Bénéteau: that sinking feeling after forecasts announced

(CercleFinance.com) - Broker Portzamparc has confirmed its buy rating on the share of boat maker Bénéteau, despite the stock being hammered (-22%) after it announced forecasts.


The broker has cut its target price for the share from 21 euros to 18 euros.

Management has announced group growth of between +3% and +5% for the current season (from +2% to +4% at constant exchange rates). This forecast is significantly below the broker's estimate of +7.4% (as reported), analysts say, along with those of the consensus (+7.7% again as reported).

Monte Carlo Yachts is still suffering from competitive conditions in the market and, at end-January announced an order backlog that was down 40%, while the brand was finishing a season when it experienced sales that collapsed 31% to 47.4 million euros, a report laments, which adds that customs duties between the European Union/Canada and the US were another disappointing factor.



Copyright (c) 2019 CercleFinance.com. All rights reserved.