Oddo BHF maintains its 'outperform' rating on Bénéteau shares, with an unchanged target price of 14.1 euros.

Last night, the Bénéteau Group published sales of €440.6 million for its 4th quarter (8% higher than Oddo BHF's expectations).

"For 2024, management is not giving any targets, but we would point out that the Group will suffer from the non-recurrence of the replenishment of distributor inventories in 2023 (€240 million mentioned)", says Oddo BHF.

In the end, our EPS are down 18% in 2024, reflecting the scale of the inventory effects penalizing the Group's growth, but this phenomenon should normalize in 2025", concludes the analyst.

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