(Boursier.com) — Trigano stands out the day after its annual publication with shares rising 2% to 144.6 euros. The group revealed, for its 2022-2023 financial year, a turnover of 3.48 billion euros, an increase of +9.5%. Consolidated current operating profit shows growth of +23.7% to €423.4 million (12.2% of turnover). Thanks to the quality of the results of its leisure vehicle activity, up nearly 30% compared to the previous financial year, Trigano achieved a net profit of 308.3 ME in 2022-2023 (278.5 ME in 2021 -2022). It is up +10.8%. Positive net cash flow amounts to €194.7 million as of August 31, an increase of +69 million compared to August 31, 2022.
The high level of order books, and the confirmation of the clear improvement in the delivery of rolling bases from all suppliers make it possible to envisage good progress in activity in 2023-2024. Beyond this horizon, Trigano is confident in the growth potential of its business and in its ability to gain market share. The Management Board will propose to the General Meeting of January 9, 2024, the payment of a gross dividend of 3.5 euros per ordinary share for the financial year ending August 31, 2023, i.e. an additional 1.75 euros to the deposit of 1.75 euros paid in May 2023.
Portzamparc evokes a high-quality publication, a positive discourse and a news flow which will be favorable in the first half of the year. The cash effect is disappointing but will turn around at the end of February, adds the analyst, who revalues the stock from 156 to 188 euros.
Oddo BHF speaks of 2023 results above expectations with good growth in activity expected in 2023-2024. The group has many assets and in particular an order book that is reassuring about the evolution of activity in 2024. The current valuation (VE/ROC 2024e: 5.4x), implicitly reflects a downward revision of the ROC 2024e d ‘at least 30%, which is too pessimistic. The broker’s ‘outperformance’ opinion is renewed with a target of 175 euros. Note that the process of acquiring Bénéteau’s Mobile Home business is continuing with completion which could take place by February 2024 (low visibility, however).
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