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Bénéteau: Oddo BHF still a buyer, ups TP

( - Oddo BHF maintains its Outperform rating on Bénéteau shares, with a target price raised from E14.
1 to E15, following the publication of results largely ahead of expectations.

For 2024, management has not yet given any targets, but we would point out that the group will suffer from the non-recurrence of the replenishment of distributor inventories in 2023 (E240m mentioned), the analyst says.

Oddo BHF adds that, although the economic climate remains unfavourable, the group expects to offset the fall in volumes (excluding inventory effects) by a favourable change in mix (impact of new products).

In this context, the broker's 2024 estimates already incorporate a very cautious scenario, and the valuation remains particularly limited. The outperform rating is maintained in order to support the reconstitution of margins in the medium term, it concludes.

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