Beneteau - Valuation already incorporates a major crisis scenario
The Group again posted record H1 resultsLogical increase in annual forecastsNaturally, attention is focused on the outlook beyond the current financial year. Management has acknowledged signs of a slowdown and destocking in 2024, particularly in small motorboats. Order book remains solid for larger unitsOur forecasts had already included weak growth in 2024 and a downturn in 2025.The fall in the share price after publication makes the risk/reward very interesting: the market is already pricing in a crisis almost comparable to 2009, with a 30% drop in activity and 5-6 years before returning to pre-crisis levels.BUY opinion in view of thisBeneteau 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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