Oddo BHF maintains its 'outperform' rating on Bénéteau shares, with a price target reduced from 17 to 15.5 euros.

Sales for the first 9 months of the year rose by 30.2% to 1,343.9 ME (including +31.2% for Boats to 1,105.1 ME) and for the full year.

For 2024, the Group anticipates a decline in dealer inventory levels across the market as a whole, given the sharp rise in interest rates, as well as a further slowdown in demand for small units.

As a result, Oddo BHF has lowered its estimates for 2024 and 2025 Boat sales by 6% to ME1,226 and ME1,287 respectively. For 2025, management is still aiming for sales of between 1.5 and 1.65 billion euros.

Given Bénéteau's net cash position (around 341 ME at the end of 2024, before disposal of the Habitat division for around 200 ME), we do not rule out the possibility of a share buyback program or an exceptional dividend", adds the analyst, who nevertheless cites "an unfavorable short-term momentum".

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