ENXTPA:BEN

Stock Analysis Report

Executive Summary

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

Snowflake

Fundamentals

Very undervalued with flawless 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


Market Performance


7 Day Return

2.5%

BEN

1.0%

FR Leisure

2.9%

FR Market


1 Year Return

-23.6%

BEN

-23.9%

FR Leisure

10.2%

FR Market

Return vs Industry: BEN matched the French Leisure industry which returned -23.9% over the past year.

Return vs Market: BEN underperformed the French Market which returned 10.2% over the past year.


Share holder returns

BENIndustryMarket
7 Day2.5%1.0%2.9%
30 Day2.3%0.1%-0.3%
90 Day-6.5%-8.5%0.1%
1 Year-21.5%-23.6%-22.4%-23.9%14.0%10.2%
3 Year10.7%5.4%15.7%10.8%44.3%30.4%
5 Year1.8%-3.9%6.0%1.1%75.2%49.3%

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

44%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Undervalued: BEN (€9.66) is trading below our estimate of fair value (€17.4)

Significantly Undervalued: BEN is trading below fair value by more than 20%.


Price Based on Earnings

PE vs Industry: BEN is good value based on its PE Ratio (13.3x) compared to the Leisure industry average (15.4x).

PE vs Market: BEN is good value based on its PE Ratio (13.3x) compared to the French market (17.1x).


Price Based on Expected Growth

Low PEG Ratio: BEN is good value based on its PEG Ratio (0.8x)


Price Based on Value of Assets

PB vs Industry: BEN is good value based on its PB Ratio (1.3x) compared to the FR Leisure industry average (1.8x).


Next Steps

Future Growth

How is Bénéteau expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

16.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Earnings vs Savings Rate: BEN's forecast earnings growth (16.3% per year) is above the savings rate (0.7%).

Earnings vs Market: BEN's earnings (16.3% per year) are forecast to grow faster than the French market (11.1% per year).

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

Revenue vs Market: BEN's revenue (5.6% per year) is forecast to grow faster than the French market (4.5% per year).

High Growth Revenue: BEN's revenue (5.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Estimates


Future Return on Equity

High Future ROE: BEN's Return on Equity is forecast to be low in 3 years time (11.4%).


Next Steps

Past Performance

How has Bénéteau performed over the past 5 years?

45.8%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: BEN's earnings have grown significantly by 45.8% 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 (-6.6%) over the past year, making it difficult to compare to the Leisure industry average (11.2%).


Return on Equity

High ROE: BEN's Return on Equity (9.7%) is considered low.


Return on Assets

ROA vs Industry: BEN's Return on Assets is below or equal to the Leisure industry average last year.


Return on Capital Employed

ROCE Improving: BEN has significantly improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is Bénéteau's financial position?


Financial Position Analysis

Short Term Liabilities: BEN's short term assets (€682.0M) exceeds its short term liabilities (€531.3M)

Long Term Liabilities: BEN's short term assets (682.0M) exceeds its long term liabilities (69.2M)


Debt to Equity History and Analysis

Debt Level: BEN's debt to equity ratio (27.3%) is considered satisfactory

Reducing Debt: BEN's debt to equity ratio has reduced from 36.2% to 27.3% over the past 5 years.

Debt Coverage: BEN's debt is well covered by operating cash flow (57.9%).

Interest Coverage: BEN's interest payments on its debt are well covered by EBIT (42.1x 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 4.155000x debt).


Next Steps

Dividend

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

3.71%

Expected Dividend Yield


Dividend Yield vs Market

company2.7%marketbottom25%1.6%markettop25%4.6%industryaverage2.5%forecastin3Years3.7%

Current dividend yield vs market & industry


Dividend Yield and Payments Analysis

Notable Dividend: BEN's dividend (2.69%) is higher than the bottom 25% of dividend payers in the French market (1.57%).

High Dividend: BEN's dividend (2.69%) is low compared to the top 25% of dividend payers in the French market (4.65%).

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

Growing Dividend: BEN's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (35.8%), 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 (35.7% 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?

4.3yrs

Average management tenure


CEO

Jérôme Metz 0

0.3yrs

Tenure

0

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  ...


Management Age and Tenure

4.3yrs

Average Tenure

Experienced Management: BEN's management team is considered experienced (4.3 years average tenure).


Board Age and Tenure

0.7yrs

Average Tenure

69yo

Average Age

Experienced Board: BEN's board of directors are not considered experienced ( 0.7 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


Management Team

  • Corinne Margot

    Human Resources Director

    • Tenure: 0yrs
  • Carla Demaria

    Management Board Member

    • Tenure: 8.2yrs
    • Compensation: €300.00k
  • Patrick Guilloux

    Chief Operating Officer of American Operations

    • Tenure: 4.3yrs
  • Christophe Caudrelier (50yo)

    Deputy CEO

    • Tenure: 4.3yrs
    • Compensation: €445.48k
  • Gianguido Girotti

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

    • Tenure: 0.3yrs
  • Thibaut Montvalon

    Managing Director of Bénéteau-Lagoon China

    • Tenure: 0yrs
  • Jérôme Metz

    Chairman

    • Tenure: 0.3yrs

Board Members

  • Claude Brignon (69yo)

    Observer of the Board

    • Tenure: 0.7yrs
    • Compensation: €29.00k
  • Christian de Labriffe (72yo)

    Observer of the Board

    • Tenure: 0yrs
    • Compensation: €26.00k
  • Yves Lyon-Caen (69yo)

    Director

    • Tenure: 0yrs
    • Compensation: €712.05k
  • Annette Roux (77yo)

    Director

    • Tenure: 0.7yrs
    • Compensation: €122.00k
  • Yvon Bénéteau (69yo)

    Observer on Supervisory Board

    • Tenure: 0yrs
    • Compensation: €54.10k
  • Luc Dupé (70yo)

    Board Observer

    • Tenure: 0yrs
    • Compensation: €56.10k
  • Louis-Claude Roux (37yo)

    Vice Chairman of the Board

    • Tenure: 0.7yrs
    • Compensation: €178.84k
  • Catherine Pourre (62yo)

    Independent Director

    • Tenure: 0.7yrs
    • Compensation: €25.00k
  • Anne Leitzgen (46yo)

    Independent Director

    • Tenure: 0.7yrs
    • Compensation: €18.00k
  • Jérôme Metz

    Chairman

    • Tenure: 0.3yrs

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: €792.651m
  • Shares outstanding: 82.05m
  • 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
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, Glast ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/12 20:56
End of Day Share Price2019/10/11 00:00
Earnings2019/02/28
Annual Earnings2018/08/31


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.

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