(CercleFinance.com) – Oddo BHF maintains its ‘outperform’ rating on Bénéteau shares with an unchanged price target of 14.1 euros.
For its 4th quarter, the Bénéteau group published a turnover of 440.6 ME last night (i.e. a level 8% higher than Oddo BHF’s expectations).
‘For 2024, management does not give objectives but we point out that the group will suffer from the non-recurrence of the reconstitution of distributor stocks for 2023 (240 ME mentioned)’, indicates Oddo BHF.
‘Ultimately, our EPS are lowered by 18% in 2024 which reflects the importance of inventory effects penalizing the group’s growth, but this phenomenon should normalize in 2025’, concludes the analyst.
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