(Boursier.com) — Fountaine Pajot climbs by almost 9% to 98 euros this Friday, while the group achieved an excellent 2022-2023 financial year, recording an annual turnover of 277.3 million euros, a dynamic increase of +26.2% . This performance reflects, on the one hand, the increase in volumes and on the other hand, the favorable product mix, supported by the quality and breadth of its entire range.
The group is consolidating its international development with 82% of sales made from exports. Thus, Fountaine Pajot recorded strong momentum in Europe with 45% of sales, activity in North America represents 16% of sales and major exports 17%.
This financial year, in the catamaran segment, activity is driven by the Elba 45, the Alegria 67 and the Aura 51 in sailing and the MY6 in motor. In the monohull segment, growth is driven by the D470, the D430 and the D530.
Perspectives displayed
The Fountaine Pajot Group is strengthening its human resources policy, based on both attractiveness and loyalty. The pleasure boat designer continued its recruitment. Thus, 75 additional people joined the group’s workforce during 2022-2023.
Given the quality of its portfolio of on-board controls and an efficient industrial organization, Fountaine Pajot, which is accelerating its environmental approach, is continuing its growth over the 2023-2024 financial year.
The Group unveiled its new luxury multi-yacht, the Thira 80, afloat during the last Cannes Yachting Festival. Fountaine Pajot thus took up the industrial challenge of building the largest cruising catamaran in the history of the shipyard. In the monohull segment, Dufour presented the D41 at the last boat shows, which has already won the “Design Prize” in its category at the Genoa show and is in the running for 3 prestigious international awards. .
“Good publication ahead, continued growth in 2024 and excellent visibility” summarizes Portzamparc who underlines that the stock remains poorly valued, even considering a cycle high (EV/Sales 2023/24 0.1x, EV/EBIT 0, 8x; excluding restatement of advances but with conservative WCR assumptions). Verdict: “Buy with an objective raised from 159 euros to 166 euros”.