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Bénéteau

ENXTPA:BEN
Snowflake Description

Flawless balance sheet and undervalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BEN
ENXTPA
€832M
Market Cap
  1. Home
  2. FR
  3. Consumer Durables
Company description

Bénéteau S.A. designs, manufactures, and sells boats and mobile homes in France and internationally. The last earnings update was 40 days ago. More info.


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BEN Share Price and Events
7 Day Returns
-0.7%
ENXTPA:BEN
0.1%
FR Leisure
-0.1%
FR Market
1 Year Returns
-44.7%
ENXTPA:BEN
-36.7%
FR Leisure
-2.5%
FR Market
BEN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bénéteau (BEN) -0.7% -8.2% -5.6% -44.7% 13.9% -17.5%
FR Leisure 0.1% -5.8% -2.1% -36.7% 27.2% -2.8%
FR Market -0.1% -1.5% -0.3% -2.5% 34% 27.3%
1 Year Return vs Industry and Market
  • BEN underperformed the Leisure industry which returned -36.7% over the past year.
  • BEN underperformed the Market in France which returned -2.5% over the past year.
Price Volatility
BEN
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Bénéteau undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Bénéteau to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bénéteau.

ENXTPA:BEN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.7%
Perpetual Growth Rate 10-Year FR Government Bond Rate 0.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTPA:BEN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FR Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 6.7%
Leisure Unlevered Beta Simply Wall St/ S&P Global 0.95
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.95 (1 + (1- 33%) (19.73%))
1.051
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.05
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.73% + (1.051 * 6.65%)
7.72%

Discounted Cash Flow Calculation for ENXTPA:BEN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Bénéteau is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ENXTPA:BEN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 7.72%)
2019 35.80 Analyst x1 33.23
2020 63.48 Analyst x5 54.71
2021 71.33 Analyst x3 57.07
2022 77.31 Est @ 8.38% 57.42
2023 82.02 Est @ 6.09% 56.55
2024 85.69 Est @ 4.48% 54.85
2025 88.57 Est @ 3.36% 52.62
2026 90.84 Est @ 2.57% 50.11
2027 92.68 Est @ 2.02% 47.46
2028 94.19 Est @ 1.63% 44.77
Present value of next 10 years cash flows €508.78
ENXTPA:BEN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €94.19 × (1 + 0.73%) ÷ (7.72% – 0.73%)
€1,357.84
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €1,357.84 ÷ (1 + 7.72%)10
€645.45
ENXTPA:BEN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €508.78 + €645.45
€1,154.23
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,154.23 / 82.05
€14.07
ENXTPA:BEN Discount to Share Price
Calculation Result
Value per share (EUR) From above. €14.07
Current discount Discount to share price of €10.14
= -1 x (€10.14 - €14.07) / €14.07
27.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Bénéteau is available for.
Intrinsic value
28%
Share price is €10.14 vs Future cash flow value of €14.07
Current Discount Checks
For Bénéteau to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Bénéteau's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Bénéteau's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bénéteau's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bénéteau's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTPA:BEN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-02-28) in EUR €0.73
ENXTPA:BEN Share Price ** ENXTPA (2019-06-14) in EUR €10.14
France Leisure Industry PE Ratio Median Figure of 7 Publicly-Listed Leisure Companies 18.61x
France Market PE Ratio Median Figure of 423 Publicly-Listed Companies 17.6x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bénéteau.

ENXTPA:BEN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:BEN Share Price ÷ EPS (both in EUR)

= 10.14 ÷ 0.73

13.96x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bénéteau is good value based on earnings compared to the FR Leisure industry average.
  • Bénéteau is good value based on earnings compared to the France market.
Price based on expected Growth
Does Bénéteau's expected growth come at a high price?
Raw Data
ENXTPA:BEN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.96x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
16%per year
Europe Leisure Industry PEG Ratio Median Figure of 12 Publicly-Listed Leisure Companies 1.4x
France Market PEG Ratio Median Figure of 268 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

ENXTPA:BEN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.96x ÷ 16%

0.87x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bénéteau is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Bénéteau's assets?
Raw Data
ENXTPA:BEN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-02-28) in EUR €7.33
ENXTPA:BEN Share Price * ENXTPA (2019-06-14) in EUR €10.14
France Leisure Industry PB Ratio Median Figure of 8 Publicly-Listed Leisure Companies 1.77x
France Market PB Ratio Median Figure of 623 Publicly-Listed Companies 1.46x
ENXTPA:BEN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:BEN Share Price ÷ Book Value per Share (both in EUR)

= 10.14 ÷ 7.33

1.38x

* Primary Listing of Bénéteau.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bénéteau is good value based on assets compared to the FR Leisure industry average.
X
Value checks
We assess Bénéteau's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Leisure industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Leisure industry average (and greater than 0)? (1 check)
  5. Bénéteau has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

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

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
16%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bénéteau expected to grow at an attractive rate?
  • Bénéteau's earnings growth is expected to exceed the low risk savings rate of 0.7%.
Growth vs Market Checks
  • Bénéteau's earnings growth is expected to exceed the France market average.
  • Bénéteau's revenue growth is expected to exceed the France market average.
Annual Growth Rates Comparison
Raw Data
ENXTPA:BEN Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTPA:BEN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 16%
ENXTPA:BEN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 5.6%
France Leisure Industry Earnings Growth Rate Market Cap Weighted Average 16%
Europe Leisure Industry Revenue Growth Rate Market Cap Weighted Average 6.8%
France Market Earnings Growth Rate Market Cap Weighted Average 12.8%
France Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTPA:BEN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTPA:BEN Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-08-31 1,502 161 89 4
2020-08-31 1,429 151 80 6
2019-08-31 1,344 121 66 6
ENXTPA:BEN Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-02-28 1,318 95 60
2018-11-30 1,303 125 60
2018-08-31 1,287 155 61
2018-05-31 1,265 167 63
2018-02-28 1,243 179 64
2017-11-30 1,226 180 62
2017-08-31 1,208 181 60
2017-05-31 1,187 166 53
2017-02-28 1,166 150 46
2016-11-30 1,125 145 35
2016-08-31 1,084 139 25
2016-05-31 1,044 99 23

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bénéteau's earnings are expected to grow by 16% yearly, however this is not considered high growth (20% yearly).
  • Bénéteau's revenue is expected to grow by 5.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTPA:BEN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Bénéteau Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:BEN Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-08-31 1.07 1.23 0.97 3.00
2020-08-31 0.99 1.03 0.88 5.00
2019-08-31 0.81 0.86 0.77 5.00
ENXTPA:BEN Past Financials Data
Date (Data in EUR Millions) EPS *
2019-02-28 0.73
2018-11-30 0.74
2018-08-31 0.74
2018-05-31 0.76
2018-02-28 0.78
2017-11-30 0.76
2017-08-31 0.72
2017-05-31 0.64
2017-02-28 0.56
2016-11-30 0.43
2016-08-31 0.30
2016-05-31 0.27

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Bénéteau is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Bénéteau's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the France market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bénéteau has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Bénéteau performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Bénéteau's growth in the last year to its industry (Leisure).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Bénéteau has delivered over 20% year on year earnings growth in the past 5 years.
  • Bénéteau's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Bénéteau's 1-year earnings growth is negative, it can't be compared to the FR Leisure industry average.
Earnings and Revenue History
Bénéteau's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Bénéteau Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:BEN Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-02-28 1,318.14 59.62 520.24
2018-11-30 1,302.67 60.47 507.51
2018-08-31 1,287.20 61.32 494.78
2018-05-31 1,265.08 62.58 479.15
2018-02-28 1,242.96 63.84 463.52
2017-11-30 1,225.64 61.77 452.88
2017-08-31 1,208.32 59.71 442.24
2017-05-31 1,187.06 52.95 437.28
2017-02-28 1,165.79 46.19 432.33
2016-11-30 1,124.68 35.48 423.45
2016-08-31 1,083.56 24.77 414.57
2016-05-31 1,044.04 22.89 401.68
2016-02-29 1,004.52 21.02 388.79
2015-11-30 986.99 16.91 377.69
2015-08-31 969.45 12.80 366.59
2015-05-31 904.13 4.00 354.07
2015-02-28 838.81 -4.80 341.55
2014-11-30 823.63 2.20 331.94
2014-08-31 808.45 9.19 322.34
2014-05-31 805.86 7.38 321.97
2014-02-28 803.26 5.58 321.61
2013-11-30 809.31 3.16 325.47
2013-08-31 815.36 0.74 329.34
2013-05-31 826.17 1.28 332.16
2013-02-28 836.97 1.83 334.98
2012-11-30 834.10 0.55 339.21
2012-08-31 831.24 -0.73 343.44

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Bénéteau has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Bénéteau used its assets less efficiently than the FR Leisure industry average last year based on Return on Assets.
  • Bénéteau has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Bénéteau's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Leisure industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bénéteau has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Bénéteau's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Bénéteau's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bénéteau is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Bénéteau's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Bénéteau's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 4.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Bénéteau Company Filings, last reported 3 months ago.

ENXTPA:BEN Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-02-28 600.57 164.20 57.84
2018-11-30 600.57 164.20 57.84
2018-08-31 633.30 103.36 265.26
2018-05-31 633.30 103.36 265.26
2018-02-28 570.27 120.47 66.73
2017-11-30 570.27 120.47 66.73
2017-08-31 590.64 104.64 214.30
2017-05-31 590.64 104.64 214.30
2017-02-28 519.50 188.01 46.76
2016-11-30 519.50 188.01 46.76
2016-08-31 532.26 62.46 75.93
2016-05-31 532.26 62.46 75.93
2016-02-29 482.88 265.54 53.19
2015-11-30 482.88 265.54 53.19
2015-08-31 519.92 98.57 47.56
2015-05-31 519.92 98.57 47.56
2015-02-28 470.46 241.52 51.81
2014-11-30 470.46 241.52 51.81
2014-08-31 504.45 91.29 38.16
2014-05-31 504.45 91.29 38.16
2014-02-28 476.64 173.34 41.32
2013-11-30 476.64 173.34 41.32
2013-08-31 495.01 35.61 45.53
2013-05-31 495.01 35.61 45.53
2013-02-28 470.09 151.13 33.96
2012-11-30 470.09 151.13 33.96
2012-08-31 492.15 46.67 68.33
  • Bénéteau's level of debt (27.3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (36.2% vs 27.3% today).
  • Debt is well covered by operating cash flow (57.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 42.1x coverage).
X
Financial health checks
We assess Bénéteau's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Bénéteau has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.56%
Current annual income from Bénéteau dividends. Estimated to be 3.2% next year.
If you bought €2,000 of Bénéteau shares you are expected to receive €51 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Bénéteau's pays a higher dividend yield than the bottom 25% of dividend payers in France (1.54%).
  • Bénéteau's dividend is below the markets top 25% of dividend payers in France (4.41%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTPA:BEN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Europe Leisure Industry Average Dividend Yield Market Cap Weighted Average of 16 Stocks 2.8%
France Market Average Dividend Yield Market Cap Weighted Average of 322 Stocks 3.1%
France Minimum Threshold Dividend Yield 10th Percentile 0.9%
France Bottom 25% Dividend Yield 25th Percentile 1.5%
France Top 25% Dividend Yield 75th Percentile 4.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTPA:BEN Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-08-31 0.38 3.00
2020-08-31 0.34 5.00
2019-08-31 0.28 6.00
ENXTPA:BEN Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-01-07 0.260 2.356
2017-12-22 0.250 1.604
2016-12-22 0.100 0.709
2016-11-09 0.100 0.814
2015-12-23 0.060 0.601
2015-01-29 0.040 0.290
2014-12-22 0.040 0.327
2013-04-30 0.000 0.000
2013-04-24 0.000 0.000
2012-12-21 0.000 0.000
2012-11-07 0.000 0.000
2012-01-26 0.180 2.123
2010-12-23 0.120 1.035
2010-04-28 0.000 0.000
2010-04-22 0.000 0.000
2009-12-23 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bénéteau has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Bénéteau only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Bénéteau's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.8x coverage).
X
Income/ dividend checks
We assess Bénéteau's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Bénéteau afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bénéteau has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Hervé Gastinel
COMPENSATION €870,644
TENURE AS CEO 3.8 years
CEO Bio

Mr. Herve Gastinel is Chief Executive Officer at Bénéteau S.A since February 2019. He was Chairman of the Management Board at Bénéteau S.A. since September 18, 2015 until February 2019 and was its Boat Division CEO until February 2019. Mr. Gastinel served as President of Management Board at Terreal SAS since September 2005 and served as its President. Mr. Gastinel served as the Chairman, Chief Executive Officer, President and Managing Director of Terreal. He was a Member of Supervisory Board at Bénéteau S.A. since July 27, 2015. He serves as Chairman and Chief Executive Officer at SPBI SA, Chairman at BIO HABITAT SA and BAND OF BOATS SAS. He serves as Vice Chairman of Board of Directors at CNB SA. His Directorships include BH SASU, SGB Finance SA, Beneteau Foundation, Bgm America Inc, Beneteau America Inc, Jeanneau America Inc, Gbi Holding Srl and Monte Carlo Yacht Spa. He serves as Chairman at Trefle II Sas, Trefle Sas and Beneteau Inc. He serves as Chief Executive Officer and Director at Beneteau Group Asia Pacific Ltd. He is a from Ecole Nationale d’Administration(ENA), Ecole Supérieure de Sciences Economiques et Commerciales (ESSEC) and Institut d’Etudes Politiques de Paris, Hervé Gastinel also has a postgraduate Master 203 qualification in financial markets, commodities markets and business administration (Paris IX, Dauphine).

CEO Compensation
  • Hervé's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Hervé's remuneration is higher than average for companies of similar size in France.
Management Team Tenure

Average tenure of the Bénéteau management team in years:

4
Average Tenure
  • The tenure for the Bénéteau management team is about average.
Management Team

Hervé Gastinel

TITLE
Chief Executive Officer
COMPENSATION
€871K
TENURE
3.8 yrs

Christophe Caudrelier

TITLE
Deputy CEO
COMPENSATION
€445K
AGE
49
TENURE
4 yrs

Carla Demaria

TITLE
Management Board Member
COMPENSATION
€300K
TENURE
7.8 yrs

Corinne Margot

TITLE
Human Resources Director

Patrick Guilloux

TITLE
Chief Operating Officer of American Operations
TENURE
4 yrs

Thibaut Montvalon

TITLE
Managing Director of Bénéteau-Lagoon China
Board of Directors Tenure

Average tenure and age of the Bénéteau board of directors in years:

0.3
Average Tenure
68
Average Age
  • The average tenure for the Bénéteau board of directors is less than 3 years, this suggests a new board.
Board of Directors

Yves Lyon-Caen

TITLE
Director
COMPENSATION
€712K
AGE
68

Jérôme Metz

TITLE
Chairman of the Board
TENURE
0.3 yrs

Louis-Claude Roux

TITLE
Vice Chairman of the Board
COMPENSATION
€179K
AGE
36
TENURE
0.3 yrs

Annette Roux

TITLE
Director
COMPENSATION
€122K
AGE
76
TENURE
0.3 yrs

Claude Brignon

TITLE
Observer of the Board
COMPENSATION
€29K
AGE
68
TENURE
0.3 yrs

Catherine Pourre

TITLE
Independent Director
COMPENSATION
€25K
AGE
61
TENURE
0.3 yrs

Yvon Bénéteau

TITLE
Observer on Supervisory Board
COMPENSATION
€54K
AGE
68

Luc Dupé

TITLE
Board Observer
COMPENSATION
€56K
AGE
69

Christian de Labriffe

TITLE
Observer of the Board
COMPENSATION
€26K
AGE
71

Anne Leitzgen

TITLE
Independent Director
COMPENSATION
€18K
AGE
45
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Bénéteau's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Bénéteau has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Why Bénéteau S.A. (EPA:BEN) Could Be Worth Watching

Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a lower price. … Great news for investors – Bénéteau is still trading at a fairly cheap price. … Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price.

Simply Wall St -

Is Bénéteau S.A. (EPA:BEN) A Smart Pick For Income Investors?

Dividend Growth Potential Given that the dividend has been cut in the past, we need to check if earnings are growing and if that might lead to stronger dividends in the future. … Conclusion To summarise, shareholders should always check that Bénéteau's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend. … Next, earnings growth has been good, but unfortunately the dividend has been cut at least once in the past.

Simply Wall St -

Are Investors Undervaluing Bénéteau S.A. (EPA:BEN) By 29%?

(EPA:BEN) by taking the expected future cash flows and discounting them to their present value. … Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (€, Millions) €35.80 €63.40 €71.23 €77.20 €81.89 €85.55 €88.42 €90.69 €92.52 €94.03 Growth Rate Estimate Source Analyst x1 Analyst x5 Analyst x3 Est @ 8.37% Est @ 6.08% Est @ 4.48% Est @ 3.35% Est @ 2.57% Est @ 2.02% Est @ 1.63% Present Value (€, Millions) Discounted @ 7.32% €33.36 €55.05 €57.63 €58.19 €57.52 €55.99 €53.92 €51.53 €48.99 €46.39 Present Value of 10-year Cash Flow (PVCF)= €518.57m "Est" = FCF growth rate estimated by Simply Wall St After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. … ENXTPA:BEN Intrinsic value, May 14th 2019 Important assumptions We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows.

Simply Wall St -

How Good Is Bénéteau S.A. (EPA:BEN) At Creating Shareholder Value?

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Return On Capital Employed (ROCE): What is it? … Analysts use this formula to calculate return on capital employed:

Simply Wall St -

Has Bénéteau S.A. (EPA:BEN) Improved Earnings Growth In Recent Times?

When Bénéteau S.A.'s (EPA:BEN) announced its latest earnings (31 August 2018), I wanted to understand how these figures stacked up against its past performance. … The two benchmarks I used were Bénéteau's average earnings over the past couple of years, and its industry performance. … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 54%, indicating the rate at which BEN is growing has slowed down

Simply Wall St -

Taking A Look At Bénéteau S.A.'s (EPA:BEN) ROE

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … Our data shows Bénéteau has a return on equity of 9.5% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is Bénéteau S.A.'s (EPA:BEN) Balance Sheet Strong Enough To Weather A Storm?

(EPA:BEN) with its market cap of €845m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … Assessing first and foremost the financial health is. … We'll look at some basic checks that can form a snapshot the company’s financial strength.

Simply Wall St -

Do You Like Bénéteau S.A. (EPA:BEN) At This P/E Ratio?

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … We'll look at Bénéteau S.A.'s (EPA:BEN) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Is Bénéteau S.A. (EPA:BEN) Potentially Underrated?

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … that has been able to sustain great financial health over the past

Simply Wall St -

The Bénéteau Share Price Is Down 40% So Some Shareholders Are Getting Worried

One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … Even though the Bénéteau share price is down over the year, its EPS actually improved. … Since the fundamental metrics don't readily explain the share price drop, there might be an opportunity if the market has overreacted.

Simply Wall St -

Company Info

Description

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.

Details
Name: Bénéteau S.A.
BEN
Exchange: ENXTPA
Founded: 1884
€832,037,010
82,054,932
Website: http://www.beneteau-group.com
Address: Bénéteau S.A.
Les Embruns,
16 boulevard de la Mer,
Saint Gilles Croix de Vie,
Pays de la Loire, 85803,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA BEN Common Shares Euronext Paris FR EUR 02. Jan 1992
OTCPK BTEA.F Common Shares Pink Sheets LLC US USD 02. Jan 1992
DB 3GD Common Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0K8N Common Shares London Stock Exchange GB EUR 02. Jan 1992
BATS-CHIXE BENP Common Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
Number of employees
Current staff
Staff numbers
7,379
Bénéteau employees.
Industry
Leisure Products
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/16 20:48
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/06/12
Last earnings filing: 2019/05/07
Last earnings reported: 2019/02/28
Last annual earnings reported: 2018/08/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.