Oddo maintains its 'outperform' rating on Trigano shares, with a target price of 148 euros.

According to the analyst, Trigano's first-quarter sales were "disappointing", coming in at €782.3 million versus the expected €921.7 million.

For the 2022/2023 financial year, the Group did not give any quantified targets, but nevertheless continued to state that demand for motorhomes remains buoyant, and that trade shows are going well (attendance in Germany, Italy, France and the UK).

"On this basis, we note in particular that the order backlog is saturating production capacity for 2023", says Oddo, for whom "given the price increases achieved in 2022, the Group should be able to stabilize its profitability level in 2023".

All in all, this publication confirms the broker's investment rationale, namely good visibility on the business given the size of the order book, good resilience of margins due to price increases in 2022/2023, and a very favorable balance sheet situation.

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