GROUPE SEB - BUY | EUR165 vs. EUR168 (+15%) Resilient business model despite a few near-term hiccups expected in Q4
GROUPE SEB - BUY | EUR165 vs. EUR168 (+15%)Resilient business model despite a few near-term hiccups expected in Q4
Q3 topped expectations thanks to a strong restocking effect…
… but high uncertainty reflected in cautious FY20 outlook
FY20-21 estimates nudged down by 5% on average
To what extent is SEB resilient to new lockdowns?
TP adjusted to EUR165, SEB is still one of our favourite stocks in Consumer
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.
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