NBI Bearings Europe, S.A. (NBI.MC) : juste valeur

Thèse ACCE

NBI Bearings Europe is a small Spanish maker of precision bearings and related components for industrial and tool applications, with a gross margin of 52.8%, unusually high for a bearings maker and a sign of specialised, low-volume product lines. The case rests on that margin structure and a small, cheap balance of earnings: the forward P/E is 16.6 against a trailing P/E of 158, which implies the market expects a sharp recovery in reported profit from a very depressed base. Revenue fell 8.1% in the latest period and return on equity is just 1.4%, so the operating margin of 8.2% is the number to watch: it has to hold while volumes stabilise for the forward multiple to mean anything. At a 38M EUR market cap with no index membership, liquidity is thin and coverage is sparse, which is the reason it may still be mispriced, and also the reason the work is harder than the headline multiples suggest. Worth a deeper look only if you can get comfortable with the earnings bridge from 8.2% operating margin to the forward estimate and with the order book behind it.