ENXTPA:BEN

Stock Analysis Report

Executive Summary

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

Rewards

Trading at 34.9% below its fair value

Earnings are forecast to grow 12.24% per year

Risk Analysis

Debt is not well covered by operating cash flow

Unstable dividend track record



Snowflake Analysis

Fair value 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: BEN has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.9%

BEN

0.4%

FR Leisure

1.5%

FR Market


1 Year Return

-20.0%

BEN

-17.8%

FR Leisure

24.1%

FR Market

Return vs Industry: BEN underperformed the French Leisure industry which returned -17.5% over the past year.

Return vs Market: BEN underperformed the French Market which returned 24.9% over the past year.


Shareholder returns

BENIndustryMarket
7 Day-0.9%0.4%1.5%
30 Day-5.9%2.6%3.3%
90 Day9.5%9.1%8.9%
1 Year-17.8%-20.0%-16.2%-17.8%28.5%24.1%
3 Year-18.3%-22.2%-10.8%-14.5%45.3%31.4%
5 Year-14.3%-19.1%2.9%-2.3%65.3%41.2%

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

Valuation

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

35.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BEN (€10.39) is trading below our estimate of fair value (€15.97)

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


Price To Earnings Ratio

PE vs Industry: BEN is poor value based on its PE Ratio (17.4x) compared to the Leisure industry average (16.3x).

PE vs Market: BEN is good value based on its PE Ratio (17.4x) compared to the French market (18.1x).


Price to Earnings Growth Ratio

PEG Ratio: BEN is poor value based on its PEG Ratio (1.4x)


Price to Book Ratio

PB vs Industry: BEN is overvalued based on its PB Ratio (1.3x) compared to the FR Leisure industry average (1.3x).


Next Steps

Future Growth

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

12.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BEN's forecast earnings growth (12.2% per year) is above the savings rate (-0.1%).

Earnings vs Market: BEN's earnings (12.2% per year) are forecast to grow faster than the French market (11.7% per year).

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

Revenue vs Market: BEN's revenue (2.8% per year) is forecast to grow slower than the French market (4.7% per year).

High Growth Revenue: BEN's revenue (2.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BEN's Return on Equity is forecast to be low in 3 years time (10.1%).


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: BEN has high quality earnings.

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


Past Earnings Growth Analysis

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

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

Earnings vs Industry: BEN had negative earnings growth (-19.3%) over the past year, making it difficult to compare to the Leisure industry average (6.9%).


Return on Equity

High ROE: BEN'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: BEN's short term assets (€883.5M) exceed its short term liabilities (€683.8M).

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


Debt to Equity History and Analysis

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

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

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

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


Balance Sheet

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

Debt Coverage by Assets: BEN'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?

2.23%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Bénéteau before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company2.2%marketbottom25%1.5%markettop25%4.4%industryaverage2.5%forecastin3Years2.8%

Current dividend yield vs market & industry

Notable Dividend: BEN's dividend (2.21%) is higher than the bottom 25% of dividend payers in the French market (1.46%).

High Dividend: BEN's dividend (2.21%) is low compared to the top 25% of dividend payers in the French market (4.43%).


Stability and Growth of Payments

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

Growing Dividend: BEN'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%), BEN's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BEN's dividends in 3 years are forecast to be well covered by earnings (35.9% payout ratio).


Next Steps

Management

What is the CEO of Bénéteau's salary, the management and board of directors tenure and is there insider trading?

4.6yrs

Average management tenure


CEO

Jérôme Metz 0

0.6yrs

Tenure

€923,335

Compensation

Mr. Jérôme De Metz serves as Chief Executive Officer at Bénéteau S.A. since June 2019. Mr. Jérôme De Metz has been the Chairman of the Board at Bénéteau S.A. since February 2019. He is the founder of MBO  ...


CEO Compensation Analysis

Compensation vs Market: Jérôme's total compensation ($USD1.03M) is above average for companies of similar size in the French market ($USD703.08K).

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


Management Age and Tenure

4.6yrs

Average Tenure

Experienced Management: BEN's management team is considered experienced (4.6 years average tenure).


Board Age and Tenure

0.9yrs

Average Tenure

69yo

Average Age

Experienced Board: BEN's board of directors are not considered experienced ( 0.9 years average tenure), which suggests a new board.


Insider Trading

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.


Management Team

  • Corinne Margot

    Chief HR & Communications Officer

    • Carla Demaria

      Management Board Member

      • Tenure: 8.4yrs
    • Patrick Guilloux

      Chief Operating Officer of American Operations

      • Tenure: 4.6yrs
    • Christophe Caudrelier (50yo)

      Deputy CEO of Operational Excellence - Boat Division & Management Board Member

      • Tenure: 4.6yrs
      • Compensation: €353.59k
    • Gianguido Girotti

      Deputy CEO - Product Strategy for Boat Division & Management Board Member

      • Tenure: 0.6yrs
      • Compensation: €1.24m
    • Thibaut Montvalon

      Managing Director of Bénéteau-Lagoon China

      • Jérôme Metz

        Chairman

        • Tenure: 0.6yrs
        • Compensation: €923.34k

      Board Members

      • Claude Brignon (69yo)

        Observer of the Board

        • Tenure: 0.9yrs
        • Compensation: €36.01k
      • Christian de Labriffe (72yo)

        Observer of the Board

        • Compensation: €14.79k
      • Yves Lyon-Caen (69yo)

        Director

        • Compensation: €228.91k
      • Annette Roux (77yo)

        Director

        • Tenure: 0.9yrs
        • Compensation: €134.16k
      • Sébastien Moynot (47yo)

        Independent Director

        • Yvon Bénéteau (69yo)

          Observer on Supervisory Board

          • Compensation: €54.10k
        • Luc Dupé (70yo)

          Board Observer

          • Compensation: €60.35k
        • Louis-Claude Roux (37yo)

          Vice Chairman of the Board

          • Tenure: 0.9yrs
          • Compensation: €278.75k
        • Catherine Pourre (62yo)

          Independent Director

          • Tenure: 0.9yrs
          • Compensation: €27.37k
        • Jérôme Metz

          Chairman

          • Tenure: 0.6yrs
          • Compensation: €923.34k

        Company Information

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


        Key Information

        • Name: Bénéteau S.A.
        • Ticker: BEN
        • Exchange: ENXTPA
        • Founded: 1884
        • Industry: Leisure Products
        • Sector: Consumer Durables
        • Market Cap: €843.834m
        • 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 mobile homes in France and internationally. It provides boats under Beneteau, Jeanneau, Lagoon, Prestige, Monte Carlo Yachts, CNB, Four Winns, Glastron, Scarab, WellCraft, and EXCESS 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. Bénéteau S.A. was founded in 1884 and is based 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 Analysis2020/01/17 20:45
        End of Day Share Price2020/01/17 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.