Benéteau: stock sails away on broker comments
(CercleFinance.com) - Oddo maintains its Outperform recommendation on Bénéteau shares, having increased its target price for them from 18 euros to 21 euros (current price: 13.
4 euros, +5%).
Visibility for 2023 is excellent, with an order book that represents almost expected FY sales, with management forecasting dynamic growth through to 2025, the analyst says, who is impressed by the strategic plan presented.
Business growth is expected to exceed 15%, i.e. 1.6 billion euros, which should enable its OM to exceed 10% (i.e. underlying OP of over 160 million euros).
For Oddo, this announcement is excellent commercial performance in the current context, as it is for profitability, as it initially expected an OM of 10% by 2024 (vs. 2025 in the management's initial strategic plan).
Management is targeting 2025 revenues of 1.8 to 2 billion euros, i.e. average sales growth of 10% p.a., the analyst notes.
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