Manitou BF - Margin guidance raised further and order book still deep
Q3 sales up 14%, broadly in line with our expectationsGuidance for annual growth of +20% confirmedEBIT margin target revised upwards (from over 5.5% to 6.5%), as we had expectedOrder intake still weak, but orders for 2025 are not yet open, and the backlog remains in excess of one year's revenueWe have raised our earnings forecasts for 2023 and 2024E, but lowered them for 2025-2026E to take account of the confirmed slowdown in the construction sector in Europe and, to a lesser extent, in agriculture.BUY opinion maintained. Manitou remains on our Buy List, as it is one of the industrial stocksManitou 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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