Duyuru • Dec 02
Trigano S.A., Annual General Meeting, Jan 06, 2026 Trigano S.A., Annual General Meeting, Jan 06, 2026. Location: hotel sofitel paris arc de triomphe, salon verriere, 14 rue beaujon, paris France Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €120, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Auto industry in Germany. Total loss to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €126 per share. Buy Or Sell Opportunity • Jun 14
Now 30% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to €120. The fair value is estimated to be €172, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 1.8% in 2 years. Earnings are forecast to decline by 6.0% in the next 2 years. New Risk • May 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 2.7% per year for the foreseeable future. High level of non-cash earnings (23% accrual ratio). Minor Risk Dividend is not well covered by cash flows (331% cash payout ratio). Declared Dividend • May 17
Final dividend of €1.75 announced Shareholders will receive a dividend of €1.75. Ex-date: 22nd May 2024 Payment date: 24th May 2024 Dividend yield will be 2.4%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is well covered by both earnings (22% earnings payout ratio) and cash flows (47% cash payout ratio). The dividend has increased by an average of 28% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 8.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Jan 10
Upcoming dividend of €1.75 per share at 2.4% yield Eligible shareholders must have bought the stock before 17 January 2024. Payment date: 19 January 2024. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (6.2%). Reported Earnings • Nov 29
Full year 2023 earnings released: EPS: €15.95 (vs €14.58 in FY 2022) Full year 2023 results: EPS: €15.95 (up from €14.58 in FY 2022). Revenue: €3.50b (up 10% from FY 2022). Net income: €308.1m (up 11% from FY 2022). Profit margin: 8.8% (in line with FY 2022). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Auto industry in Germany. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Nov 25
Now 20% undervalued Over the last 90 days, the stock is up 8.6%. The fair value is estimated to be €171, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 23%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings is also forecast to grow by 6.7% per annum over the same time period. Buying Opportunity • Sep 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.0%. The fair value is estimated to be €155, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 15% in 2 years. Earnings is forecast to grow by 21% in the next 2 years. Reported Earnings • May 23
First half 2023 earnings released: EPS: €6.30 (vs €7.34 in 1H 2022) First half 2023 results: EPS: €6.30 (down from €7.34 in 1H 2022). Revenue: €1.62b (up 8.4% from 1H 2022). Net income: €121.6m (down 14% from 1H 2022). Profit margin: 7.5% (down from 9.5% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Auto industry in Germany. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 20% per year. Duyuru • May 09
Bénéteau Enter into Exclusive Discussions with Trigano to Sell BIO HABITAT Bénéteau S.A. (ENXTPA:BEN) said it has entered into exclusive discussions with Trigano S.A. (ENXTPA:TRI) to sell its housing business which is focused on manufacturing leisure homes for the camping tourism sector. The talks concern Beneteau’s subsidiary BIO HABITAT, including the O'HARA, IRM and COCO SWEET brands, as well as all of its employees. The financial details of the transaction under negotiations were not disclosed. A potential divestment will be aligned with the French boats maker’s push to focus on its core business. Board Change • Jan 10
Less than half of directors are independent There are 3 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 new directors. 6 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Independent Member of the Supervisory Board Jean-Luc Gérard is the most experienced director on the board, commencing their role in 2016. Independent Member of the Supervisory Board Valérie Frohly was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Upcoming Dividend • Jan 04
Upcoming dividend of €1.75 per share Eligible shareholders must have bought the stock before 11 January 2023. Payment date: 13 January 2023. Payout ratio is a comfortable 24% but the company is paying out more than the cash it is generating. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (6.8%). Duyuru • Dec 23
Trigano S.A. (ENXTPA:TRI) acquired 10.7% stake in Protej d.o.o. from the management team of Adria Mobil. Trigano S.A. (ENXTPA:TRI) acquired 10.7% stake in Protej d.o.o. from the management team of Adria Mobil on December 21, 2022. Post the transaction, Trigano holds 100% in Protej. Part of the acquisition price of these shares was paid through an exchange with 0.22 million Trigano shares previously held by the company.
Trigano S.A. (ENXTPA:TRI) completed the acquisition of 10.7% stake in Protej d.o.o. from the management team of Adria Mobil on December 21, 2022. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 24% share price gain to €127, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 5x in the Auto industry in Germany. Total returns to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €161 per share. Reported Earnings • Dec 02
Full year 2022 earnings released: EPS: €14.58 (vs €11.55 in FY 2021) Full year 2022 results: EPS: €14.58 (up from €11.55 in FY 2021). Revenue: €3.20b (up 8.9% from FY 2021). Net income: €278.4m (up 25% from FY 2021). Profit margin: 8.7% (up from 7.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Auto industry in Germany. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improved over the past week After last week's 20% share price gain to €88.95, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 4x in the Auto industry in Germany. Total returns to shareholders of 32% over the past three years. Duyuru • Sep 17
Trigano S.A. (ENXTPA:TRI) entered into an agreement to acquire 70% stake in S.I.F.I. Societa' Italiana Forniture Industriali Srl. Trigano S.A. (ENXTPA:TRI) entered into an agreement to acquire 70% stake in S.I.F.I. Societa' Italiana Forniture Industriali Srl on September 16, 2022. S.I.F.I. achieved a turnover of around €13 million in 2021. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 25% share price decline to €116, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 5x in the Auto industry in Germany. Total returns to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €196 per share. Buying Opportunity • Feb 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.6%. The fair value is estimated to be €207, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% per annum over the last 3 years. Earnings per share has been flat over the last 3 years. Buying Opportunity • Jan 25
Now 20% undervalued Over the last 90 days, the stock is up 4.3%. The fair value is estimated to be €210, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% per annum over the last 3 years. Earnings per share has been flat over the last 3 years. Reported Earnings • Nov 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €11.56 (up from €7.23 in FY 2020). Revenue: €2.96b (up 35% from FY 2020). Net income: €222.7m (up 60% from FY 2020). Profit margin: 7.5% (up from 6.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 8.6%, compared to a 5.9% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. Employee Representative Member of the Supervisory Board Tony Cherbonnel was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improved over the past week After last week's 16% share price gain to €172, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 8x in the Auto industry in Germany. Total returns to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €151 per share. Is New 90 Day High Low • Feb 20
New 90-day high: €159 The company is up 21% from its price of €131 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €99.86 per share. Is New 90 Day High Low • Jan 06
New 90-day high: €150 The company is up 18% from its price of €127 on 08 October 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €88.78 per share. Duyuru • Jan 05
Trigano S.A., Annual General Meeting, Jan 08, 2021 Trigano S.A., Annual General Meeting, Jan 08, 2021. Upcoming Dividend • Jan 05
Upcoming Dividend of €2.20 Per Share Will be paid on the 14th of January to those who are registered shareholders by the 12th of January. The trailing yield of 1.5% is below the top quartile of German dividend payers (3.5%), and is lower than industry peers (2.8%). Reported Earnings • Dec 23
Full year 2020 earnings released: EPS €7.23 The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €2.20b (down 6.2% from FY 2019). Net income: €139.5m (down 17% from FY 2019). Profit margin: 6.3% (down from 7.1% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has remained flat. Analyst Estimate Surprise Post Earnings • Dec 23
Revenue beats expectations Revenue exceeded analyst estimates by 0.6%. Over the next year, revenue is forecast to grow 15%, compared to a 6.6% growth forecast for the Auto industry in Germany. Is New 90 Day High Low • Dec 15
New 90-day high: €139 The company is up 23% from its price of €113 on 16 September 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €91.65 per share. Is New 90 Day High Low • Nov 24
New 90-day high: €134 The company is up 24% from its price of €108 on 25 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €99.01 per share. Valuation Update With 7 Day Price Move • Nov 18
Market bids up stock over the past week After last week's 18% share price gain to €132, the stock is trading at a trailing P/E ratio of 15.8x, up from the previous P/E ratio of 13.4x. This compares to an average P/E of 19x in the Auto industry in Germany. Total returns to shareholders over the past three years are 6.3%. Valuation Update With 7 Day Price Move • Oct 29
Market pulls back on stock over the past week After last week's 15% share price decline to €109, the stock is trading at a trailing P/E ratio of 13.1x, down from the previous P/E ratio of 15.5x. This compares to an average P/E of 12x in the Auto industry in Germany. Total return to shareholders over the past three years is a loss of 17%. Duyuru • Oct 06
Trigano S.A. acquired a 60% stake in Gimeg Holding B.V. Trigano S.A. acquired a 60% stake in Gimeg Holding B.V. on August 27, 2020. The remaining 40% is retained by the GIMEG Holding B.V management team and may be acquired by Trigano S.A in the coming years. Roman Tarlavski, Dena Mokhberolsafa, Isabelle van den, Elisabeth Anne von Meijenfeldt, Gieneke van Nierop, Herman Boersen, Barbara Veldmaat, Jarrik Haust, Nigel Henssen, Simon Sanders, Kimberly Friesen, Rogier de Vrey, Yasar Celebi, Jaap Loman, Floortje van der Mark and Alexander IIkelenstam of CMS Derks Star Busmann N.V. acted as legal advisors for Trigano. Ernst & Young France acted as financial due dillegence advisor to Trigano S.A. (ENXTPA:TRI).
Trigano S.A. completed the acquisition of a 60% stake in Gimeg Holding B.V on August 27, 2020. Is New 90 Day High Low • Oct 01
New 90-day high: €133 The company is up 48% from its price of €90.00 on 03 July 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €80.73 per share. 
