Manitou BF - Clear rebound in profitability and good visibility for 2024
150% increase in EBIT in 2023, a return to over 7% EBIT margin in line with the latest guidance (compared with 3.6% in 2022)Net debt up sharply over the year, but stabilised in H2, and very reasonable balance sheet ratiosConfirmation of the target of stable sales in 2024, given that the order book covers almost 80% of this targetFor reasons of prudence, management anticipates a slight fall in EBIT margin to 6.5% in 2024Multiples still very low, while business is not collapsingManitou BF is active on the global market for material handling. Co. divides its activities into three divisions: Rough Terrain Handling (RTH) where Co. assembles and distributes rough terrain handling equipment such as masted forklift trucks and fixed and rotating telescopic forklift trucks; Industrial Material Handling (IMH) where Co. designs and distributes semi-industrial masted forklift trucks; industrial forklift trucks; truck-mounted forklifts; and Compact Equipment (CE) where Co. designs, assembles and distributes skid steer loaders, telescopic forklift trucks, articulated loaders and mini excavators. Co.'s brands include Manitou®, Gehl®, Mustang®, Loc®, Edge®.
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