Financials Bénéteau

Equities

BEN

FR0000035164

Recreational Products

Market Closed - Euronext Paris Other stock markets 11:39:05 2024-05-31 am EDT			5-day change	1st Jan Change
13.38 ^EUR	+0.30%		-1.91%	+7.21%

May. 06	Bénéteau: sales down 39% in Q1 2024	CF
May. 06	CAC40: up slightly, stops at the 8000-point threshold	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	886.4	772.9	1,161	1,141	1,015	1,083	-	-
Enterprise Value (EV) ¹	789.4	809.9	938.8	929.9	768.2	731.5	678.8	546.3
P/E ratio	18.1 x	-	16 x	11.3 x	5.6 x	13.1 x	9.82 x	8.47 x
Yield	2.12%	-	2.11%	2.97%	5.85%	2.93%	3.46%	3.81%
Capitalization / Revenue	0.66 x	0.57 x	0.95 x	0.76 x	0.69 x	0.9 x	0.78 x	0.73 x
EV / Revenue	0.59 x	0.6 x	0.77 x	0.62 x	0.52 x	0.61 x	0.49 x	0.37 x
EV / EBITDA	5 x	55.8 x	5.17 x	4.06 x	2.93 x	4.83 x	3.47 x	2.66 x
EV / FCF	-121 x	7.46 x	5.33 x	32.9 x	9.37 x	8.33 x	7.04 x	4.46 x
FCF Yield	-0.82%	13.4%	18.8%	3.04%	10.7%	12%	14.2%	22.4%
Price to Book	1.39 x	1.42 x	1.84 x	1.71 x	1.18 x	1.23 x	1.13 x	1.03 x
Nbr of stocks (in thousands)	81,846	81,661	81,546	80,698	81,350	80,936	-	-
Reference price ²	10.83	9.465	14.24	14.14	12.48	13.38	13.38	13.38
Announcement Date	10/29/19	4/30/21	3/17/22	3/22/23	3/19/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,336	1,344	1,227	1,508	1,465	1,203	1,389	1,487
EBITDA ¹	157.8	14.51	181.6	229.2	262.4	151.5	195.6	205.2
EBIT ¹	82	-86.56	95.8	154.7	206.8	98.43	136.8	149.2
Operating Margin	6.14%	-6.44%	7.81%	10.26%	14.11%	8.18%	9.84%	10.04%
Earnings before Tax (EBT) ¹	71	-	98.4	142.7	239.1	101.9	-	-
Net income ¹	49.5	-80.88	73.4	103.1	185	84.77	113.4	128.2
Net margin	3.7%	-6.02%	5.98%	6.84%	12.63%	7.05%	8.16%	8.63%
EPS ²	0.6000	-	0.8900	1.250	2.230	1.024	1.362	1.580
Free Cash Flow ¹	-6.5	108.6	176.3	28.3	82	87.87	96.37	122.6
FCF margin	-0.49%	8.08%	14.37%	1.88%	5.6%	7.3%	6.94%	8.24%
FCF Conversion (EBITDA)	-	748.54%	97.08%	12.35%	31.25%	58%	49.27%	59.72%
FCF Conversion (Net income)	-	-	240.19%	27.45%	44.33%	103.66%	84.98%	95.56%
Dividend per Share ²	0.2300	-	0.3000	0.4200	0.7300	0.3925	0.4633	0.5100
Announcement Date	10/29/19	4/30/21	3/17/22	3/22/23	3/19/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4
Net sales ¹	519.4	303.8	317	398.2	715.2	317.1	475.8	792.9	478.2	550.1	1,028	315.6	599.4
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-4.545	-	-	-	79.94	-	-	-	-	-	163.4	-	-
Operating Margin	-0.88%	-	-	-	11.18%	-	-	-	-	-	15.89%	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	52.85	-	-	-	-	-	117.1	-	-
Net margin	-	-	-	-	7.39%	-	-	-	-	-	11.39%	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	4/30/20	3/17/22	6/29/22	9/29/22	9/29/22	11/9/22	3/22/23	3/22/23	6/27/23	9/27/23	9/27/23	11/8/23	3/19/24

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	37	-	-	-	-	-	-
Net Cash position ¹	97	-	222	211	247	351	404	537
Leverage (Debt/EBITDA)	-	2.551 x	-	-	-	-	-	-
Free Cash Flow ¹	-6.5	109	176	28.3	82	87.9	96.4	123
ROE (net income / shareholders' equity)	7.75%	-	11.6%	15.4%	23.7%	9.42%	11.8%	12.4%
ROA (Net income/ Total Assets)	-	-6.03%	-	-	-	-	-	-
Assets ¹	-	1,341	-	-	-	-	-	-
Book Value Per Share ²	7.790	6.670	7.730	8.290	10.50	10.80	11.90	13.00
Cash Flow per Share ²	1.610	-	1.810	1.180	1.460	1.720	2.530	3.000
Capex ¹	79.8	72.6	50.7	69.4	86.2	78.2	82.1	77.3
Capex / Sales	5.97%	5.4%	4.13%	4.6%	5.89%	6.5%	5.91%	5.2%
Announcement Date	10/29/19	4/30/21	3/17/22	3/22/23	3/19/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Bénéteau

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

13.38 EUR

Average target price

16.06 EUR

Spread / Average Target

+20.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Sailing Yachts & Motorboats

	1st Jan change	Capi.
BÉNÉTEAU	+7.21%	1.17B
SANLORENZO S.P.A.	-0.12%	1.6B
FERRETTI S.P.A.	+5.24%	1.13B
MALIBU BOATS, INC.	-29.84%	786M
THE ITALIAN SEA GROUP S.P.A.	+15.43%	546M
MARINE PRODUCTS CORPORATION	-10.18%	355M
FOUNTAINE PAJOT	+19.21%	243M
CATANA GROUP	-5.59%	175M
HANSEYACHTS AG	-40.93%	57.87M
GRAND BANKS YACHTS LIMITED	+33.87%	56.68M

Sailing Yachts & Motorboats