Added to YB: 2026-07-03
Pitch date: 2026-07-01
BEN.PA [bullish]
Bénéteau S.A.
-1.28%
current return
Author Info
Dismissed & Asset Backed has their heads stuck in 10Ks and 10Qs of 'old world' businesses trading below tangible book value. Sign up for the newsletter.
Company Info
Bénéteau S.A. designs, produce, and sells recreational boats in France, rest of Europe, North America, South America, Asia, and internationally.
Market Cap
EUR 517.6M
Pitch Price
EUR 6.23
Price Target
14.79 (+137%)
Dividend
3.10%
EV/EBITDA
12.72
P/E
-12.10
EV/Sales
0.70
Sector
Leisure Products
Category
value
Beneteau (BEN) – Weathering a Cyclical Storm in The Motorboating and Yacht Market
BEN.PA: French boatbuilder at deep value 0.76x P/TB (vs 3.04x 2017, rare <0.77x on 0.8% of days) despite 22% 10y median ROCE. Cyclical trough: FY25 sales -18% to €849m, €21.6m EBIT loss. €248m net cash (€3.08/sh). Orders +24%, 1Q26 rev +30%, US restructuring. Normalization =~25-31% p.a. upside; family owns 54%, limits catalysts.
Read full article (9 min)