Bénéteau
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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
1 Year Returns
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.
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Bénéteau.
| 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.
| 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.
| 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 | ||
| 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 |
| 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 |
| 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
Current Discount Checks
- 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?
| 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.
| 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?
| 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 .
| 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?
| 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 |
| 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.
Value checks
We assess Bénéteau's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Leisure industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Leisure industry average (and greater than 0)? (1 check) 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!
Earnings growth vs Low Risk Savings
- 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
| 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
| 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 |
| 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 |
| 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.
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.
| 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 |
| 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.
Future performance checks
We assess Bénéteau's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the France market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
All data from Bénéteau Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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).
Past performance checks
We assess Bénéteau's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Leisure industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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
Assets
Liabilities and shares
- 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.
All data from Bénéteau Company Filings, last reported 3 months ago.
| 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).
Financial health checks
We assess Bénéteau's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Bénéteau has a total score of 6/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
If you bought
€2,000 of
Bénéteau
shares you are expected to receive
€51
in your first year as a dividend.
Dividend Amount
- 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.
| 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.
| 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 |
| 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.
Income/ dividend checks
We assess Bénéteau's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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:
- The tenure for the Bénéteau management team is about average.
Management Team
Hervé Gastinel
Chief Executive Officer
€871K
3.8 yrs
Christophe Caudrelier
Deputy CEO
€445K
49
4 yrs
Carla Demaria
Management Board Member
€300K
7.8 yrs
Corinne Margot
Human Resources Director
Patrick Guilloux
Chief Operating Officer of American Operations
4 yrs
Thibaut Montvalon
Managing Director of Bénéteau-Lagoon China
Board of Directors Tenure
Average tenure and age of the Bénéteau board of directors in years:
- 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
Director
€712K
68
Jérôme Metz
Chairman of the Board
0.3 yrs
Louis-Claude Roux
Vice Chairman of the Board
€179K
36
0.3 yrs
Annette Roux
Director
€122K
76
0.3 yrs
Claude Brignon
Observer of the Board
€29K
68
0.3 yrs
Catherine Pourre
Independent Director
€25K
61
0.3 yrs
Yvon Bénéteau
Observer on Supervisory Board
€54K
68
Luc Dupé
Board Observer
€56K
69
Christian de Labriffe
Observer of the Board
€26K
71
Anne Leitzgen
Independent Director
€18K
45
0.3 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (€) | Value (€) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Bénéteau's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 - – Full articleIs 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 - – Full articleAre 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 - – Full articleHow 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 - – Full articleHas 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 - – Full articleTaking 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 - – Full articleIs 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 - – Full articleDo 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 - – Full articleIs 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 - – Full articleThe 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 - – Full articleCompany 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
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.
