>Q3 sales miss, down 38.6% to € 179.5m (€ 198.7m est) - Bénéteau reported Q3 sales of € 179.5m, 10% below our estimate of € 198.7m and 15% below the consensus (€ 210m). Q3 sales fell 38.6% vs Q3 2023 (after H1 sales were down 31.5%). Dealer destocking in Q3 accounted for -€ 30m (-€ 110m since the beginning of the year) which was consistent with the dealer destocking impact expected for the full year (-€ 100-150m). Over the first nine months of the year, sales came to ...
>Un CA T3 inférieur aux attentes, en baisse de 38.6% à 179.5 M€ (198.7 M€e) - Au titre de son T3, le groupe Bénéteau publie un CA à 179.5 M€, inférieur à nos attentes puisque nous retenions 198.7 M€ (écart -10%) et également de celles du consensus (210 M€ ; écart -15%). Par rapport à l’année dernière, le CA T3 recule de 38.6% (après une baisse de -31.5% sur le S1). Sur le seul T3, le groupe subit un impact d’environ -30 M€ (-110 M€ depuis le début de l’année) lié à la...
tonies is a pioneer in the children’s audio entertainment and educational industry, offering a screen-free and interactive listening experience (stories and music) through its Toniebox and Tonies figurines. With a proven track record of rapid international growth, portfolio expansion and strong brand recognition mainly in the DACH region (Germany, Austria and Switzerland) and North America, we see in the coming years: 1/ further strong revenue increases (CAGR 2024-2026e of 25%) with a...
tonies is a pioneer in the children’s audio entertainment and educational industry, offering a screen-free and interactive listening experience (stories and music) through its Toniebox and Tonies figurines. With a proven track record of rapid international growth, portfolio expansion and strong brand recognition mainly in the DACH region (Germany, Austria and Switzerland) and North America, we see in the coming years: 1/ further strong revenue increases (CAGR 2024-2026e of 25%) with a...
>H1 results close to expectations: Underlying operating profit of € 49.5m vs € 46.6m estimated - For H1 2024, the Bénéteau group reported results close to expectations (figures not including housing Habitat). Our takeaways are: 1/ A fall in EBITDA of 50.8% to € 77.7m which is in line with our estimates (€ 73.2m). 2/ A decline in operating profit of 62.3% to € 49.5m (€ 46.6m estimated) pointing to a deterioration in profitability of 720bp to 8.9%. This fall in underlyi...
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