reports
Beneteau: 1 director
A director at Beneteau sold 3,000 shares at 13.536EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing...
- Fehmi Ben Naamane
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 03/20/2024
We are upgrading the energy sector to Overweight vs Neutral (excluding Oil Services, already on Overweight). The recent rebound in oil prices is set to continue, driven by short, medium and long-term factors: value, cyclical, little debt and good shareholder returns. Technical analysis reveals a strong trend that is only just beginning. GALP enters our Large Caps list; CellNex exits it. - ...
WTB WHITBREAD PLC
EURN EURONAV NV
CEN GROUPE CRIT SA
BEN BENETEAU SA
VIRP VIRBAC SA
VLS VALNEVA SE
PIG HAULOTTE GROUP SA
ISP INTESA SANPAOLO S.P.A.
DEQ DEUTSCHE EUROSHOP AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
ALVIV VISIATIV SA
UCG UNICREDIT S.P.A.
SHOT SCANDIC HOTELS GROUP
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
COPN COSMO PHARMACEUTICALS NV
PWG PRODWAYS GROUP SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
CABKA CABKA N.V.
- Fehmi Ben Naamane
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 20/03/2024
Nous upgradons le secteur énergie à Surpondérer vs Neutre (hors Oil Services déjà à Surpondérer). Le rebond récent des prix du pétrole va se poursuivre, soutenu par des facteurs à court, moyen et long terme. Le secteur dispose en outre de 4 atouts dans la configuration de marché actuelle : value, cyclique, peu endetté et bon retour à l’actionnaire. L’analyse technique révèle une tendance forte qui ne fait que commencer. GALP fait son entrée dans notre liste Large Caps ; CellNex en so...
WTB WHITBREAD PLC
EURN EURONAV NV
CEN GROUPE CRIT SA
BEN BENETEAU SA
VIRP VIRBAC SA
VLS VALNEVA SE
PIG HAULOTTE GROUP SA
ISP INTESA SANPAOLO S.P.A.
DEQ DEUTSCHE EUROSHOP AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
ALVIV VISIATIV SA
UCG UNICREDIT S.P.A.
SHOT SCANDIC HOTELS GROUP
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
COPN COSMO PHARMACEUTICALS NV
PWG PRODWAYS GROUP SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
CABKA CABKA N.V.
- Christophe Chaput
Beneteau : Excellent 2023 results but 2024 will suffer the effects of ...
>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...
- Christophe Chaput
Bénéteau : Excellents résultats 2023 mais 2024 subira des effets de st...
>Un excellent ROC 2023 : 246.1 M€ (MOP 13.8%) vs 223 M€ estimés - Au titre de son exercice 2023, le groupe Bénéteau publie des résultats globalement supérieurs aux attentes. Ceux-ci se caractérisent par : 1/ une progression de l’EBITDA de 33.6% à 306.3 M€ (intégrant le pôle Habitat) soit un niveau légèrement supérieur à nos estimations (297 M€ ; écart +3.1%) laissant apparaitre une marge en amélioration de 200 pb à 17.2% ; 2/ la MOP s’apprécie, elle, de 350 pb et atte...
- Pierre Dinet (IDMidCaps)
Beneteau - A “value” stock with a speculative dimension
The Group has outperformed its 2023 sales forecast, enabling it to marginally raise its earnings forecasts, which will be the best in its history.Performance will worsen significantly in 2024/25 after a stratospheric year, but we had already partially factored in this scenario, and the market had already sanctioned the stock last October.A valuation worthy of the 2008/09 crisis, even though the Group is more resilient and will continue to generate results and cash.Refocusing on its nautical acti...
- Gerardo Ibanez
- Steven Boumans
- Gerardo Ibanez
- Steven Boumans
- Christophe Chaput
Beneteau : 2024 to see major effects of distributor inventories, but a...
>Q4 2023 sales topped expectations: € 440.6m vs € 408m estimated - For its Q4, Bénéteau reported sales of € 440.6m, above forecast (we had retained € 408m, a gap of +8%). For the full year, sales came to € 1,784.5m, in line with management’s forecasts (sales >€ 1,750m, we had retained € 1,752m and the consensus € 1,769m). By business division, boats were up 17.1% in 2023 (+16% forecast) driven by momentum in sailboats (+30.9%, 46% of boat sales) and notably catamaran...
- Christophe Chaput
Bénéteau : 2024 subira d’importants effets de stocks distributeurs mai...
>Un chiffre d’affaires T4 supérieur aux attentes : 440.6 M€ vs 408 M€ estimés - Au titre de son T4, le groupe Bénéteau publie un chiffre d’affaires de 440.6 M€ soit un niveau supérieur aux attentes (nous retenions 408 M€ ; différence +8%). Pour l’ensemble de l’exercice, le CA ressort donc à 1784.5 M€ ce qui est cohérent avec les objectifs du management (CA > 1750 M€ ; nous retenions 1752 M€ et le consensus 1769 M€). Par pôle d’activité, les Bateaux progressent donc e...
- Christophe Chaput
- Christophe Chaput
Bénéteau : Pour 2024, nous confirmons le scénario d’une baisse des vol...
>Nous adoptons un scénario plus prudent sur le CA Bateaux en 2024 - A l’occasion d’un contact avec le groupe (IR) et de publication récente de concurrent au sein du secteur, nous sommes revenus sur les perspectives de croissance de Bénéteau à CT et MT. Nous retiendrons principalement : A l’issue des 9 premiers mois de l’exercice, le chiffre d’affaires s’est apprécié de 30.2% à 1 343.9 M€ (dont +31.2% pour les Bateaux à 1 105.1 M€) et pour l’ensemble de l’exercice...
- Christophe Chaput
- Christophe Chaput
Beneteau : For 2024, we are maintaining a scenario based on lower volu...
>We are adopting a more cautious scenario for Boat revenues in 2024 - Following contact with the group (IR) and the recent publication by an industry rival, we reviewed Bénéteau's growth prospects over the short and medium term. Our key takeaways are as follows: In the first nine months of the year, revenues rose by 30.2% to € 1,343.9m (of which +31.2% for Boats at € 1,105.1m) and over the full year Bénéteau should be able to deliver consolidated revenues (includ...
- Pierre Dinet (IDMidCaps)
Beneteau - Q3 below our expectations, but does not call into question ...
Q3 below our expectations, but still slight organic growthAnnual guidance confirmed, but now a little more challenging2024 will be a year of calm, as we expected and mentioned at the end of H1It's no longer time for euphoria, but for a return to normality, while the valuation reflects a crisis situation.BUY opinion maintained. The risk/reward still seems very attractive to us, given the historically low valuation multiples and a solid balance sheet, which should be further strengthened by t...
- Emira Sagaama
- Fehmi Ben Naamane
O2D TELEFONICA DEUTSCHLAND HOLDING AG
CRI CHARGEURS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
BFIT BASIC-FIT NV
EVT EVOTEC SE
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
BEN BENETEAU SA
GAMA GAMMA COMMUNICATIONS
VLS VALNEVA SE
NRG NRJ GROUP SA
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
DTE DEUTSCHE TELEKOM AG
ASC ASOS PLC
MAREL MAREL HF.
COK CANCOM SE
OHB OHB AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TIT TELECOM ITALIA S.P.A.
VGP VGP NV
LNSX SIXT LEASING AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
NHH NH HOTEL GROUP SA
JST JOST WERKE AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
S30 SOLUTIONS 30 SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
SFQ SAF-HOLLAND SE
INPST INPOST S.A.
ANTIN ANTIN INFRASTRUCTURE PARTNERS
RWI RENEWI PLC
SYAB SYNLAB AG
FORSE FORSEE POWER SA
CTPNV CTP NV
- Fehmi Ben Naamane
O2D TELEFONICA DEUTSCHLAND HOLDING AG
CRI CHARGEURS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
BFIT BASIC-FIT NV
EVT EVOTEC SE
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
BEN BENETEAU SA
GAMA GAMMA COMMUNICATIONS
VLS VALNEVA SE
NRG NRJ GROUP SA
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
DTE DEUTSCHE TELEKOM AG
ASC ASOS PLC
MAREL MAREL HF.
COK CANCOM SE
OHB OHB AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TIT TELECOM ITALIA S.P.A.
VGP VGP NV
LNSX SIXT LEASING AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
NHH NH HOTEL GROUP SA
JST JOST WERKE AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
S30 SOLUTIONS 30 SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
SFQ SAF-HOLLAND SE
INPST INPOST S.A.
ANTIN ANTIN INFRASTRUCTURE PARTNERS
RWI RENEWI PLC
SYAB SYNLAB AG
FORSE FORSEE POWER SA
CTPNV CTP NV
- Christophe Chaput
Beneteau : Q3 revenues close to expectations, 2023 targets confirmed, ...
>Q3 revenues close to expectations: € 315.6m vs € 321.7m estimated (consensus: € 332m) - For Q3, the Bénéteau group published virtually stable revenues at € 315.6m (-0.4% on a reported basis; +2.2% cc), close to our expectations, as we were expecting € 321.7m. Consensus was slightly higher at € 332m. By division, Q3 Boat revenues were up 2.2% on a reported basis at € 292.2m (ODDO BHF: € 300m; consensus: € 307m), driven by 15% growth in Sailing revenues, while Motor re...
- Christophe Chaput
Bénéteau : CA T3 proche attentes - Objectifs 2023 confirmés- Baisse de...
>Un CA T3 proche des attentes : 315.6 M€ vs 321.7 M€ estimé (Css : 332 M€) - Au titre de son T3, le groupe Bénéteau publie un chiffre d’affaires quasi-stable à 315.6 M€ (-0.4% à données publiées ; +2.2% à tcc) soit un niveau proche de nos attentes puisque nous retenions 321.7 M€. Le consensus était, lui, un peu supérieur à 332 M€. Par division, le CA Bateaux au T3 ressort en progression de 2.2% à tcc à 292.2 M€ (ODDO BHF : 300 M€ ; Css : 307 M€), en raison de la crois...
- Pierre Dinet (IDMidCaps)
Beneteau - Valuation already incorporates a major crisis scenario
The Group again posted record H1 resultsLogical increase in annual forecastsNaturally, attention is focused on the outlook beyond the current financial year. Management has acknowledged signs of a slowdown and destocking in 2024, particularly in small motorboats. Order book remains solid for larger unitsOur forecasts had already included weak growth in 2024 and a downturn in 2025.The fall in the share price after publication makes the risk/reward very interesting: the market is already pricing i...
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