Trigano - Group confident of further organic growth, but watch out for dealer inventories
Full-year results for September showed strong growth, slightly ahead of our expectationsThe Group expressed optimism for 2023/24, forecasting double-digit volume growth, which we consider to be optimistic.The completion of the Bio-Habitat acquisition in H1 2023/24, which is not included in our forecasts, leaves some room for maneuver in terms ofvaluation.We are adopting an ADD (vs BUY) opinion after the share's goodperformance and given the risk of overstocking by dealers.Trigano designs, manufactures and sells leisure vehicles and leisure equipment. Co.'s operations can be divided into two segments: Leisure vehicles and Leisure equipment. The Leisure Vehicles segment produces motor caravans, caravans, mobile homes and accessories and provides services to its customers (leasing and financing of leisure vehicles). The Leisure Equipment segment produces trailers, camping equipment, and garden equipment. Co. operates in France, U.K., Italy, Germany, Belgium, Spain, Netherlands, Norway and Other countries.
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