Trigano (ENXTPA:TRI) - Share price, News & Analysis

Q: What is the Fair Price of TRI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

TRI (€97.7) is trading below our estimate of [[fair value]] (€225.23)

TRI fundamental analysis
Snowflake Score
Valuation	6/6
Future Growth	2/6
Past Performance	5/6
Financial Health	5/6
Dividends	4/6

TRI Stock Overview

Trigano S.A., together with its subsidiaries, designs, manufactures, markets, and sells leisure vehicles and trailers for individuals and professionals in Europe.

Rewards

Trading at 56.6% below our estimate of its fair value

Earnings are forecast to grow 0.56% per year

Earnings grew by 32.6% over the past year

Risk Analysis

Unstable dividend track record

Trigano Competitors

Renault

ENXTPA:RNO

€8.3b

Compagnie Plastic Omnium

ENXTPA:POM

€2.8b

Burelle

ENXTPA:BUR

€880.0m

Valeo

ENXTPA:FR

€5.1b

Price History & Performance

Summary of all time highs, changes and price drops for Trigano
Historical stock prices
Current Share Price	€97.70
52 Week High	€189.90
52 Week Low	€89.45
Beta	1.52
1 Month Change	3.72%
3 Month Change	-20.44%
1 Year Change	-46.93%
3 Year Change	17.01%
5 Year Change	-13.69%
Change since IPO	519.77%

Recent News & Updates

Aug 04

Why We Like The Returns At Trigano (EPA:TRI)

There are a few key trends to look for if we want to identify the next multi-bagger. In a perfect world, we'd like to...

Jul 01

These 4 Measures Indicate That Trigano (EPA:TRI) Is Using Debt Safely

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...

Jun 16

Is Trigano S.A. (EPA:TRI) Potentially Undervalued?

While Trigano S.A. ( EPA:TRI ) might not be the most widely known stock at the moment, it received a lot of attention...

May 19

Is There An Opportunity With Trigano S.A.'s (EPA:TRI) 42% Undervaluation?

Does the May share price for Trigano S.A. ( EPA:TRI ) reflect what it's really worth? Today, we will estimate the...

Shareholder Returns

	TRI	FR Auto	FR Market
7D	4.4%	2.7%	1.3%
1Y	-46.9%	-21.2%	-6.4%

Return vs Industry: TRI underperformed the French Auto industry which returned -21.9% over the past year.

Return vs Market: TRI underperformed the French Market which returned -6.3% over the past year.

Price Volatility

Is TRI's price volatile compared to industry and market?
TRI volatility
TRI Average Weekly Movement	5.4%
Auto Industry Average Movement	5.2%
Market Average Movement	4.9%
10% most volatile stocks in FR Market	9.1%
10% least volatile stocks in FR Market	2.9%

Stable Share Price: TRI is not significantly more volatile than the rest of French stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: TRI's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1935	7,636	Stéphane Gigou	https://www.trigano.fr

Trigano S.A., together with its subsidiaries, designs, manufactures, markets, and sells leisure vehicles and trailers for individuals and professionals in Europe. The company operates through Leisure Vehicles and Leisure Equipment segments. It offers leisure vehicles, including caravans, motorhomes, and mobile homes; camping and garden equipment; tents; and baggage and utility trailers, as well as accessories for leisure vehicles.

Trigano Fundamentals Summary

How do Trigano's earnings and revenue compare to its market cap?
TRI fundamental statistics
Market Cap	€1.88b
Earnings (TTM)	€249.53m
Revenue (TTM)	€3.06b

7.5x

P/E Ratio

0.6x

P/S Ratio

Is TRI overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
TRI income statement (TTM)
Revenue	€3.06b
Cost of Revenue	€2.04b
Gross Profit	€1.02b
Other Expenses	€766.24m
Earnings	€249.53m

Last Reported Earnings

Feb 28, 2022

Next Earnings Date

Nov 21, 2022

Earnings per share (EPS)	12.94
Gross Margin	33.20%
Net Profit Margin	8.16%
Debt/Equity Ratio	27.2%

How did TRI perform over the long term?

See historical performance and comparison

Dividends

3.6%

Current Dividend Yield

38%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is TRI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TRI?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for TRI. This is calculated by dividing TRI's market cap by their current preferred multiple.
What is TRI's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€1.88b

TRI key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.6x
Enterprise Value/EBITDA	4.6x
PEG Ratio	13.4x

Price to Earnings Ratio vs Peers

How does TRI's PE Ratio compare to its peers?

TRI PE Ratio vs Peers

The above table shows the PE ratio for TRI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	46.9x
RNO Renault	5x	48.7%	€8.3b
POM Compagnie Plastic Omnium	31.6x	29.0%	€2.8b
BUR Burelle	12.4x	n/a	€880.0m
FR Valeo	138.5x	54.9%	€5.1b
TRI Trigano	7.5x	0.6%	€1.9b

Price-To-Earnings vs Peers: TRI is good value based on its Price-To-Earnings Ratio (7.5x) compared to the peer average (46.9x).

Price to Earnings Ratio vs Industry

How does TRI's PE Ratio compare vs other companies in the Global Auto Industry?

Price-To-Earnings vs Industry: TRI is good value based on its Price-To-Earnings Ratio (7.5x) compared to the European Auto industry average (8.2x)

Price to Earnings Ratio vs Fair Ratio

What is TRI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TRI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	7.5x
Fair PE Ratio	11.9x

Price-To-Earnings vs Fair Ratio: TRI is good value based on its Price-To-Earnings Ratio (7.5x) compared to the estimated Fair Price-To-Earnings Ratio (11.9x).

Share Price vs Fair Value

What is the Fair Price of TRI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TRI (€97.7) is trading below our estimate of fair value (€225.23)

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

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Future Growth

How is Trigano forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

0.6%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: TRI's forecast earnings growth (0.6% per year) is above the savings rate (0.3%).

Earnings vs Market: TRI's earnings (0.6% per year) are forecast to grow slower than the French market (11.5% per year).

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

Revenue vs Market: TRI's revenue (5.4% per year) is forecast to grow faster than the French market (5.2% per year).

High Growth Revenue: TRI's revenue (5.4% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: TRI's Return on Equity is forecast to be low in 3 years time (18.4%).

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Past Performance

How has Trigano performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

10.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TRI has high quality earnings.

Growing Profit Margin: TRI's current net profit margins (8.2%) are higher than last year (7.9%).

Past Earnings Growth Analysis

Earnings Trend: TRI's earnings have grown by 10.8% per year over the past 5 years.

Accelerating Growth: TRI's earnings growth over the past year (32.6%) exceeds its 5-year average (10.8% per year).

Earnings vs Industry: TRI earnings growth over the past year (32.6%) exceeded the Auto industry 7%.

Return on Equity

High ROE: TRI's Return on Equity (19.9%) is considered low.

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Financial Health

How is Trigano's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: TRI's short term assets (€1.6B) exceed its short term liabilities (€972.5M).

Long Term Liabilities: TRI's short term assets (€1.6B) exceed its long term liabilities (€285.8M).

Debt to Equity History and Analysis

Debt Level: TRI has more cash than its total debt.

Reducing Debt: TRI's debt to equity ratio has increased from 23.6% to 27.2% over the past 5 years.

Debt Coverage: TRI's debt is well covered by operating cash flow (54.7%).

Interest Coverage: TRI's interest payments on its debt are well covered by EBIT (189.2x coverage).

Balance Sheet

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Dividend

What is Trigano current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

3.58%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: TRI's dividend (3.58%) is higher than the bottom 25% of dividend payers in the French market (1.68%).

High Dividend: TRI's dividend (3.58%) is low compared to the top 25% of dividend payers in the French market (5.22%).

Stability and Growth of Payments

Stable Dividend: TRI's dividend payments have been volatile in the past 10 years.

Growing Dividend: TRI's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (38.2%), TRI's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (55.3%), TRI's dividend payments are covered by cash flows.

Discover strong dividend paying companies

Management

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

5.9yrs

Average management tenure

CEO

Stéphane Gigou (49 yo)

1.92yrs

Tenure

€958,287

Compensation

Mr. Stéphane Gigou is the Chairman of the Management Board at Trigano S.A. since September 30, 2020 and was its Deputy Managing Director since July 1, 2020 until September 30, 2020. He Graduate from La Sap...

CEO Compensation Analysis

Compensation vs Market: Stéphane's total compensation ($USD982.56K) is about average for companies of similar size in the French market ($USD1.01M).

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

Leadership Team

Experienced Management: TRI's management team is seasoned and experienced (5.9 years average tenure).

Board Members

Experienced Board: TRI's board of directors are considered experienced (3.8 years average tenure).

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.

Data	Last Updated (UTC time)
Company Analysis	2022/08/12 00:00
End of Day Share Price	2022/08/12 00:00
Earnings	2022/02/28
Annual Earnings	2021/08/31