SEB S.A.,

SEB is engaged in the design, manufacture and marketing of cookware and small household appliances such as pressure cookers, irons, coffeemakers, deep fryers, toasters, kitchen utensils, breadmakers, mixers, blenders, bathroom scales, vacuum cleaners, fans, heaters, air conditioners and food processors. Co.'s products fall into eight categories: Home comfort, Home care, Food preparation, Linen care, Personal care business, Cookware, Electrical cooking and Beverage preparation. Co.'s brands are All-Clad, Krups, Lagostina, Moulinex, Rowenta, Tefal, Calor/Seb, T-fal/Mirro/WearEver/AirBake/Regal, Arno/ Panex//Rochedo/Penedo/Clock/Samurai/Imusa/Umco, Supor, AsiaVina and Maharaja Whiteline.
  • TickerSK
  • ISINFR0000121709
  • ExchangeEuronext Paris
  • SectorHousehold Goods & Home Construction
  • CountryFrance

SEB SA: 1 director bought

A director at SEB SA bought 250 shares at 140.892EUR and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members...

SEB with less fundamental stars is reduced to Neutral

SEB (FR), a company active in the Durable Household Products industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date July 28, 2020, the closing price was EUR 141.20 and its expected value was estimated at EUR 136.81.

Matthieu DRIOL

Short term view - SEB SA : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €119.80, then €113.00. Passing €164.47 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - SEB SA : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 119,80 €, puis 113,00 €. Le franchissement de 164,47 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - SEB SA : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €119.80, then €113.00. Passing €164.47 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - SEB SA : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 119,80 €, puis 113,00 €. Le franchissement de 164,47 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Analyse moyen terme - SEB SA : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

SEB SA: 1 director bought

A director at SEB SA bought 250 shares at 140.892EUR and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members...

Christophe Chaput

Seb : Solid resilience against a challenging backdrop. However, visibility remains low on H2 (70% of full-year results)

>Feedback from management meeting - After presenting H1 results in a meeting, management went over the interim figures which beat expectations. They emphasised that given the group’s seasonal trends, H1 is not indicative of full-year results (H1 operating profit represents around 30% of full-year operating profit). In our view, the key takeaways were: In H1, operating profit came to € 103m (vs ODDO BHF estimate: € 60m), down 55% with a price effect of -€ 26m owi...

Cedric Rossi

GROUPE SEB: SEB positioning itself in future consumption trends | BUY | EUR160 vs. EUR147 (+10%)

GROUPE SEB - BUY | EUR160 vs. EUR147 (+10%) SEB positioning itself in future consumption trends Latest transactions perfectly fit with post-Covid-19 consumer behaviour SEB acquires fast-growing US company StoreBound Online penetration soared by 10-15pp in H1 Buy rating reiterated and FV increased to EUR160

Christophe Chaput

Seb : Une bonne démonstration de résistance dans un contexte compliqué. La visibilité reste néanmoins limitée au S2 (70% des résultats annuels)

>Feedback réunion management - A l’issue d’une réunion de présentation, le management est revenu sur la publication des résultats semestriels, qui se sont révélés supérieurs aux attentes, tout en rappelant que compte tenu de la saisonnalité du groupe, le S1 n’est pas représentatif des résultats annuels (Le Ropa S1 représente environ 30% du Ropa annuel). Pour notre part, nous retenons : Sur le premier semestre, le Ropa s’est élevé à 103 M€ (60 M€ estimés), en bai...

Christophe Chaput

Seb : H1 2020 results topped expectations but group remains cautious for H2. Announcement of a minor acquisition in the US Target price lifted to € 160

>An excellent performance in Q2: operating profit on ordinary activities of € 86m vs € 42m estimated - Groupe Seb reported H1 2020 results ahead of expectations. The key figures are as follows: 1/ A 12.7% decline in sales to € 2,914m vs our estimate of € 2,850m (consensus € 2,866m) bearing in mind that like-for-like, the decline was 12.6%. For Q2 alone, the l-f-l contraction came in at -8.4% (we had been forecasting -15% and the consensus -13.1%) with robust growth in...

Cedric Rossi

GROUPE SEB | BUY | EUR147 SEB’s good resilience during Covid-19 confirms it is a safe-haven choice for investors

GROUPE SEB | BUY | EUR147 SEB’s good resilience during Covid-19 confirms it is a safe-haven choice for investors Q2 results topped CS forecasts by 3% How to explain this faster recovery? SEB’s flexible cost base proved particularly useful No FY20 sales and earnings outlook

ING
Suvi Platerink Kosonen

Nordic banks/Sizing up the NPS needs

Swedish banks reported solid earnings for 2Q18, while Danske Bank was a negative outlier. Nordea improved mainly due to lower costs. Nordic banks have started to build their MREL buffers with Nordea and Danske Bank issuing bonds in the new non-preferred senior unsecured format. The other Swedish banks are yet to start. We expect the bulk of the upcoming issuance over the next 3-4 years to come in the form of refinancing the outstanding senior maturities with non-preferred senior paper. We prefer Nordea over Danske in NPS, and SEB over Danske in callable Tier 2. Although suffering from company-...

Delphine Chauvin

Seb : Issuance focus Publication date 19/05/2017 09:54 Writing date 19/05/2017 09:53

Groupe SEB S.A. is preparing to issue a new € 500m unrated bond with a seven-year maturity (2024). In our opinion, it will serve to refinance a large portion of the commercial paper programme, to capitalise on low long-term interest rates and, most important, to avail itself of a little more liquidity headroom (by again accessing the RFC which can be used as a back-up to the CP programme).Operationally, Groupe Seb is still a medium-sized company relative to big names in the sector, but it holds leading positions in most of its markets and boasts a broad geographical s...

Delphine Chauvin

Seb : Focus Emission

Seb S.A. prépare l’émission d’un nouvel emprunt obligataire, non noté, de 500 m EUR, sur une échéance à 7 ans (2024). Il servira, selon nous, à refinancer une grande partie des billets de trésorerie, afin de profiter des taux de financement bas sur le long terme et surtout, de se donner un peu plus de flexibilité en termes de liquidité (en retrouvant accès au RCF qui sert de back-up au programme de BT).Opérationnellement, Seb est une société de taille encore moyenne par rapport aux grands noms du secteur, mais qui détient des positions de leader sur la majeure partie de ses ...

Tony Lebon

Oddo convertible news 16/11/2016

Bayer issued EUR 4bn mandatory convertible bonds as part of the financing package related to the acquisition of Monsanto>

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/24/2020

The shock caused by the COVID-19 pandemic is much bigger than the previous impacts seen since the Bureau Veritas IPO (October 2007), whether from the financial crisis (2008-2009), the sudden drop in oil prices (2014-2015) or the trade war (2019). Q2 2020 results will show historically large organic declines (double digits in some cases) even though sector groups theoretically have resilient and diversified profiles. Eurofins and Bureau Veritas are our Top Picks. We downgrade Applus to...

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/07/2020

Le choc du COVID-19 dépasse largement les précédents impacts négatifs rencontrés depuis l’introduction en Bourse de Bureau Veritas (octobre 2007), que ce soit la crise financière (2008-2009), la chute brutale du cours du pétrole (2014-2015) ou la guerre commerciale (2019). Ces T2 2020 auront un caractère historique par l’ampleur de leur régression organique (à deux chiffres parfois) malgré des profils théoriquement résilients et diversifiés. Eurofins et Bureau Veritas sont nos valeurs...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/23/2020

...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/07/2020

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Charles Lepetitpas ...
  • Christophe Chaput
  • Emira Sagaama
  • Florent Laroche-Joubert
  • Jean Danjou
  • Jean-Baptiste Rouphael

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/26/2020

Every twenty years or so, another wave of enthusiasm for hydrogen is stifled. That said, the conditions currently appear to be in place for an industrial rivalry which might lead to the emergence of a real alternative energy source within the next ten years. In our coverage, Plastic Omnium, Faurecia and Michelin are the best positioned, alongside RWE and Engie for utilities. - ...

SEB with less fundamental stars is reduced to Neutral

SEB (FR), a company active in the Durable Household Products industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date July 28, 2020, the closing price was EUR 141.20 and its expected value was estimated at EUR 136.81.

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 we...

Expert Corporate Governance Service (ECGS)

SEB – AGM 19 May 2020

DIVIDEND   Due to the Covid-19 crisis, the dividend, which was initially expected to be 2.26 € per share compared to 2.14 € last year, has been reduced and will amount to 1.43 € per share. This decision seems reasonable under the current circumstances (resolution 3). GOVERNANCE   The Board is too large with 17 members. The shareholder' agreement between Venelle Investissement and Généraction is over-represented at the Board (41.2% of Board members for 32.14% of the capital). The members of the Board are almost all French since Seb has 30 plants abroad for a total of 42 and 67% of sales ar...

Seb - Assemblée générale des actionnaires du 19 mai 2020

AFFECTATION DU RESULTAT En raison de la crise du Covid-19, le dividende, qui devait s’élever initialement à 2,26 € par action contre 2,14 € l'an passé, a été réduit et s'élèvera à 1,43 € par action. Cette décision semble raisonnable au regard des circonstances actuelles (résolution 3). GOUVERNANCE Le conseil est pléthorique avec 17 membres et l’une des familles fondatrices dont fait partie le Président-Directeur général y est sur-représentée par rapport à sa détention en capital (41,2% des sièges pour 32,14% du capital). Les actionnaires pourront également s’interroger sur un conseil extrêm...

Seb - Assemblée générale des actionnaires du 22 mai 2019

GOUVERNANCE A la suite d'évolution au sein de l'actionnariat, un nouveau pacte d'actionnaires a été mis en place qui regroupe VENELLE INVESTISSEMENT, les associés de VENELLE INVESTISSEMENT, GÉNÉRACTION, les adhérents de GÉNÉRACTION et la société holding HPP qui détiennent au total 32,27% du capital et 40,45% des droits de vote. FÉDÉRACTIVE, ses associés et adhérents (9,40% du capital et et 12,23% des droits de vote) ne sont pas parties à ce pacte. La composition du conseil d’administration a été affectée par cette évolution puisqu'il y aura 6 administrateurs adhérant à VENELLE INVESTISSEMENT...

Expert Corporate Governance Service (ECGS)

SEB - AGM and EGM 22 May 2019

As a result of changes in the shareholding structure, a new shareholders' agreement has been put in place which includes VENELLE INVESTISSEMENT, the partners of VENELLE INVESTISSEMENT, GÉNÉRACTION, the members of GÉNÉRACTION and the holding company HPP, who hold a total of 32.27% of the capital and 40.45% of the voting rights. FÉDÉRACTIVE, its partners and members (9.40% of the share capital and 12.23% of the voting rights) are not parties to this agreement. The composition of the Board of Directors has been affected by this change since there will be 6 directors participating in VENELLE INVE...

Seb – 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...

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