Manitou BF - Very good end to 2023 and reassuring outlook for 2024
Solid Q4 (+11%), enabling the Group to exceed its full-year sales targetEBIT margin guidance revised upwards again to over 7%, compared with 6.5% previously and 4.6% initiallyQ4 order intake down yearn-on-year but higher than Q32024 sales expected to be stableValuation below 1x NAV unjustified in our view, given that earnings are not set to collapse in the short termManitou 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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