Bénéteau S.A.
🇫🇷 BEN.PA · Paris · FR0000035164
Consumer
EUR 6.82 price at analysis
Scores
Key Metrics
Powered by EODHDP/E (TTM)
N/A
P/E (Price-to-Earnings)Shows how much investors pay for each $1 of profit. We display the TTM P/E (Trailing Twelve Months) which uses actual earnings from the last 4 quarters. This is more reliable than Forward P/E which uses analyst estimates.
TTM period through: 2025-11-30
Why N/A?
EPS (TTM) = -0.52 (negative or zero)
Cannot calculate P/E with negative earnings.
Forward P/E (estimated): 23.2
Based on analyst estimates
Reference: Provider P/E (Forward): 23.2
Yield (Fwd)
20.97%
Dividend YieldThe Forward yield (Fwd) shows the next announced annual dividend / current price — what you'd earn going forward. The Trailing yield (TTM) in the tooltip shows dividends actually paid in the last 12 months. Forward is shown as primary because it reflects the company's current commitment to shareholders.
Trailing Yield (TTM): 2.88%
Net Debt/EBITDA (TTM)
-4.0x
Latest quarter: -5.1x
Net Debt / EBITDAA leverage ratio showing how many years of EBITDA (earnings before interest, taxes, depreciation, and amortization) it would take to repay net debt. EBITDA approximates operating cash generation. Lower ratios (e.g., <3x) are generally safer; higher (e.g., >5x) may indicate more financial risk.
TTM through: 2025-11-30
Latest quarter (2025-11-30): -5.1x
The quarterly value can spike when quarterly EBITDA is very low (e.g., one-time charges).
Quick guide: <2x manageable, >4x can be risky (sector-dependent).
Payout (TTM)
197.3%
Payout RatioDividends as a percentage of earnings. The Forward payout (Fwd) uses the announced dividend divided by actual past earnings (TTM) — it tells you if the company can afford what it promised. Very high payouts can be risky, especially if profits fall.
Cash Flow Payout (TTM): 94.9%
FCF Coverage (TTM): 0.59x
ROE
-5.3%
ROE (Return on Equity)A profitability measure: how much profit is generated from shareholders’ equity. Higher isn’t always better if it comes from high debt.
EV/EBITDA
8.1x
EV/EBITDAA valuation ratio that compares total business value (including debt) to EBITDA. Lower can mean cheaper, but context matters.
Summary
Bénéteau is a leading global boat manufacturer navigating a severe cyclical downturn, though it maintains a fortress balance sheet with significant net cash. While the discounted valuation (P/B 0.80) and restructuring efforts present a tempting turnaround opportunity, the highly cyclical nature of the discretionary marine business and negative free cash flows make this unsuitable for conservative dividend strategies seeking stable income. Not recommended for new positions, as the structural strategy mismatch outweighs the value proposition.
Sector Context
Bénéteau S.A. is a global leader in the manufacturing of sailing and motor boats, operating within the consumer leisure market. For dividend investors, this highly discretionary sector is inherently cyclical and prone to severe earnings volatility during economic downturns, making it fundamentally incompatible with strategies requiring stable, essential-service cash flows.
Temporary Opportunity Identified
The boating industry is facing a severe cyclical contraction driven by macroeconomic uncertainty and necessary inventory destocking, compounded by a one-time €29M impairment charge for divesting loss-making segments.
📊 Strategy Analysis
- • Maintains a fortress balance sheet with a net cash position (Net Debt/EBITDA of -4.01 and Debt/Equity of 0.18), providing substantial resilience during cyclical downturns.
- • Trading at a deep discount to book value (P/B 0.80), reflecting peak market pessimism regarding current inventory adjustments and macroeconomic headwinds.
- • Recent €29 million impairment charge and strategic withdrawal from loss-making Charter and Boat Club activities represent one-time hits that should improve future margin profiles.
⚠ What to Watch
- • Operates in a highly cyclical, non-essential consumer discretionary sector (boat manufacturing), directly conflicting with the core strategy requirement for essential services.
- • Current free cash flow is deeply negative (-€51 million) with a TTM payout ratio of 197%, making the current 2.88% dividend yield highly vulnerable to cuts.
- • Long-term revenue trajectory shows a 22% decline over the past 10 years (CAGR of -2.4%), indicating structural growth stagnation beyond just the current cyclical trough.
📊 Historical Trends (10 Years)
Powered by EODHDThese charts show how key metrics have evolved over the past decade, helping you identify if the company is improving or deteriorating.
Debt Evolution (Net Debt / EBITDA)
Lower values are better. A declining trend indicates the company is reducing its debt (deleveraging).
Revenue & Earnings Growth
Consistent growth in revenueRevenue
The money a company brings in from selling its products or services. It’s the top line before costs. (blue) and earningsEarnings (Profit)
What’s left after expenses. Positive earnings mean the business made a profit; negative means a loss. (green) indicates a healthy business. Look for upward trends and recoveries after temporary dips.
Dividend Sustainability (FCF vs Dividends Paid)
Free cash flowFree Cash Flow
Cash left after the company pays for running the business and maintaining it. Often used to fund dividends, pay debt, or buy back shares. (FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., blue) should cover dividends paidDividends Paid
Cash the company paid out to shareholders. It’s not guaranteed and can change over time. (green). If dividends consistently exceed FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., the dividend may be at risk.
Analysis date: 2026-04-04
Disclaimer: This information is for educational purposes only. Not financial advice.