Will Zonebourse one day find anything bad to say about the European leader in recreational vehicles?
Maybe, but it won’t be this year yet. Trigano’s turnover increased by 13% over the last twelve months, its operating profit by 18%, and its net profit by 21%.
The 2024 vintage will have been successful, as we can see, with registrations up 10% in Europe, and good dynamics observed both in the first-time buyers market and in the so-called “renewers” market.
It should be noted that Trigano’s commercial performance stems entirely from its motorhome segment – which represents more than eight-tenths of consolidated sales and remains supported by a positive change in scope. Certainly marginal, all the other segments of the group show severe dropouts.
The subject of stocks – or more precisely overstocking, both at the level of distribution and production – remains unresolved. Once again this year, its impact penalizes cash flow and forces the group to draw on its comfortable cash flow to distribute its dividend to shareholders.
There is no cause for alarm here. Remarkably managed and no less remarkably capitalized, the group controlled by the Feuillet family can easily absorb these circumstances, especially after its new records in terms of commercial performance.
Management also assures that “normative” stock levels will be found by next spring. However, it will be a question of minority shareholders holding him to task on this point, because these promises are not new.
Eighteen months ago, we highlighted that despite an exceptional track record and a very well-executed acquisition strategy, Trigano was trading on the stock market at structurally depressed valuation multiples. This is still the case today.
Either investors distrust a sector of activity that they consider radioactive because it is too exposed to the risk of imminent recession, or they are waiting for guarantees on this subject of stocks which has stuck to Trigano’s skin for too long now.
Business
