TARGET CHANGE
CHANGE IN EPS
2021 : € (1.12) vs 0.13 ns
2022 : € 0.33 vs 0.33

We have cut our EPS forecasts following the revised guidance from the group, which now indicates much-lower profitability. Like other companies, the ongoing supply-chain issues and cost inflation have affected Hanseyachts. Additionally, employee hiring and costs are also proving to be a hurdle. However, we see the situation gradually improving as these pressures ease.


CHANGE IN NAV
€ 8.53 vs 9.22 -7.45%

Our NAV goes down owing to the possibility that lower profits will lead the company to take on additional debt. That being said, the company's liquidity position is strong and we expect an inflow of cash once the company can make its deliveries without any hitches.


CHANGE IN DCF
€ 6.72 vs 7.22 -6.99%

Our DCF is primarily affected by a reversal in the free cash flow expected in FY22. This year will absorb cash rather than generate it. Looking at FY23, the picture looks better and we should see positive free cash flows.