Trigano shares are in the lead on the SRD on Tuesday, up more than 8%. The market is reassured by the publication of the figures for the first half of its 2021-2022 financial year, from which it appears that the manufacturer of motorhomes knows how to perfectly thwart the trap of inflation in terms of supplies.
Over these first six months, operating profit, at 179.3 million euros, improved by more than 18% from a turnover up by 9.2%, at 1.49 billion . ” While the group suffered productivity losses linked to supply delays, management also explains that it benefited from price increases (+10 to 12% over one year) in anticipation of inflation of raw materials and components (and therefore with a positive impact on profitability) “, explains the firm Oddo BHF in reaction to this publication, which exceeds its expectations.
The net profit goes from 114.4 to 141.3 million euros, but it benefits from a positive financial balance of 6.8 million euros while it was negative of 6.6 million. in the first half of 2020-2021, benefiting from a fair value of financial debt related to deferred payments on acquisitions. And if cash falls to 52.3 million euros at the end of February, compared to an amount of 278 million a year earlier, it should be noted that the level of cash is still at its lowest level at this time of the year. ‘practice. This year, moreover, the working capital requirement was reduced by 120 million euros, in particular to secure certain stocks in order to be able to rapidly increase production in the event of a return to a normal supply situation.
Order books saturate production capacities
Because shortages of components and materials will continue to affect business in the second half of the year, particularly in the third quarter. As in recent months, the shortages relate to chassis, with a loss of production volume estimated at around 3,000 to 4,000 vehicles (i.e. around 10% of production for the half-year). But the market remains extremely buoyant and “ the level of order books saturates production capacities well beyond the end of the year “, indicates the company in its press release. What facilitate new price increases if necessary, and to the extent of “acceptable” by customers.
Proof of the ambient optimism, despite the brakes linked to supplies, Oddo BHF is aiming for a sustained increase of 17.2% in Trigano’s turnover at the end of the twelve months, to 3.43 billion euros before a further increase around 7% at the end of August 2023. For the Portzamparc office, “ visibility is good and margins are historically high despite the context. [Pourtant,] the valuation is now lower than in 2019. »