Groupe SEB: H1 results: stronger-than-expected LFL but slight adj. EBIT miss
Groupe SEB: (BUY, Fair Value EUR190 (+29%))H1 results: stronger-than-expected LFL but slight adj. EBIT miss
Q2 sales came in at EUR1,466m (+3.7%), fairly matching expectations (CS: EUR1,449m). LFL growth of 7.3% topped estimates (+6.2%e) and remained line with Q1 performance (+7.4%) thanks to robust trends in Greater China (+30%) and in Eastern Europe. Q2 adj. EBIT reached EUR85m shy of expectations (EUR90m), implying 50bp-contraction to 5.8% (vs. -130bp in Q1). Ahead of the analysts’ meeting today, FY sales guidance is revised up (“exceed 7%†vs. “exceed 5%†and CS at ~6%e) while the adj. EBIT target remains unchanged (“over 5% increaseâ€).
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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