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Bénéteau: Oddo BHF downgrades stock, cutting TP
(CercleFinance.com) - Oddo BHF downgrades its rating on Bénéteau shares from 'outperform' to 'neutral', with a target price lowered from E14 to E11.
5 (cp: E8.8, -15%).
Last night, Bénéteau published H1 sales down 31.5%, to E556.6m, fairly close to Oddo BHF's expectations (E566.5m), despite an impact of around E80m, due to distributors' desire to reduce their inventories.
In an unfavourable economic climate, sales are expected to come in at around E1bn in 2024, significantly below analysts' estimates and the consensus (E1.1bn), given weaker-than-estimated busines, the analyst says.
Oddo BHF has lowered its 2025 EPS estimates by over a third (-34%) and considers the valuation (EV/UOP 2025e: 7.8x) to be "relatively coherent".
Finally, the broker points out that the French competition authority's opinion on the proposed sale of the Habitat business to Trigano is expected in H2.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as decision-making aids for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
5 (cp: E8.8, -15%).
Last night, Bénéteau published H1 sales down 31.5%, to E556.6m, fairly close to Oddo BHF's expectations (E566.5m), despite an impact of around E80m, due to distributors' desire to reduce their inventories.
In an unfavourable economic climate, sales are expected to come in at around E1bn in 2024, significantly below analysts' estimates and the consensus (E1.1bn), given weaker-than-estimated busines, the analyst says.
Oddo BHF has lowered its 2025 EPS estimates by over a third (-34%) and considers the valuation (EV/UOP 2025e: 7.8x) to be "relatively coherent".
Finally, the broker points out that the French competition authority's opinion on the proposed sale of the Habitat business to Trigano is expected in H2.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as decision-making aids for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.