Beneteau : Excellent 2023 results but 2024 will suffer the effects of stocks at distributors
>Excellent 2023 underlying operating profit: € 246.1m (operating margin 13.8%) vs € 223m estimated - For FY 2023, the Bénéteau group reported results that broadly beat expectations. They were characterised by: 1/ growth in EBITDA of 33.6% to € 306.3m (including the housing division), slightly ahead of our estimate (€ 297m; gap +3.1%) and pointing to a 200bp improvement in the margin to 17.2%; 2/ the operating margin improved by 350bp, reaching 13.8%, or underlying ope...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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