TRIGANO : Oddo BHF reduces its target price for the share
June 25, 2024 at 09:18 am
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Oddo BHF maintains its 'outperform' rating on Trigano shares, with a price target reduced from €195 to €180.
The analyst reports that the Trigano group has published Q3 sales up 10.8% to €1146.2m (vs. Oddo BHF's estimate of €1105.1m, i.e. a difference of +3.7%).
'For the year as a whole, management has indicated that it expects good sales growth. As previously mentioned, our sales estimates point to an increase in business in 2024 of up to 10%, to ME3,846", comments the broker.
Incorporating a conservative scenario for 2024/25, Oddo BHF has lowered its EPS forecasts by 7.1%.
Valuation remains very low, reflecting uncertainties about growth in the coming year", concludes the analyst.
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Trigano specializes in the design, manufacturing, and marketing of leisure vehicles and equipment. Net sales break down by family of products and services as follows:
- leisure vehicles (94.5%): motor-homes (78.2% of net sales; Europe's No. 1 automaker; 48,400 vehicles sold in 2022/23; Trigano, Challenger, Autostar, Arca, Chausson, Roller Team, Eura-Mobil, Karmann-Mobil brands, etc.), caravans (7.9%; 14,300 units; Sterckeman and Caravelair), mobile-homes (3.6%; 4,500 units; Résidences Trigano) and other (1.8%). The group also offers vehicle equipment (8.5%; refrigerators, kitchen appliances, screen porches, etc.; Camping-Profi, Euro Accessoires, Clairval, etc.) as well as leasing and financing services;
- leisure equipment (5.5%): primarily trailers (112,100 trailers sold in 2022/23; Erca, Sorel, Trelgo brands, etc.), garden equipment (swings, garden sheds, swimming pools; Abak, Amca, Yardmaster), and campsite equipment (tents, caravan awnings; Jamet, Plisson, etc.).
Net sales are distributed geographically as follows: France (32.6%), Germany (24%), the United Kingdom (10.7%), Italy (6.5%), Belgium (4.6%), Spain (4.2%), the Netherlands (3.6%), Sweden (3.1%), Switzerland (1.5%), Denmark (1.3%), Norway (1.1%) and other (6.8%).
TRIGANO 
