Oddo BHF has renewed its 'outperform' rating and 175 euro price target on Trigano, following the publication by the leisure vehicle manufacturer of better-than-expected annual results, with 'good sales growth expected for 2024'.

'All in all, the group has a number of strengths, including a reassuring order book for business growth in 2024. The current valuation implicitly reflects a downward revision of ROC 2024 by at least 30%, which is too pessimistic", we believe.

The research department also notes that 'the process of acquiring Bénéteau's Mobil Home business is progressing well, and could be finalized by February 2024 (although visibility is low)'.

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