TRIGANO : Oddo remains positive after a business update
January 04, 2023 at 04:12 am EST
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Oddo BHF has reaffirmed its 'outperform' rating and 148 euro price target on Trigano, following the presentation by the leisure vehicles and equipment group of 'disappointing, but not very significant' first-quarter sales.
Sales came in at 782.3 million euros, 15% less than the research firm had expected, but it points out that "supply difficulties for rolling bases have improved significantly since the end of November".
All in all, this publication reinforces its investment case based on good visibility on the business, resilient margins and a very favorable balance sheet situation, with the analyst adding that the current valuation remains very low.
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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%).