Beneteau : Sharp plunge in 2020 and 2021 could see a further decline, with a drive to hike the operating margin to >10% by 2025
>2020 guidance below expectations (EBITDA >€ 87-90m vs € 113m estimated) - When it published its 9m sales figures, the group announced its forecasts for the full year 2020 (to end-August). Our main takeaways: Q3 sales stood at € 249.3m, down 42.6%, shy of our estimate at € 282m. Amid the health crisis and plant closures, Boat sales (81% of consolidated sales) were down 43.3% and Housing sales were down 39.4%. For the full year 2020, management said it expec...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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