reports
- Pierre Dinet (IDMidCaps)
Trigano - A company clearly undervalued after uncertainties over 2023/...
Trigano reported Q2 sales well above our expectations (+16% vs. +10% organic), driven by motorhomes despite a very high base effect.The Group is very positive both on the level of annual organic growth (+10% confirmed) and on profitability, with an improvement in EBIT Margin expected.With regard to Bio-Habitat, an initial response from the French Competition Authority is expected in June, but there is considerable uncertainty as to the outcome.We are back to Buy with a price target raised to €18...
- Andreas Riemann
- Jean Danjou
- Usama Tariq
ODDO BHF Small & MIDCAP MORNING NEWS - 03/28/2024
With the exception of the US, construction markets should continue to shrink in 2024 (-2% in Europe) before rebounding on the back of lower interest rates. Against this backdrop, groups will be differentiated mainly on the basis of their resilience (geographical and price/cost mix), capital allocation (and special situations) and valuation. In this context, we are upgrading our recommendations on KONE (modernisation as an alternative source of growth to China) and Holcim (a substantia...
OSE OSE IMMUNOTHERAPEUTICS SA
ZIL2 ELRINGKLINGER AG
SBS STRATEC SE
F3C SFC ENERGY AG
HCO HIGHCO SA
CGM CEGEDIM SA
VRAP VRANKEN-POMMERY MONOPOLE SA
LNA LNA SANTE SA
TRI TRIGANO SA
BCP BANCO COMERCIAL PORTUGUES S.A.
QDT QUADIENT SA
SESL SES-IMAGOTAG SA
BEZ BERENTZEN GRUPPE
ALBFR SIDETRADE SA
SMHN SUESS MICROTEC AG
JUN3 JUNGHEINRICH AG PREF
S92 SMA SOLAR TECHNOLOGY AG
RBO ROCHE BOBOIS INTERNATIONAL SAS
JEN JENOPTIK AG
KTA KNAUS TABBERT
INPST INPOST S.A.
MRX MISTER SPEX SE
LHYFE LHYFE S.A.
- Andreas Riemann
- Jean Danjou
- Usama Tariq
ODDO BHF Small & MIDCAP MORNING NEWS - 28/03/2024
Hormis les Etats-Unis, les marchés de la construction devraient continuer à reculer en 2024 (-2% en Europe) avant de rebondir à la faveur d’une baisse des taux. Dans ce contexte, la différenciation entre les groupes se fera essentiellement sur leur capacité de résistance (mix géographique et prix/ coûts), l’allocation du capital (et situations spéciales) et leur valorisation. Face à cet environnement, nous relevons nos recommandations sur KONE (la modernisation comme relais de la Chin...
OSE OSE IMMUNOTHERAPEUTICS SA
ZIL2 ELRINGKLINGER AG
SBS STRATEC SE
TNG TRANSGENE SA
F3C SFC ENERGY AG
HCO HIGHCO SA
CGM CEGEDIM SA
NTG NETGEM SA
VRAP VRANKEN-POMMERY MONOPOLE SA
LNA LNA SANTE SA
TRI TRIGANO SA
BCP BANCO COMERCIAL PORTUGUES S.A.
QDT QUADIENT SA
SESL SES-IMAGOTAG SA
BEZ BERENTZEN GRUPPE
ALBFR SIDETRADE SA
SMHN SUESS MICROTEC AG
JUN3 JUNGHEINRICH AG PREF
S92 SMA SOLAR TECHNOLOGY AG
RBO ROCHE BOBOIS INTERNATIONAL SAS
JEN JENOPTIK AG
KTA KNAUS TABBERT
INPST INPOST S.A.
MRX MISTER SPEX SE
LHYFE LHYFE S.A.
- Christophe Chaput
Trigano : Excellent H1 sales with a reassuring message on trends in pr...
>Excellent H1 sales: € 1,905.8m vs € 1,828.1m est. - Trigano reported excellent H1 2023-24 sales figures. Sales were up 18.4% to € 1 905.8m whereas we looked for € 1,828.1m (gap +4.3%). At constant scope and currencies, growth was 17.2%. For Q2, organic growth was therefore +15.9% (+16.8% for leisure vehicles), which is an excellent performance, with a base of comparison in Q2 that was less favourable than that in Q1. As a reminder, l-f-l growth in Q1 2024 was 18.7% v...
- Christophe Chaput
Trigano : Excellent CA S1 avec un message rassurant sur l’évolution de...
>Un excellent CA S1 : 1 905.8 M€ vs 1 828.1 M€ estimé - Au titre de son premier semestre, le groupe Trigano publie un excellent chiffre d’affaires. Celui-ci progresse de 18.4% à 1 905.8 M€ alors que nous retenions 1 828.1 M€ (écart +4.3%). A périmètre et change constants, la hausse est de 17.2%. Pour le seul T2, la croissance organique est donc de +15.9% (+16.8% pour les Véhicules de Loisirs) ce qui est une excellente performance, avec une base de comparaison sur le T...
- Pierre Dinet (IDMidCaps)
Trigano - Strong growth for the Q1 revenues as expected, visibility as...
Very good Q1 (+19%) in line with our expectationsManagement confident in a volume growth of around 10% in 2023/24While growth is assured for the current financial year, its continuation in 2024/25 is more uncertain in our view due to dealer inventoriesADD opinion maintained while approval of the Bio Habitat buyout is still pending
- Jean Danjou
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 09/01/2024 Date Performance dep...
Les défensives surperforment nettement les cycliques en ce début d’année. Nous pensons qu’il faut commencer à orienter les portefeuilles vers notre allocation stratégique 2024, plus prudente, tout en intégrant la probable poursuite de la volatilité sur les taux. Au sein des défensives, nous privilégions Utilities, Telecoms, Personal Care & Grocery Stores et Assurances. Nous considérons que la baisse récente de la Technologie est un point d’entrée, notamment sur le segment des semicond...
- Jean Danjou
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 01/09/2024 Date Performance sin...
Defensives are sharply outperforming cyclicals at the start of 2024. We think investors should start to gear portfolios towards our more cautious strategic allocation for 2024, while also taking account of the likely continuation of volatility on rates. Within defensives, we prefer utilities, telecoms, personal care & grocery stores and insurance. We think that the recent sell-off for technology offers an entry point, particularly in the semiconductors segment. We remain cautious on d...
- Christophe Chaput
Trigano : Good start to the year, the group confirmed growth for FY 20...
>Strong growth in Q1 sales: € 931.6m vs € 899.4m estimated - Trigano reported Q1 sales that came in higher than we expected. Sales grew 19.1% to € 931.6m whereas we look for € 899.4m (difference +3.6%). The gap with our estimates is due to strong growth in leisure vehicle sales (+20.4% to € 893.3m), driven by motor homes (81% of consolidated sales) at +26.8%. Trigano continues to benefit from strong growth in volumes (+20%), which reflects the group’s ability to deliv...
- Christophe Chaput
Trigano : Un bon début d’année, le groupe confirme un exercice 2023/24...
>Un CA T1 en forte hausse : 931.6 M€ vs 899.4 M€ estimés - Au titre de son premier trimestre, le groupe Trigano publie un CA T1 supérieur à nos attentes. Celui-ci progresse de 19.1% à 931.6 M€ alors que nous retenions 899.4 M€ (différence +3.6%). La différence avec nos estimations s’explique par une forte hausse du CA des Véhicules de Loisirs (+20.4% à 893.9 M€) alimentée par les Camping-Car (81% du CA conso) à +26.8%. Trigano continue de bénéficier d’une forte hauss...
- Pierre Dinet (IDMidCaps)
Trigano - Group confident of further organic growth, but watch out for...
Full-year results for September showed strong growth, slightly ahead of our expectationsThe Group expressed optimism for 2023/24, forecasting double-digit volume growth, which we consider to be optimistic.The completion of the Bio-Habitat acquisition in H1 2023/24, which is not included in our forecasts, leaves some room for maneuver in terms ofvaluation.We are adopting an ADD (vs BUY) opinion after the share's goodperformance and given the risk of overstocking by dealers.
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 14/12/2023 Date Performance dep...
We reiterate our Neutral rating, price target to €0.80 per share. The material additional investment requirements for Accoya USA caught us by surprise. The proceeds of the share issue and the convertible loan plus the amendment of the RCF and term loan ensure that the Accoya USA plant can be completed (>80% done) and that sufficient sales and marketing power can be applied to develop demand in the US to ensure that sales match the envisaged output. In a scenario where demand in Europe...
ATO ATOS SE
INF INFOTEL SA
FGA FIGEAC AERO SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
TRI TRIGANO SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
B4B METRO AG
AVTX AVANTIUM NV
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
S30 SOLUTIONS 30 SE
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 12/14/2023 Date Performance sin...
We reiterate our Neutral rating, price target to €0.80 per share. The material additional investment requirements for Accoya USA caught us by surprise. The proceeds of the share issue and the convertible loan plus the amendment of the RCF and term loan ensure that the Accoya USA plant can be completed (>80% done) and that sufficient sales and marketing power can be applied to develop demand in the US to ensure that sales match the envisaged output. In a scenario where demand in Europe...
ATO ATOS SE
INF INFOTEL SA
FGA FIGEAC AERO SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
TRI TRIGANO SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
MAREL MAREL HF.
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
B4B METRO AG
AVTX AVANTIUM NV
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
S30 SOLUTIONS 30 SE
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
EBUS EBUSCO HLDG NV
IOS IONOS GROUP SE
- Christophe Chaput
Trigano : Site visit in Spain: a good illustration of the extension of...
>Site visit in Spain - Yesterday, Trigano organised a site visit in Spain to better present its industrial footprint and the development of production in this zone. Our key takeaways: 1/ The group notably has two production facilities dedicated to the Benimar brand and another (Mediterraneo) for vans and minivans (principally for the Panama brand). 2/ For Benimar (435 employees on site), the group has benefited from very robust growth with sales up from 311 vehicles i...
- Christophe Chaput
Trigano : Visite de site en Espagne : une bonne illustration de l’exte...
>Visite de site en Espagne - Hier, le management du groupe Trigano a organisé une visite de site en Espagne afin de mieux détailler son empreinte industrielle et l’évolution de la capacité de production sur cette zone. Nous retenons notamment : 1/ le groupe dispose notamment de 2 usines de production dont une dédiée à la marque Benimar et une autre (Mediterraneo) pour les Vans et MiniVans (principalement pour la marque Panama). 2/ Pour Benimar (435 employés sur s...
- Anis Zgaya
- Charlotte Vaisse
- Marc Lavaud
- Philippe Ourpatian
- Anis Zgaya
- Charlotte Vaisse
- Marc Lavaud
- Philippe Ourpatian
- Christophe Chaput
Trigano : 2022-23 results ahead of expectations – 2023-24 forecast to ...
>2022-23 EBIT above forecasts: € 423.4m (€ 400m est.) – op. margin 12.2%, +140%bp - For 2023, Trigano posted better-than-expected results, with: 1/ on already-reported sales of € 3.4802bn (+9.5%, +6.5% l-f-l), EBIT of € 423.4m (+23.7% y-o-y), ahead of our estimates (ODDO BHF: € 400m est.). The EBIT margin thus improved by 140bp to 12.2% (with 12.7% for the leisure vehicle segment and 3.4% for leisure equipment). 2/ Net income came to € 308.3m (vs € 311m est.), up 10....
- Christophe Chaput
Trigano : Résultats 2023 supérieurs aux attentes- 2024 attendu en croi...
>ROC 2023 meilleur qu’attendu :423.4 M€ (400 M€e) - MOP à 12.2%, +140 pb - Au titre de son exercice 2023, le groupe Trigano publie des résultats supérieurs aux attentes qui se caractérisent par : 1/ pour un CA déjà publié de 3 480.2 M€ (+9.5%, +6.5% LFL), le ROC ressort à 423.4 M€ (+23.7% y-o-y) supérieur à nos estimations (ODDO BHF : 400 M€e). La MOP ressort ainsi en progression de 140 pb à 12.2% (dont une MOP de 12.7% sur le segment Véhicules de Loisirs et 3.4% pour...
- Baptiste Salaville
- Christophe-Raphaël Ganet
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