Oddo BHF maintains its Outperform rating on Bénéteau shares, with a price target raised from €14.1 to €15, following the publication of results "generally ahead of expectations".

"For 2024, management has not yet given 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)", stresses the analyst.

Oddo BHF adds that, although the economic climate remains unfavorable, 'the Group expects to offset the fall in volumes (excluding inventory effects) by a favorable change in mix (impact of new products)'.

In this context, the broker's 2024 estimates already incorporate a very cautious scenario, and the valuation remains particularly limited. Our Outperform opinion is maintained in order to support the reconstitution of margins in the medium term", concludes the analyst.

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