Oddo BHF maintains its Outperform rating on Trigano shares, with its target price raised from €148 to €160.
The analyst's opinion is based in particular on Trigano's half-year results, which were 'slightly ahead of expectations', with ROC of 173.4 ME (compared with 169.2 ME anticipated).
Given the high level of the order book, which is saturating production capacity, Trigano expects sales to progress well, and is "very confident" that motorhome sales will continue to grow beyond 2023.
Oddo BHF therefore raises its OIR assumptions by 7% to 400 ME for the second half of the year.
The analyst also points to good visibility for the second half, resilient margins and a "very favorable" balance sheet situation.
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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%).