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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