(Boursier.com) — Beneteau accelerated. The title of the yachtsman benefits from a better orientation of the stock markets this weekend to gain nearly 10% to 14.6 euros. It must be said that the yachtsman ended the 2021 financial year with a turnover of 1,227.1 ME, up 11.9% in published data and +12.9% at constant exchange rates thanks to the strong sales growth in the 4th quarter of 2021. Revenues for the last three months of the year have indeed almost doubled over one year, to 303.8 ME. Given this dynamism, the group is now aiming for current operating income for 2021 higher than the last forecast communicated on November 9, 2021, which was between 59 and 65 ME.
Despite tensions over supplies, the group managed to post very sustained growth without the disturbances penalizing profitability, underlines Oddo BHF (‘outperforming’). The order book makes it possible to envisage strong growth in 2022 (double-digit increase in turnover), which is reassuring and will help to support the restoration of profitability (the objective of an operating profit of 10% by 2025 seems too careful). The valuation remains limited with regard to the potential for revaluation of the margins, adds the broker, which revalues the file from 19 to 21 euros. Bénéteau is on its list of Midcap convictions for the first half of 2022.
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