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.


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