Bénéteau: that sinking feeling after forecasts announced
(CercleFinance.com) - Broker Portzamparc has confirmed its buy rating on the share of boat maker Bénéteau, despite the stock being hammered (-22%) after it announced forecasts.
The broker has cut its target price for the share from 21 euros to 18 euros.
Management has announced group growth of between +3% and +5% for the current season (from +2% to +4% at constant exchange rates). This forecast is significantly below the broker's estimate of +7.4% (as reported), analysts say, along with those of the consensus (+7.7% again as reported).
Monte Carlo Yachts is still suffering from competitive conditions in the market and, at end-January announced an order backlog that was down 40%, while the brand was finishing a season when it experienced sales that collapsed 31% to 47.4 million euros, a report laments, which adds that customs duties between the European Union/Canada and the US were another disappointing factor.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The broker has cut its target price for the share from 21 euros to 18 euros.
Management has announced group growth of between +3% and +5% for the current season (from +2% to +4% at constant exchange rates). This forecast is significantly below the broker's estimate of +7.4% (as reported), analysts say, along with those of the consensus (+7.7% again as reported).
Monte Carlo Yachts is still suffering from competitive conditions in the market and, at end-January announced an order backlog that was down 40%, while the brand was finishing a season when it experienced sales that collapsed 31% to 47.4 million euros, a report laments, which adds that customs duties between the European Union/Canada and the US were another disappointing factor.
Copyright (c) 2019 CercleFinance.com. All rights reserved.