Trigano rises 7% after H1 results "slightly better on margin"

Trigano SA

14/05/2025 09:57

** Shares in Trigano TRIA.PA rise 5.8% after the French leisure vehicles and equipment company posted H1 results "slightly better on margin, working capital reversal to come in H2," according to UBS

** "While we acknowledge that the short term is impacted by destocking at distributors, we think this is more than priced in and that most of the headwinds are now behind us with 2H25E expected to show improvement before a return to growth in FY26E," brokerage says

** UBS says deliveries have accelerated since April/May leading to a strong cash inflow, sees medium term trends as favourable for Trigano

** Broker says strong acceleration in the deliveries in April/May leading to a strong cash inflow, stock levels in the network mostly back to normal, European motorhome market returned to growth in April and Bio Habitat synergies expected from FY26

** "The end of destocking and the more favourable seasonality allow the group to foresee an increase in margin and cash flow in H2," TP ICAP Midcap says

** Share on track for best one-day gain since September 2024, when it closed 11.4 % higher

(Reporting by Dimitri Rhodes)

((Dimitri.rhodes@thomsonreuters.com))