Bénéteau: Oddo cuts its target price and estimates
(CercleFinance.com) - Oddo has confirmed its buy rating on the Bénéteau share, although has cut its target price to 18.
50 euros (against 21 euros) after the group's announcement of Q3 sales and the reduction in its FY targets.
Over the first 9 months, the Boat business (82% of sales) increased by 4% (+6.9% at constant exchange rates) to 722.9 million euros (vs. 749 million euros expected), including +3.1% at constant exchange rates in Q3, reflecting a significant slowdown relative to H1 (+10.5% at constant exchange rates in H1), Oddo pointed out in its daily equity review.
The broker explains that most of the difference relative to its expectations is due to by greater competition for large motor yachts and delays in deliveries from Q3 to Q4.
The impact of intensified competition on the large yacht segment however remains relatively limited at the group level (69 million euros are concerned), the broker believed.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
50 euros (against 21 euros) after the group's announcement of Q3 sales and the reduction in its FY targets.
Over the first 9 months, the Boat business (82% of sales) increased by 4% (+6.9% at constant exchange rates) to 722.9 million euros (vs. 749 million euros expected), including +3.1% at constant exchange rates in Q3, reflecting a significant slowdown relative to H1 (+10.5% at constant exchange rates in H1), Oddo pointed out in its daily equity review.
The broker explains that most of the difference relative to its expectations is due to by greater competition for large motor yachts and delays in deliveries from Q3 to Q4.
The impact of intensified competition on the large yacht segment however remains relatively limited at the group level (69 million euros are concerned), the broker believed.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.