ENXTPA:BEN

Stock Analysis Report

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Executive Summary

Bénéteau S.A. designs, manufactures, and sells boats and leisure homes in France and internationally. More Details


Snowflake Analysis

Average dividend payer and fair value.

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

6.4%

BEN

1.1%

FR Leisure

1.3%

FR Market


1 Year Return

-32.4%

BEN

-29.5%

FR Leisure

-5.7%

FR Market

Return vs Industry: BEN underperformed the French Leisure industry which returned -29.5% over the past year.

Return vs Market: BEN underperformed the French Market which returned -5.7% over the past year.


Shareholder returns

BENIndustryMarket
7 Day6.4%1.1%1.3%
30 Day0.8%-1.5%2.9%
90 Day-1.4%0.9%3.1%
1 Year-30.8%-32.4%-28.1%-29.5%-3.7%-5.7%
3 Year-49.1%-52.3%-39.8%-43.1%10.6%1.0%
5 Year-43.6%-47.8%-15.5%-21.6%45.3%25.8%

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?

14.15x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BEN (€6.69) is trading above our estimate of fair value (€5.59)

Significantly Below Fair Value: BEN is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: BEN is good value based on its PE Ratio (14.2x) compared to the FR Leisure industry average (14.4x).

PE vs Market: BEN is good value based on its PE Ratio (14.2x) compared to the French market (17.2x).


Price to Earnings Growth Ratio

PEG Ratio: BEN's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: BEN is good value based on its PB Ratio (0.9x) compared to the FR Leisure industry average (1.2x).


Next Steps

Future Growth

How is Bénéteau forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

-2.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BEN's earnings are forecast to decline over the next 3 years (-2.2% per year).

Earnings vs Market: BEN's earnings are forecast to decline over the next 3 years (-2.2% per year).

High Growth Earnings: BEN's earnings are forecast to decline over the next 3 years.

Revenue vs Market: BEN's revenue (0.9% per year) is forecast to grow slower than the French market (6.6% per year).

High Growth Revenue: BEN's revenue (0.9% 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 (3.5%).


Next Steps

Past Performance

How has Bénéteau performed over the past 5 years?

26.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BEN has high quality earnings.

Growing Profit Margin: BEN's current net profit margins (2.9%) are lower than last year (4.5%).


Past Earnings Growth Analysis

Earnings Trend: BEN has become profitable over the past 5 years, growing earnings by 26% per year.

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 (-34.5%) over the past year, making it difficult to compare to the Leisure industry average (-0.6%).


Return on Equity

High ROE: BEN's Return on Equity (6.2%) is considered low.


Next Steps

Financial Health

How is Bénéteau's financial position?


Financial Position Analysis

Short Term Liabilities: BEN's short term assets (€978.5M) exceed its short term liabilities (€811.4M).

Long Term Liabilities: BEN's short term assets (€978.5M) exceed its long term liabilities (€76.1M).


Debt to Equity History and Analysis

Debt Level: BEN's debt to equity ratio (70.8%) is considered high.

Reducing Debt: BEN's debt to equity ratio has increased from 50.6% to 70.8% over the past 5 years.

Debt Coverage: BEN's debt is not well covered by operating cash flow (19.5%).

Interest Coverage: BEN's interest payments on its debt are well covered by EBIT (25.8x coverage).


Balance Sheet


Next Steps

Dividend

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

3.44%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BEN's dividend (3.44%) is higher than the bottom 25% of dividend payers in the French market (1.55%).

High Dividend: BEN's dividend (3.44%) is low compared to the top 25% of dividend payers in the French market (4.97%).


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (48.7%), 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 covered by earnings (75.9% payout ratio).


Next Steps

Management

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

1.3yrs

Average management tenure


CEO

Jérôme Metz (61 yo)

1.25yrs

Tenure

€923,335

Compensation

Mr. Jérôme De Metz serves as Mamber of nvestment Commitee at Co-Investment Partners Ltd, and serves as Chief Executive Officer at Bénéteau S.A. since June 14, 2019. Mr. Jérôme De Metz has been the Chairman ...


CEO Compensation Analysis

Compensation vs Market: Jérôme's total compensation ($USD1.09M) is above average for companies of similar size in the French market ($USD575.75K).

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


Leadership Team

NamePositionTenureCompensationOwnership
Jérôme Metz
Chairman1.25yrs€923.34kno data
Gianguido Girotti
Deputy CEO - Product Strategy for Boat Division & Management Board Member1.25yrs€1.24mno data
Bruno Thivoyon
Group Chief Financial Officer0.67yrno datano data
Jean-Paul Chapeleau
Deputy CEO of Industrial Operations & Development - Boat Division and Member of the Management Boardno data€455.44kno data
Corinne Margot
Chief HR & Communications Officerno datano datano data
Patrick Guilloux
Chief Operating Officer of American Operations5.25yrsno datano data
Thibaut Montvalon
Managing Director of Bénéteau-Lagoon Chinano datano datano data

1.3yrs

Average Tenure

Experienced Management: BEN's management team is not considered experienced ( 1.3 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Jérôme Metz
Chairman1.25yrs€923.34kno data
Claude Brignon
Observer of the Board1.58yrs€36.01kno data
Christian de Labriffe
Observer of the Boardno data€14.79kno data
Yves Lyon-Caen
Directorno data€228.91kno data
Annette Roux
Director1.58yrs€134.16kno data
Sébastien Moynot
Independent Directorno datano datano data
Luc Dupé
Board Observerno data€60.35kno data
Louis-Claude Roux
Vice Chairman of the Board1.58yrs€278.75kno data
Catherine Pourre
Independent Director1.58yrs€27.37kno data
Anne Leitzgen
Independent Director1.58yrs€20.79kno data

1.6yrs

Average Tenure

66.5yo

Average Age

Experienced Board: BEN's board of directors are not considered experienced ( 1.6 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

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: €545.901m
  • Shares outstanding: 81.66m
  • 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 leisure homes in France and internationally. It provides boats under Beneteau, Jeanneau, Lagoon, Prestige, Monte Carlo Yachts, CNB, Four Winns, Glas ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/09/18 04:10
End of Day Share Price2020/09/17 00:00
Earnings2020/02/29
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.