2023-09-28 09:02:31
Published on September 28, 2023 at 11:02 Updated on September 28, 2023 at 11:49
Bénéteau fell by more than 11% this Thursday morning, thus signing the largest drop on the Paris Stock Exchange. The manufacturer of pleasure boats, however, was optimistic, saying it anticipated “ record results ” This year. But he also warned regarding changes in interest rates, which might affect its performance next year.
« The 2023 financial year will reach a record level both in terms of turnover and current operating profit “, indicated the group in a press release. In particular, it expects growth of 16% in its consolidated sales, to 1.75 billion euros in 2023. Bénéteau also raised its operating profit forecast to more than 210 million euros, compared to more than 200 million previously.
A first semester under full sail
In the first half, gross operating surplus (Ebitda) jumped 65% to 191.7 million euros, compared to 173.5 million estimated by the Bloomberg consensus. Operating income also rose sharply, to 163.4 million, compared to 79.9 million a year earlier and 132 million estimated. Net profit more than doubled, to 117.1 million, for a turnover, already communicated, up 44% to 1.03 billion.
Building on its order book and the operational performance of the first quarter, Bénéteau confirms that it is targeting a turnover for its boats division of 1.45 billion euros for the entire financial year. It also confirmed its objectives for 2025, namely a turnover of between 1.5 and 1.65 billion euros and an operating margin of 11.5%, at the top of the high range. this turnover.
Interest rates, headwind for Bénéteau
The group believes, however, that the rise in interest rates risks slowing down its growth in 2024. “ In a context of a sharp rise in interest rates and with a stock level at dealers returning to the pre-Covid level in volume, a destocking is expected in certain distribution networks in 2024, in particular those very active in small units », Indicates the group.
Following these announcements, Gilbert Dupont downgraded Bénéteau shares from “buy” to “hold” and reduced its price target from 20 to 15 euros. The tone, however, is far from alarmist. Same story with Portzamparc who, if he judges the “ cautious speech for 2024 on small units ”, indicates that “ the group protects itself from the cycle with its move upmarket “. The intermediary maintains its purchase recommendation to target 23.50 euros. Of the seven analysts retained by Bloomberg to monitor the stock, all remain buyers. The stock has fallen 17% since the start of the year and 6.7% over five years.
1695900602
#Bénéteau #plunges #stock #market #expected #destocking #dealers #obscures #forecast #record #results
