Electrolux AB B

AB Electrolux sells home appliance for households and businesses, with products such as refrigerators, dishwashers, washing machines, cookers, vacuum cleaners, air conditioners and small domestic appliances under brands such as Electrolux, AEG, Zanussi, Frigidaire and Electrolux Grand Cuisine. Co. has six segments: Major Appliances Europe, Middle East and Africa; Major Appliances North America; Major Appliances Latin America; Major Appliances Asia/Pacific; and Small Appliances, which comprise the products for consumer durables market; and Professional products. Co.'s professional products include food-service equipment for hotels, restaurants and institutions, as well as laundry equipment.
  • TickerELUX B
  • ISINSE0000103814
  • ExchangeNasdaq Nordic Stockholm
  • SectorHousehold Goods & Home Construction
  • CountrySweden
Karl Bokvist ...
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner – August 2020

Q2 surprised positively, adj. EBIT 44% was above expectations. On average, we left 2020-2021e EBIT unchanged, with good upgrades in Volvo, ABB, Alfa Laval. PMI’s are indicating a return to organic growth in Q4’20, we see upside to forecasts in some of the short-cycle names. The stronger SEK is a headwind and a risk to 2021e adj. EBIT of 4-7% for most companies. We continue to see attraction in mining equipment. Our key long ideas are: Sandvik, Volvo, Metso Outotec, Electrolux We are cautious on: Assa Abloy, Kone, Wärtsilä

Christer Magnergård ...
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Ragnhild Støer
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Anders Idborg ...
  • Bengt Jonassen
  • Derek Laliberté
  • Erik Moberg
  • Fredrik Ivarsson
  • Jan Erik Gjerland
  • Karl Bokvist
  • Mads Thinggaard
  • Magnus Andersson
  • Martin Melbye
  • Olof Cederholm
  • Oskar Vikström
  • Øystein Elton Lodgaard
  • Peter Kurt Nielsen
  • Rickard Anderkrans
  • Tobias Kaj
  • Victor Forssell

Talking Points - Kesko (Hold): New guidance looking cautious

Autoliv (Buy) Post-result: Trends supportive for Q3 improvement …could be a touch on the cautious side Stock up 10% YTD, fairly valued

Anders Idborg ...
  • Olof Cederholm

Electrolux - Good trends going into Q3

Management expects Q3 sales growth Estimates roughly unchanged, EBIT to normalise by Q4e Reiterate BUY and SEK 200 TP

Christer Magnergård

Electrolux (Hold, TP: SEK170.00) - A balancing act

Electrolux put the brakes on virtually all discretionary spending in Q2, which led to close to break-even results. Going forward, the company faces a delicate balancing act, where it on the one hand needs to spend more on marketing and R&D to achieve growth and improve the price/mix, but on the other hand needs to remain very restrictive as the market outlook is still highly uncertain. As we expect continued high earnings volatility, we stick to our HOLD, while we have raised our target price to SEK170 (165).

Karl Bokvist ...
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner – August 2020

Q2 surprised positively, adj. EBIT 44% was above expectations. On average, we left 2020-2021e EBIT unchanged, with good upgrades in Volvo, ABB, Alfa Laval. PMI’s are indicating a return to organic growth in Q4’20, we see upside to forecasts in some of the short-cycle names. The stronger SEK is a headwind and a risk to 2021e adj. EBIT of 4-7% for most companies. We continue to see attraction in mining equipment. Our key long ideas are: Sandvik, Volvo, Metso Outotec, Electrolux We are cautious on: Assa Abloy, Kone, Wärtsilä

Anders Idborg ...
  • Bengt Jonassen
  • Derek Laliberté
  • Erik Moberg
  • Fredrik Ivarsson
  • Jan Erik Gjerland
  • Karl Bokvist
  • Mads Thinggaard
  • Magnus Andersson
  • Martin Melbye
  • Olof Cederholm
  • Oskar Vikström
  • Øystein Elton Lodgaard
  • Peter Kurt Nielsen
  • Rickard Anderkrans
  • Tobias Kaj
  • Victor Forssell

Talking Points - Kesko (Hold): New guidance looking cautious

Autoliv (Buy) Post-result: Trends supportive for Q3 improvement …could be a touch on the cautious side Stock up 10% YTD, fairly valued

Anders Idborg ...
  • Olof Cederholm

Electrolux - Good trends going into Q3

Management expects Q3 sales growth Estimates roughly unchanged, EBIT to normalise by Q4e Reiterate BUY and SEK 200 TP

Christer Magnergård

Electrolux (Hold, TP: SEK170.00) - A balancing act

Electrolux put the brakes on virtually all discretionary spending in Q2, which led to close to break-even results. Going forward, the company faces a delicate balancing act, where it on the one hand needs to spend more on marketing and R&D to achieve growth and improve the price/mix, but on the other hand needs to remain very restrictive as the market outlook is still highly uncertain. As we expect continued high earnings volatility, we stick to our HOLD, while we have raised our target price to SEK170 (165).

Anders Idborg ...
  • Karl Bokvist
  • Olof Cederholm

Sector Report - Tough Q2, but June the start of the recovery

Q2 results on 22 July at 7:00 CET Expect orders -14%, margin 7.9% (11.5%) Ambitious targets, high all-in valuation

Christer Magnergård ...
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Ragnhild Støer
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Alexander Aukner ...
  • Christer Magnergård
  • Joachim Gunell
  • Jon Masdal
  • Martin Hoang Nguyen
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Patrik Ling
  • Tomi Railo

Northern Lights

Christer Magnergård ...
  • Joachim Gunell
  • Martin Huseby Karlsen
  • Ole-Andreas Krohn

Northern Lights

Christer Magnergård ...
  • Jon Masdal
  • Martin Hoang Nguyen
  • Ole-Andreas Krohn
  • Patrik Ling

Northern Lights

Christer Magnergård ...
  • Håkon Astrup
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Hoang Nguyen
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

ELECTROLUX AB sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ELECTROLUX AB (SE), a company active in the Durable Household Products industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 30, 2020, the closing price was SEK 155.80 and its potential was estimated at SEK 179.54.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Electrolux - AGM 31 March 2020

In general, Electrolux is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEMS 13a-13i, the (re-)election of the board of directors is proposed. In view of concerns over aggregate time commitments, ECGS recommends to vote OPPOSE to the (re-)election of: Mr. Henrik Henriksson (ITEM 13h). Under ITEM 15 the board of directors seeks approval of the Company's remuneration guidelines. As the proposed remuneration structure is NOT in line with its guidelines, ECGS recommends to vote OPPOSE. Under ITEM 16 the board of dir...

Expert Corporate Governance Service (ECGS)

Electrolux - EGM 21 February 2020

In general, Electrolux is in compliance with the Swedish regulations relating to the organisation and procedures of an Extraordinary General Meeting. Under ITEM 6, the board of directors seeks approval to distribute all shares in the wholly-owned subsidiary Electrolux Professional to the Company's shareholders. ECGS endorses the view of the board of directors that the proposal to split the Company into two separate listed companies (Electrolux and Electrolux Professional) could enhance the prerequisites to succesfully develop the respective businesses. In addition, ECGS is generally supportiv...

Electrolux April 10th, 2019

In general, Electrolux is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 15, the board of directors seeks approval of the Company's executive remuneration guidelines. Although no (material) changes are proposed, ECGS is missing an actual LT component (with a performance measurement period of at least 3 years) under the guidelines. ECGS therefore recommends to vote OPPOSE.  Under ITEM 16, the board of directors seeks approval of a LT incentive plan. In light of an  insufficiently long performance period (of only...

Electrolux – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Report - 05/04/2018

In general, Electrolux is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEMS 14a-14i, the (re-)election of the board of directors is proposed. In light of concerns over aggregate time commitments, ECGS recommends to vote OPPOSE to the (re-)election of: Mr. Bert Nordberg (ITEM 14e). Under ITEM 16, the board of directors seeks approval of the Company's remuneration policy. ECGS questions the overall balance of Electrolux' executive compensation package. The performance period of the LT incentive plan (1 year) is ins...

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