| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 149.96 | 5996 |
| Intrinsic value (DCF) | 1.83 | -26 |
| Graham-Dodd Method | 1.27 | -48 |
| Graham Formula | n/a |
MG International S.A. (ALMGI.PA) is a leading French company specializing in the production and sale of swimming pool safety and maintenance equipment. Headquartered in La Ciotat, France, and a subsidiary of Maytronics Ltd., the company offers innovative solutions such as immersion detectors, swimming pool alarm systems, automatic covers, water treatment products, and computer-assisted surveillance systems under well-known brands like Aquasensor, Senso Espio, Poseidon, and Aqualarm. Operating in the Security & Protection Services sector within the broader Industrials industry, MG International serves both public and private swimming pool markets with a focus on drowning prevention and water quality management. With a market capitalization of approximately €16.9 million, the company has established itself as a niche player in pool safety technology, combining engineering expertise with regulatory compliance to address growing global demand for safer aquatic environments. The company's product portfolio positions it at the intersection of leisure safety and smart technology, catering to increasing consumer awareness about pool safety standards.
MG International presents a specialized investment opportunity in the pool safety equipment market, with modest but stable financials (€59.6M revenue, €1.38M net income in latest reporting period). The company benefits from recurring revenue streams through replacement parts and maintenance needs, while its parent company relationship with Maytronics provides potential synergies. Key attractions include a dividend yield (€0.34 per share) and positive operating cash flow (€6.7M), though investors should note the small market cap and limited liquidity risks. The stock's beta of 0.761 suggests lower volatility than the broader market. Growth prospects are tied to increasing regulatory requirements for pool safety equipment globally, though competition from larger industrial conglomerates remains a challenge. The capital-light business model (modest capex of €885k) and strong cash position (€4.96M) provide financial flexibility.
MG International occupies a specialized niche in swimming pool safety equipment, differentiating itself through focused R&D in drowning prevention technologies. The company's competitive advantage stems from its brand recognition in the French market (through brands like Poseidon and Aquasensor) and its comprehensive product ecosystem that integrates detection, alarm, and cover systems. As a subsidiary of Maytronics (a major pool equipment manufacturer), it benefits from distribution synergies while maintaining operational independence. The company's focus on computer-assisted surveillance systems positions it well for the growing smart pool technology trend. However, MG International faces competition from both specialized safety equipment providers and larger pool equipment conglomerates that can bundle safety products with other pool systems. Its relatively small scale limits international reach compared to global players, though this also allows for more tailored solutions in its core European markets. The company's technology patents and regulatory certifications create moderate barriers to entry in its specialty areas. Financial metrics suggest efficient operations (positive operating cash flow exceeds net income), but growth may require either geographic expansion or product line extensions to compete effectively with better-capitalized rivals. The B2B focus for public pools provides stable demand, while the B2C private pool segment offers higher margins but more competition.