Beneteau: too cheap?

Photo credit © Beneteau

( — Hardly shaken yesterday in the wake of its quarterly presentation, Beneteau rose 2.8% to 11.7 euros on Friday. If the results came out in line with management’s expectations, which therefore reiterated its 2022 outlook, the broker notes that investors were expecting more, as illustrated by the fall in the price on Thursday (-12%). Although the group still faces significant headwinds, including inflation and supply chain issues, the analyst deems the current valuation too cheap: he believes traders are erroneously pricing a rapid and sharp deterioration environmental demand for boats. Berenberg thus maintains its ‘buy’ advice and its target of 19 euros.


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