047	-32%
Usd Profit	-	-	19809800.000	15713990.000	+26%	25913360.000	-24%	22091427.692	-10%	22091427.692	-10%
Usd Revenue	-	-	523835360.000	457418990.000	+15%	364286160.000	+44%	381155378.462	+37%	381155378.462	+37%
Usd Total Gains Per Share	-	-	-0.008	0.017	-149%	0.051	-116%	0.139	-106%	0.139	-106%
	EOD	+4 -1	MRQ	TTM	+23 -18	YOY	+13 -28	5Y	+12 -29	10Y	+12 -29

3.2. Fundamental Score

Let's check the fundamental score of Marel hf based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	122.062
Price to Book Ratio (EOD)	Between	0-1	2.196
Net Profit Margin (MRQ)	Greater than	0	0.038
Operating Margin (MRQ)	Greater than	0	0.000
Quick Ratio (MRQ)	Greater than	1	0.272
Current Ratio (MRQ)	Greater than	1	1.080
Debt to Asset Ratio (MRQ)	Less than	1	0.619
Debt to Equity Ratio (MRQ)	Less than	1	1.623
Return on Equity (MRQ)	Greater than	0.15	0.018
Return on Assets (MRQ)	Greater than	0.05	0.007
Total			3/10 (30.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

3.3. Technical Score

Let's check the technical score of Marel hf based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	38.985
Ma 20	Greater than	Ma 50	3.024
Ma 50	Greater than	Ma 100	3.486
Ma 100	Greater than	Ma 200	3.590
Open	Greater than	Close	3.080
Total			2/5 (40.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Latest Balance Sheet

Balance Sheet of 2022-12-31. Currency in EUR. All numbers in thousands.

Summary

Total Assets	2,696,400
Total Liabilities	1,668,300
Total Stockholder Equity	1,028,100

	As reported
Total Liabilities	1,668,300
Total Stockholder Equity	+ 1,028,100
Total Assets	= 2,696,400

Assets

Total Assets	2,696,400
Total Current Assets	867,200
Long-term Assets	867,200

Total Current Assets

Total Current Assets (as reported)	867,200
Cash And Cash Equivalents	75,700
Net Receivables	218,300
Inventory	403,600
Total Current Assets (calculated)	697,600
+/-	169,600

Long-term Assets

Long-term Assets (as reported)	1,829,200
Goodwill	859,200
Intangible Assets	562,300
Long-term Assets (calculated)	1,421,500
+/-	407,700

Liabilities & Shareholders' Equity

Total Current Liabilities	803,100
Long-term Liabilities	865,200
Total Stockholder Equity	1,028,100

Total Current Liabilities

Total Current Liabilities (as reported)	803,100
Short Long Term Debt	121,500
Accounts payable	129,100
Total Current Liabilities (calculated)	250,600
+/-	552,500

Long-term Liabilities

Long-term Liabilities (as reported)	865,200
Long term Debt	729,800
Capital Lease Obligations Min Short Term Debt	41,100
Long-term Liabilities (calculated)	770,900
+/-	94,300

Total Stockholder Equity

Total Stockholder Equity (as reported)	1,028,100
Retained Earnings	614,600
Total Stockholder Equity (calculated)	614,600
+/-	413,500

Other

Capital Stock	6,700
Common Stock Shares Outstanding	752,715
Net Debt	775,600
Net Invested Capital	1,879,400
Net Working Capital	64,100

Balance Sheet

Currency in EUR. All numbers in thousands.

Trend

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

> Total Assets

1,861,200
2,245,600
1,707,000
1,611,200
1,814,900
1,872,300
1,873,000
1,888,600
2,005,000
2,071,200
2,736,100
2,820,000
2,696,400

2,696,400

2,820,000

2,736,100

2,071,200

2,005,000

1,888,600

1,873,000

1,872,300

1,814,900

1,611,200

1,707,000

2,245,600

1,861,200

> Total Current Assets

715,600
1,104,900
569,900
472,800
532,700
562,700
569,300
581,400
642,600
701,600
889,800
955,700
867,200

867,200

955,700

889,800

701,600

642,600

581,400

569,300

562,700

532,700

472,800

569,900

1,104,900

715,600

Cash And Cash Equivalents

303,700
695,100
153,400
76,900
78,600
101,600
85,600
66,200
77,100
63,600
100,200
79,600
75,700

75,700

79,600

100,200

63,600

77,100

66,200

85,600

101,600

78,600

76,900

153,400

695,100

303,700

Net Receivables

232,800
229,200
225,900
207,600
239,500
240,500
244,300
253,600
276,800
322,400
381,800
424,000
218,300

218,300

424,000

381,800

322,400

276,800

253,600

244,300

240,500

239,500

207,600

225,900

229,200

232,800

Inventory

166,800
173,800
182,900
180,600
199,900
206,300
225,500
251,800
273,400
301,000
392,600
430,400
403,600

403,600

430,400

392,600

301,000

273,400

251,800

225,500

206,300

199,900

180,600

182,900

173,800

166,800

> Long-term Assets

1,145,600
1,140,700
1,137,100
1,138,400
1,282,200
1,309,600
1,303,700
1,307,200
1,362,400
1,369,600
1,846,300
1,864,300
1,829,200

1,829,200

1,864,300

1,846,300

1,369,600

1,362,400

1,307,200

1,303,700

1,309,600

1,282,200

1,138,400

1,137,100

1,140,700

1,145,600

Property Plant Equipment

217,800
215,400
213,100
219,100
239,400
245,700
252,000
256,000
269,200
274,000
357,300
371,700
0

371,700

357,300

274,000

269,200

256,000

252,000

245,700

239,400

219,100

213,100

215,400

217,800

Goodwill

645,800
644,100
643,700
642,300
678,800
690,700
683,100
687,000
705,200
707,600
898,000
901,700
859,200

859,200

901,700

898,000

707,600

705,200

687,000

683,100

690,700

678,800

642,300

643,700

644,100

645,800

Intangible Assets

252,400
250,200
247,400
245,400
331,000
345,900
342,500
338,100
357,200
357,200
556,000
557,700
562,300

562,300

557,700

556,000

357,200

338,100

342,500

345,900

331,000

245,400

247,400

250,200

252,400

Other Assets

14,000
15,400
15,500
14,300
15,400
15,600
14,800
14,800
18,100
18,900
23,900
29,200
0

29,200

23,900

18,900

18,100

14,800

15,600

15,400

14,300

15,500

15,400

14,000

> Total Liabilities

905,400
1,342,900
815,100
695,200
856,200
931,600
912,500
907,200
981,900
1,052,200
1,721,700
1,785,400
1,668,300

1,668,300

1,785,400

1,721,700

1,052,200

981,900

907,200

912,500

931,600

856,200

695,200

815,100

1,342,900

905,400

> Total Current Liabilities

469,300
499,800
475,800
452,000
488,600
545,800
543,400
557,500
596,900
658,400
758,600
766,800
803,100

803,100

766,800

758,600

658,400

596,900

557,500

543,400

545,800

488,600

452,000

475,800

499,800

469,300

Short Long Term Debt

30,600
0
0
0
0
0
0
0
0
0
0
0
121,500

121,500

30,600

Accounts payable

83,600
82,800
90,200
86,700
81,800
88,300
97,700
87,600
117,100
110,700
133,800
131,300
129,100

129,100

131,300

133,800

110,700

117,100

87,600

97,700

88,300

81,800

86,700

90,200

82,800

83,600

Other Current Liabilities

283,400
343,300
309,000
290,200
325,100
364,200
356,900
382,100
392,000
439,200
495,400
508,500
0

508,500

495,400

439,200

392,000

382,100

356,900

364,200

325,100

290,200

309,000

343,300

283,400

> Long-term Liabilities

436,100
843,100
339,300
243,200
367,600
385,800
369,100
349,700
385,000
393,800
963,100
1,018,600
865,200

865,200

1,018,600

963,100

393,800

385,000

349,700

369,100

385,800

367,600

243,200

339,300

843,100

436,100

Long term Debt

333,500
741,700
237,900
138,100
240,200
240,300
220,300
204,800
234,900
260,100
828,200
881,500
729,800

729,800

881,500

828,200

260,100

234,900

204,800

220,300

240,300

240,200

138,100

237,900

741,700

333,500

Capital Lease Obligations Min Short Term Debt

37,200
37,600
36,800
39,500
43,600
46,300
47,600
48,000
41,400
41,600
42,000
41,400
41,100

41,100

41,400

42,000

41,600

41,400

48,000

47,600

46,300

43,600

39,500

36,800

37,600

37,200

Other Liabilities

71,200
68,600
69,000
70,000
90,100
105,600
108,500
105,300
118,800
102,400
103,500
106,500
0

106,500

103,500

102,400

118,800

105,300

108,500

105,600

90,100

70,000

69,000

68,600

71,200

> Total Stockholder Equity

955,500
902,400
891,600
915,700
958,400
931,900
952,000
973,300
1,015,100
1,018,900
1,014,400
1,034,600
1,028,100

1,028,100

1,034,600

1,014,400

1,018,900

1,015,100

973,300

952,000

931,900

958,400

915,700

891,600

902,400

955,500

Common Stock

6,800
6,800
6,700
6,700
6,700
6,700
6,700
6,700
6,700
6,700
6,700
6,700
0

6,700

6,800

Retained Earnings

476,500
446,000
476,900
506,400
536,400
516,600
541,500
565,200
593,800
576,800
586,400
595,400
614,600

614,600

595,400

586,400

576,800

593,800

565,200

541,500

516,600

536,400

506,400

476,900

446,000

476,500

Accumulated Other Comprehensive Income

Capital Surplus

Treasury Stock

Balance Sheet

Currency in EUR. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Accounts Payable	129,100	117,100	81,800	83,600	92,900	90,000	73,000
Capital Lease Obligations	41,100	41,400	43,600	37,200	33,800	200	-
Capital Stock	6,700	6,700	6,700	6,800	6,100	-	-
Cash	75,700	77,100	78,600	303,700	56,300	31,900	-
Common Stock	-	6,700	6,700	6,800	6,100	6,300	6,500
Common Stock Shares Outstanding	752,715	755,745	752,240	760,234	671,824	693,822	-
Good Will	859,200	705,200	678,800	645,800	641,300	643,900	-
Intangible Assets	562,300	357,200	331,000	252,400	267,000	262,700	-
Inventory	403,600	273,400	199,900	166,800	149,900	124,400	122,200
Long Term Debt	729,800	234,900	240,200	333,500	429,300	370,500	-
Net Debt	775,600	157,800	161,600	60,400	397,800	364,800	-
Net Invested Capital	1,879,400	1,250,000	1,198,600	1,319,600	1,014,800	938,600	-
Net Receivables	218,300	276,800	239,500	232,800	221,200	217,500	179,100
Net Tangible Assets	-	-47,300	-51,400	57,300	-347,600	-365,000	-387,300
Net Working Capital	64,100	45,700	44,140	246,300	-43,700	-71,800	-
Non Current Assets Total	1,829,200	1,362,400	1,282,200	1,145,600	1,131,900	1,060,600	-
Non Current Liabilities Other	-	-	-	-	-	3,300	-
Non Current Liabilities Total	865,200	385,000	367,600	436,100	527,300	446,600	-
Non Currrent Assets Other	-	-	-630	-	-	-	-
Other Assets	-	18,100	15,400	14,000	13,400	8,400	7,500
Other Current Assets	-	1,100	3,700	-	-	-	-
Other Current Liab	-	392,000	325,100	283,400	289,000	279,400	216,100
Other Liab	-	118,800	90,100	71,200	69,500	73,500	70,900
Other Stockholder Equity	-	-35,700	-27,500	-10,900	-10,300	-8,200	-2,100
Property Plant Equipment	-	269,200	239,400	217,800	208,900	144,700	119,000
Retained Earnings	614,600	593,800	536,400	476,500	403,200	313,900	232,300
Short Long Term Debt	121,500	0	0	30,600	24,800	26,200	-
Total Assets	2,696,400	2,005,000	1,814,900	1,861,200	1,565,900	1,440,600	-
Total Current Assets	867,200	642,600	532,700	715,600	434,000	380,000	352,800
Total Current Liabilities	803,100	596,900	488,600	469,300	477,700	451,800	366,000
Total Liab	1,668,300	981,900	856,200	905,400	1,005,000	898,400	-
Total Stockholder Equity	1,028,100	1,015,100	958,400	955,500	560,700	541,900	-

	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31
Accounts Payable	129,100	131,300	133,800	110,700	117,100	87,600	97,700	88,300	81,800	86,700	90,200	82,800	83,600
Capital Lease Obligations	41,100	41,400	42,000	41,600	41,400	48,000	47,600	46,300	43,600	39,500	36,800	37,600	37,200
Capital Stock	6,700	6,700	6,700	6,700	6,700	6,700	6,700	-	-	-	-	-	-
Cash	75,700	79,600	100,200	63,600	77,100	66,200	85,600	101,600	78,600	76,900	153,400	695,100	303,700
Common Stock	-	6,700	6,700	6,700	6,700	6,700	6,700	6,700	6,700	6,700	6,700	6,800	6,800
Common Stock Shares Outstanding	752,715	753,217	753,217	755,745	755,745	753,989	752,240	752,240	752,240	747,927	747,927	755,853	760,234
Good Will	859,200	901,700	898,000	707,600	705,200	687,000	683,100	690,700	678,800	642,300	643,700	644,100	645,800
Intangible Assets	562,300	557,700	556,000	357,200	357,200	338,100	342,500	345,900	331,000	245,400	247,400	250,200	252,400
Inventory	403,600	430,400	392,600	301,000	273,400	251,800	225,500	206,300	199,900	180,600	182,900	173,800	166,800
Long Term Debt	729,800	881,500	828,200	260,100	234,900	204,800	220,300	240,300	240,200	138,100	237,900	741,700	333,500
Net Debt	775,600	801,900	728,000	196,500	157,800	138,600	134,700	138,700	161,600	61,200	84,500	-	-
Net Invested Capital	1,879,400	1,916,100	1,842,600	1,279,000	1,250,000	1,178,100	1,172,300	1,172,200	1,198,600	1,053,800	1,129,500	1,644,100	-
Net Receivables	218,300	424,000	381,800	322,400	276,800	253,600	244,300	240,500	239,500	207,600	225,900	229,200	232,800
Net Tangible Assets	-	-424,800	-439,600	-46,000	-47,300	-51,800	-73,600	-104,700	-51,400	28,000	200	7,800	57,300
Net Working Capital	64,100	188,900	131,200	43,200	45,700	23,900	25,900	16,900	44,140	20,800	94,100	605,100	-
Non Current Assets Total	1,829,200	1,864,300	1,846,300	1,369,600	1,362,400	1,307,200	1,303,700	1,309,600	1,282,200	1,138,400	1,137,100	1,140,700	1,145,600
Non Current Liabilities Other	-	-	-	-100	-	-	-	-	-	-	-300	-300	-
Non Current Liabilities Total	865,200	1,018,600	963,100	393,800	385,000	349,700	369,100	385,800	367,600	243,200	339,300	843,100	436,100
Non Currrent Assets Other	-	-	-	-	-	-	-	-	-630	-	-	-	-
Other Assets	-	29,200	23,900	18,900	18,100	14,800	14,800	15,600	15,400	14,300	15,500	15,400	14,000
Other Current Assets	-	1,600	2,500	2,200	1,100	700	4,100	4,300	3,700	-	-	-	-
Other Current Liab	-	508,500	495,400	439,200	392,000	382,100	356,900	364,200	325,100	290,200	309,000	343,300	283,400
Other Liab	-	106,500	103,500	102,400	118,800	105,300	108,500	105,600	90,100	70,000	69,000	68,600	71,200
Other Stockholder Equity	-	-6,100	-17,100	-15,600	-35,700	-38,000	-35,000	-34,500	-27,500	-29,000	-23,100	-19,700	-10,900
Property Plant Equipment	-	371,700	357,300	274,000	269,200	256,000	252,000	245,700	239,400	219,100	213,100	215,400	217,800
Retained Earnings	614,600	595,400	586,400	576,800	593,800	565,200	541,500	516,600	536,400	506,400	476,900	446,000	476,500
Short Long Term Debt	121,500	0	0	0	0	0	0	0	0	0	0	0	30,600
Total Assets	2,696,400	2,820,000	2,736,100	2,071,200	2,005,000	1,888,600	1,873,000	1,872,300	1,814,900	1,611,200	1,707,000	2,245,600	1,861,200
Total Current Assets	867,200	955,700	889,800	701,600	642,600	581,400	569,300	562,700	532,700	472,800	569,900	1,104,900	715,600
Total Current Liabilities	803,100	766,800	758,600	658,400	596,900	557,500	543,400	545,800	488,600	452,000	475,800	499,800	469,300
Total Liab	1,668,300	1,785,400	1,721,700	1,052,200	981,900	907,200	912,500	931,600	856,200	695,200	815,100	1,342,900	905,400
Total Stockholder Equity	1,028,100	1,034,600	1,014,400	1,018,900	1,015,100	973,300	952,000	931,900	958,400	915,700	891,600	902,400	955,500

Cash Flow

Currency in EUR. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Begin Period Cash Flow	77,100	78,600	303,700	56,300	31,900	45,500	-
Capital Expenditures	88,400	46,100	27,500	19,300	34,000	34,000	0
Change In Cash	-9,900	-1,500	-225,100	247,400	24,400	-13,600	-
Change In Working Capital	-89,600	9,600	2,600	-30,500	-9,700	44,300	-
Change To Account Receivables	-	-7,300	6,300	-21,400	-4,000	-26,500	-
Change To Inventory	-	-11,700	-2,000	-4,500	-17,800	44,100	-
Change To Liabilities	-	30,700	2,400	-8,900	15,000	25,600	2,500
Change To Netincome	-	1,900	17,500	9,100	2,000	3,800	2,900
Change To Operating Activities	-	-2,100	-4,100	1,200	-3,200	200	-5,200
Depreciation	81,600	67,900	60,000	57,000	52,400	51,600	-
Dividends Paid	-38,700	41,200	44,000	36,700	28,700	15,300	-
End Period Cash Flow	75,700	77,100	78,600	303,700	56,300	31,900	45,500
Free Cash Flow	-37,000	105,300	128,000	104,600	109,800	137,700	-
Investments	-567,200	-10,400	-1,700	-12,700	-12,700	-12,700	-
Issuance Of Capital Stock	600	700	2,400	370,900	2,200	-	-
Net Borrowings	-	-23,800	-138,100	-122,000	38,200	-47,200	220,700
Net Income	58,700	96,800	102,500	110,000	122,400	96,800	-
Other Cashflows From Financing Activities	-	-	-	-17,800	-200	-200	-200
Other Cashflows From Investing Activities	-	-	-1,000	-1,000	-1,000	-1,000	-
Other Non Cash Items	7,400	3,800	2,500	-	-	-	-
Sale Purchase Of Stock	-19,800	0	-55,900	-37,600	-71,700	-63,400	-
Total Cash From Financing Activities	-	-64,300	-235,600	156,800	-60,200	-122,200	-
Total Cash From Operating Activities	51,400	176,200	182,600	142,500	166,800	195,600	137,100
Total Cashflows From Investing Activities	-	-121,400	-161,600	-54,200	-84,500	-77,700	-408,100

	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31
Begin Period Cash Flow	79,600	100,200	63,600	77,100	66,200	85,600	101,600	78,600	76,900	153,400	695,100	303,700	294,600
Capital Expenditures	27,800	18,000	12,500	6,300	23,500	8,600	8,700	5,300	11,600	8,700	3,100	4,100	10,500
Change In Cash	-500	-20,600	36,600	-13,500	10,900	-19,400	-16,000	23,000	1,700	-76,500	-541,700	391,400	10,400
Change In Working Capital	-20,800	-42,300	-16,400	-10,100	-300	-29,200	27,100	12,000	-24,200	-2,400	6,200	23,900	-
Change To Account Receivables	-	-31,600	-1,700	-37,100	-13,600	8,900	-3,800	1,200	-33,000	13,300	7,400	18,600	-
Change To Inventory	-	-8,000	-32,200	7,100	-5,000	-35,400	36,500	-7,800	20,900	-6,000	-16,500	-400	42,300
Change To Liabilities	-	-6,100	18,200	19,500	18,800	600	-4,100	15,400	-6,400	-8,800	15,400	3,100	-9,000
Change To Netincome	-	-1,100	-1,400	-1,400	-2,000	-400	-200	4,500	13,500	8,500	2,100	-8,100	13,300
Change To Operating Activities	-	3,400	-700	400	-500	-3,300	-1,500	3,200	-5,700	-900	-100	2,600	-100
Depreciation	24,800	21,600	18,600	16,600	17,300	16,600	16,800	17,200	17,000	14,300	14,500	14,800	14,500
Dividends Paid	0	-	-	38,700	200	200	41,000	41,000	41,000	5,800	38,100	38,100	0
End Period Cash Flow	75,700	79,600	100,200	63,600	77,100	66,200	85,600	101,600	78,600	76,900	153,400	695,100	303,700
Free Cash Flow	-2,100	-38,800	-10,900	14,800	12,700	-3,300	52,400	43,500	15,400	34,600	44,300	33,700	-
Investments	-27,300	-25,900	-501,400	-29,000	-1,800	-1,800	-1,800	-8,600	-8,600	-8,600	-1,700	-1,700	-26,400
Issuance Of Capital Stock	0	0	300	300	0	300	400	-	-	-	-	-	-
Net Borrowings	-	16,700	540,700	21,700	20,900	-18,300	-23,000	-3,400	95,600	-102,300	-507,700	376,300	-17,700
Net Income	18,500	8,900	9,600	21,700	28,600	23,400	23,600	21,200	29,100	29,400	30,600	13,400	10,200
Other Cashflows From Financing Activities	-	-	-	-	200	-200	-200	-200	-200	-	-100	-100	400
Other Cashflows From Investing Activities	-	-	-	-	-	-	-	-	-	-	-	-1,000	-1,000
Other Non Cash Items	2,200	2,600	1,400	1,200	1,000	900	1,000	900	800	800	-	-	-
Sale Purchase Of Stock	0	-2,200	-17,600	-	-	-	0	-	0	0	-41,400	-14,500	0
Total Cash From Financing Activities	-	14,500	523,400	-16,700	20,900	-18,200	-63,600	-3,400	94,700	-108,100	-584,000	361,800	-
Total Cash From Operating Activities	25,700	-12,900	10,400	28,200	43,600	10,400	67,300	54,900	35,400	49,800	53,400	44,000	53,400
Total Cashflows From Investing Activities	-	-25,900	-501,400	-29,000	-56,300	-12,700	-20,700	-31,700	-125,600	-15,200	-10,300	-10,500	-26,400

Income Statement

Currency in EUR. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Cost Of Revenue	1,130,400	867,000	778,400	792,600	730,400	631,500	-
Ebit	-	131,000	151,700	163,300	163,100	140,300	-
Ebitda	176,300	195,000	200,900	210,200	211,600	184,400	-
Gross Profit	578,300	493,800	459,400	491,100	467,500	406,700	-
Income Before Tax	75,100	120,700	131,600	141,800	146,000	120,000	-
Income Tax Expense	-	24,500	29,000	31,700	23,500	23,100	13,600
Interest Expense	19,600	5,700	6,500	10,700	11,000	0	0
Interest Income	1,500	500	500	3,000	2,300	900	-
Minority Interest	0	600	300	300	200	300	200
Net Income	58,700	96,800	102,500	110,000	122,400	96,800	-
Net Income Applicable To Common Shares	-	96,800	102,500	110,000	122,400	96,800	75,700
Net Income From Continuing Ops	58,700	96,200	102,600	110,100	122,500	96,900	-
Net Interest Income	-13,000	-7,300	-10,200	-22,200	-14,600	-16,800	-
Operating Income	97,000	130,300	149,700	162,600	160,900	140,300	-
Other Operating Expenses	-	-	17,100	17,100	17,100	17,100	200
Reconciled Depreciation	81,600	68,600	62,800	57,700	54,600	51,600	-
Research Development	105,900	86,900	73,300	85,900	73,700	57,800	-
Selling General Administrative	375,400	276,600	236,400	242,600	218,600	191,500	-
Tax Provision	16,400	24,500	29,000	31,700	23,500	23,100	-
Total Operating Expenses	1,611,700	1,230,500	1,088,100	1,121,100	1,037,000	897,900	-
Total Revenue	1,708,700	1,360,800	1,237,800	1,283,700	1,197,900	1,038,200	-

	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31
Cost Of Revenue	325,100	301,900	265,500	237,900	235,800	209,000	210,000	212,200	217,900	174,700	191,500	194,300	204,100
Ebit	-	19,100	14,800	25,000	36,500	31,400	33,000	30,100	44,500	41,400	57,000	34,300	33,900
Ebitda	57,300	42,400	33,800	45,200	54,200	48,100	49,600	44,400	59,400	55,600	57,000	34,300	-
Gross Profit	164,100	148,700	131,800	133,700	131,600	122,900	117,500	121,800	125,400	112,500	114,200	107,300	116,000
Income Before Tax	22,300	13,100	12,100	27,600	35,100	29,300	30,700	25,600	38,500	38,100	37,200	17,800	16,700
Income Tax Expense	-	4,200	2,500	5,900	6,600	6,100	7,400	4,400	9,400	8,700	6,500	4,400	6,500
Interest Expense	10,200	7,700	3,100	1,000	1,100	2,200	2,100	1,600	1,700	3,200	5,300	1,700	2,700
Interest Income	600	8,800	1,200	500	200	100	200	0	300	0	0	200	600
Minority Interest	0	0	0	0	100	200	8,500	8,800	300	300	300	300	300
Net Income	18,500	8,900	9,600	21,700	28,600	23,400	23,600	21,200	29,100	29,400	30,600	13,400	10,200
Net Income Applicable To Common Shares	-	8,900	9,600	21,700	28,600	23,400	23,600	21,200	29,100	29,400	30,600	13,400	10,200
Net Income From Continuing Ops	18,500	8,900	9,600	21,700	28,500	23,200	23,300	21,200	29,100	29,400	30,700	13,400	10,200
Net Interest Income	-1,600	1,100	-1,900	-1,000	-2,200	-2,100	-1,900	-2,000	-1,600	-3,200	-5,300	-3,600	-11,900
Operating Income	38,100	19,100	14,800	25,000	35,800	31,400	33,000	30,100	43,100	41,400	42,400	22,800	29,200
Other Operating Expenses	-	-	-	-	-	-	-	-	17,100	17,100	17,100	17,100	-
Reconciled Depreciation	24,800	21,600	18,600	16,600	18,000	16,600	16,800	17,200	19,200	14,300	14,500	14,800	-
Research Development	27,800	29,200	24,800	24,100	21,500	21,400	21,800	22,200	19,400	16,900	18,600	18,400	22,600
Selling General Administrative	98,200	100,400	92,200	84,600	74,300	70,100	62,700	69,500	62,900	54,200	53,200	66,100	64,200
Tax Provision	3,800	4,200	2,500	5,900	6,600	6,100	7,400	4,400	9,400	8,700	6,500	4,400	6,500
Total Operating Expenses	451,100	431,500	382,500	346,600	331,600	300,500	294,500	303,900	300,200	245,800	263,300	278,800	290,900
Total Revenue	489,200	450,600	397,300	371,600	367,400	331,900	327,500	334,000	343,300	287,200	305,700	301,600	320,100

Latest Income Statement (annual, 2022-12-31)

Gross Profit (+$)
totalRevenue	1,708,700
Cost of Revenue	-1,130,400
Gross Profit	578,300	578,300

Operating Income (+$)
Gross Profit	578,300
Operating Expense	-1,611,700
Operating Income	97,000	-1,033,400

Operating Expense (+$)
Research Development	105,900
Selling General Administrative	375,400
Selling And Marketing Expenses	-
Operating Expense	1,611,700	481,300

Net Interest Income (+$)
Interest Income	1,500
Interest Expense	-19,600
Other Finance Cost	-5,100
Net Interest Income	-13,000

Pretax Income (+$)
Operating Income	97,000
Net Interest Income	-13,000
Other Non-Operating Income Expenses	-
Income Before Tax (EBT)	75,100	97,000 EBIT - interestExpense = -19,600 58,700 78,300
Interest Expense	19,600
Earnings Before Interest and Taxes (EBIT)	-	94,700
Earnings Before Interest and Taxes (EBITDA)	176,300

After tax Income (+$)
Income Before Tax	75,100
Tax Provision	-16,400
Net Income From Continuing Ops	58,700	58,700
Net Income	58,700
Net Income Applicable To Common Shares	-

Non-recurring Events
Discontinued Operations	-
Extraordinary Items	-
Effect of Accounting Charges	-
Other Items	-
Non Recurring	-
Other Operating Expenses	-
Total Other Income/Expenses Net	-	13,000

Technicals of Marel

1. Trend Indicators

1.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

1.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Let's take a look of the Moving Average Convergence/Divergence (MACD) of Marel hf:

The Moving Average Convergence/Divergence (MACD) is -0.158. The Moving Average Convergence/Divergence (MACD) below zero is a bearish sign. -1
The MACD is higher than the signal line. This is a bullish indication. +1

Marel hf Daily Moving Average Convergence/Divergence (MACD) Chart

1.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index).

The ADX helps you determine the strength of a trend. Let's take a look of the ADX of Marel hf:

The ADX is 30.424. Strong Trend. +1
The ADX is declining, the current trend is weakening. -1
The +DI is lower than the -DI. The current trend is down. -2

Marel hf Daily Directional Movement Index (DMI) Chart

1.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

The price has crossed the Parabolic SAR to the upside. The trend is reversing to an up trend. +1

2. Momentum Indicators

2.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

The RSI is below 50. -1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Marel hf Daily Relative Strength Index (RSI) Chart

2.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

The Stochastic is above 50. +1

Marel hf Daily Stochastic Oscillator Chart

2.3 Commodity Channel Index (CCI)

Marel hf Daily Commodity Channel Index (CCI) Chart

2.4 Chande Momentum Oscillator (CMO)

Marel hf Daily Chande Momentum Oscillator (CMO) Chart

2.5 Williams %R

3. Volatility Indicators

3.1 Bollinger Bands

3.2 Average True Range (ATR)

Marel hf Daily Average True Range (ATR) Chart

4. Volume Indicators

4.1 On-Balance Volume (OBV)

Marel hf Daily On-Balance Volume (OBV) Chart

4.2 Money Flow Index (MFI)

Marel hf Daily Money Flow Index (MFI) Chart

5. Summary

5.1. Notifications

Type	Notification	Date
Currently no notifications for Marel hf.

5.2. Trading Signals

Date	Indicator	Entry signal	Exit signal
2023-05-18	CMO	SHORT ENTRY	LONG CLOSE	-50 crossover to downside
2023-05-19	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2023-05-24	MACD	LONG ENTRY	SHORT CLOSE
	MFI	20 crossover to downside
2023-05-30	SAR	SHORT ENTRY	LONG CLOSE	price crossed sar to downside