(AOF) – Trigano lifted the veil on Monday evening on its results for the 2020-2021 fiscal year (closed at the end of August). Over the period, the king of the motorhome saw its net profit jump 59.7% to 222.9 million euros and its current operating income take off 98.2% to 357.9 million. 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 terms of outlook, Trigano indicates that its order books saturate production capacities for the 2022 season. “The strong increase in demand will not, however, translate into a proportional increase in sales due to supply difficulties which will severely limit growth in turnover in the first half of the year and perhaps beyond, ”warns the group.

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 shifts could concern a volume of around 5,000 vehicles in the first half of its current financial year.

In view of this publication, Berenberg reiterated, as a first approach, its recommendation to Buy and its price target of 230 euros on the Trigano share. If the annual results are well above expectations, the broker notes that the outlook is tinged with caution due to supply constraints.


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