Beneteau - Q3 below our expectations, but does not call into question the investment case
Q3 below our expectations, but still slight organic growthAnnual guidance confirmed, but now a little more challenging2024 will be a year of calm, as we expected and mentioned at the end of H1It's no longer time for euphoria, but for a return to normality, while the valuation reflects a crisis situation.BUY opinion maintained. The risk/reward still seems very attractive to us, given the historically low valuation multiples and a solid balance sheet, which should be further strengthened by the forthcoming sale of the Mobil-homes division to Trigano.Beneteau designs, manufactures and sells yachts and powerboats through an international network of dealers. Co. also designs, manufactures and sells mobile homes. Its operations can be divided into two segments: The Boats segment and the Leisure Homes segment. The Boats segment groups together the activities for manufacturing and marketing boats with a customer base made up of dealers; The Leisure Homes segment groups together the activities for manufacturing and marketing mobile homes with a customer base made up of campsites and wholesalers, and the the activities for manufacturing and marketing wood-frame houses. Some of Co.'s brands are Beneteau, Jeanneau, CNB, IRM and O'Hara.
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