(CercleFinance.com) – Oddo BHF maintains its ‘outperform’ rating on Bénéteau shares with a price target reduced from 17 to 15.5 euros.
At the end of the first 9 months of the financial year, turnover increased by 30.2% to 1,343.9 ME (including +31.2% for Boats at 1,105.1 ME) and for the entire exercise.
For 2024, the group anticipates a drop in dealer inventory levels across the market given the sharp rise in interest rates as well as a continued slowdown in demand for small units.
Consequently, Oddo BHF lowers its 2024 and 2025 Boat turnover estimates by 6% to respectively 1,226 ME and 1,287 ME. By 2025, management’s ambitions remain for a Boat turnover of between 1.5 billion and 1.65 billion euros.
‘Given Bénéteau’s net cash position (around 341 ME at the end of 2024 before sale of Habitat for around 200 ME), we do not exclude the possibility of a share buyback program or an exceptional dividend’, adds the analyst who nevertheless evokes ‘unfavorable momentum in the short term’.
Copyright © 2023 CercleFinance.com. All rights reserved.
The information and analyzes distributed by Cercle Finance only constitute a decision-making aid for investors. Cercle Finance cannot be held responsible directly or indirectly following the use of information and analyzes by readers. It is recommended that any uninformed person consult a professional advisor before making any investment. This indicative information does not in any way constitute an inducement to sell or a solicitation to buy.
Did you like this article ? Share it with your friends using the buttons below.
