(Boursier.com) — Beneteau fell by 2.8% to 11.55 euros this Thursday, while in the 3rd quarter, the group’s turnover stood at 315.6 million euros, up 2.2% at a rate constant exchange rate compared to the previous financial year. At the end of September, the Bénéteau Group’s sales amounted to 1.344 billion euros, an increase of +30.2% compared to 2022. In application of the IFRS 5 standard, the Group is required to restate the Housing activity , this is now presented under “Activity intended for sale”. Excluding Housing, the Group’s turnover in published data therefore amounts to €1.105 billion, up +31.2% on a comparable basis.
In the 3rd quarter, the turnover of the Boat division amounted to €292 million, up +2.2% at constant exchange rate compared to the previous year. Over 9 months, sales of the Boat division increased by +31.2% in published data.
Sales of the Housing division amounted to 23.5 ME in the 3rd quarter of 2023. Since the start of the financial year, the turnover of the activity reached 238.8 ME, an increase of almost 26% , confirming the current dynamics of the outdoor hotel markets. This growth is driven both by strong demand from French Key Account customers, by a continued improvement in the product mix, and by the impact of inflation on sales prices.
Perspectives displayed
Comforted by its order book, and despite the slowdown observed in smaller units, the Group confirms its latest turnover forecast for the Boat division, growing by 16% vs 2022. This growth includes the impact of a replenishment of distributors’ stocks, returning to pre-Covid levels in volume, now that supply conditions have normalized. This should represent between 120 and 150 ME of growth over the financial year 2023 vs 2022.
The Boat division confirms its operating margin forecast of 12% for the financial year. Concerning the Housing division, turnover for the financial year should be above 300 ME for an operating margin which would exceed 11%.
Excluding the planned sale of the Housing division, the Group’s consolidated turnover for the 2023 financial year would be greater than €1,750 billion (+16% vs. 2022 in published data), and current operating income would be greater than €210 million, an increase. by more than 35% vs. 2022.
Ambitions intact
Regarding the 2024 financial year, the Group anticipates a drop in dealer inventory levels across the market, given the rise in interest rates, as well as a continued slowdown in demand for smaller units. . The group has adapted to this environment, particularly in terms of the flexibility of its production lines, as well as in terms of modulation of working hours…
The development work currently being finalized on the Belleville and Cholet sites will make it possible to launch new catamaran models from 2024, without affecting current production lines during ramp-ups.
Portzamparc underlines the cautious speech of management and a mixed publication, not really anything to get excited about in the short term… Despite everything, the analyst still sees good mix effects in 2024 and ambitions intact by 2025 once that the habitat will be transferred. Enough to remain a purchase with an adjusted target price of 23.5 to 22 euros…