Financials Bénéteau

Equities

BEN

FR0000035164

Recreational Products

Real-time Euronext Paris Other stock markets 09:22:45 2024-05-15 am EDT			5-day change	1st Jan Change
14.1 ^EUR	-0.56%		+9.64%	+12.98%

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	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	938.3	886.4	772.9	1,161	1,141	1,154	1,154	-
Enterprise Value (EV) ¹	776.4	789.4	809.9	938.8	929.9	768.2	802.1	749.4
P/E ratio	15.5 x	18.1 x	-	16 x	11.3 x	5.6 x	13.8 x	10.4 x
Yield	2.26%	2.12%	-	2.11%	2.97%	5.85%	2.77%	3.27%
Capitalization / Revenue	0.73 x	0.66 x	0.57 x	0.95 x	0.76 x	0.69 x	0.96 x	0.83 x
EV / Revenue	0.6 x	0.59 x	0.6 x	0.77 x	0.62 x	0.52 x	0.67 x	0.54 x
EV / EBITDA	5.08 x	5 x	55.8 x	5.17 x	4.06 x	2.93 x	5.29 x	3.83 x
EV / FCF	10.8 x	-121 x	7.46 x	5.33 x	32.9 x	9.37 x	7.34 x	7.78 x
FCF Yield	9.28%	-0.82%	13.4%	18.8%	3.04%	10.7%	13.6%	12.9%
Price to Book	1.51 x	1.39 x	1.42 x	1.84 x	1.71 x	1.39 x	1.31 x	1.19 x
Nbr of stocks (in thousands)	81,734	81,846	81,661	81,546	80,698	81,350	81,350	-
Reference price ²	11.48	10.83	9.465	14.24	14.14	14.18	14.18	14.18
Announcement Date	10/30/18	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	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,287	1,336	1,344	1,227	1,508	1,465	1,203	1,389
EBITDA ¹	152.8	157.8	14.51	181.6	229.2	262.4	151.5	195.6
EBIT ¹	87.6	82	-86.56	95.8	154.7	206.8	98.43	136.8
Operating Margin	6.81%	6.14%	-6.44%	7.81%	10.26%	14.11%	8.18%	9.84%
Earnings before Tax (EBT) ¹	89.96	71	-	98.4	142.7	239.1	101.9	-
Net income ¹	61.32	49.5	-80.88	73.4	103.1	185	84.77	113.4
Net margin	4.76%	3.7%	-6.02%	5.98%	6.84%	12.63%	7.05%	8.16%
EPS ²	0.7400	0.6000	-	0.8900	1.250	2.230	1.024	1.362
Free Cash Flow ¹	72.03	-6.5	108.6	176.3	28.3	82	109.3	96.37
FCF margin	5.6%	-0.49%	8.08%	14.37%	1.88%	5.6%	9.08%	6.94%
FCF Conversion (EBITDA)	47.14%	-	748.54%	97.08%	12.35%	31.25%	72.15%	49.27%
FCF Conversion (Net income)	117.46%	-	-	240.19%	27.45%	44.33%	128.94%	84.98%
Dividend per Share ²	0.2600	0.2300	-	0.3000	0.4200	0.7300	0.3925	0.4633
Announcement Date	10/30/18	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	2019 S1	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	495.9	519.4	303.8	317	398.2	715.2	317.1	475.8	792.9	478.2	550.1	1,028	315.6	431
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-3.4	-4.545	-	-	-	79.94	-	-	-	-	-	163.4	-	-
Operating Margin	-0.69%	-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	4/29/19	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	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	37	-	-	-	-	-
Net Cash position ¹	162	97	-	222	211	247	351	404
Leverage (Debt/EBITDA)	-	-	2.551 x	-	-	-	-	-
Free Cash Flow ¹	72	-6.5	109	176	28.3	82	109	96.4
ROE (net income / shareholders' equity)	10.1%	7.75%	-	11.6%	15.4%	23.7%	9.42%	11.8%
ROA (Net income/ Total Assets)	-	-	-6.03%	-	-	-	-	-
Assets ¹	-	-	1,341	-	-	-	-	-
Book Value Per Share ²	7.620	7.790	6.670	7.730	8.290	10.20	10.80	11.90
Cash Flow per Share ²	1.460	1.610	-	1.810	1.180	2.750	1.720	2.530
Capex ¹	82.7	79.8	72.6	50.7	69.4	86.2	78.2	82.1
Capex / Sales	6.43%	5.97%	5.4%	4.13%	4.6%	5.89%	6.5%	5.91%
Announcement Date	10/30/18	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

14.18 EUR

Average target price

16.13 EUR

Spread / Average Target

+13.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Sailing Yachts & Motorboats

	1st Jan change	Capi.
BÉNÉTEAU	+13.62%	1.25B
SANLORENZO S.P.A.	+8.03%	1.72B
FERRETTI S.P.A.	+2.82%	1.1B
MALIBU BOATS, INC.	-34.29%	736M
THE ITALIAN SEA GROUP S.P.A.	+19.20%	562M
MARINE PRODUCTS CORPORATION	-5.70%	373M
MASTERCRAFT BOAT HOLDINGS, INC.	-9.19%	349M
FOUNTAINE PAJOT	+13.54%	231M
CATANA GROUP	-3.85%	178M
GRAND BANKS YACHTS LIMITED	+24.19%	52.58M

Sailing Yachts & Motorboats