(AOF) – Trigano (+3.69% to 123.80 euros) posts one of the biggest increases in the SBF 120 after the publication of solid annual results. The leisure vehicle specialist announced yesterday an operating profit up 18.3% to 500.7 million euros, a record level, for a turnover of 3.9 billion euros, growing by 12.8%. The operating margin also reached an unprecedented level until now, at 12.8% compared to 12.2% a year earlier.
The group explains this good performance by “the progression of motorhome sales, the maintenance of quality margins, as well as cost control and improvement in productivity”.
This result allowed Trigano to strengthen its financial structure with consolidated equity increasing to 1.914 billion euros.
“After a 2024 season marked by growth in registrations in Europe of more than 10%, customer interest in motorhomes remains strong at the start of the year as evidenced by the success of regional fairs and national shows “, notes the industrialist.
Portzamparc remains a buy with a price target of 198 euros: for him Trigano confirmed a 2024/25 financial year “cut in two” with a first half decreasing by around 10% to 12% and an anticipated second half ” flat” in a European market which “confirms its dynamics”.
Towards a reduction in stocks
Trigano specifies that the adaptation of the production level for certain products (mainly vans and vans) should make it possible to return to normative stock levels both in the factories and in the distribution networks in spring 2025. The impact of this effort on sales for the first half is estimated at around 4,000 motorhomes.
“Trigano’s strategy of offering vehicles with very competitive price/content ratios, which should have a limited impact on the level of margins, will allow it to consolidate its market share gains and take full advantage of the growth in camping because in Europe,” he adds.
Trigano announces that the acquisition of BIO Habitat “is scheduled for the end of the year”.
Finally, the management board will propose to the general meeting of January 8, 2025 the payment of a gross dividend of 3.50 euros per ordinary share for the financial year ending August 31, 2024. The payment of this dividend has already been made: a first deposit
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