GROUPE SEB - BUY | EUR145 VS. EUR172 (+73%) Annus horribilis with a two-speed year?
GROUPE SEB - BUY | EUR145 VS. EUR172 (+73%)Annus horribilis with a two-speed year?
The weaker-than-expected Q2 numbers and a slashed FY22 outlook highlight the very challenging environment in which SEB operates. However, even the lower end of FY sales and ORfA guidance still call for a sequential improvement in H2, which generally represents 55% of FY sales and 65% of FY ORfA. Now that the CS expectations have been revised downwards by 16% to be aligned with the lower end of FY targets, we see quite limited downside risk. Having rebased our FY22-23 estimates, which leads to our new TP of EUR145, current 2022e P/E and 2023e P/E multiples trade at 29% and 40% discount vs. 5Y average. These levels could be appealing enough to play some contrarian catalysts in H2: confirmation of China’s prompt recovery, reduced impact of destocking, etc.
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.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.