Beneteau : A tougher context in the US. 2024 guidance lowered. Target price lowered to € 11.5 from € 14 – Neutral vs Outperform
>H1 sales down 31.5% at € 556.6m, close to forecasts (€ 566.5m) - For H1 of its full-year 2024, the Bénéteau group reported sales of € 556.6m, a level close to our forecasts, as we had retained € 566.6m, (gap of -1.7%) as well as those of the consensus (€ 563m, gap -1.1%). Compared to last year, sales are down 31.5% (-25.1% for Q2 alone). Over the period, the group has been hit with an impact of around -€ 80m related to retailers’ desires to reduce their inventories, ...Beneteau designs, manufactures and sells yachts and powerboats through an international network of dealers. Co. also designs, manufactures and sells mobile homes. Its operations can be divided into two segments: The Boats segment and the Leisure Homes segment. The Boats segment groups together the activities for manufacturing and marketing boats with a customer base made up of dealers; The Leisure Homes segment groups together the activities for manufacturing and marketing mobile homes with a customer base made up of campsites and wholesalers, and the the activities for manufacturing and marketing wood-frame houses. Some of Co.'s brands are Beneteau, Jeanneau, CNB, IRM and O'Hara.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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