(CercleFinance.com) – Oddo believes that the Bénéteau group is publishing excellent results for its 2021 financial year.
‘ 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)’.
Oddo confirms its Outperformance opinion with a price target of E21. 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’.
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