(CercleFinance.com) – The title gained 2% on the Paris Stock Exchange after the announcement of the results. Oddo believes that the group has published excellent results for its 2021 financial year.
The analyst confirms his Outperformance opinion with a target price of 21 E. Valuation remains limited (EV/ROC 2022e: 8.7x) in view of the potential for revaluation of margins. Bénéteau is in our Midcap S1 2022 conviction list’.
‘ Based on an increase in turnover of 11.9% to 1227.1 ME (already published at the end of February), the ROC rose by 248.6% to 95.8 ME, i.e. a level much higher than our estimates since we retained 70.5 ME ‘ indicates the analysis office. ‘The guidance of the group was based on an ROC higher than 65 ME (the consensus retained 71 ME)’.
‘The operating margin thus stands at 7.8%, which is an excellent performance, showing an improvement in profitability of 530 bp (vs. 2.5% in 2020)’.
Oddo also points out that sales are benefiting from strong demand (record order book, nevertheless hampered by supply tensions) and should therefore appreciate within a range of between 11 and 14% (10/13% for Boats, more than 20% in Habitat).
‘The ROC would reach 110/120 ME, which is consistent with our expectations (110 ME) and those of the consensus (117 ME)’.
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