(AOF) – Trigano fell 10.65% to 155.20 euros per share on the Paris market, in the wake of prospects tinged with caution for its current financial year, which will end at the end of August 2022. If the notebooks With orders being packed, the motorhome king will have difficulty meeting demand due to supply pressures.
“The strong increase in demand will not translate (…) into a proportional increase in sales due to supply difficulties which will severely limit sales growth in the first half of the year and possibly beyond” , warned Trigano.
The most penalizing difficulties concern the insufficient production of rolling bases linked to the global shortage of semiconductors.
Trigano is thus forced to slow down or even stop several production lines of motorhomes for several weeks. These production delays could concern a volume of around 5,000 vehicles in the first half of its current financial year. A significant impact, since this represents around 8% of production estimated for the current financial year by Berenberg, or a turnover of around 223 million euros.
These cautious prospects have relegated the excellent annual results unveiled by Trigano to the background. During its 2020-2021 financial year, the group saw its net profit jump 59.7% to 222.9 million euros. For its part, the current operating income took off 98.2% to 357.9 million, a margin of 12.2% (against 8.3% in the previous year). It is much better than what the consensus anticipated, that is to say 319 million euros.
As for the turnover (already published), it reached 2.93 billion euros, up 34.3%.
The performance is significant, especially when one takes into account the tensions observed on the deliveries of various components and motorhome chassis which have disrupted certain production lines.
Perceived as a “mobile health bubble”, the motorhome is a mode of vacation transport that still arouses unprecedented interest in the context of the Covid-19 crisis.
In view of these elements, Trigano will propose to its shareholders the payment of a gross dividend of 3.20 euros per ordinary share for the fiscal year ended August 31, 2021 corresponding to the deposit paid at the end of September 2021.
In the end, Berenberg reiterated his Buy recommendation and his price target of 230 euros on the Trigano share. For the current fiscal year, the broker is currently anticipating organic growth of 13%.
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