DB:3GD

Stock Analysis Report

Executive Summary

Bénéteau S.A. designs, manufactures, and sells boats and leisure homes in France and internationally.


Snowflake Analysis

Undervalued with mediocre balance sheet.

Share Price & News

How has Bénéteau's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 3GD has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0.5%

3GD

-0.7%

DE Leisure

2.0%

DE Market


1 Year Return

-7.3%

3GD

24.7%

DE Leisure

15.1%

DE Market

Return vs Industry: 3GD underperformed the German Leisure industry which returned 25.7% over the past year.

Return vs Market: 3GD underperformed the German Market which returned 15% over the past year.


Shareholder returns

3GDIndustryMarket
7 Day0.5%-0.7%2.0%
30 Day-3.0%-1.6%1.0%
90 Day9.8%12.7%3.8%
1 Year-5.1%-7.3%28.4%24.7%18.6%15.1%
3 Year-10.6%-16.1%83.9%66.6%16.8%6.6%
5 Year-16.8%-23.0%129.1%96.5%23.7%6.7%

Price Volatility Vs. Market

How volatile is Bénéteau's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Bénéteau undervalued compared to its fair value and its price relative to the market?

35.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: 3GD (€9.89) is trading below our estimate of fair value (€15.43)

Significantly Below Fair Value: 3GD is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: 3GD is good value based on its PE Ratio (16.7x) compared to the Leisure industry average (16.9x).

PE vs Market: 3GD is good value based on its PE Ratio (16.7x) compared to the German market (21.1x).


Price to Earnings Growth Ratio

PEG Ratio: 3GD is poor value based on its PEG Ratio (1.2x)


Price to Book Ratio

PB vs Industry: 3GD is good value based on its PB Ratio (1.3x) compared to the XE Leisure industry average (2.2x).


Next Steps

Future Growth

How is Bénéteau forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

13.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 3GD's forecast earnings growth (13.8% per year) is above the savings rate (-0.4%).

Earnings vs Market: 3GD's earnings (13.8% per year) are forecast to grow faster than the German market (13.3% per year).

High Growth Earnings: 3GD's earnings are forecast to grow, but not significantly.

Revenue vs Market: 3GD's revenue (3.1% per year) is forecast to grow slower than the German market (5% per year).

High Growth Revenue: 3GD's revenue (3.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 3GD's Return on Equity is forecast to be low in 3 years time (10%).


Next Steps

Past Performance

How has Bénéteau performed over the past 5 years?

37.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 3GD has high quality earnings.

Growing Profit Margin: 3GD's current net profit margins (3.7%) are lower than last year (4.8%).


Past Earnings Growth Analysis

Earnings Trend: 3GD's earnings have grown significantly by 37.2% per year over the past 5 years.

Accelerating Growth: 3GD's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 3GD had negative earnings growth (-19.3%) over the past year, making it difficult to compare to the Leisure industry average (-5.6%).


Return on Equity

High ROE: 3GD's Return on Equity (7.5%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Bénéteau's financial position?


Financial Position Analysis

Short Term Liabilities: 3GD's short term assets (€883.5M) exceed its short term liabilities (€683.8M).

Long Term Liabilities: 3GD's short term assets (€883.5M) exceed its long term liabilities (€70.2M).


Debt to Equity History and Analysis

Debt Level: 3GD's debt to equity ratio (56.6%) is considered high.

Reducing Debt: 3GD's debt to equity ratio has increased from 18.4% to 56.6% over the past 5 years.

Debt Coverage: 3GD's debt is not well covered by operating cash flow (18.2%).

Interest Coverage: 3GD's interest payments on its debt are well covered by EBIT (26.7x coverage).


Balance Sheet

Inventory Level: 3GD has a high level of physical assets or inventory.

Debt Coverage by Assets: 3GD's debt is covered by short term assets (assets are 2.4x debt).


Next Steps

Dividend

What is Bénéteau's current dividend yield, its reliability and sustainability?

2.30%

Current Dividend Yield


Dividend Yield vs Market

company2.3%marketbottom25%1.3%markettop25%3.6%industryaverage2.6%forecastin3Years3.0%

Current dividend yield vs market & industry

Notable Dividend: 3GD's dividend (2.3%) is higher than the bottom 25% of dividend payers in the German market (1.31%).

High Dividend: 3GD's dividend (2.3%) is low compared to the top 25% of dividend payers in the German market (3.59%).


Stability and Growth of Payments

Stable Dividend: 3GD has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: 3GD's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (38.5%), 3GD's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 3GD's dividends in 3 years are forecast to be well covered by earnings (35.6% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

0.7yrs

Average management tenure


CEO

Jérôme Metz (60yo)

0.7yrs

Tenure

€923,335

Compensation

Mr. Jérôme De Metz serves as Chief Executive Officer at Bénéteau S.A. since June 14, 2019. Mr. Jérôme De Metz has been the Chairman of the Board at Bénéteau S.A. since February 8, 2019. He is the Founder o ...


CEO Compensation Analysis

Compensation vs Market: Jérôme's total compensation ($USD1.00M) is about average for companies of similar size in the German market ($USD1.15M).

Compensation vs Earnings: Insufficient data to compare Jérôme's compensation with company performance.


Leadership Team

NamePositionTenureCompensationOwnership
Jérôme Metz
Chairman0.7yrs€923.34kno data
Christophe Caudrelier
Deputy CEO of Operational Excellence - Boat Division & Management Board Member4.7yrs€353.59kno data
Gianguido Girotti
Deputy CEO - Product Strategy for Boat Division & Management Board Member0.7yrs€1.24mno data
Bruno Thivoyon
Group Chief Financial Officer0.08yrsno datano data
Jean-Paul Chapeleau
Deputy CEO & Member of the Management Board0yrs€455.44kno data
Corinne Margot
Chief HR & Communications Officer0yrsno datano data
Patrick Guilloux
Chief Operating Officer of American Operations4.7yrsno datano data
Thibaut Montvalon
Managing Director of Bénéteau-Lagoon China0yrsno datano data

0.7yrs

Average Tenure

50yo

Average Age

Experienced Management: 3GD's management team is not considered experienced ( 0.7 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Jérôme Metz
Chairman0.7yrs€923.34kno data
Claude Brignon
Observer of the Board1yrs€36.01kno data
Christian de Labriffe
Observer of the Board0yrs€14.79kno data
Yves Lyon-Caen
Director0yrs€228.91kno data
Annette Roux
Director1yrs€134.16kno data
Sébastien Moynot
Independent Director0yrsno datano data
Luc Dupé
Board Observer0yrs€60.35kno data
Louis-Claude Roux
Vice Chairman of the Board1yrs€278.75kno data
Catherine Pourre
Independent Director1yrs€27.37kno data
Anne Leitzgen
Independent Director1yrs€20.79kno data

1.0yrs

Average Tenure

65.5yo

Average Age

Experienced Board: 3GD's board of directors are not considered experienced ( 1 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Bénéteau S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Bénéteau S.A.
  • Ticker: 3GD
  • Exchange: DB
  • Founded: 1884
  • Industry: Leisure Products
  • Sector: Consumer Durables
  • Market Cap: €818.052m
  • Shares outstanding: 81.85m
  • Website: https://www.beneteau-group.com

Number of Employees


Location

  • Bénéteau S.A.
  • Les Embruns
  • 16 boulevard de la Mer
  • Saint-Gilles-Croix-de-Vie
  • Pays de la Loire
  • 85803
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BENENXTPA (Euronext Paris)YesCommon SharesFREURJan 1992
0K8NLSE (London Stock Exchange)YesCommon SharesGBEURJan 1992
3GDDB (Deutsche Boerse AG)YesCommon SharesDEEURJan 1992
BTEA.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDJan 1992
BENPBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEURJan 1992

Biography

Bénéteau S.A. designs, manufactures, and sells boats and leisure homes in France and internationally. It provides boats under Beneteau, Jeanneau, Lagoon, Prestige, Monte Carlo Yachts, CNB, Four Winns, Glastron, Scarab, WellCraft, EXCESS, and Delphia brand names; leisure homes under IRM, O’HARA, and Coco Sweet brand names, as well as services under bandofbaots.com, a community services platform; and lease purchase, credit, and insurance under SGB Finance. The company was founded in 1884 and is headquartered in Saint Gilles Croix de Vie, France. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/17 21:29
End of Day Share Price2020/02/17 00:00
Earnings2019/08/31
Annual Earnings2019/08/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.