TRIGANO : Oddo BHF remains positive after annual results
November 29, 2023 at 07:50 pm IST
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Oddo BHF has renewed its 'outperform' rating and 175 euro price target on Trigano, following the publication by the leisure vehicle manufacturer of better-than-expected annual results, with 'good sales growth expected for 2024'.
'All in all, the group has a number of strengths, including a reassuring order book for business growth in 2024. The current valuation implicitly reflects a downward revision of ROC 2024 by at least 30%, which is too pessimistic", we believe.
The research department also notes that 'the process of acquiring Bénéteau's Mobil Home business is progressing well, and could be finalized by February 2024 (although visibility is low)'.
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Trigano specializes in the design, manufacturing, and marketing of leisure vehicles and equipment. Net sales break down by family of products and services as follows:
- leisure vehicles (94.5%): motor-homes (78.2% of net sales; Europe's No. 1 automaker; 48,400 vehicles sold in 2022/23; Trigano, Challenger, Autostar, Arca, Chausson, Roller Team, Eura-Mobil, Karmann-Mobil brands, etc.), caravans (7.9%; 14,300 units; Sterckeman and Caravelair), mobile-homes (3.6%; 4,500 units; Résidences Trigano) and other (1.8%). The group also offers vehicle equipment (8.5%; refrigerators, kitchen appliances, screen porches, etc.; Camping-Profi, Euro Accessoires, Clairval, etc.) as well as leasing and financing services;
- leisure equipment (5.5%): primarily trailers (112,100 trailers sold in 2022/23; Erca, Sorel, Trelgo brands, etc.), garden equipment (swings, garden sheds, swimming pools; Abak, Amca, Yardmaster), and campsite equipment (tents, caravan awnings; Jamet, Plisson, etc.).
Net sales are distributed geographically as follows: France (32.6%), Germany (24%), the United Kingdom (10.7%), Italy (6.5%), Belgium (4.6%), Spain (4.2%), the Netherlands (3.6%), Sweden (3.1%), Switzerland (1.5%), Denmark (1.3%), Norway (1.1%) and other (6.8%).