Trigano - Market slowdown but order book visibility remains good
Trigano's 2022/23 revenues in line with our expectationsThe Group expects EBIT to exceed €400 million, which is also in line with our slightly higher expectationsAlthough the market will slow down next year, management expects sales to grow in 2023/24, while visibility on the order book remains goodWe have left our expectations for 2023/24 virtually unchanged, without taking into account the integration of Beneteau's mobile homesIn the absence of a major crisis (which the market clearly seems to be "predicting"), the stock remains attractive, and we are therefore maintaining our BUY opinion, with a target price of €160Trigano 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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