Beneteau: a buyer, Portzamparc mentions Bavaria rumour

(CercleFinance.com) - This morning Portzamparc confirms its buy rating on the, French ship builder Beneteau considering the "Bavaria rumour".

The broker maintains its target price at 21 euros, meaning that the stock has upside potential of over 50%.

According to the site Actunautique.com, Beneteau appears, amongst other sector players, to be interested in taking over the second largest pleasure boat builder in Europe (after itself), the German company Bavaria Yachtbau, which has been placed in receivership. The court administrator's decision is due in the next few weeks.

In 2016, Bavaria's sales reached 112.3 million euros, with it making a net loss of nearly 32 million euros, Portzamparc says. By way of comparison, Beneteau's sales were close to 1.3 billion euros in fiscal year 2017/2018, which will end on 31 August.

Portzamparc mentions Beneteau's recently acquisitions of the Polish group Delphia yachts (2017 sales of 30 million euros) and the Slovenian company Seascape (4.2 million euros). However, despite these acquisitions, the broker still thinks that Beneteau has the means to make further larger acquisitions.

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