Les 3 acteurs évoluent dans un environnement sous contrainte, à l’origine de résultats en fort repli et d’incertitudes sur le timing de la reprise de cycle. Nous révisons en baisse nos estimations (-8% sur le ROC 2025/27 en moyenne). Notre hiérarchie privilégie la qualité des bilans, l’exposition à l’Europe et la communication transparente. Cela nous amène à mettre en avant Manitou (Surperformance ; OC 25 €) vs Exel Industries (Neutre ; OC 40 €) et Haulotte (Sous-performance, OC 1.15 € vs 2 €).
The three players are operating in a tough environment, causing their results to tumble and making it difficult to predict when the cycle will pick up again. We are lowering our expectations, with 2025-27 underlying operating profit estimates cut by 8% on average. In our industry hierarchy, we are leaning toward quality balance sheets, exposure to Europe and guidance disclosure; this is why we favour Manitou (Outperform, TP € 25) over Exel Industries (Neutral, TP € 40) and Haulotte (Underperform...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.