TRIGANO : Oddo BHF confirms its recommendation on the stock
December 14, 2023 at 11:20 am EST
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Oddo BHF maintains its 'outperform' rating on Trigano shares, with an unchanged target price of 175 euros.
At the time of the publication of its annual results at the end of November, management confirmed the high level of order books and the marked improvement in chassis deliveries from all suppliers. On this basis, the Group is forecasting good sales growth in 2023/24 (around +10%), reports the analyst.
Oddo BHF adds: "All in all, the Group has a number of strengths, and in particular a reassuring order book for business growth in 2024.
The broker adds that the process of acquiring Bénéteau's Mobil Home business is 'on track', with completion expected by February 2024.
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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%).